Sammons Financial Group, an insurer and annuity seller that owns two registered investment advisors with assets exceeding $10 billion, announced a CEO transition in which its president will assume the top role at the start of 2027.
On January 1, President Rob TeKolste will become CEO and Chairman of the Board as the current CEO and chair, Esfand Dinshaw, steps down after 16 years in the job and 27 years at West Des Moines, Iowa-based Sammons.
“Serving as CEO of Sammons Financial Group has been the greatest privilege of my professional career,” Dinshaw said in a statement. “Together, our employee owners transformed this organization into a diversified financial services enterprise while remaining grounded in our values and our commitment to long-term stewardship.”
Under Dinshaw, Sammons Financial entered the wealth management space in 2021 with the acquisition of Beacon Capital Management, a turnkey asset manager that has grown to $4.1 billion in assets under management. The insurer followed that move with the 2023 acquisition of RIA NorthRock Partners, and a 2025 deal for Wealthcare LLC.
According to TeKolste, the firm’s ambitions in the wealth space will continue under his leadership.
“Sammons Financial Group is committed to the wealth management and advisory space—it aligns perfectly with our broader vision to provide financial security for all Americans,” he said. “Our intention is business as usual and to further grow this newest line of business.”
After being acquired by Sammons, NorthRock has made several acquisitions, building its AUM to over $12 billion as of this April. The Minneapolis-based RIA offers clients what it calls its Personal Office specialists, who offer wealth services across investments, tax, estate planning, insurance, legal, business services and philanthropy.
Wealthcare, a hybrid RIA based in West Chester, Pa., has also been adding advisors and AUM since moving from private equity ownership to Sammons. CEO Matt Regan told Wealth Management shortly after the move that he expected the new owner to further advisor additions across Wealthcare’s affiliation options, including 1099 and W-2 options.
“We are energized by the growth we have seen in this platform the past five years and continue to work closely with the teams at Beacon Capital Management, NorthRock Partners and Wealthcare,” TeKolste said. “We have meaningful momentum, and the wealth advisory space is a significant part of our strategic growth plans. Today, we offer a differentiated wealth advisor platform with the scale, capabilities, and long-term commitment of Sammons to shape its future.”
Sammons is competing in a wealth management space flooded by private equity investors driving consolidation. According to RIA investment bank and consultancy Echelon, private equity-backed RIAs remain the most active acquirers in the RIA sector, completing 91 of the 120 transactions in the second quarter, or 75.8% of all deals tracked by the firm.
Sammons is seeking to find opportunities across its five business lines: life insurance, annuities, institutional retirement products, corporate markets retirement products and wealth management.
Before taking the role of president, TeKolste was most recently head of the firm’s independent annuity group, a position he held for over nine years. Before that, he was president of shared services, working with senior leaders across Sammons’ business lines to identify marketing needs and implement sales programs, according to his LinkedIn.
Under Dinshaw, Sammons has grown its client base across its verticals to 2 million customers, according to the announcement. The firm has offices in Iowa, Illinois, Minnesota, North Dakota, Ohio, Pennsylvania, South Dakota and Virginia.
