Sammons' Strategic Pivot: Building an Integrated Financial Future

WEST DES MOINES, IA – December 08, 2025

In a move that signals a deliberate and significant evolution, Sammons Financial Group, a Midwest-based, employee-owned powerhouse, has announced a strategic restructuring of its leadership team. While the headline news is the appointment of 26-year company veteran Rob TeKolste as President, effective January 1, 2026, the story runs far deeper. This is not merely a corporate reshuffle; it is the public face of an ambitious strategy to transform a traditional insurance and annuity provider into a fully integrated financial services firm, designed to meet the holistic needs of modern families and businesses.

The restructuring is a key accelerant for the company's "2030 growth strategy," a long-term plan focused on a dual mandate: reinforcing its core insurance businesses while aggressively expanding into wealth management. As Chairman and CEO Esfand Dinshaw stated, the goal is to "move faster, scale smarter, and continue to deliver" for all stakeholders. By placing TeKolste at the helm of five core business units, including the newly formalized Sammons Wealth Management, the company is betting on seasoned internal leadership to navigate this complex but crucial transformation.

Charting a Course for 2030: The 'Why' Behind the Shuffle

For an organization known for its stability and enduring presence, such a significant structural change is a clear statement of intent. The appointment of Rob TeKolste, who joined the company in 1999 and has held leadership roles across sales, marketing, and distribution, underscores a commitment to continuity and deep institutional knowledge. His extensive experience, including his recent success as President of the Sammons Independent Annuity Group, makes him a natural choice to execute a strategy that requires both operational expertise and a vision for diversification.

"Rob is a proven leader with deep operational expertise and a strong track record of performance," said Dinshaw. "Rob’s continued focus will be to simultaneously grow our core business lines while thoughtfully exploring diversification opportunities in the greater financial services space."

This long-term vision is profoundly enabled by Sammons Financial Group's employee-owned structure. Unburdened by the quarterly earnings pressures that often drive short-term thinking in publicly traded companies, the firm can invest in multi-year strategies and build capabilities methodically. This model fosters a culture where success is shared, and the focus remains on sustainable growth and delivering lasting value—a foundation Dinshaw emphasized remains "unchanged" amidst the leadership shifts. The 2030 strategy is a testament to this approach, laying the groundwork for a future where the company is not just a product provider but a comprehensive financial partner.

Building the Wealth Management Pillar, Piece by Piece

The most telling component of this strategic pivot is the aggressive and calculated expansion into wealth management. This isn't a new idea but the culmination of a multi-year acquisition and partnership strategy that has quietly assembled a formidable wealth management presence. The creation of the Sammons Wealth Management Group, to be led by the newly elevated Michael Mock, formalizes this pillar as a central component of the company's future.

The foundation of this new division has been built through three key strategic moves:

• Beacon Capital Management: Acquired in January 2021, this Dayton, Ohio-based RIA and turnkey asset management program (TAMP) brought a disciplined, data-driven investment approach. Since the acquisition, Beacon has grown its assets under management (AUM) from over $3 billion to $4.5 billion as of October 2025.
• NorthRock Partners: In a significant 2023 move, Sammons took a majority stake in this Minneapolis-based advisory firm. NorthRock is distinguished by its "Personal Office®" model, offering ultra-high-net-worth clients a comprehensive suite of services from investments to tax and estate planning. Its AUM has surged from approximately $5 billion at the time of the partnership to $8.5 billion.
• Wealthcare: The most recent addition, acquired in mid-2025, is a Richmond-based RIA known for its goals-based financial planning model, GDX360. Wealthcare added nearly 200 independent advisors and expanded Sammons' total AUM by another $9.5 billion.

Together, these firms represent over $22 billion in assets under management, giving Sammons Financial Group immediate scale and a diverse set of capabilities in the competitive wealth management arena. This is not a tentative step but a decisive stride, assembling a suite of specialized firms that can cater to a wide spectrum of client needs, from data-driven asset management to holistic, high-touch personal advisory.

A Response to Evolving Client Needs

Sammons' strategic shift is not happening in a vacuum. It is a direct response to a powerful industry trend: the convergence of insurance, annuities, and wealth management. Today’s clients, particularly younger, high-income individuals, increasingly expect a holistic approach to their financial lives. They are seeking a single, trusted relationship that can address not only wealth accumulation but also risk protection, retirement income, and legacy planning.

Industry research confirms this demand, showing that a majority of wealth management clients desire integrated service offerings. For decades, the industry has often operated in silos, forcing clients to stitch together their own financial safety net with products and advice from disparate sources. By unifying its offerings, Sammons is positioning itself to solve this problem, offering a more seamless and effective client experience.

The resurgent annuity market, where the company is already a major player under the leadership of the newly appointed Bryce Biklen, fits perfectly into this integrated model. Amid market volatility and rising interest rates, the demand for products that offer stability and guaranteed income streams has soared. By embedding its core annuity and life insurance strengths within a broader wealth management framework, the company can provide advisors with a complete toolkit to build resilient, long-term financial plans for their clients. This evolution moves the company from a product-centric sales model to a solution-centric advisory one, aligning its business strategy with its stated purpose of "empowering futures and changing lives."

The new structure, with Brent Mardis leading Corporate Development, is designed to ensure this momentum continues. His team is tasked with identifying further opportunities that complement the core businesses while pursuing diversification. This indicates that the company's current wealth management footprint is not the endpoint, but rather a powerful platform for future growth. The message is clear: Sammons Financial Group is building a financial services model for the future, one defined by integration, strategic foresight, and a deep-seated commitment to its clients and employee-owners.