Sammons Financial Group announced it has signed a definitive agreement to acquire Wealthcare, a Registered Investment Advisor (RIA) firm with offices in Richmond, Virginia, and Philadelphia. Wealthcare is a full-service financial advisory firm with nearly 200 independent advisors and over 12,000 clients throughout the United States.
Wealthcare joins Sammons Financial Group’s existing portfolio of financial advisory firms, which includes Dayton, Ohio-based Beacon Capital Management and NorthRock Partners with headquarters in Minneapolis and offices throughout the country, including the Bay Area.
This partnership marks a significant milestone for both companies, underscoring their commitment to enhancing the client experience. And Wealthcare enables advisors to scale with a flexible services model built on integrated technology, tailored portfolio strategies, and comprehensive operational support.
Advisors: Berkshire Global Advisors and Gibson, Dunn & Crutcher represented Sammons Financial Group and Republic Capital Group, and Blank Rome represented Wealthcare and NewSpring Holdings in finalizing this transaction. The terms of the transaction are not disclosed. The deal is expected to close subject to customary regulatory approvals.
KEY QUOTES:
“We are excited by the breadth and scale of services Wealthcare offers. We look forward to adding the Wealthcare team and its 60+ employees to Sammons Financial Group as we expand our growth in the independent financial advisor space. We welcome the independent advisors and employees who are part of the Wealthcare team.”
Esfand Dinshaw, CEO of Sammons Financial Group
“Wealthcare is grateful to NewSpring Holdings for its decade-long partnership, which has successfully fueled our growth. We are excited about our new partnership with Sammons Financial Group as this acquisition aligns perfectly with the long-term vision for both organizations. For Wealthcare, it will provide the capital to accelerate the execution of our growth strategy as a leading destination for financial advisors while enabling Sammons Financial Group to expand further in the wealth management space.”
Matt Regan, President and CEO of Wealthcare
