Newburn firm True Potential see pre-tax profits grow 104%

Financial services business has announced strong growth in profits and turnover in the first half of 2014

The offices of Newcastle firm True Potential
The offices of Newcastle firm True Potential

Financial firm True Potential has recorded a strong start to 2014 following the introduction of new technology services for clients.

The Newburn-based group has grown turnover to £20.8m in the first half of the year, an increase of 87% on the £11.1m posted in the first six months of 2013.

January to June also delivered £4.9m pre-tax profit for the group, a 104% on the comparable period in 2013.

The company, which provides technology and business support services to over 22% of the UK adviser market, said it has launched a number of developments so far in 2014, including impulseSave technology, which allows savers to make micro-payments into investments from as little as £1.

The service is available on True Potential’s Wealth Platform, used by financial advisers and clients across the UK, and as part of True Potential Investor, a recently launched investment service which can be accessed online and through mobile devices.

Neil Johnson, senior partner at True Potential LLP, said that the strong results can be attributed to the firm’s focus on providing technology that makes saving and investing simple and effective for clients.

He said: “True Potential provides leading-edge technology to deliver a more modern wealth management experience and it is clear from our financial results that this is well suited to today’s advisers and their clients.

“The UK is facing a savings crisis where people are not saving the amount they need for a comfortable retirement.

“Our focus is to continue to make saving and investing simpler and more accessible through the use of technology. We believe these results have given us an outstanding platform for growth in 2014 and beyond.”

The True Potential group of companies, which includes True Potential Investments LLP, True Potential Wealth Management LLP, True Potential Associate Partners and True Potential Adviser Services LLP, is one of the fastest-growing financial services organisations in the UK.

The business is named as one of 74 UK companies to rank within the Deloitte Technology Fast 500 EMEA for 2013.

The firm is restructuring for continued growth, leading to a number of senior appointments in recent months.

New arrivals include Laurie Edmans CBE as non-executive director, Sheriden Davy as head of risk and compliance, Colin Beveridge as chief investment officer and Emma Napier as head of distribution.

In 2014, True Potential also enhanced its Wealth Platform with a new no-fee pension, income strategy funds from Threadneedle and a True Potential exclusive income strategy fund from Goldman Sachs Asset Management.

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