True Potential Records Best Ever Financial Year
We are very excited to share with you our new 2020 Annual Report. This has been created to provide you with an update and celebrate True Potential’s achievements of 2020.
It is also important to reflect on the impact that the COVID-19 pandemic has had on us all, the potential harm caused to global businesses and economies, and the impact it has had on our lives and families. 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. Two fantastic examples of this are:
- Group turnover £184.9m, up 28%
- Group profit £74m, up 59%
The financial results published in our Annual Report 2020 showcase our best year on record, during which we responded swiftly to the emerging coronavirus pandemic. The switch to remote working was facilitated by our digital infrastructure, upon which True Potential was founded in 2007.
As a result of the enforced changes brought about by successive lockdowns and restrictions, True Potential brought forward new digital software and processes for our clients and financial advisers, building on those that were already in place. This made it simpler for clients to invest and for advisers to service their clients and is a key factor in these financial results.
The Report offers insight into our industry-leading technology, how it has evolved and the upgrades we have made for both clients and financial advisers, including True Potential Rewards and vNext.
A fifth of UK financial advisers work with us at True Potential. A further 260 advisers joined us in 2020, and we also recruited an extra 60 members of staff at our Newcastle head office. Throughout the struggles of the pandemic, we are proud that to say that no one was furloughed.
With over two million client records, 2020 saw assets on the firm’s in-house investment platform increase, now standing at over £14 billion.
We understand the importance of supporting and giving back to our local community, and throughout 2020 we made it our goal to help as many vulnerable people as possible. True Potential supported organisations and community groups across the UK as part of the national COVID-19 recovery effort. We have donated £350,000 to hospices, care homes, schools, youth charities and others.
Meanwhile, working with thousands of our financial advisers, over 14,000 food packages were delivered to True Potential’s vulnerable clients across the UK to support them through the pandemic.
A strong financial year has continued into 2021, with True Potential already having recorded its best ever quarter for sales.
True Potential’s 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.”
True Potential work to a ‘thrive, don’t just survive’ philosophy and are proud to emerge stronger than ever as we deliver our Annual Report to celebrate and reflect on the rare positive outcomes of 2020.