Pensionmark Financial Group, a financial advisory firm based in Santa Barbara, Calif., that is a division of World Insurance Associates, is changing its name to World Investment Advisors to reflect the integration with its parent company, the firm announced.
World Insurance Associates acquired Pensionmark Financial Group in 2022. The former Pensionmark 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.
“Between several pivotal acquisitions and recent enhancements to our platform capabilities, we felt it was time to move to a brand that reflects the evolution of the firm and our vision for the future,” Troy Hammond, CEO of World Investment Advisors, said in a statement. “We are extremely proud of our Pensionmark roots and maintain our commitment to implement innovative solutions for our advisors and their clients. While our name is changing, our exceptional people, culture and service experience will not. Our advisors and their clients expect and deserve nothing less.”
World Investment Advisors is a full-service wealth management enterprise focused on serving fee-based advisors who support a sophisticated client base.
“Our advisors also benefit from the firm’s expertise in retirement plans, risk management and insurance solutions and from the significant, scalable and innovative resources made available through the fast-growing, well-resourced World organization," Hammond added. "Rebranding to World Investment Advisors announces our value proposition to the marketplace.”
When it was doing business as Pensionmark, the firm received significant investments from private equity firm Charlesbank Capital Partners in 2020 and Goldman Sachs Asset Management in 2023.
“Pensionmark established itself as an industry leader by consistently delivering exceptional client service to its retirement and wealth advisory clients. Now, under the World brand, the business is well positioned to further enhance its reputation and capabilities. We believe that its continued integration into the World family will create exciting opportunities for a coordinated and comprehensive approach to serving client needs across retirement, wealth, benefits and risk management,” David Katz, managing director at Charlesbank Capital Partners, said in a statement.