Bringing you live news and features since 2006 

True Potential reports strong growth with turnover up GBP121m and profit up GBP35m

RELATED TOPICS​

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.
 

Latest News

US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Ed Rosenberg, Texas Capital
Texas Capital Bank first opened its doors back in December 1998 and nowadays offers wealth-management services, as well as commercial,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by