Bay Colony Partners, a private independent retirement planning firm based in Woburn, Massachusetts, has launched a new wealth management division, aiming to expand the firm’s offerings.

The new division will aim to complement the firm’s two existing practices, the Executive Suite and the 401Connect divisions, expanding the firm’s services beyond the scope of qualified and non-qualified company sponsored retirement programs.

“There have been a growing number of instances where clients on our two distinct sides of the practice were seeking true wealth management advice that did not fall specifically under the domain of what we were discussing with them. That led to this third division which we believe will dovetail nicely with our two existing practices,” the firm said in a statement.

The two principal partners, Bob Auditore and Gary Cowles will have oversight over the new wealth management division but will hire a wealth manager to run the day-to-day operations, including financial planning and furthering corporate relationships.