Sammons Launches Criterion With $27 Billion, Targets Faster RIA Roll-Ups
Updated
Updated · Wealth Management · Oct 14
Sammons Launches Criterion With $27 Billion, Targets Faster RIA Roll-Ups
3 articles · Updated · Wealth Management · Oct 14
Summary
$27 billion in assets now sits under Criterion, Sammons Financial Group’s new wealth advisory holding company uniting Beacon Capital Management, NorthRock Partners and Wealthcare.
Sammons said the platform is meant to streamline operations, centralize functions such as finance and dealmaking, and show its wealth business is not mainly a distribution channel for insurance products.
Michael Mock, named Criterion president, said the firm will use one brand and one deal team to pursue more aggressive mergers and acquisitions, but not a fourth major RIA.
Instead, Criterion plans roll-ups and tuck-ins across its existing businesses, which Sammons says already cover 75% to 80% of advisors or firms seeking a transaction.
The launch caps Sammons’ five-year buildout in wealth management through Beacon in 2021, NorthRock in 2023 and Wealthcare in 2025, extending the insurer beyond annuities and insurance.