Prudential is resuming its adviser recruitment drive with plans to hire up to thirty new advisers by the end of the year.
Advice arm Prudential Financial Planning began in 2012 with 20 advisers. By 2015 it had 210 advisers, and the firm announced it was targeting a further 40 with a hiring campaign.
Currently, Prudential has around 300 restricted advisers, putting in roughly 11th place by size, in line with the likes of Wesleyan Financial Services and bigger than the On-Line Partnership and legacy Caerus network.
It is looking to increase this by 10 per cent, with a cohort of 30 advisers hoped to join the company in late October after a nationwide search.
It is understood that the firm is looking to take on advisers from both independent and restricted backgrounds. Advisers can be from an existing firm, new to the industry, or returning after a period off, provided they meet a Level 4 Diploma in Financial Planning standard.
Pru will likely target individuals as opposed to bringing on board firms of advisers.
The firm says further growth is planned for 2018 but was not targeting a specific number yet.
The bulk of the growth in business is expected to come from Prudential direct customers, as opposed to non-Prudential customers.
Prudential Financial Planning financial planning and strategy director Peter Coleman says: “These are exciting times for the Prudential Financial Planning team with Pensions Freedoms leading to a huge increase in demand for retirement advice which means we are actively looking for more advisers to join our business to service our existing direct customer base of over four million people customers.
“Many of them are reaching a stage in life when they need help and guidance to manage their affairs as they plan for their retirement and they see Prudential as a natural place to turn to, to secure a comfortable retirement.”
Coleman joined Prudential three months ago. He used to run Positive Solutions, the network Aegon sold to Old Mutual Wealth-owned Intrinsic in 2014.