World Investment Advisors, the wealth management arm of World Insurance Associates, announced that it acquired Boston Harbor Wealth Advisors, an independent financial services firm located in Westborough, Massachusetts, with over $3.5 billion in assets under management (AUM).
Boston Harbor specializes in financial planning and goal-oriented investment management for individuals, families and businesses through 76 team members located in 15 offices across the Northeast and Ohio.
Troy Hammond, CEO of World Investment Advisors, said, “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. This partnership further solidifies World as the destination of choice for growth-focused advisory firms.”
According to the press release, Boston Harbor joined World to expand its growth strategy. World plans to provide Boston Harbor’s advisors with tools and systems to help expand their businesses.
“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. “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.”
Boston Harbor was represented by DeVoe & Company.
Boston Harbor is its third acquisition in the past nine months and its second with more than $3 billion in AUM.
Last week, the firm rebranded from Pensionmark to better represent its financial services platform for independent financial advisors and align with its insurance brokerage parent. Boston Harbor is its third acquisition in the past nine months and its second with more than $3 billion in AUM. The firm now has $11.5 billion in AUM.
In 2020, World Insurance Associates received significant investment from private equity firm Charlesbank Capital Partners, followed by an investment from Goldman Sachs Asset Management in 2023.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
