World Insurance Associates agreed to acquire Pensionmark Financial Group, a retirement and financial planning registered investment adviser supporting more than $80 billion in assets.
Financial terms of the transaction were not disclosed.
The transaction includes Pensionmark’s Advisor Support Platform, the Pensionmark Financial Group registered investment adviser and the Pensionmark Securities broker-dealer, World Insurance said in a press release Wednesday.
Pensionmark, headquartered in Santa Barbara, California, has a network that includes more than 320 advisers and staff across 65 U.S. locations who work with more than 4,000 retirement plan clients.
Many existing Pensionmark advisers will become equity owners in World Insurance, the full-service insurance brokerage said.
Troy Hammond, chief executive of Pensionmark, will lead all of the financial services initiatives for World to continue to enhance World’s suite of client offerings. Hammond and the Pensionmark advisers will partner closely with Jennifer Barton of World Insurance’s employee benefits practice to offer a comprehensive total rewards solution for employers.
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