Two registered investment advisers have been rebranded this week. Prime Capital Investment Advisors, an Overland Park, Kan.-based RIA with more than $24 billion in assets under management, has become Prime Capital Financial to reflect the 25 acquisitions the firm has completed over the past seven years.
Separately, Pensionmark Financial Group, an advisory firm with $55 billion in assets under advisement in its institutional and wealth management segments, is now World Investment Advisors, a sign for Pensionmark's parent company, World Insurance Associates, which it acquired that in 2022.
Prime Capital said it hopes the new brand reflects the fact that the RIA is more than just an investment advisory firm. Across the three sub-brands, the firm also offers financial planning, financial wellness, retirement plan consulting, managed account services, tax planning, wealth planning and risk management. The new sub-brands will include Prime Capital Wealth, Prime Capital Retirement and Prime Capital Wellness.
Capital Capital's Qualified Plan Advisors and Wealth Management brands will be retired. The QPA brand has been around for 20 years and offers plan consulting, non-qualified plan advisory services, participant education services and financial wellness.
Pensionmark's recent growth also played into its decision to rebrand. The firm's wealth management division has grown from $1 billion to $11.5 billion in assets over the past two years. The firm hopes the new brand will help it attract wealth management best practices.
World Insurance acquired Pensionmark in March 2022. Today, the firm has $55 billion in assets under advisement in its institutional and wealth management segments and 392 registered financial advisors. In the past two years, the wealth management division has grown its assets under management from $1 billion to $11.5 billion.
“Pensionmark has been quietly but purposefully built into a full-service wealth management enterprise focused on serving fee-based advisors who support a sophisticated client base,” World Investment Advisors CEO said in a statement. Troy Hammond. “Our advisors also benefit from the firm's expertise in retirement plans, risk management and insurance solutions and the significant, scalable and innovative resources made available through the rapidly growing and well-resourced Global organization. “
World is backed by private equity firm Charlesbank Capital Partners and Goldman Sachs Asset Management.
Several well-known names in the wealth management industry have rebranded over the past year, including Nitrogen (formerly Rescale), Osaic (formerly Group of Advisors), Axtella (formerly Sigma Financial), Realta (formerly A Coaster) and Corinth (CI Financial's US wealth business).