$8B RIA Wealthcare to be acquired by Sammons Financial Group

Sammons Financial Group has signed a definitive agreement to acquire Wealthcare Capital Management, a Richmond- and Philadelphia-based RIA, marking the privately held insurer’s latest move to deepen its presence in the independent advisory space.

Wealthcare brings to the table a network of more than 190 affiliated advisors and $8 billion in total assets under management.

The firm serves over 12,000 clients across the US and has developed a reputation for integrating goals-based planning into advisory workflows. Its approach is supported by 12 patents focused on goals management processes, and it continues to operate as a business unit of Financeware.

The acquisition adds another layer to the growing portfolio of advisory platforms owned by Sammons Financial Group, headquartered in West Des Moines, Iowa, within the RIA channel.

Following its 2021 purchase of Dayton-based Beacon Capital Management, the company entered into a strategic partnership in 2023 with NorthRock Partners, a Minneapolis-based full-service financial and lifestyle advisory firm. NorthRock manages more than $6.7 billion in client assets and serves over 2,400 households through its Personal Office model, which delivers integrated solutions spanning investment management, tax planning, philanthropy and estate strategy.

In the statement announcing the latest deal, Esfand Dinshaw, chief executive of Sammons Financial Group, highlighted "the breadth and scale of services Wealthcare offers” as wall as “the independent advisors and employees who are part of the Wealthcare team.”

Founded in 1999, Wealthcare has long been recognized for its goals-based financial planning model. Its leadership team includes president and CEO Matt Regan, who has steered the firm during a period of significant expansion as it regularly featured on top 100 RIA lists.

The firm has also souped up its tech stack in recent years with strategic integrations, including an account aggregation partnership with Pontera back in 2022 and its February partnership with RISR, the tech startup focused on business planning tools.

The deal ends Wealthcare’s 11-year run under the ownership of NewSpring Holdings, a Radnor, Pennsylvania-based private equity firm. NewSpring acquired the RIA and its technology platform in 2013, with Wealthcare operating independently while undergoing a management transition that brought in new executive leadership.

Regan acknowledged his firm's decade-long partnership with NewSpring Holdings, crediting it for "successfully [fueling] 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,” he said.

The acquisition contininsuraues a strategic trend among insurance-affiliated financial groups seeking to scale in the wealth management space through advisor-centric firms. 

Terms of the Wealthcare acquisition were not disclosed. The transaction is expected to close pending regulatory approvals and customary closing conditions.