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Prudential names new self-employed advice arm

Prudential has announced the new self-employed arm of its Prudential Financial Planning (PFP) business will be dubbed The Advice Partnership from Prudential (TAP)

Prudential names new self-employed advice arm

Prudential has announced the name of the new self-employed arm of its Prudential Financial Planning (PFP) business.

Headed up by Tom Hegarty, who has joined Prudential from SimplyBiz not-for-profit subsidiary the New Model Business Academy (NMBA), the new venture will be called The Advice Partnership from Prudential (TAP).

TAP will be available by invitation only to 30 of PFP's 375-strong employed adviser team, enabling those selected to build their own business.

'It is still abundantly clear that consumers are not getting access to the advice they need,' said Hegarty. 'Regulation and spiralling costs continue to make things difficult for advisers and limit the number of clients they can see. A clear consequence is fewer consumers getting advice.

'All routes need to be considered to address this. Through operational efficiencies, investing heavily in technology and centralising resources across a well-capitalised base, companies like Prudential have an important role to play in opening up advice options and supplementing existing channels.'

The TAP proposition will initially mirror that of PFP, including Prudential's wrappers, investment solutions and range of annuity and protection products, but this may evolve in future. 

PFP chief executive Chris Haines said: 'Through a self-employed proposition, we can deliver a scalable, cost-effective distribution channel, with the potential to provide step-change growth, while maintaining incremental growth of our core, employed field force.'

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