Financial and technology services group True Potential has grown turnover by 23 per cent to GBP69 million and profits are up by 21 per cent, according to its latest annual results.
The business, which employs over 300 people at its Newcastle, London and Northern Ireland offices, saw annual turnover climb to GBP69 million in the year ended 31 December 2016, up from GBP56.7 million in 2015.
The company’s profits also rose by 21 per cent from GBP12.4 million to GBP15 million during the year
Twenty per cent of UK financial advisers use True Potential’s technology. The firm also has its own range of 27 investment funds, which are discretionary managed, for the same or lower price than the market.
True Potential Investor, the group’s online investment site, is used by consumers where they choose to save into pensions and ISAs directly, without going through a financial adviser.
Across all channels, True Potential has over GBP52 billion of client assets under its administration.
David Harrison, managing partner at True Potential, says: “True Potential has been enjoying tremendous growth for many years now. In 2016 we had some notable market-moving events, including Brexit and the election of Donald Trump. As an investment and financial advice business, to end that year with turnover up by a quarter and profits up by a fifth is a remarkable achievement and shows the strength of our offer to consumers.”
True Potential says its growth in 2016 is underpinned by the firm’s technology and its own range of globally diversified, multi-asset investment portfolios. Both have proved to be extremely popular with clients.
Harrison adds: “Our aim is to give people in the UK the best chance of growing their savings and investments in an era of record low interest rates that are easily outstripped by rising inflation. We are doing that by offering high quality financial advice and investment funds that are designed to perform in unpredictable conditions. Then our unique technology gives clients instant access to their wealth and the ability to make instant micro-top ups so that they stay on track to reach their goal.”
The firm’s investment partners include UBS, Allianz Global Investors, Goldman Sachs Asset Management, Schroders, SEI, 7IM, Columbia Threadneedle and Close Brothers.