Pru hires ex-Pos Sol boss to head up financial planning arm

Peter Coleman ran Positive Solutions for three years until the advice firm was acquired by Old Mutual Wealth

Coleman-Peter-Positive Solutions-2013
Peter Coleman

Prudential has hired former Positive Solutions chief executive Peter Coleman to oversee strategy for its financial planning arm.

Coleman will be part of the executive management team at Prudential Financial Planning, taking the role of financial planning and strategy director.

Coleman ran Positive Solutions from 2011 to 2014, when the national IFA firm with 850 advisers was purchased from Aegon by Old Mutual Wealth-owned network Intrinsic.

Coleman then became chief financial officer at life and protection speciflist LifeSearch.

Prudential Financial Planning chief executive Chris Haines says: “We are a fast growing business with clear ambitions to secure a leading position in the advice market.

“As we enter a new phase of development, Peter brings to our business proven experience of managing advisory businesses and will lead our team of 300 adviser partners. Peter will be a valuable addition to our executive management team.”

When Aegon bought the Positive Solutions business in 2005, it was valued at £163m, but Aegon’s distribution arm, which included Positive Solutions, was making a loss up to the point of sale.

Positive Solutions hit the headlines in 2010 when it bought in KPMG to review its pension-switching business, though the firm said the review was not the result of FSA action.

After being bought by Intrinsic, Positive Solutions advisers were incentivised to go restricted through lower membership fees and waivers on professional indemnity excesses.