Sammons Financial Group has created Criterion, a fresh wealth advisory holding company for its three registered investment advisors. This strategy represents Sammons’ shift away from its insurance and annuity core, with Criterion overseeing a combined $27 billion in assets under management or advisement.
Each RIA will maintain its brand and ADV while operating under the Criterion umbrella, reflecting Sammons’ long-term strategy to grow through acquisitions and enhance technology and advisor capabilities. The firm aims to present a unified wealth management business, emphasizing its capabilities beyond insurance distribution.
A Unified Front for Wealth Management
Sammons entered the wealth management sector in 2021 with the acquisition of Symbol Capital Management, followed by NorthRock Partners in 2023 and Wealthcare in 2025. These acquisitions laid the foundation for Criterion’s unified platform, designed to offer full support to advisors and their clients.
A Strategic Evolution
Michael Mock, president of Criterion, explained that the firm’s strategy has evolved since its initial entry into the wealth market. Mock emphasized that Criterion aims to signal a unified wealth management business, independent of its insurance distribution roots.
Centralization and Consolidation
Criterion plans to initially centralize functions such as finance, accounting, capital management, and deal-making. Over the next few years, human resources, compliance, legal, and investments will also be consolidated. This centralization aims to streamline operations and enhance efficiency across the three RIAs.
Advisor support services, including insurance advice, tax planning, and estate planning, will be integrated to provide a more cohesive offering. The firm will also focus on simplifying its technology infrastructure, starting with cybersecurity, data privacy, and risk management. Down the line, they will consolidate email functionality, trading, and portfolio management systems to further unify operations.
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Growth Through Acquisitions
Criterion will actively pursue mergers and acquisitions, leveraging a single brand and deal team to streamline the process. The firm will offer advisors flexible deal structures, catering to various preferences and needs. However, there are no immediate plans to acquire a fourth RIA, as the current three already cover a broad spectrum of the wealth management industry.
“We’re going to focus on growing through roll-ups and tuck-ins,” Mock stated. He noted that between NorthRock and Wealthcare alone, Criterion can meet 75 to 80% of the market’s needs for advisors or advisory firms looking to make a move. This coverage provides ample deal volume to grow the business at the desired pace without the need for additional RIA acquisitions.
Recent Growth and Leadership Changes
NorthRock, headquartered in Minneapolis, has increased its assets under management to over $12 billion through strategic acquisitions. It provides clients with dedicated Personal Office specialists, offering full wealth services across investments, tax, estate planning, insurance, legal, business services, and philanthropy. This model has been instrumental in NorthRock’s growth and client satisfaction.
Wealthcare, a hybrid RIA based in West Chester, Pennsylvania, has also expanded its advisor network and assets since joining Sammons. CEO Matt Regan anticipates further growth in advisor recruitment across its various affiliation models, including 1099 and W-2 options.
Additionally, Sammons’ President Rob TeKolste will assume the roles of CEO and Chairman of the Board on January 1, 2027.