Shortly after its landmark rebrand, the financial advisory division of World Insurance Associates has sealed a deal that significantly expands its East Coast presence.
World Investment Advisors, the firm formerly known as Pensionmark, announced Wednesday its acquisition of Boston Harbor Wealth Advisors, an independent financial services firm.
Based in Westborough, Massachusetts, Boston Harbor Wealth Advisors has assets exceeding $3.5 billion under management, operates 15 offices across the Northeast and Ohio, and employs 76 team members. The firm specializes in comprehensive financial planning and investment management for individuals, families, and businesses.
The acquisition is set to combine Boston Harbor Wealth Advisors’ regional presence and expertise with World Investment Advisors’ centralized support model and multi-custodian offering, not to mention its advanced technological resources. Advisors at Boston Harbor will also gain access to a variety of tools aimed at growing their business and enhancing client services.
"We are delighted to welcome the Boston Harbor team to the World family," Troy Hammond, CEO of World Investment Advisors, said in a statement Wednesday.
Hammond highlighted the quality of talent from BHWA, noting the firm’s “incredible group of financial advisors” as well as its “premier leadership and team members that will prove invaluable for our advisors, clients, and ongoing acquisition growth strategy."
"Our partnership with World enables us to enhance and expand our existing acquisition strategy and provides a tremendous opportunity for our advisors and clients,” said Matthew Davis, CEO of Boston Harbor Wealth Advisors, echoing the positive sentiment regarding the acquisition.
With World’s backing, Davis expects his firm to be more effective in the war for talent, with plans to “expand our recruiting efforts in the RIA space with a more robust and competitive offering for advisors."
The deal for BHWA comes just a week after World Investment Advisors shed its old Pensionmark brand in a move meant to reflect the firm’s extensive financial services platform and align with its parent company, World Insurance Associates.
It also marks World Investment Advisors' third acquisition in the past nine months, with two of these acquisitions involving firms managing over $3 billion in assets.
In March, the firm, then Pensionmark, partnered with Vestmark to create a new platform, World MAP, which leverages Vestmark’s portfolio management and tax-aware trading solutions along with the retirement and wealth management capabilities of World Investment Advisors.
World Investment Advisors now manages $11.5 billion in total wealth assets, representing 64 percent of the firm's overall revenue.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
