Prudential Hires LPL’s Brad Hearn to Run Advisory Business
Prudential Financial has named Brad Hearn, who was head of business consulting for LPL Financial’s army of independent brokers, to be president of the insurance giant’s network of more than 3,000 brokers, advisors and financial planners.
Hearn, who had worked at LPL for the past nine-and-a-half years, will assume his new role at Prudential Advisors on December 3. The post had been open since June, when the unit’s former president, Salene Hitchcock-Gear, was promoted to president of the Individual Life Insurance group at Prudential.
“Brad’s deep understanding of advisor and client needs makes him well suited to lead our efforts to find new opportunities in a rapidly changing financial landscape,” Hitchcock-Gear, whose business includes the Advisors unit, said in statement.
At LPL, the biggest independent broker-dealer, he was most recently responsible for retaining and growing the firm’s team of 11,500 brokers overseeing more than $300 billion in client assets, Prudential said. In 2013 and 2014, he worked directly on insurance sales as president of LPL Insurance Associates, according to his LinkedIn profile.
Hearn’s departure follows those of several other LPL managers who were focused on attracting new brokers to the firms. The company in June hired Richard Steinmeier from UBS to run business development.
“We wish Brad well in his new role,” LPL spokesman Jeffrey Mochal said in an e-mail that referred to him as part of its “next generation” of business leaders. “If we are successful with our goal we understand some will take opportunities outside of LPL. We wish Brad well in his new role.”
Hearn, who was based in San Diego and will move to Newark, NJ, began his brokerage career in 1996 as a vice president at Charles Schwab Corp’s institutional business for independent registered investment advisers, according to his LinkedIn profile.
Prudential sold its core retail brokerage business, Prudential Securities, to Wells Fargo predecessor Wachovia Corp. in 2009 for $4.5 billion. The organization of insurance and annuity salespeople who Hearn will lead are generally small producers who are offering investment products to complement insurance sales.