True Potential's platform assets rise by £1bn
Assets on the True Potential platform rose by £1bn last year, the company reported today.
Profits almost doubled to more than £10m at the firm for the 2014 calendar year. The results included the performance of all the companies in the True Potential Group.
Annual turnover increased from £27.5m to £44.4m, profits increased 98% to £10.5m. True Potential Investments, the investment management firm, grew profits 184% to £6.8m.
The True Potential Wealth Platform had over £3bn of assets under management, an increase of £1bn in 2014.
The firm said the performance for last year helps confirm its position as one of the fastest-growing technology and financial services organisations in the UK.
Bosses said the results have been driven in part by the success of its service that allows micro-payments. This enables savers to add as little as £1 to their own investments. It claims to be the first UK service that allows micro-payments to be transferred directly into investments at the touch of a button – and figures suggested it has helped to transform thousands of spenders into savers.
The product was launched in March 2014 and has facilitated the investment of more than £8m worth of funds, with over a third of transactions under £10.
The group estimated it works with close to 20% of UK financial advisers and the latest figures showed that True Potential Adviser Services firms had £67bn worth of assets at the end of 2014.
David Harrison, managing partner, True Potential LLP, said: "2014 was an excellent year for
the group. Our turnover grew significantly from £27.5 million to £44.4 million (+61%), but importantly, profits have dramatically increased from £5.3 million to £10.5 million.
"This is a direct result of our business model and strategy of building large-scale distribution capacity with the goal of helping True Potential gather assets on our own Wealth Platform.
"Building on the success of previous years, we were one of only 67 UK companies to feature in the Deloitte Technology Fast 500 EMEA, a ranking of the fastest-growing companies in Europe, the Middle East and Asia. We also made the Deloitte UK Technology Fast 50 for the first time. Both awards are recognition of our financial results and exceptional growth in 2014."