WEST DES MOINES, Iowa, April 1, 2021 /PRNewswire/ — Sammons Financial Group announced it has closed on its acquisition of Beacon Capital Management – a next-generation registered investment advisory (RIA) firm and turnkey asset management program (TAMP). Announced in January, Sammons Financial Group acquired Beacon to expand into the growing advisor marketplace. Beacon is based in Dayton, Ohio.
“We look forward to the addition of Beacon Capital Management as we build our RIA strategy and expand outreach to this important financial services channel,” said Esfand Dinshaw, chief executive officer, Sammons Financial Group. “We welcome Beacon president Chris Cook and the entire Beacon team to Sammons Financial Group.”
The acquisition is a natural expansion of Sammons Financial Group and its member company lines of business. By joining forces, the financial service providers will continue to offer cutting-edge products to help today’s investor fulfill their retirement strategy – from life insurance and annuities through investments and retirement planning solutions. This is Sammons Financial Group’s first ownership of a business line specifically in the registered investment advisor space.
Founded in 2000 – and with $3.2 billion of assets under management as of yearend 2020 – Beacon Capital Management provides long-term investors with portfolio management solutions centered on capturing market gains while limiting losses due to market volatility.
“Throughout 2020, we have concentrated efforts in building relationships with partner firms, developing products, and defining investment options for today’s agent, advisor, and their clients,” Dinshaw said. “This is the next step in our long-term growth strategy as many of our distribution partners already work with Beacon’s experts.”
Beacon Capital Management will continue to operate as it currently does with Cook leading the business line as its president and chief investment officer. All Beacon employees and contract wholesalers will become part of the Sammons Financial Group family of businesses. All advisor relationships – and investment strategies – will remain unchanged.
Sammons Financial Group is a strong, stable leader in the life insurance and retirement industry. The company has more than $118 billion in GAAP assets, and ended 2020 with over $10 billion in total premiums.
About Sammons® Financial Group, Inc.
The companies of Sammons® Financial Group, Inc. help families and businesses protect their future to enjoy life’s moments today. A subsidiary of Sammons Enterprises, Inc., Sammons Financial Group is privately owned with member companies that are among the most enduring and stable in the financial services industry. Our companies include Midland National® Life Insurance Company (including Sammons® Corporate Markets); North American Company for Life and Health Insurance®; and Sammons Institutional Group® (including Midland Retirement Distributors® and Sammons Retirement Solutions®). Together, we offer today’s most sought-after life insurance, annuity, and retirement planning products. Sammons Financial Group: With You for Every Moment®.
SOURCE Sammons Financial Group, Inc.