Platform boosts True Potential as profits jump 57% to £3.6m

Support services and technology provider True Potential has reported a 57% increase in its pre-tax profits which hit £3.6 million for 2012 boosted by strong performance from its platform.

The group’s Wealth platform increased its pre-tax profits to £600,000 in 2012 compared to the £3,500 it reported in 2011.

True Potential launched its platform in 2011 and struck a deal with national IFA Positive Solutions to allow its advisers to white label the platform.

The results are for the True Potential group, which includes True Potential Wealth Management, True Potential Adviser Services and True Potential Investments.

Neil Johnson, senior partner at True Potential, said the investment and wealth management businesses had been the main area of growth in 2012 and the group was focused on helping advisers.

‘Seeing our pre-tax profits rise by 57 per cent is especially pleasing in the current economic climate and it shows that the right business plan and an extremely talented team can achieve outstanding results,’ he said.

‘In an industry which has had to adapt to major regulatory changes, including the retail distribution review, such solid growth puts us in a very strong position for 2013.’

The group also had employees and staff levels increase by 45% in 2012 and currently has 109 partners. Its adviser clients represent £220 million in turnover.