The newly renamed World Investment Advisors continued its aggressive growth strategy with the acquisition of Boston Harbor Wealth Advisors.

The acquisition is the third in the last nine months for the firm, and the second involving a firm with $3 billion or more in AUM.The firm announced its name change from Pensionmark Financial Group earlier this month.

Boston Harbor Wealth is an independent financial services firm in Westborough, Mass., that specializes in comprehensive financial planning and goal-oriented investment management for individuals, families and businesses, according to a press release. The firm has more than $3.5 billion in AUM, 76 team members, and 15 offices across the Northeast and Ohio.

The acquisition expands World Investment Advisors’ wealth management capabilities in the Northeast, World Investment CEO Troy Hammond said in an interview.

Pensionmark was acquired by World Insurance Associates two years ago and has since implemented an aggressive growth plan that included expansion of the wealth management side of the business.

“Before two years ago, we were not an acquiring company but that changed and it has been a wild ride since then,” Hammond said. “Our pipeline is very large right now and you will hear a lot from us in the future.”

World Investment Advisors now has $55 billion in assets under advisement across its institutional and wealth management segments and 392 registered financial advisors. In the last two years, the wealth management division has grown its assets under management from $1 billion to $11.5 billion, World Insurance Associates said.

“Sixty-four percent of our revenue now comes from the wealth management side,” Hammond added. “We are focused on growth oriented firms.”

“We are delighted to welcome the Boston Harbor team to the World family. In addition to an incredible group of financial advisors, we are fortunate to be adding premier leadership and team members that will prove invaluable for our advisors, clients and ongoing acquisition growth strategy,” Hammond added in a statement. 

Matthew Davis, CEO of Boston Harbor Wealth Advisors, added in a statement, “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 advisors.”

This is World Investment Advisors’ third acquisition in the past nine months and its second with more than $3 billion in AUM.