13 February 2013: True Potential Wealth Management LLP, one of the fastest growing advice firms in the UK, is offering a new future to financial advisers who have found themselves displaced as a result of changes included in the Retail Distribution Review (RDR) and the overall downsizing of the market.
Redundancies Impacting UK Financial Advisers
At a time when Santander’s meeting with its 800+ investment advisers has prompted fears of redundancies, it is expected that Britain’s financial services companies will cut a further 18,000 jobs over the next three months*.
True Potential’s Innovative Support for Advisers
True Potential Wealth Management LLP can provide advisers with a new, modern way of doing business that includes access to True Potential’s award-winning support services, technology and Wealth Platform.
Earl Glasgow, Managing Partner at True Potential Wealth Management LLP commented: “As we saw with Santander, we expect there will be a further decline in financial advisers working for banks but we firmly believe their services are much needed in today’s marketplace”.
“Already 22% of UK IFAs like True Potential and use our services so we feel it is our duty to let others, specifically advisers within banks, know this – whilst at the same time helping the consumer by ensuring these advisers have the opportunity to sell better products.”
Widespread Job Losses in the Financial Sector
Recent figures show that banks, insurers, asset managers and other finance firms cut 25,000 jobs in the final quarter of 2012, with banking seeing the deepest drop. The cuts will mean about 132,000 jobs have been lost in the sector since the downturn began in 2008, when it employed around 1 million people.*
True Potential Group’s Recent Growth Achievements
2013 is set to be a big year for True Potential and it’s group of companies, which includes True Wealth Management LLP, True Potential Investments LLP and True Potential Adviser Services LLP, after having recently reported a £3.6 million pre-tax profit for 2012.
Earl Glasgow continued: “While many companies in the financial services sector are struggling, our financial results are very positive. Seeing the True Potential Groups pre-tax profits rise by 57 per cent during the 2011-2012 financial period is especially pleasing in the current economic climate and it shows that the right business plan and an extremely talented team can achieve outstanding results.
Adapting to Industry Changes and Supporting Advisers
“In an industry which has had to adapt to major regulatory changes, including the Retail Distribution Review, such solid growth puts us in a very strong position for 2013. We hope to support displaced advisers by equipping them with the technology and tools to offer added value to investors in such a competitive environment. Our advisers also have the ability to retain up to 95 per cent of their income.”
For further information, please visit: www.tpllp.com
*Figures taken from a report by the Confederation of Business Industry and PricewaterhouseCoopers.
