Pensionmark Appoints New M&A Head to Push Growth

Pensionmark, owned by World Insurance Associates LLC, announced Tuesday that Neel Ray will be leading mergers and acquisitions for the firm.

Ray is leaving a similar role at financial technology firm Envestnet after about two years in the role. He takes the role of senior vice president of business development at Pensionmark Financial Group LLC, which has a national network of retirement and financial planning registered investment advisers, to grow and develop the firm’s M&A initiatives for financial services companies.

The firm makes the hire as retirement and wealth management firms continue to acquire RIAs in a consolidating space. World Insurance acquired Pensionmark in March 2022, with Pensionmark’s CEO and founder, Troy Hammond, telling PLANADVISER at the time the new owner would help the firm grow “collectively, faster and better.” The firm has acquired three firms since last May, including both retirement and wealth advisors, according to a spokesperson.

“Having Neel join the World team helps us to capitalize on the incredible opportunity in front of us,” Hammond said in a statement Tuesday. “Neel will be stepping into a robust existing pipeline and has the expertise to bring current transactions to fruition, expand our sourcing and enhance our strategy and processes.”

Prior to his role at Envestnet, Ray had held executive positions at TD Ameritrade, TIAA and Bank of America’s Merrill division.

“Taking the foundational platform that Pensionmark/World provides to their advisors and coupling that with the flexible deal structures we have available to us creates a unique differentiator in the marketplace,” Ray said in a statement.

Pensionmark is headquartered in Santa Barbara, California, and has a network of more than 345 advisers. World Insurance is based in Iselin, New Jersey, and has made more than 190 acquisitions since it was founded in 2011.