True Potential's investment technology helps double profits

Financial and technology services group True Potential has grown turnover by 61% and almost doubled its profits following the launch of its new investment technology.

Related topics:  Finance News
Rozi Jones
9th March 2015
coins stack saving investment

The firm registered annual turnover of £44.4m in the year ended 31 December 2014, up from £27.5m in 2013, as profits climbed by 98% to £10.5m in the period. The group’s cash balance also increased by 616% to £4.1m and net assets grew by 423% to £6.8m.

The latest annual report from the True Potential group also shows that the firm’s investments arm, True Potential Investments, registered 184% profit growth to £5.4m. The True Potential’s Wealth Platform now has £3bn assets under management, an increase of £1bn in 2014 alone.

The firm attributes these results in part to the success of impulseSave, the online service that enables savers to add as little as £1 to their own investments as they work towards their savings goals.

It is the first UK service that allows micro-payments to be transferred directly into investments at the touch of a button – and figures suggest 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 being under £10.

The group continues to work with close to 20% of all financial advisers and latest figures show that True Potential Adviser Services firms had £67bn worth of assets at the end of 2014.  

Neil Johnson, senior partner at True Potential LLP, said:

“These results support our belief that technology holds the key to delivering modern wealth management to today’s clients. With a cultural shift in the UK to self-reliance when it comes to saving for retirement, it is technology like impulseSave® that can make the difference to people’s futures.

“Last year we also saw the announcement by the Chancellor of the biggest changes to personal pensions I’ve seen in my lifetime. Thanks to our innovative and award-winning technology, we’re perfectly placed to take full advantage of the changes. With our own pension, ISA, Wealth Platform, distribution network and in-house technology, we have the capability to react at speed to market changes and develop truly unique offerings for advisers and clients. At True Potential, we are helping to create a better future for all our clients.”

Other 2014 highlights for True Potential include being ranked as the fastest growing financial and technology services company headquartered outside London in the 2014 Deloitte Technology Fast 50. The rankings are based on percentage revenue growth over the last five years. True Potential grew 837% during this period.

Meanwhile, in September, impulseSave was showcased alongside the world’s biggest innovations in financial technology at FinovateFall 2014, and also won the Aberdeen UK Platform Awards 2014 Leading Innovation Award.

Among other highlights of 2014 was the addition of a new auto enrolment system to True Potential Investor, which is designed to help busy employers and accountants manage auto enrolment as efficiently as possible. A new financial adviser sales process system was also introduced to True Potential’s Wealth Management Partners division.

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.