Member Article

True Potential boast huge turnover and profit increases

Newcastle-based financial services firm, True Potential has announced a 145% rise in turnover.

The firm report a 56% increase in pre-tax profit to £2.5m and say considerable further growth is likely for the remainder of the year.

Neil Johnson, senior partner at True Potential LLP, said the results can be attributed to the firm’s adviser-friendly approach and the post-retail distribution (RDR) review climate.

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.

This was posted in Bdaily's Members' News section by Tom Keighley .