Daniel Harrison has stepped down as the CEO of Financial Planning-focused wealth management firm True Potential.

He will step back from the firm as of 11 October.

True Potential claims to work with a fifth of UK financial advisers and manages over £22bn of assets for investors.

He has spent seven years as CEO of the firm which he co-founded with his father Sir David Harrison in 2007.

During his tenure as CEO, Daniel Harrison has overseen record growth in turnover and profits for the firm.

The firm will have a new CEO from the start of 2025, but the name of the external successor has not been revealed.

His departure is part of a planned transition following the sale of a majority stake in the company to private equity firm Cinven in 2021, according to the announcement made to staff at the firm’s annual conference today.

The deal likely brought windfalls of hundreds of millions of pounds for the Harrisons, but terms of the deal and financial details were not disclosed.

Sir David Harrison had already stepped down as Chair of the company in 2023 following a two-year planned handover period.

Sir David had previously founded and sold financial advice firm Positive Solutions.

Newcastle-headquartered True Potential operates a broad wealth management business and has its own investment platform and fund arm. It has more than 1.4m retail clients and over 1,000 financial advisers in the UK.