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True Potential sees profits soar 59% in 2020

Wealth manager and platform True Potential has reported group turnover up 28% to £184.9m and group profit up 59% to £74m in its 2020 results.

The company called its best ever annual figures and its response to the challenges and “heartbreak” of Covid-19 “triumphant.”

During 2020 the company a further 260 advisers joined the fast growing advice business.

True Potential also recruited an extra 60 members of staff at its Newcastle head office. No staff were furloughed.

The firm now has 2m client accounts and assets on the firm’s in-house investment platform topped £14 billion.

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The firm said: “Although 2020 had a backdrop of heartbreak, uncertainty and struggle, it also delivered resilience, unity and adaptability.

“Our powerful combination of technology, support and expert financial advice has been triumphant in responding to Covid-19. All of these elements have contributed towards our record breaking year for business and the statistics shown in our Annual Report reflect our success.”

The company said it managed to respond quickly to the emerging Coronavirus pandemic with a rapid switch to remote working, helped by long term investment in digital technology.

As a result of the lockdowns, True Potential brought forward new digital software and processes for clients and financial advisers. 

During 2020 the company donated £350,000 to hospices, care homes, schools, youth charities and others. In addition, via 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.

The firm says its strong growth in 2020 has continued into 2021.

True Potential chief executive Daniel Harrison said: “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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