If I was an IFA and saw the news that the ‘big guns’ were leaving, including its founder and executive chairman (who will continue giving just a small proportion of his time to PS, carrying out ‘official’ chairman duties), head of IT, director of wealth management and to cap it all off, the chief executive, I would be asking who was going to be left.
As it happens though, it was all a mountain out of a molehill. To clarify, yes, Johnson is a partner at True Potential. No, he is not leaving. Nor is any concerted effort being made to replace him. Yet.
All parties, including Aegon Scottish Equitable, have said the interests of PS are paramount and any moves that threaten its confidence or that of its members would not happen.
So what exactly is this True Potential anyway? In offering its services to PS as the inaugural client, later to be rolled out to the wider market, it is hoping to help IFAs administer their business with all the various product providers in one fell swoop.
That is about the bones of it. The proposition will offer real time valuation of client portfolios and a breakdown of additional assets held elsewhere that can be added manually.
Is that not what a wrap does?
Partly, but by focusing on TP (we’re all in the business of acronyms now, but at least this new re-brand hasn’t added itself to the growing list of very silly brand names that have launched to the FS market in recent weeks. Sorry… I digress…), Harrison, Johnson and the remaining boys at PS have momentarily shelved their wrap plans.
The only feature that seems to differentiate True Potential from various wrap platforms that exist today is the ability for IFAs to trade.
Of course, it could be that they are already planning on adding this facility into TP for launching at Phase 2, but then I am only speculating.
It could well be that we see a whole new empire built by David Harrison as he sets about his new venture- he did once say he intended to build super-platform.
And speaking of a possible empire, we would like to give a premature welcome to Philip Harrison, younger brother of Daniel who is picking up the reins of marketing manager at Positive Solutions/PosSol/PS… look – not an illogical brand name in sight.