Best Practice Innovations
An Introduction to Best Practice Innovations. Close to 20 per cent of the financial adviser market use True Potential’s products and services. These include investment management and business support services, as well as financial services technology. The company has expanded rapidly since its inception in 2007, ranking as the fastest growing financial advice and technology services company headquartered outside London in the 2014, 2015 and 2016 Deloitte Technology Fast 50. Across the group, True Potential has over £52bn assets under administration. In 2017 and 2018 it won its category at the European Business of the Year award, beating 34,000 other firms from 35 countries. The company is powered by a commitment towards creating opportunities for all. This is evident in its products and services, which are equally open to both high net worth individuals and pension savers who wish to start by putting aside as little as £1 for their future. It can also be seen in its approach to employees.
The UK’s lack of social mobility is particularly prevalent in financial services. But True Potential has found a highly effective solution. Its Pathway to Progress is designed to speed young people with limited life chances into fulfilling and ever-developing careers. In partnership with its founder’s charitable foundation, the Harrison Centre for Social Mobility, True Potential is pioneering a new approach. The formula involves a school True Potential helped to create in an area of high deprivation and culminates with an ongoing pathway of opportunity. Through intervention in an area of the North East that performs poorly for youth social mobility, complemented by employment programmes in a neighbouring part of the region that underperforms in early adulthood. True Potential has created an opportunity pathway. What makes this approach unique in the business world, is that it views social mobility as a journey that transcends life stages. Furthermore, it is being delivered in the North East, one of the most deprived parts of the UK and in financial services, an industry often seen as being inaccessible. This is covered in more detail in the next section.
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