Financial advisory platform Pensionmark, owned by World Insurance Associates LLC, has hired Neel Ray, former head of corporate development at fintech firm Envestnet, as senior vice president business development to lead growth and development of all merger and acquisitions.

Prior to his role at Envestnet, Ray held executive positions at TD Ameritrade, TIAA and Bank of America’s Merrill division.

“Having Neel join the World team helps us to capitalize on the incredible opportunity in front of us,” said Troy Hammond, CEO of Pensionmark. “Neel will be stepping into a robust existing pipeline and has the expertise to bring current transactions to fruition, expand our sourcing and enhance our strategy and processes.”

Pensionmark has a national network of retirement and financial planning registered investment advisors. The firm makes the hire as retirement and wealth management firms continue to acquire RIAs in a consolidating space.

World Insurance acquired Pensionmark in March 2022. The partnership combines Pensionmark’s advisory platform with World’s transaction offerings.

In addition to traditional asset and equity models, World offers a myriad of deal structures that allow advisors to transact while maintaining their 1099 status and ownership of their businesses.

Pensionmark is headquartered in Santa Barbara, CA, and has a network of more than 345 advisors. World Insurance is based in Iselin, NJ, and has made more than 190 acquisitions since it was founded in 2011.