True Potential
{{Infobox company
| name = True Potential
| founded = 2007
| hq_location = Newcastle-upon-Tyne, England, UK
| key_people = * Sir David Harrison (Chairman and Founder)
- Daniel Harrison (CEO and Co-Founder)
- Mark Harrison (Co-Founder)
- Earl Glasgow (Co-Founder)
| products = ISA, personal pension, general investment accounts
| revenue = £337.9 million
| revenue_year = 2023
| assets = £24.5 billion
| num_employees = 450
| website = {{URL|https://www.truepotential.co.uk/}}
}}
True Potential is a British wealth management and financial technology company based in Newcastle, England.{{Cite news |last=Banking |first=Ben Martin |date=2023-11-06 |title=True Potential could be realised by early stake sale |newspaper=The Times |language=en |url=https://www.thetimes.com/business-money/markets/article/true-potential-could-be-realised-by-early-stake-sale-sjnb65rq0 |access-date=2023-11-06 |issn=0140-0460}}{{Cite web |last=Media |first=Insider |date=2023-04-03 |title=Another year of growth for True Potential |url=https://www.insidermedia.com/news/north-east/another-year-of-growth-for-true-potential |access-date=2023-11-06 |website=Insider Media Ltd |language=en}} The company provides investments to clients across the UK,{{Cite web |last=Vallely |first=Lois |date=2022-02-08 |title=True Potential completes sale of stake to private equity firm Cinven |url=https://www.moneymarketing.co.uk/news/true-potential-completes-sale-of-stake-to-private-equity-firm-cinven/ |access-date=2023-11-06 |website=Money Marketing |language=en-GB}} both to financial advisers and their clients.{{Cite web |last=Ford |first=Coreena |date=2023-04-03 |title=Newcastle's True Potential hails record results as assets top £24bn |url=https://www.business-live.co.uk/professional-services/newcastle-wealth-innovators-true-potential-26622619 |access-date=2023-11-07 |website=Business Live |language=en}}{{Cite web |last=Whitfield |first=Graeme |date=2016-11-18 |title=Newcastle technology firm True Potential makes UK growth list for three years running |url=http://www.chroniclelive.co.uk/business/business-news/newcastle-technology-firm-true-potential-12195564 |access-date=2023-11-07 |website=Chronicle Live |language=en}}
History
True Potential was founded in 2007 by Chairman Sir David Harrison and his investment partners.{{Cite news |date=2017-07-16 |title=The millionaire boss who admits he had a lot of luck |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-40566946 |access-date=2023-11-06}} Prior to founding True Potential, Harrison had founded the financial services firm Positive Solutions, which he sold to Aegon in 2003.
From 2012 to 2017, True Potential was included on the Deloitte Technology Fast 50 list of fastest growing technology companies in the UK.{{Cite web |last=Manning |first=Jonathon |date=2017-06-11 |title=He runs Europe's best business: can David Harrison really be that nice? |url=http://www.chroniclelive.co.uk/business/business-news/runs-europes-best-business-can-13167055 |access-date=2023-11-06 |website=Chronicle Live |language=en}}{{Cite web |last=Whitfield |first=Graeme |date=2016-11-18 |title=Newcastle technology firm True Potential makes UK growth list for three years running |url=http://www.chroniclelive.co.uk/business/business-news/newcastle-technology-firm-true-potential-12195564 |access-date=2023-11-06 |website=Chronicle Live |language=en}} In 2017, True Potential also won Business of the Year at the European Business Awards.{{Cite web |last=Whitfield |first=Graeme |date=2017-05-05 |title=Newcastle company True Potential wins European Business Award |url=http://www.chroniclelive.co.uk/business/business-news/newcastle-company-true-potential-wins-12993496 |access-date=2023-11-06 |website=Chronicle Live |language=en}}
In 2018, True Potential appointed bankers from Perella Weinberg Partners to facilitate a sale of the company.{{Cite web |title=Wealth platform to realise True Potential with £2bn sale |url=https://news.sky.com/story/wealth-platform-to-realise-true-potential-with-2bn-sale-11489435 |access-date=2023-11-06 |website=Sky News |language=en}}
A majority stake in True Potential was acquired by global private equity firm Cinven in 2022.{{Cite web |last=English |first=Simon |date=2021-09-08 |title=Cinven snaps up True Potential in £2.5 billion deal |url=https://www.standard.co.uk/business/cinven-hl-hargreaves-aj-bell-wealth-mangement-city-true-potential-b954239.html |access-date=2023-11-06 |website=Evening Standard |language=en}}{{Cite news |last1=Crowley |first1=Amy-Jo |last2=Cerqueiro |first2=Pablo Mayo |last3=Cerqueiro |first3=Pablo Mayo |date=2023-07-12 |title=Cinven eyes True Potential stake sale as soon as next year |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/cinven-eyes-true-potential-stake-sale-soon-next-year-sources-2023-07-12/ |access-date=2023-11-06}} Other firms that made a bid for True Potential included Pegasus Europe.{{Cite web |title=Mustier and Arnault's SPAC targets £2.5bn UK fintech True Potential |url=https://news.sky.com/story/mustier-and-arnaults-spac-targets-2-5bn-uk-fintech-true-potential-12335703 |access-date=2023-11-06 |website=Sky News |language=en}}
In February 2023, True Potential appointed Ben Thorpe as Chief Financial Officer.{{Cite web |title=True Potential appoints Ben Thorpe as CFO |url=https://www.ftadviser.com/your-industry/2023/02/03/true-potential-appoints-ben-thorpe-as-cfo/ |access-date=2024-03-13 |website=www.ftadviser.com |language=en}} In April 2023, True Potential appointed Andrew Sibbald as deputy chairperson.{{Cite web |title=True Potential appoints deputy chairperson |url=https://www.ftadviser.com/companies/2023/04/25/true-potential-appoints-deputy-chairperson/ |access-date=2024-03-13 |website=ftadviser.com |language=en}}
True Potential engages in philanthropic initiatives through the Harrison Foundation.{{Cite web |date=2022-12-06 |title=Education and employability training centre opens in Teesside |url=https://www.thenorthernecho.co.uk/news/23171999.harrison-centre-social-mobility-opens-darlington/ |access-date=2023-11-06 |website=The Northern Echo |language=en}}{{Cite web |title=Read: A virtuous circle where productivity and profit drive social purpose |url=https://www.fit-for-purpose.org/recent-stories/read-a-virtuous-circle-where-productivity-and-profit-drive-social-purpose |access-date=2023-11-06 |website=Fit for Purpose |language=en-GB}} The company also has a partnership with the Open University, the True Potential Centre for the Public Understanding of Finance, which delivers free courses to better learners’ understanding of personal finance.{{Cite web |last=Whitfield |first=Graeme |date=2020-05-14 |title=Record results and buy-back as True Potential continues growth |url=https://www.business-live.co.uk/technology/record-results-buy-back-true-18250384 |access-date=2023-11-06 |website=Business Live |language=en}}
The services offered by True Potential include investment management, financial planning,{{Cite web |last=Read |first=Simon |title=True Potential founder David Harrison knighted |url=https://www.financialplanningtoday.co.uk/news/item/15303-true-potential-founder-david-harrison-knighted |access-date=2024-03-13 |website=www.financialplanningtoday.co.uk |language=en-gb}} and retirement planning.{{Cite web |title=True Potential launches retirement planning system |url=https://www.ftadviser.com/2015/03/10/ifa-industry/technology/true-potential-launches-retirement-planning-system-yYfCzYtmEPVOcLVREZ7tzJ/article.html |access-date=2024-03-13 |website=ftadviser.com |language=en}}
In October 2024, Daniel Harrison has announced his resignation as CEO of True Potential, effective October 11, after seven years in the role, with a new CEO expected to be appointed by early 2025.