Prudential Wealth Advisors preparing to ramp its recruiting in 2027, according to Pat Hynes, president of the wealth management arm of insurance giant Prudential.
“We are standing up a centralized recruiting organization which will help us accelerate recruiting in the future,” he told InvestmentNews. “One of the big things we're focused on for 2027 is setting this up - it used to be done locally, but as we know, the competition is rich.”
Prudential Wealth Advisors, which recently rebranded from Prudential Advisors, has 3,000 advisors in its ranks.
“We've actually done the research to show that a centralized recruiting is the place to win,” said Hynes, and also pointed to the company’s partnership with LPL Financial.
“I'll give you one example - that's how LPL goes to market to recruit their independent advisors,” he added.
First announced in August 2023, the partnership saw Prudential transition the retail brokerage and investment advisory assets of its financial advisors to LPL from Fidelity Financial Services. Integration was completed in 2024, with LPL acting as a service provider for the advisors. Last year, the two companies expanded the partnership with a retirement income tie-up.
Companies across the industry are facing stiff competition to attract the best talent, a situation exacerbated by an aging advisor workforce. Research recently released by Cerulli Associates found that approximately 35% of financial advisors, who are responsible for managing 40% of industry assets, are set to retire in the next 10 years.
“Our big success will be executing on the recruiting model for 2027,” said Prudential Wealth Advisors’ Hynes. “We're interviewing the two leads for that organization, and so it's being stood up now - we believe we'll be in market within the second half of 2027.”
Hynes also believes that the rebranding to Prudential Wealth Advisors will help with recruitment. “Now we're really doubling down and really selling our message that we are a full-service wealth business, which will definitely help our existing clients, our existing advisors gain new clients, but it does help in the recruiting space,” he said.
Prudential Wealth Advisors has $44 billion in assets under management, up from $27 billion in 2023.
Hynes also explained that Prudential Wealth Advisors is ramping up its efforts around alternatives. “PGIM, which is our investment organization, just rolled out private equity, private credit,” he said. “And we're on the LPL platform, which is the first broker-dealer to offer it.”
The PGIM Partners Group Multi Asset Fund is designed to expand advisor access to alternatives spanning private equity, private credit and real estate through a jointly developed PGIM/Partners Group offering.
Proposition 40 wealth tax could raise $30 billion, not $100 billion, as departures erode the base and voters remain split
Jump is piping FMG marketing content into post-meeting workflows as Zocks opens its platform to more than 32,000 LPL financial advisors
Trevor Uhls pleaded guilty to one count of wire fraud and one count of money laundering.
Osaic and LPL Financial routinely square off in recruiting advisors from other firms as well as from each other.
Meanwhile, Wealthspire's Ground Control business picks up a $1B private wealth firm in London, and Modern Wealth deepens its presence in California.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
