Half-Year Results Point to Best Year on Record
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
We’re pleased to publish our half-year results showing turnover has grown by 47% to £121m while profits are up by 73% to £53m year on year.
With 371 people now working across the group, we reported inflows of £3.2bn in the first half of 2021 compared to £1.8bn in the same period last year, meaning an extra £1bn of assets was added every two months. The True Potential platform now holds £18.6bn AUM compared to £11.2bn at the end of H1 2020.
The financial results mean 2021 is on course to be our best financial year since the company was founded.
We’ve seen a large increase in the number of financial advisers joining the business. In total 248 advisers have joined or are in the process of joining True Potential Wealth Management, adding to the 800 advisers already working within the firm.
Much of our continued growth is due to new ideas and developments brought forward during the pandemic as well as new digital software and processes for our clients and financial advisers.
This year, we’ve continued to support charitable organisations and community groups across the UK as part of our sustainability agenda. We’re on course to exceed our 2020 donations total to a range of charities including those working with children and young people, as well as healthcare providers and foodbanks.
We began the year with a commitment led by the firm’s Chief Executive, Daniel Harrison, to tackle the digital divide, donating laptop computers to schools as the country entered another lockdown in January. This complemented a partnership with the Harrison Centre for Social Mobility, which works in disadvantaged areas of the North East to offer young people the digital skills needed to open up a career in financial services.
True Potential’s Chief Executive, Daniel Harrison, said:“Our half year results continue to set new records for True Potential and new benchmarks in the industry. None of this happens by accident but is the product of many years of work, planning and recruiting great people. Our strategy has always been to offer our advisers and clients technology and investment solutions that are simple, effective and unique. These results show it’s a strategy that continues to work exceptionally well.
“We have continued to play a big role in our communities this year and tackling the digital divide is a key part of that and something I am particularly focused on. As a digital-first company, we see the benefits of technology each day but others in our communities and not so fortunate. Our profits enable us to work with partners such as the Harrison Centre for Social Mobility to provide digital connectivity those who need it as well as the skills to young people who may wish to pursue a career in financial services.”