Seller Details:
Wealthcare LLC is a Registered Investment Advisor with offices in Richmond, Virginia and Philadelphia that oversees more than $8B in assets under management. As a full-service financial advisory firm that supports nearly 200 affiliated and independent advisors and serves more than 12,000 clients across the United States, the firm operates through three affiliated RIAs: Wealthcare Advisory Partners LLC, Wealthcare Capital Management LLC and Wealthcare Capital Partners LLC.
Buyer Details:
Sammons Financial Group is a diversified financial services organization with a long history of leadership in the life insurance and retirement marketplace. A subsidiary of Sammons Enterprises, Inc., Sammons Financial Group is privately owned and is Midwest-based, with offices in Iowa, Illinois, Minnesota, North Dakota, Ohio and South Dakota.
Transaction Summary:
Wealthcare joins Sammons Financial Group’s existing portfolio of financial advisory firms, which include Dayton, Ohio-based Beacon Capital Management and NorthRock Partners, with headquarters in Minneapolis and offices throughout the country, including the Bay Area. This transaction will help expand Sammon’s growth in the independent financial advisor space while providing Wealthcare with capital to accelerate the execution of their growth strategy as a leading destination for financial advisors.