A financial firm is unlocking its true potential after announcing a giant leap in year-on-year turnover and profits and a larger wealth management team.
Newburn-based True Potential has boosted turnover to £18.9m for the year ended September 2013, a rise of 139% on the same period last year when £7.9m in sales was reported.
The firm, which employs more than 120 people, also delivered pre-tax profits of £3.6m for the January to September period, a lift of 44% on the previous period.
The True Potential group of companies, which includes True Potential Investments LLP, True Potential Wealth Management LLP and True Potential Adviser Services LLP, also said the number of advisers using its wealth management platform had also grown considerably, with the total now topping 347, an increase of 265% on the same period in 2012 when the firm had 95 wealth management partners.
Established in 2007 by David Harrison, the group began business the following year and has experienced rapid growth ever since.
Last year the firm moved into new head headquarters at Newburn Riverside after outgrowing its former head office, from which it provides technology and business support services to more than 22% of the UK’s IFA (independent financial adviser) market.
Neil Johnson, senior partner at True Potential LLP, announced the figures at the firm’s annual sales conference in Newcastle, where he said the firm had thrived by ensuring it was well prepared for the Retail Distribution Review (RDR), which came into effect at the start of 2013 and had a huge effect on the financial advice market.
The RDR radically changed the way the financial services profession works, by raising the level of qualifications a person needs in order to provide advice, while also extending the range of investments a company must have knowledge of, amongst many other measures.
Senior partners at the firm said they were more than ready for RDR.
Johnson said: “Since the introduction of RDR, the financial services sector has experienced changes like never before. In today’s market, advisers need to be armed with the most powerful, most user-friendly tools available to them.
“Our financial results show that this is a challenge that we were prepared for and many advisers are choosing to use our technology and join our Wealth Management arm to succeed in today’s market.
“In order to attract and retain customers, advisers must be able to show added value.
“We are committed to developing innovative ways to allow advisers to service clients more effectively than ever before, in a way that suits their lifestyle.”