Financial services firm True Potential has reported a significant rise in turnover and profits at £12 million for the first half of 2013, a significant rise of 145% compared to the £4.9 million turnover for the same period the previous year.
The firm has reported a profit before tax of £2.5 million for the first half of 2013, representing a 56% increase compared to previous year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
True Potential’s assets under management (AuM) on the wealth management platform increased by 250% to £1.4 billion.
The number of new advisers jumped from 70 in May 2012 to 270 in May 2013, and a further 49 new advisers have joined in the past two months.
The firm’s senior partner, Neil Johnson, said the massive 285% increase of new wealth management partners was ‘unprecedented’.
Johnson added, "The Retail Distribution Review has presented a huge challenge to our industry, but it was a challenge we were prepared for.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTrue Potential wealth management, managing partner, Glasgow, said: "This influx is due to the arrival of previously displaced high street bank advisers looking for opportunities to stay in the sector.
"The post-RDR advice gap has left a wealth of opportunities for qualified advisers. We strongly believe that ex-bank advisers have a huge amount to offer the market and it is unfortunate that so many have been left strangled by red tape as they wait to get the latest stage of their careers up and running.
"This has led to a slight delay since the job cuts were announced and a short-term advice gap in the market but we are confident that this gap can now be filled."
