Pensionmark Purchased by World Insurance

World Insurance Associates LLC has entered into an agreement to acquire Pensionmark Financial Group, a retirement and financial planning RIA with more than $80 billion in assets and 65 locations across the country. 

For more than 30 years, Pensionmark has been serving its employer and individual investor clients via its network of 300+ retirement plan specialists, financial advisors and staff. It is headquartered in Santa Barbara, CA. 

The transaction includes Pensionmark’s Advisor Support Platform, the Pensionmark Financial Group registered investment advisor and the Pensionmark Securities broker-dealer. Details of the transaction were not disclosed.

Moving forward, Troy Hammond will lead all of the financial services initiatives for World, enhancing its suite of client offerings. He and the Pensionmark advisors will partner closely with Jennifer Barton of World’s employee benefits practice to offer a comprehensive total rewards solution for employers.

According to a March 16 press release, in conjunction with the acquisition, many existing Pensionmark advisors will become equity owners in World. Pensionmark intends to leverage its reputation as a firm that can consistently attract and retain the industry’s premier financial advisors together with World’s significant resources to accelerate its recruiting for both retirement and wealth advisors.

“Pensionmark is a natural fit with World since we both have the same value proposition for our clients and partners—provide a quality personal experience combined with large-scale resources,” said Rich Eknoian, World’s Chief Executive Officer. “The synergies between our two firms are undeniable. I am delighted to welcome the Pensionmark team to World and look forward to offering our clients and our acquisition partners an unparalleled experience.”

The Pensionmark Financial Group network represents more than 320 advisors and staff across its 65 U.S. locations with more than 4,000 retirement plan clients. As of Dec. 31, 2020, the Pensionmark network of advisors and firms collectively provided support to more than $80 billion in assets across a variety of channels, including investment management and retirement plan consulting services. This includes regulatory assets under management of more than $24 billion. 

“When we developed our advisor transaction model, we intentionally created a unique dynamic where an advisor could become an equity partner of a larger collective while maintaining ownership of their business,” said Pensionmark CEO Troy Hammond. “When entertaining our acquisition partner, we sought a firm that was committed to enhancing our platform, accelerating our growth and maintaining the team and culture that makes Pensionmark special. I know World is exactly that partner and I look forward to an exciting future for our clients and advisors.”

Ropes & Gray and Steckler Wayne Cochran Cherry provided legal counsel to World. Ardea Partners LP served as the exclusive financial advisor to Pensionmark, and Alston & Bird LLP provided legal counsel to Pensionmark. Wise Rhino Group provided advisory support to Pensionmark branch offices.