True Potential announces record growth figures

Newcastle based Wealth management and investment technology group True Potential has grown turnover by 52 per cent to £281m and profits are up by 80 per cent to £132m, its latest annual results show. 

After fifteen years of continued growth, True Potential credited their latest set of extraordinary growth figures to long-term investment in pioneering technology and hybrid advice models. This has attracted large numbers of financial advisers and investors to True Potential’s platform since the beginning of the COVID-19 pandemic.

True Potential’s Chief Executive, Daniel Harrison, said, “this set of results prove that digitally driven hybrid advice is the only way to run a high-growth financial services business in a post-pandemic world.

“I’m particularly pleased to see our impulseSave technology attracting smaller savers and investors who have often been excluded from the industry because of the exorbitant minimum deposit limits set by traditional providers.”

A fifth of the UK’s financial advisers are employed by True Potential or use its technology, and a further 271 advisers joined in 2021. With over two million client records, 2021 saw assets on the firm’s in-house investment platform increase, which now stand at over £22bn.

True Potential’s pioneering impulseSave technology, which allows investors to open or top up their pensions and investments from as little as £1, also saw continued growth. In total, £206m was invested through impulseSave in 2021, with 30 per cent of these top-ups being under £50.  

David continued, “I have always approached business with an anti-fragile mindset. In other words, I believe in building organisations and working with people who grow stronger in stressful and difficult circumstances.

“True Potential’s success during the pandemic vindicates this approach, which has been achieved through years of investing in and building our own proprietary technology and hybrid advice models. These impressive results, combined with Cinven’s recent investment, will allow us to continue investing in our successful business model.”

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