The proposition will be available to all True Potential clients, with access to participating banks’ online banking or mobile banking app.
National adviser True Potential has partnered with NatWest to add its Open Banking payments solution Payit.
With Payit, True Potential clients will be able to deposit funds via Open Banking, either via app or online, allowing for real time transfers of money.
Clients can link to multiple nomination bank accounts to make payments into their ISA, GIA or personal pension accounts.
True Potential claims the partnership will save clients time as well as helping to prevent fraud as there is no need for card details to be stored by any third party.
Richard Taylor, head of operations for the True Potential Platform, said: “Partnering with NatWest to bring Payit to True Potential platform clients is another positive step we’re taking to help more people do more with their money. Building on our long-standing proprietary impulseSave technology, integrating with Payit makes the process of adding to investments from £1 even faster and more secure for clients.”
The proposition will be available to all True Potential clients, with access to participating banks’ online banking or mobile banking app.
The collaboration is the latest in a series of partnerships for True Potential, including recent collaborations with Interactive Investor and Parmenion.
The financial advice partnership had a tough year in 2023, reporting losses of £242m for 2024, from a £9m profit in 2023, according to accounts posted with Companies House in September.
The losses were driven by an exceptional cost of over £250m, the majority of which was related to its recent skilled person review.
The exceptional costs included a £95m provision to cover potential redress related to a recent skilled person review into onboarded investments. A further £148.2m impairment was made against client onboarding assets, according to the financial report.
The firm said it expects to commence a redress exercise related to the review this year.
True Potential WM said that the 2024 losses posted were a “point of technical accounting” and would not impact its day to day business.
In July Steve Hutton, the CEO of True Potential Wealth Management, left the business after just eight months in the role of CEO. He had been with the business for seven years and was promoted to CEO in December.
The firm is still searching for a replacement for Mr Hutton, and has appointed chief client officer Jamie Sexton as interim CEO in the meantime.
True Potential Wealth Management is the Newcastle-headquartered financial advice arm of the True Potential Group.
The wider True Potential Group reported a group pre-tax profit of £111m for 2024 and almost £33bn in assets under management.
True Potential has expanded rapidly in recent years as a consolidator and acquirer of financial advisory firms and has become one of the UK’s biggest financial advisory businesses as a result.
