North East firm True Potential grows profits and adviser numbers

North East financial services firm True Potential has announced significant year-on-year increases in turnover and profits and a larger wealth management team.

True Potential, based in Newburn, has increased turnover to £18.9 million to the end of September 2013 – a rise of 139% against the same period in 2012 (£7.9m). January-September has delivered £3.6 million pre-tax profit for the group, a 44% increase on the same period in 2012.

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 number of wealth management partner advisers in True Potential Wealth Management has grown considerably, with the total now reaching 347.

This represents an increase of 265%t from the same period in 2012 when the firm had 95 wealth management partners.

Neil Johnson, senior partner at True Potential LLP, making the announcement at the firm’s annual sales conference in Newcastle upon Tyne on 17th October 2013, said the firm had thrived by ensuring it was well prepared for the Retail Distribution Review (RDR), which came into effect at the start of 2013 and had a huge on the financial advice market.

He said: “Since the introduction of RDR, the financial services sector has experienced changes like never before. In today’s market, advisers need to be armed with the most powerful, most user-friendly tools available to them.

“Our financial results show that this is a challenge that we were prepared for and many advisers are choosing to use our technology and join our Wealth Management arm to succeed in today’s market.

“In order to attract and retain customers, advisers must be able to show added value. We are committed to developing innovative ways to allow advisers to service clients more effectively than ever before, in a way that suits their lifestyle.”