True Potential Inflows up in Lockdown
As a financial and technology services group, here at True Potential we saw net inflows increase by almost £1 billion between April and June this year, at the height of the COVID-19 pandemic. Our July figures show that compared to the first quarter of 2020, we have seen assets on our platform rise 17%, reporting a record £15.7 million profit in Quarter Two.
In comparison to Quarter Two of 2019, we have also seen our sales increase 58% and our profit has grown by 39%. Additionally, a further £826 million inflows were recorded between April and June. If we combine the £990 million inflows reported from Quarter One, our total inflows over the first six months of 2020 stand at £1.8 billion. We are incredibly proud of the work that our staff and our business have been able to complete this year, even during the outbreak and repercussions of COVID-19.
Our Quarter Two results mean that we have continued to build on 2019’s great performance, which was our best year on record.
In June the group’s annual accounts for 2019 showed turnover had increased by 20% to £144.9 million and profits were up by 36% to £48 million.
Our Chief Executive, Daniel Harrison, said: “These results are remarkable in their own right and all the more so given this was all delivered against a backdrop of market volatility with COVID-19.”
“Our Hybrid Advice model, which combines the specialism of a financial adviser with our market leading technology, has very much been behind this success. Our True Potential Portfolios have continued to make gains, with their diversified exposure and multi-asset approach giving us some great opportunities in a still volatile environment.”
“True Potential has adopted a ‘thrive, don’t just survive’ mantra throughout these times of lockdown. It has been a big test for a forward facing and innovative business model like ours and one that I’m proud to say we’ve risen to.”
We currently employ 300 people at its Newcastle head office, all of whom have remained in full time employment and on full pay during lockdown. Our monthly staff fundraising activities have continued, and we are delighted to have raised over £15,000 for charities since January.
We have seen how challenging and disheartening the coronavirus has been for families, individuals, businesses and charities, and we have been determined to play an active role in supporting communities through the coronavirus crisis.
As well as financial support for local hospices, we have worked with over 4,000 financial advisers and charities across the UK to supply more than 14,000 food parcels to vulnerable people during lockdown.
Our chairman, David Harrison, co-founded the national C-19 Business Pledge that has mobilised over 300 businesses employing 3 million people to play their part in the national response.
David also created an online Facebook community for isolated people to support each other with ideas, tips and advice. The virtual community now has 10,000 followers across the UK.