Santa Barbara-based Pensionmark Financial Group and CAPTRUST Financial Advisors have partnered to better deliver corporate retirement plans with a combined $180 billion of assets under advisement, the companies announced Sept. 10.

The new jointly owned entity will operate as Pensionmark’s registered investment advisor and will take on more than 3,000 combined clients. CAPTRUST and Pensionmark will continue to provide investment and retirement strategies independently, but also have the ability to offer jointly developed programs such as acquisition guidance and business succession plans.

“The partnership of these two industry leaders will create a unique deliverable in the corporate retirement plan advisor market,” Pensionmark President and CEO Troy Hammond said in a statement. “The ability to leverage the intellectual capital and premier service models, coupled with the efficiencies of scale, allow us to serve corporations that offer retirement plans to their employees.”

In addition to retirement plan services, the partnership allows Pensionmark to focus on its high-net-worth clientele through additional wealth management services, according to the release.

Pensionmark, which has been around since 1988, has about $10 billion in assets while North Carolina-based CAPTRUST has about $170 billion.