TRUE POTENTIAL PRE-TAX PROFITS UP BY 104 PER CENT

• H1 2014 group turnover £20.8m, an increase of 87 per cent on H1 2013; and
• H1 2014 group profit before tax £4.9m, an increase of 104 per cent on H1 2013.

Financial services firm True Potential LLP has announced a significant rise in turnover and profits for the first half of 2014.

The True Potential group of companies has increased turnover to £20.8m in the first half of 2014 – a rise of 87 per cent against the same period in 2013 (£11.1m). January-June has delivered £4.9m pre-tax profit for the group, a 104 per cent increase on H1 2013.

True Potential provides technology and business support services to over 22 per cent of the UK adviser market and financial advisory services for private individuals.

2014 has seen a number of important developments for the firm, including the launch of first-of-a-kind impulseSave® technology, which allows savers to make micro-payments into investments from as little as £1 at the touch of a button. The service is available on True Potential’s Wealth Platform, used by financial advisers and their clients across the UK, and as part of True Potential Investor, a recently launched self-directed investment service, which can be accessed online and via mobile devices (www.tpinvestor.com).

Neil Johnson, Senior Partner at True Potential LLP, says 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, named as one of just 74 UK companies to rank within the Deloitte Technology Fast 500 EMEA for 2013. As the firm restructures for continued growth, it has made a number of senior appointments in recent months, including hiring financial services heavyweight 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.