World Insurance Associates acquires retirement advisory firm

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The latest acquisition of World Insurance Associates will not add another insurance provider to its ranks, but an advisory firm operating in the retirement planning industry.

On March 16, WIA of Tinton Falls announced that it had reached an agreement to acquire Pensionmark Financial Group, which it says backs more than $80 billion in assets across its nationwide network.

The agreement encompasses Pensionmark’s advisor support platform, Pensionmark Financial Group’s registered investment adviser and Pensionmark broker-dealer.

Financial terms were not disclosed.

Based in Santa Barbara, Calif., Pensionmark has been serving employers and individual investors for more than 30 years, offering a network of more than 300 pension plan specialists, financial advisors and other employees.

Eknoian

“Pensionmark is a natural fit with World since we both have the same value proposition for our customers and partners: to deliver a premium personal experience combined with scaled resources,” said Rich Eknoian, CEO of WIA, in a prepared statement. “The synergies between our two firms are undeniable. I am delighted to welcome the Pensionmark team to World and look forward to providing our customers and acquisition partners with an unparalleled experience.

With 65 offices, World Insurance Associates said Pensionmark’s scalable model allows it to offer a boutique experience to customers, backed by the resources of a large national company.

As part of the acquisition, many existing Pensionmark advisers will become shareholders of WIA, the buyer said, allowing them to participate in future share price appreciation of the combined company.

“When we developed our advisor transaction model, we intentionally created a unique dynamic where an advisor could become a financial partner to a larger collective while retaining ownership of their business,” said Pensionmark’s CEO. , Troy Hammond. “When we got our acquisition partner, we looked for a company that was committed to improving our platform, accelerating our growth, and maintaining the team and culture that make Pensionmark unique. I know World is exactly that partner and I look forward to an exciting future for our clients and advisors.

Hammond will lead all financial services initiatives for WIA going forward. Working with advisors at Pensionmark, he will partner with Jennifer Barton of World Insurance’s benefits practice to deliver comprehensive solutions for employers.

Ropes & Gray and Steckler Wayne Cochran Cherry provided legal advice to World Insurance Associates. Ardea Partners LP acted as exclusive financial advisor to Pensionmark, and Alston & Bird LLP provided legal advice to Pensionmark. Wise Rhino Group provided advisory support to Pensionmark branches.

Since its creation in 2011, World Insurance Associates has completed 140 acquisitions; it serves clients from 170 offices across the United States

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