World Insurance Associates’ latest acquisition will add not another insurance provider to its ranks, but a consulting firm operating in the retirement planning industry.

On March 16, WIA of Tinton Falls announced it entered into an agreement to acquire Pensionmark Financial Group, which it says supports more than $80 billion in assets across its nationwide network.

The deal encompasses Pensionmark’s Advisor Support Platform, the Pensionmark Financial Group registered investment advisor and the Pensionmark Securities broker-dealer.

Financial terms were not disclosed.

Based in Santa Barbara, Calif., Pensionmark has served employer and individual investor clients for more than 30 years, offering a network of more than 300 retirement plan specialists, financial advisors and other staff.

“Pensionmark is a natural fit with World since we both have the same value proposition for our clients and partners—provide a quality personal experience combined with large-scale resources,” said WIA Chief Executive Officer Rich Eknoian in a prepared statement. “The synergies between our two firms are undeniable. I am delighted to welcome the Pensionmark team to World and look forward to offering our clients and our acquisition partners an unparalleled experience.”

With 65 offices, World Insurance Associates said Pensionmark’s scalable model allows it to provide a boutique experience for clients, backed by the resources of a large national firm.

As part of the acquisition, many existing Pensionmark advisors will become equity owners in WIA, the buyer said, enabling them to participate in the future stock price appreciate of the combined business.

“When we developed our advisor transaction model, we intentionally created a unique dynamic where an advisor could become an equity partner of a larger collective while maintaining ownership of their business,” said Pensionmark CEO Troy Hammond. “When entertaining our acquisition partner, we sought a firm that was committed to enhancing our platform, accelerating our growth and maintaining the team and culture that makes Pensionmark special. I know World is exactly that partner and I look forward to an exciting future for our clients and advisors.”

Hammond will lead all financial services initiatives for WIA moving forward. Together with Pensionmark’s advisors, he will partner with Jennifer Barton, of World Insurance’s employee benefits practice, to offer comprehensive solutions for employers.

Ropes & Gray and Steckler Wayne Cochran Cherry provided legal counsel to World Insurance Associates. Ardea Partners LP served as the exclusive financial advisor to Pensionmark, and Alston & Bird LLP provided legal counsel to Pensionmark. Wise Rhino Group provided advisory support to Pensionmark branch offices.

Since its founding in 2011, World Insurance Associates has completed 140 acquisitions; it serves customers from 170 offices across the U.S.