• True Potential’s net profit for the year is £5.3m, up 47% from 2012
• Turnover revealed as £27.5m, up 112% from previous year
• Staff and assets all see major increases in 2013

Technology and Financial Services firm True Potential has reported significant increases in turnover and profits with the publication of its latest financial results for the calendar year 2013.

The True Potential Group of Companies, which includes True Potential Investments LLP, True Potential Wealth Management LLP and True Potential Adviser Services LLP, is one of the fastest-growing Technology and Financial Services organisations in the UK.

The Group has revealed a turnover of £27.5m, an increase of 112% on the previous year, and net profit of £5.3m – 47% up on 2012.

Neil Johnson, Senior Partner at True Potential LLP, said: “Much of the turnover increase derives from our wealth management advisory business where we have increased adviser numbers by 255% in the year.  With all distribution there is a time lag between the initial investment in bringing people on board, and the eventual increase in profit as they go through their first full year with us.”

During the year the firm also added over £1bn of new assets onto its Wealth Platform.

In April 2013, True Potential rolled out version six (V6) of its integrated platform, which brought together the three core elements of True Potential – the back-office system, the Wealth Platform, and client servicing tools, such as the firm’s unique client websites.

Johnson said the continued success of the Group was due to this technology-based business model, which has offered advisers a way of working effectively, efficiently and in a fully-compliant way, post-RDR.

He said: “Our Wealth Management and Investment businesses continued to be our main growth areas in 2013 and our success reflects the changing needs of a marketplace that was hugely shaken up by RDR.

“The FCA wants to see well-organised firms with a clear value proposition for clients. Our technology offers a solution to advisers that enables them to achieve this whilst still working efficiently and profitably.

“The launch of V6 represented our biggest-ever system update and meant everything an adviser needed to do business could be accessed quickly, easily and from anywhere in the world, from one single online location.

“It underlined our commitment to developing innovative ways of enabling advisers to provide the best advice and service they can to their clients, and it has proven hugely popular – we now have 416 Wealth Management Partners, up by 255% on the 2012 figure, and this is increasing all the time. We’ve also added 30 new head office staff to meet the demands of our Partners and directly authorised client firms.”

In 2013, True Potential Investments welcomed the addition of new strategy funds on the Wealth Platform from Cazenove Capital, Allianz Global Investors and two new exclusive funds from Goldman Sachs, giving investors unrivalled access to some of the world’s best-known and top performing funds.

Johnson said True Potential Adviser Services had also performed strongly. “Although we have not actively recruited into this area in 2013, the firms have been performing very well, the number of firms working with us has remained constant and growing this area of the business is something that we are looking to prioritise in 2014,” he added.

2013 also proved to be an award-winning year for the Group:

• ‘Best Adviser Platform’ – 2013 Platforum Awards
• ‘Best Support Service’ – 2013 Money Marketing Financial Services Awards
• ‘Leading Integrated Planning Tool’ with Morningstar – Aberdeen UK Platform Awards 2013

True Potential was also one of only 74 UK companies to appear in the Deloitte Technology Fast 500 EMEA 2013, a ranking of the 500 fastest-growing technology companies across Europe, the Middle East and Africa. The rankings are based on percentage revenue growth over five years and represent international recognition of the progress the firm has made.