Prudential has promoted the former president of his mediator/trader and corporate RIA ARM to lead his 2,800 force councilors Division, which Supervises approximately $ 60 billion in the customer's assets.
Pat Hynes will officially become president of the councils of the insurer and the retail division on March 31. It takes work after running sales and business development for prudential advisers, which includes tariff -based financial planners and investment advisers who also sell prudental life and pension products. Before that, he was President of Pruco Securities, the arm of the insurer B/D and RIA, for more than two years.
Hynes replaces Brad Hearn, who has been in position for more than six years and will go to a role as President and main operating official of Japan's prudential Holdings, also in force on March 31.
Hynes said that part of his mandate with the promotion will be to maximize a finalized prudental partnership with LPL Financial Last November for the independent mediator/dealer to build a new technological platform for prudential advisers. This agreement was announced for the first time in August 2023With $ 25 billion in assets of Careful Customers already Board with LPL and another $ 35 billion to transfer in the coming months.
“While I am taking on the role of President of prudential councilorsOur strategy remains the same, “said Hynes.” This means, to provide the best possible experience for our financial advisers – including support, resources and skills – so they can focus on providing a full set of holistic financial solutions to their clients.
One of the reasons Newark, prudential based in one was signed with LPL was “to significantly improve our customer advisor and offer by adding their wealth management platform and financial solutions to our strong brand, existing products and advisor and customer support model,” said Hynes.
Since November, LPL has invested more than $ 300 million to build the technology platform and integrate and on board careful advisers. According to a company announcement, the partnership was partially built on the two firms working together in the retirement space dating back to 1989.
Hynes said the firm, which increased its base of councilors by more than 200 last year, will continue a recruitment push under its watch, including tariff -based financial planners.
“We know the growing demand for tariff -based services, but not necessarily tariff services,” he said. “Important is important for us that while not all councilors focus on all areas, they have the ability to join other councilors who can serve the full set of customer needs.”
Hynes said that the emphasis on tariff -based financial planning also allows prudential to “grow in other areas, such as our investment advisory business, pension planning and solutions and protection.”
Hynes joined Prudential in 1996 as an assistant to the General Council for his Securities Division, working on legal complaints raised against councilors before climbing through the ranks.
“Given our focus on defining a new standard for advisor and client experience as our foundation for growth, I am convinced that Pat is extremely convenient to help us achieve these advantages and capitalize new opportunities in a developing financial landscape,” said Caroline Feeney, CEO at the entrance of Prudential Business and Business Business.