Fresh on the heels of a $1 billion boost from Goldman Sachs, Iselin-based World Insurance Associates said it entered into an agreement to purchase Tomorrow’s Financial Services, based in Lincroft, adding to the World financial services division led by Troy Hammond, CEO of Pensionmark, a World company.
Founded in 1968, TFS offers a comprehensive platform for financial planners and wealth management advisers. This acquisition brings an additional $5.5 billion of wealth assets under management to World’s financial services division and increases the number of financial advisors in the network to 307.
Included in the acquisition are TFS Securities Inc., TFS Insurance Agency Inc. and TFS Mortgage Corp. Inc. TFS Securities Inc. offers a full range of securities products, investment advisory services, managed accounts and financial planning services. TFS Insurance Agency offers a wide array of life, disability and long-term care insurance, in addition to annuities and hybrid insurance solutions. TFS Mortgage Corp.’s licensed mortgage originators assist clients with residential and commercial purchase and refinance mortgage loans.
Thomas Hyland Sr., will continue in his leadership role as the president of TFS, and the TFS management and staff team will remain in place.
“TFS is centered on the belief that the interests of the client must always come first,” Hyland said. “Our goal is to provide our clients with comprehensive education and the guidance necessary to help them make sound financial decisions. Our partnership with World will expand our capabilities and solidify our future for many years to come while providing us significant resources and access to more clients that we can serve.”
“The acquisition of TFS underscores the commitment we have made to delivering best-in-class wealth solutions to the financial advisers we serve,” Hammond said. “TFS has a great culture, cutting-edge technology, great support staff and a high-touch approach, which aligns with our philosophies on how we serve our advisors and their clients. I am thrilled to have Thomas Hyland and his amazing team as part of the Pensionmark/World family.”
The acquisition is subject to applicable regulatory approval and is expected to close in Q4.
