Financial and technology services group True Potential has grown turnover by 23 per cent to GBP121m and profits are up by 49 per cent, its latest annual results show.
The Newcastle-upon-Tyne-based business, which employs 250 people, saw annual turnover climb to GBP121 million in the year ended 31 December 2018, up from GBP99 million in 2017 and GBP69 million in 2016. The company’s profits also rose by 49 per cent to GBP35 million during the year
Twenty per cent of UK financial advisers use True Potential’s technology, with over two million clients in total. 2018 saw assets on the firm’s in-house investment platform increase, now standing at over GBP8.4 billion.
Meanwhile, True Potential Investor, the group’s online investment site, is used by consumers where they choose to set up and save into pensions and ISAs by themselves. It includes the firm’s unique impulseSave technology, which enables people to invest in markets from just GBP1. Over GBP150 million has been invested via impulseSave, mostly in small amounts of GBP50 and under, which has made investing much more accessible.
As a Pensions Regulator approved Workplace Pension provider, True Potential delivers free auto enrolment services to 2,545 accountants, 25,642 employers, and 231,041 employees, contributing over GBP98 million.
Daniel Harrison, who was appointed Chief Executive in 2018, says: “In 2018 we recorded our best financial year yet at True Potential both in turnover and profit. As part of our proposition, we manage over 9,000 investment experts in 200 locations to ensure our investment portfolios help clients do more with their money. Since their launch in October 2015, we’ve seen significant investment in our portfolios, with GBP6 billion now invested in them.”
“We are proud of our growth to date, but there is a lot more work to be done yet to help achieve our aim of revolutionising how wealth management is delivered.”
True Potential says its growth in 2018 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 and advisers.
Harrison adds: “2018 was another exceptional year for True Potential. The markets were at their most volatile and difficult since the financial crisis, but we enjoyed our best year yet and continued to attract large amounts of net investment. Our role in providing opportunity for people to generate a better future extends beyond investing and into areas such as education and employment. There are clever, hard-working people everywhere, but opportunity isn’t distributed everywhere. True Potential is changing that.”
True Potential has partnered with the Open University to create the True Potential Centre for the Public Understanding of Finance.
True Potential PUFin is a pioneering Centre of Excellence for research in the development of personal financial capabilities. True Potential PUFin is working to improve public understanding of personal finance through its research and the delivery of free modules providing individuals with the tools to make sound financial decisions. More than 400,000 people have taken part in the courses to date.