Paul has heard about the Colossian believers faith and love, and shows that this is based upon this hope (Greek elpida) that they had. They did not a hope for the future because of their works of faith and love, it is because of the hope of the future that they do the works of faith and love. Paul consistently teaches a gospel of salvation by grace with works following because of this grace. The picture of this hope being laid up (Greek apokeimenon – stored or reserved) in heaven is the blessed hope of looking forward to the coming of Jesus Christ, His appearance for His believers one day.
The fulness of this truth is that Jesus Christ was born of a virgin, lived a sinless life, was crucified, buried, rose again, ascended to the Father, and now sits at His right hand. This is the embodiment of the fact that our redemption is complete. In this timeframe He is our Intercessor before the Father, and when God says it is time, He will return to this Earth for His own. This is the full Gospel. This is the “word of the truth” that Paul is speaking of.
Prayer: Father, i am looking forward to the blessed hope of Your Son's appearing again. I await that Glorious Appearing, the fulfillment of all that I am trusting You for. Come, Lord Jesus, Come. Amen.