A former SimplyBiz managing director has joined Prudential UK & Europe to head the new self-employed arm of its Prudential Financial Planning (PFP) business.
Tom Hegarty will join as the director of the self-employed division, sitting on the senior management team at PFP, and is expected to take up the position in March.
Mr Hegarty joins PFP from his role as managing director at the New Model Business Academy, a not-for-profit subsidiary of the SimplyBiz Group.
He also currently sits on the strategic advisory group of adviser trade body Pimfa and previously held senior sales management roles at Tenet group, Met Life and Friends Provident.
PFP’s self-employed arm will initially launch on an invitation-only basis, available to 30 of Prudential's current team of 360 employed advisers.
Advisers joining the self-employed model will be able to build their own business through the scheme and qualify for a capital sum payout on retirement.
The self-employed proposition is expected to initially mirror that of PFP, including Prudential’s wrappers, its investment and pension funds and range of annuity and protection products.
Chris Haines, chief executive at PFP, said: "Tom has a terrific reputation in the industry and I am thrilled he has taken up the opportunity to head up our new self-employed business within PFP.
"This is a new and important development for us that will complement our existing business model, stimulate further growth as well as satisfying the aspirations and career ambitions of our existing adviser base."
Mr Hegarty said: "I am really excited at the opportunity to develop a new self-employed proposition within PFP.
"This will create an excellent platform for growth and reward those with aspirations to expand their business."