Prudential Financial Planning (PFP) has launched the new self-employed part of its business, ‘The Advice Partnership from Prudential’ (The Partnership).
The 25 ‘founding’ Partners, who have been recruited from PFP’s current 360-strong employed adviser team, are currently in the process of being onboarded, with further plans to grow the enterprise in the coming years.
All advisers who join The Partnership will be able to build their own business and, after a minimum period of five years, will have the option to capture enterprise value from their efforts.
Initially, the proposition will mirror that of PFP including Prudential’s wrappers, its market-leading range of investment solutions and a near whole-of-market range of annuity and protection products, but this may develop in the future.
Tom Hegarty, Director, The Advice Partnership, said: “The Partnership will play an important role in the growth of the financial advice sector by supporting and developing our advisers. It gives them the tools to be able to provide a wide range of clients, who potentially would not otherwise have accessed professional financial advice, with a profitable and cost-effective service that meets their needs.
“I’m excited to welcome the first advisers to The Partnership and wish them every success in their new business venture with us.”
Chris Haines, Chief Executive at Prudential Financial Planning, said: “With The Partnership we aim to offer a consistently high-quality advice service to a wide range of consumers by benefiting from the efficiencies and economies of scale that come with being part of a larger organisation. At the same time, we’ll support advisers to grow and develop their businesses in a way that suits their own longer-term career plans and aspirations.”