Prudential has revealed another major leadership change with a veteran executive getting elevated to lead its retail and advice division.
Prudential Financial announced on Wednesday that it has appointed Pat Hynes as president of Prudential Advisors, which includes more than 2,800 financial advisors and planners.
Hynes, who currently serves as head of sales for Prudential Advisors, will report to Caroline Feeney, CEO of Prudential’s US businesses.
Feeney, who is set to take on an expanded role as CEO of Prudential’s global retirement and insurance businesses, expressed confidence in Hynes’s leadership.
"With his extensive knowledge of the financial services industry and the needs of advisors and clients, as well as his proven ability to care for talent and build high-performing teams, Pat is uniquely positioned to lead Prudential Advisors," Feeney said in a statement Wednesday.
"Given our focus on setting a new standard for the advisor and client experience as our foundation for growth, I’m confident that Pat is exceptionally well-suited to help us achieve these priorities and capitalize on new opportunities in a rapidly evolving financial landscape," she said.
While Feeney didn't elaborate on those "new opportunities," Prudential CFO Yanela Fries did recently highlight several structural tailwinds blowing at the financial giant's back.
"There’s just so much in terms of an aging population, a lack of ability for the governments to really continue to support retirement, and a need for individuals to have the ability to save and then generate protected income," she told Bloomberg in a late January interview.
Hynes is bringing more than 25 years of experience in financial services to his new role. Before taking on the role of head of field sales at Prudential Advisors, he served as president of Pruco Securities, the indirect, wholly owned broker-dealer and RIA subsidiary of Prudential, where he worked on enhancing the advisor experience and strengthening regulatory controls. Prior to that, he held roles as territory vice president and vice president of business development.
The news of Hynes’s appointment comes several months after Prudential Advisors completed an integration pact with LPL. That transaction, which was sealed in October, allowed LPL to add over $60 billion in assets previously overseen by Prudential's broker-dealer and RIA operations.
The last few months have also seen key changes at the C-level, including the announcement of Andrew Sullivan as Prudential's next CEO and Vicki Walia, the HR lead for its US business, being elevated to chief people officer.
Hynes will succeed Brad Hearn, who will become president and chief operating officer-elect of Prudential Holdings of Japan.
Hynes, Sullivan, Walia, and Hearn are all scheduled to take on their new roles on March 31.
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