Group turnover £12m; Group profit before tax £2.5m; Assets on Wealth Management Platform increased by 250% to £1.4bn.

Financial services firm True Potential has announced a significant rise in turnover and profits for the first half of 2013.

The True Potential group of companies has increased turnover to £12m in the first half of 2013 – a rise of 145 per cent against the same period in 2012 (£4.9m). January-June has delivered £2.5m pre-tax profit for the group, a 56 per cent increase on H1 2012.

The six-month figures represent a huge increase on the numbers for the first half of 2012, with senior partners at the firm predicting ‘considerable further growth’ in remainder of 2013.

Neil Johnson, Senior Partner at True Potential LLP, said the results can be attributed to the firm’s adviser-friendly approach, post-RDR, and the integrated nature of their service proposition.

He said: “RDR has presented a huge challenge to our industry, but it was a challenge we were prepared for and we are delighted to be able to post such impressive year-to-date results.

“We are absolutely focused on developing innovative ways of enabling IFAs to provide the best advice and service they can to their clients – and this has proved a successful approach as many displaced bank advisers have joined our True Potential Wealth Management advisory business in the past quarter. 

“Seeing our pre-tax profits rise by 56 per cent 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.

“We believe these results have given us an outstanding platform for growth in 2013 and beyond.”

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 financial services organisations in the UK. 

The amount of assets on the True Potential Wealth Platform now stands at £1.4bn, an increase of 250 per cent (£1bn) since 2012.

The firm has also made substantial increases to the number of Wealth Management Partner advisers in True Potential Wealth Management, up to 284 from 70 at the end of June last year.