Wealth management firm True Potential has announced that David Harrison has stepped down from his role as chair.
He is succeeded by Andrew Sibbald, who has been deputy chair since April 2023.
Sibbald is an industry veteran, with over 35 years’ experience working in financial services, having advised a wide range of public and private companies on mergers and acquisitions and capital raising.
Harrison founded True Potential in 2007 having previously founded and sold financial advice firm Positive Solutions – the largest IFA firm in the UK at the time.
Since then, True Potential has experienced 16 successive years of growth.
Harrison will continue to be involved with the business as strategic adviser to the board and as a major shareholder.
This role provides him the necessary freedom and focus to advise the board of directors on the firm’s future direction.
The move has been in the making for over a year and is part of the “continuing evolution” of True Potential.
Harrison said it has been a “privilege to lead this remarkable team as chairman and witness True Potential’s growth over the past sixteen years”.
He said: “I am confident that, under the capable leadership of Daniel and Andrew, alongside our other highly experienced new appointments, the company will continue to thrive and reach new heights.
“My commitment to True Potential remains steadfast as a very significant shareholder and through my role as strategic adviser to the board, which will allow me more freedom to advise on the firm’s continued expansion and growth.
“I eagerly anticipate contributing to the company’s continued success in this new capacity.”
True Potential chief executive Daniel Harrison said: “I’d like to recognise what Sir David has built over the past sixteen years and his position as a pioneer of technology in the advice industry.
“We look forward to continuing to benefit from his experience and wisdom as he takes up his new role as strategic adviser to the board.”
Sibbald said True Potential’s growth has been “exceptional”.
“The company has become a leader in the wealth management sector,” he added. “And it is a genuine privilege to have taken over as chairman from Sir David who has been such a huge contributor to True Potential’s success and innovation in the industry generally.
“I look forward to working closely with Daniel and the True Potential team as we continue this exciting momentum.”
True Potential has also announced the appointments of Karina McTeague and Stephanie Bruce as independent non-executive directors, in order to “further strengthen” the firm’s governance.
McTeague has a unique combination of UK and international banking, financial services regulation, governance, and global payments experience gained at board and executive level.
She has previously served as chief risk officer at Visa Europe, Lloyds Banking Group in North America and senior roles at the Financial Conduct Authority.
She said: “I’m very pleased to be joining True Potential. The firm has thrived for many years due to its focus on the end client and technology to enhance their experience, both of which were key factors in my decision to join the business.
“It is in a great position to continue its exceptional growth and realise its ambitions. I look forward to working with the team and helping the business in the next phase of its evolution.”
Bruce brings a wealth of strategic and commercial experience of retail financial services, combined with deep knowledge of risk, control and governance practices.
She was most recently chief financial officer at Abrdn and previously head of financial services at PwC UK assurance, where she provided strategic and advisory support to a wide range of UK and international clients for over 25 years.
“True Potential’s primary focus is clearly the client. This motivated team, while rightly proud of their achievements to date, are prioritising continued delivery for clients in the future,” she said.
“Given the importance for individuals of accessing quality savings platforms in the UK, I am very pleased to be joining the board and look forward to working together as we progress our ambitious objectives.”
The changes follow the appointment of Ben Thorpe as chief financial officer in February.
He has over 20 years of experience in the financial services industry including previous roles as CFO at Brooks Macdonald and head of finance at Brewin Dolphin.
He also spent 14 years working in the financial planning and analysis teams at Morgan Stanley, RBS and Barclays Capital.
In March, True Potential revealed that 2022 had been its “best year ever”.
During an on-screen interview at NextWealth Live, Daniel Harrison told event attendees that 75,000 new clients had joined the platform.
He said the business had grown £6.8bn in gross new assets, taking it to £24bn total assets at the end of the year.
In February 2022, True Potential completed the sale of a majority stake in its business to international private equity firm Cinven.
The deal, which was originally announced in September 2021, will enable True Potential to continue its double-digit growth in the financial services sector.
It will also help the company further develop its investment technology platform.
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