April AMK Report
AssetMark Financial Holdings (AMK) reported its April 2024 platform metrics. Platform assets reached $113.7 billion, a 17.3% increase year-over-year. Net flows for April were $696 million, marking a 60.7% rise compared to the same month last year. Despite these gains, AssetMark Trust Company client cash decreased slightly by 0.3% to $2.86 billion. The number of households served rose 6.0% year-over-year, totaling 261,430 by the end of April. These figures are preliminary and not indicative of the company's future financial performance.
- Platform assets increased by 17.3% year-over-year to $113.7 billion.
- Net flows for April rose by 60.7% year-over-year to $696 million.
- Number of households served increased by 6.0% year-over-year to 261,430.
- AssetMark Trust Company client cash decreased by 0.3% year-over-year to $2.86 billion.
- Monthly platform assets decreased by 2.7% from March to April 2024.
Insights
The latest AssetMark Monthly Knowledge Report indicates notable metrics for April 2024. Platform assets grew to
Short-term Implications: The robust net flows and platform asset growth paint a promising picture for upcoming quarterly financials. However, the minor decline in client cash reserves warrants attention as it may hint at shifts in client cash allocation strategies.
Long-term Implications: Sustained growth in platform assets and client base strengthens AssetMark's market position. Potential risks include managing increased assets without compromising service quality and adapting to changing client preferences.
Investors should monitor if these growth trends persist and how they align with broader market conditions and AssetMark's strategic initiatives. Despite some caution due to the decline in client cash, the overall figures are encouraging.
The increase in the number of households by
Short-term Implications: This growth in households is likely to bolster quarterly earnings due to the increased service fees and deeper client relationships. However, ensuring that these new clients are effectively integrated and serviced is important to avoid churn.
Long-term Implications: A steady rise in the number of households suggests that AssetMark's value proposition resonates well with its target market. This positions the company for continued growth, provided it can maintain high service levels and innovate to meet evolving client needs. Monitoring client satisfaction and retention rates will be key to sustaining this upward trajectory.
CONCORD, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.
Company results for the month of April 2024 include:
- Platform assets of
$113.7 billion at the end of April, up17.3% year-over-year. - Net flows were
$696 million in the month of April, up60.7% year-over-year. - AssetMark Trust Company client cash was
$2.86 billion , down0.3% year-over-year. - Number of households increased
6.0% year-over-year to 261,430 at the end of April.
| Change | |||||||||||||||||
| Mo. | Yr. | ||||||||||||||||
| Apr-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | |||||
| PLATFORM METRICS | |||||||||||||||||
| Platform Assets (in $B) | 96.9 | 96.4 | 100.8 | 103.2 | 102.2 | 99.6 | 97.8 | 104.1 | 108.9 | 109.7 | 113.3 | 116.9 | 113.7 | -2.7 | % | 17.3 | % |
| Net Flows (in $M) | 433 | 637 | 624 | 540 | 555 | 448 | 334 | 303 | 628 | 432 | 577 | 833 | 696 | -16.4 | % | 60.7 | % |
| CASH METRIC | |||||||||||||||||
| Ending ATC Client Cash (in $B) | 2.87 | 2.95 | 2.94 | 2.79 | 2.83 | 2.90 | 2.92 | 2.68 | 3.05 | 2.89 | 2.89 | 3.17 | 2.86 | -9.8 | % | -0.3 | % |
| OTHER | |||||||||||||||||
| Number of Households | 246,570 | 246,654 | 247,934 | 248,780 | 250,307 | 251,424 | 252,079 | 253,068 | 254,110 | 256,078 | 255,908 | 257,162 | 261,430 | 1.7 | % | 6.0 | % |
This monthly data is being provided on a supplemental basis and should not be taken as a substitute for the Company’s financial statements filed with the Securities and Exchange Commission as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. This monthly data is preliminary and subject to revision and should not be taken as an indication of the financial performance of AssetMark for the quarter ending June 30, 2024, or any future period. AssetMark undertakes no obligation to publicly update or review previously reported monthly data. Any updates to previously reported monthly data will be reflected in the historical data that can be found on the Investor Relations page of the Company’s corporate website at ir.assetmark.com. AssetMark reserves the right to discontinue the availability of the data in this monthly report. By filing this press release, AssetMark makes no admission as to the materiality of any information contained herein.
About AssetMark Financial Holdings, Inc.
AssetMark operates a wealth management platform that powers independent financial advisors and their clients. Together with our affiliates Voyant and Adhesion Wealth, we serve advisors of all models at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Our ecosystem of solutions equips advisors with services and capabilities that would otherwise require significant investments of time and money, ultimately enabling them to deliver better investor outcomes and enhance their productivity, profitability and client satisfaction.
Founded in 1996 and based in Concord, California, the company has over 1,000 employees. As of first quarter-end 2024, the Company had approximately
Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
InvestorRelations@assetmark.com
Media:
Alaina Kleinman
Head of PR & Communications
alaina.kleinman@assetmark.com
SOURCE: AssetMark Financial Holdings, Inc.
FAQ
What were AssetMark's platform assets in April 2024?
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