Sammons Financial Group, based in West Des Moines, announced it is expanding into the growing investment adviser marketplace with the acquisition of Beacon Capital Management, a registered investment advisory firm based in Dayton, Ohio. Financial terms of the deal between the two private companies were not disclosed. 

“Sammons Financial Group has a long track record of success in organic growth in its financial services offerings,” said Esfand Dinshaw, chief executive officer of Sammons Financial Group. “That focus will only continue as the addition of Beacon Capital Management will accelerate our efforts in the [registered investment adviser] channel. This move complements our existing business lines and our work to build partnerships with other registered investment advisers.”

Founded in 2000, Beacon Capital Management has more than $3 billion of assets under management. The firm was ranked No. 24 among the top 100 financial advisory firms in 2020 by CNBC on its Financial Advisor 100 list as the best in offering comprehensive planning and financial services to clients. 

Beacon Capital Management and Sammons Financial Group have similar retirement income philosophies, making the combination a “win-win,” said Chris Cook, president and chief investment officer of Beacon Capital Management. 

“Combined, our strong product offerings will help clients fulfill a comprehensive retirement strategy – from insurance through investment,” Cook said in a statement. “I look forward to focusing on Beacon’s continued growth, while simultaneously investing more time in doing what I love – meeting with advisors and delivering value to clients.” 

All Beacon employees and contract wholesalers will become part of the Sammons Financial Group family of businesses. All adviser relationships and investment strategies will remain unchanged. Cook will continue in his current role as president and chief investment officer of Beacon while also joining the Sammons Financial Group senior management team to lead this new business line. 

The purchase also allows Sammons to further grow into a specific retirement market segment,
“one that aligns well with our current business model in life insurance, annuities, and retirement planning solutions,” said Rob TeKolste, president of Sammons Independent Annuity Group. “In 2020, we concentrated on developing products and building channel partner relationships.”

With more than $114 billion in assets, Sammons Financial Group is a diversified financial services organization with a long history of leadership in the life insurance and retirement marketplace. The Sammons Financial Group insurance companies emerged from 2020 with more than $10 billion in total premiums.

“This acquisition will expand both Sammons Financial Group and Beacon product and strategy solutions for all of our financial advisers,” said Bill Lowe, president, Sammons Institutional Group. “The retirement marketplace continues to grow. Many of our current distribution partners work extensively with Beacon to provide comprehensive wealth management solutions for clients. This transaction allows us to leverage our combined resources, strength, and stability to help Beacon’s talented team excel.”

The acquisition is expected to close early in the second quarter of 2021.

Insider: Read an April 2020 Business Record article about Sammons Financial Group.