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Uncategorized July 17, 2024
World Investment Advisors Acquires Boston Harbor Wealth Advisors
$3.5 billion firm joins World (formerly Pensionmark) to expand its growth strategy and enhance its offering to advisers and clients.
Reported by Natalie Lin
World Investment Advisors LLC, formerly Pensionmark, announced Wednesday the acquisition of Boston Harbor Wealth Advisors LLC, an independent financial services firm located in Westborough, Massachussetts.
World makes its first acquisition as the newly named company that, in part, has a strategy to build through expanding its network of wealth and retirement advisers connected back to the larger parent business. BHWA will bring with it 76 team members, 15 offices throughout the Northeast and Ohio, and more than $3.5 billion in assets under administration; the firm specializes in financial planning and investment management for individuals, families and corporations.
“We are delighted to welcome the Boston Harbor team to the World family,” said Troy Hammond, CEO of World Investment Advisors, in a statement. “In addition to an incredible group of financial advisers, we are fortunate to be adding premier leadership and team members that will prove invaluable for our advisers, clients and ongoing acquisition growth strategy.”
According to the announcement, BHWA offers strong leadership and a desirable footprint to World Investment Advisors. Meanwhile, BHWA advisers will benefit from World’s centralized support model, multi-custodian offering, modern tech stack and lead generation resources, according to the announcement.
“Having World’s backing will significantly increase our effectiveness as we expand our recruiting efforts in the RIA space with a more robust and competitive offering for advisers,” said Matthew Davis, BHWA’s CEO, in a statement.
BHWA marks World Investment Advisors’ third acquisition within nine months and the second acquired firm with more than $3 billion in AUM.
World Investment Advisors announced its rebrand from Pensionmark Financial Group last Wednesday. The company stated that the new name enhances alignment with parent company World Insurance Associates LLC.
World acquired Pensionmark in March 2022, with the division currently employing 392 certified financial advisers overseeing $55 billion in assets under advisement between its wealth management and institutional segments. The wealth management division has increased its assets under management to $11.5 billion from $1 billion during the past two years.