Prudential has promoted the previous president of its dealer/seller and company RIA arm to steer its 2,800-strong Prudential Advisors division, which oversees roughly $60 billion in consumer property.
Pat Hynes will formally develop into president of the insurer’s recommendation and retail division on March 31. He takes the job after working gross sales and enterprise growth for Prudential Advisors, which incorporates fee-based monetary planners and funding advisors who additionally promote Prudential’s life insurance coverage and annuity merchandise. Earlier than that, he was president of Pruco Securities, the insurer’s b/d and RIA arm, for over two years.
Hynes replaces Brad Hearn, who has been within the place for greater than six years and will likely be transferring into a task as president and chief working officer of Prudential Holdings of Japan, additionally efficient March 31.
Hynes stated a part of his mandate with the promotion will likely be to maximise a partnership Prudential finalized with LPL Monetary final November for the unbiased dealer/seller to construct out a brand new know-how platform for Prudential’s advisors. That settlement was first introduced in August 2023, with $25 billion in Prudential consumer property already onboarded with LPL and one other $35 billion to switch within the coming months.
“Whereas I’m taking over the function of President of Prudential Advisors, our technique stays the identical,” Hynes stated. “That’s, to offer the absolute best expertise for our monetary advisors—together with help, assets and capabilities—to allow them to concentrate on delivering a full suite of holistic monetary options to their purchasers.
One of many causes that Newark, N.J.-based Prudential signed on with LPL was “to considerably improve our advisor and consumer providing by including their wealth administration platform and monetary options to our robust model, present product suite and advisor and consumer help mannequin,” Hynes stated.
As of November, LPL has invested greater than $300 million to construct the know-how platform and combine and onboard Prudential Advisors. Based on an organization announcement, the partnership was partly constructed on the 2 companies’ working collectively within the annuity house relationship again to 1989.
Hynes stated the agency, which grew its advisor base by greater than 200 final yr, will proceed a recruiting push below his watch, together with fee-based monetary planners.
“We acknowledge the rising demand for fee-based companies, however not essentially fee-only companies,” he stated. “It’s necessary to us that whereas not all advisors focus in all areas, they’ve the flexibility to group up with different advisors who can serve the total set of consumer wants.”
Hynes stated the emphasis on fee-based monetary planning additionally permits Prudential to “develop in different areas, comparable to our funding advisory enterprise, retirement planning and options, and safety.”
Hynes joined Prudential in 1996 as assistant common counsel for its Prudential Securities division, engaged on authorized complaints filed in opposition to advisors earlier than climbing via the ranks.
“Given our concentrate on setting a brand new customary for the advisor and consumer expertise as our basis for progress, I’m assured that Pat is exceptionally well-suited to assist us obtain these priorities and capitalize on new alternatives in a quickly evolving monetary panorama,” Caroline Feeney, incoming CEO of Prudential’s world retirement and insurance coverage companies, stated in a press release.
