Prudential UK & Europe has announced former New Model Business Academy managing director Tom Hegarty will head the new self-employed part of its financial planning business.
The invitation-only arm of Prudential FP will be open to up to 30 of its 360-strong advice staff.
Those involved will be able to build their own businesses which qualify them for a practice-buy-out, a capital sum pay-out, at retirement.
A Prudential spokesman says: “The proposition will initially mirror that of PFP; including Prudential’s wrappers, its market leading range of investment and pension funds and a near whole-of-market range of annuity and protection products, but this may develop in the future.”
Hegarty will sit on Prudential’s senior management team and leaves NMBA – a not-for-profit subsidiary of SimplyBiz – after three years as managing director.
He spent four years with Tenet group between 2011 and 2016 and has also held positions with MetLife and Friends Provident.
Prudential Financial Planning chief executive Chris Haines says: “Tom has a terrific reputation in the industry and I am thrilled he has taken up the opportunity to head up our new self-employed business within PFP.”
The new arm of the business will aim to cater for the wider career ambitions of Prudential’s advisers, he adds.
He says: “This is a new and important development for us that will complement our existing business model, stimulate further growth as well as satisfying the aspirations of our existing adviser base”.
On his appointment, Hegarty says: “I am really excited at the opportunity to develop a new self-employed proposition within PFP. This will create an excellent platform for growth and reward those with aspirations to expand their business”.
Prudential is also continuing its push for more advisers across the board and is in the early stages of a new training programme aimed at professionals outside the financial services.
NMBA is also bolstering its numbers across its training programmes with its long-awaited and delayed paraplanning apprenticeship going live last month and a new cohort for its adviser training programme also in the works.