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True Potential records best ever financial year

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Financial and technology services group True Potential has grown turnover by 28 per cent to GBP184.9 million and profits are up by 59 per cent, the company’s latest annual results show.  

The business, which employs 305 people across its group, saw annual turnover climb to GBP184.9 million in the year ended 31 December 2020, up from GBP144.9 million in 2019 and GBP121 million in 2018.  

The company’s profits also rose to GBP74 million during the year, an increase of 59 per cent on 2019’s figure. 

The financial results mean 2020 was True Potential’s best year on record, during which it responded swiftly to the emerging coronavirus pandemic. The switch to remote working was facilitated by True Potential’s digital infrastructure, upon which the company was founded in 2007. 

As a result of the enforced changes brought about by successive lockdowns and restrictions, True Potential brought forward new digital software and processes for clients and its financial advisers, building on those that were already in place.  

The firm says this made it simpler for clients to invest and for advisers to service their clients and is a key factor in these financial results.  

A fifth of UK financial advisers are employed by True Potential or use its technology and a further 260 joined in 2020. The firm also recruited an extra 60 members of staff at its Newcastle head office and no one was furloughed.  

With over two million client records, 2020 saw assets on the firm’s in-house investment platform increase, now standing at over GBP 14 billion.  

During the year, True Potential supported organisations and community groups across the UK as part of the national COVID-19 recovery effort. The firm donated GBP300,000 to hospices, care homes, schools, youth charities and others. 

Meanwhile, working with thousands of its financial advisers, over 14,000 food packages were delivered to True Potential’s vulnerable clients across the UK to support them through the pandemic.  

A strong financial year has continued into 2021, with True Potential already having recorded its best ever quarter for sales. 

True Potential’s Chief Executive, Daniel Harrison, says: “This is a fantastic set of results for True Potential and rounds off what was a bittersweet year. Bitter, because one cannot reflect on 2020 without referencing the Covid-19 pandemic and the harm it has caused, but sweet, because 2020 was by far and away our most successful year in business. 

“Whilst never wishing for a pandemic, it has however proven that the True Potential model and our diversified approach is the right way to run a financial services business. Whilst others in our industry have floundered, we thrived in 2020. That has enabled us to support more charitable and community organisations with our partner, the Harrison Foundation. 

“I am proud of the way our staff responded positively last year and I look forward to continuing our strong, record growth in 2021.” 

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