World Insurance Associates has entered into an agreement to purchase Waukesha, Wisconsin-based Financial Solutions, adding to the World financial services division led by Pensionmark CEO Troy Hammond.
As an independent registered investment advisor established in 1993, Financial Solutions specializes in financial planning, retirement planning, tax and estate planning, investment management and risk management services for individual investors and corporations, according to the announcement.
In addition, the firm has assets under management in excess of $950 million and has two additional offices in New Berlin, Wisconsin, and North Barrington, Illinois. Financial Solutions’ leadership team includes managing partner Tim McGrath and partners William Kenton, Kenneth Stuckert and Horace Seely-Brown.
“This is a very strategic acquisition for us since we are expanding Pensionmark/World’s presence in the Midwest and we have a strategic focus nationally to expand within the wealth management space in general,” Pensionmark’s Hammond said in a statement. “Financial Solutions has a complementary business model in that it bridges wealth and retirement services much like we do. By joining forces, we can strengthen our resources and provide our clients with a highly competitive offering.”
“Our approach to serving our clients is all-encompassing—we help guide them through all stages of their financial lives,” adds Financial Solutions managing partner McGrath. “Joining a strong growth partner like Pensionmark enables us to further elevate our client experience while simultaneously allowing us to maintain our values, vision and existing team to continue delivering the exceptional service our clients expect.”
Park Sutton Advisors, a Waller Helms Company, served as financial advisor to Financial Solutions LLC. Terms of the deal were not disclosed.
The deal comes slightly more than a week after World announced that Goldman Sachs Asset Management, through its Private Equity and Hybrid Capital teams, have entered into an agreement to invest more than $1 billion in World, joining Charlesbank Capital Partners, which first invested in World in April 2020.
To date, World has completed more than 195 acquisitions and serves its clients from more than 260 offices across the United States. The Pensionmark Financial Group network represents more than 345 advisors and staff across 67 U.S. locations with thousands of retirement plan and wealth management clients.