Financial services group True Potential (TP) has launched a network in a move it says completes its suite of offerings for advisers.
The proposition, which will run alongside the firm's existing national advisory firm (TP Wealth Management), support services company (TP Adviser Services) and platform (TP Investments), "completes the circle at True Potential", senior partner Daniel Harrison said.
True Potential Associate Partners is currently in the process of authorising ten members and will seek to attract 250 predominantly restricted advisers in the coming year.
It is built on the group's in-house developed comprehensive technology, currently used across the business.
Harrison said: "The thing the current networks space has in common is none of them make any money and are jolly good at picking up fines.
"By bringing True Potential's approach to it, technology-based central control and new thinking, [this model is] new to the world.
"With the right technology and processes in place you can do so much."
Direct to consumer launch
True Potential has also launched a direct to consumer (D2C) investment offering, which sits within its platform business and seeks to capture the "orphans of the Retail Distribution Review (RDR)".
The service, which marks the group's entry into the D2C space, allows users with as little as £50 to invest to access diversified risk-rated funds directly.
True Potential Investor offers a select range of funds from managers including Close Brothers Asset Management, Schroders and Seven Investment Management, with some offering exclusive pricing for True Potential clients.
The offering also offers self-service top-ups through the group's new D2C top-up feature ImpulseSave, which was launched for advised products on the TP platform earlier in the month.
Investors will be able to access telephone and web-based support guidance or financial advice from TP's national advice arm.
The company said it wants to "democratise savings and investments" and fuel an "impulse-based saving culture", meaning investors will work towards achieving their saving goals by frequently topping up using mobile devices.
Its own research showed that a quarter of people in the UK are not saving anything for retirement, while two thirds are putting aside less than £100 per month. Two thirds of savers aged 35 - 54 are also not confident they will have saved enough to retire comfortably, True Potential found.
Managing partner David Harrison said: "A large number of Britons - many of whom have never spoken to a financial adviser or have found themselves orphans of RDR - are not saving or investing enough. True Potential Investor uses digital technology to empower more Britons to save for the future."
He added: "Advisers will always play an important role in educating and transacting financial matters for clients. True Potential Investor will complement the existing advice market as the more frequently a client encounters a product, for example an ISA, the more confident they will become in exploring other more complex financial solutions that require professional advice."
True Potential Wealth Management managing partner Earl Glasgow said the new technology was revolutionising the way people save.
"From what we are seeing, after just a few short weeks, ImpulseSave® is having a dramatic impact our the business.
"We see this is a great example of how technology can change the way people save."
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