True Potential LLP

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True Potential expands service after influx from PosSol

• Posted: Wednesday July 21st, 2010.
• Written by: Daniel Harrison

Citywire
Alex Steger

True Potential has expanded its services for advisers going directly authorised after an influx of applications from Positive Solutions advisers.

The support service provider is using a ‘holding firm’ which advisers can join while awaiting direct authorisation from the Financial Services Authority (FSA), which can take up to six months.

In June, True Potential recruited 52 firms onto its technology platform, beating its own target of 48 firms a month. It recruited 270 firms in 2010 and 320 since January 2009.

Daniel Harrison, senior partner at True Potential, said the majority of directly authorised applications were from advisers wanting to leave Aegon-owned network PosSol.

‘We’ve done 270 new applications this year, so that’s 40 IFAs a month wanting to go directly authorised. We are really busy with recruitment this month, about 70% are from Aegon looking to leave,’ he said.

PosSol said 110 members left between December 2009 and the end of June 2010. Chief executive Jim Reeve (pictured) said: ‘We continue to recruit from the directly authorised market.’

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