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Financial services veteran David Harrison, founder of advice business True Potential, is stepping down from his role as chairman at the firm.
Harrison will remain involved in the business as strategic adviser to the board and as a major shareholder of True Potential.
A company spokesperson told FTAdviser the move had been more than two years in the making, and was part of the next evolution of True Potential as a company, led by Harrison's son Daniel, who has been chief executive since 2018.
In an email sent to employees and advisers of True Potential this morning, David Harrison said: “Before [private equity firm] Cinven and I agreed on the last transaction, two years ago now, I told them that I would not lead us into the next chapter, whatever that may be. My departure has been planned and now delivered for over two years.
What we really need is a culture of saving.
“I have been in financial services for over 40 years now; it has been my life.
"The people I have met and worked with have been part of that life, and I have loved it, every minute. There have been tough times, but few, mostly just great times, great laughs, humour is a necessary ingredient of success.
“The essence of what we do hasn’t changed over those 40 years. We help people save money with which to live a good life later. They are the reason we all exist, theirs is the money we are all rewarded from. They rely on us to do the right thing."
Harrison added: “I will remain close to True Potential as a strategic adviser to the board for as long as I am needed.
"I leave my current role at a time when the business has never looked better. I feel proud of the role I have played working alongside so many talented people, at every level.”
Lifetime achievement
Harrison founded True Potential in 2007, having previously set up (and later sold) financial advice firm Positive Solutions, which was the largest IFA firm in the UK at the time.
In his current role, he oversees the strategic and key business decision areas for the group and is a keen advocator for technological advances in financial services.
His vision is to have a nation of educated savers who set clear targets for their future and use technology to reach their goals.
Back in 2013, Harrison used his experience to urge the government to improve pension and savings flexibility for Britons, calling for better Isa rates for savers.
At the time, he told FTAdviser: “The average Briton will spend 19 years in retirement with savings that will run out after seven years.
“Tinkering with pensions cannot be the solution to the savings gap because that is part of the problem. It makes little sense to buy something that you cannot access and that is hostage to the government of the day.
I leave my current role at a time when the business has never looked better.
"Forcing people to save into a pension through auto-enrolment won't work either because it treats them like children and will cause more complacency.
“What we really need is a culture of saving which is why we would like to see the stocks and shares Isa allowance increased to £25,000 per annum, per person so that investors’ money could grow in real terms, tax-free, until they retire.”
Changes to Isas are only just now being discussed in earnest - a decade on from Harrison's remarks.
In September 2021, True Potential sold a majority stake of its business to private equity firm Cinven for an undisclosed sum.
At the time the firm said the investment would enable it to continue its double-digit growth and develop its investment technology platform.
Until 2019 True Potential was owned by American private equity firm FTV Capital but the company bought itself back - though FTV retains a minority stake in the business.
amy.austin@ft.com
