August AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (AMK) reported its August 2022 results, showing significant changes from the previous year. Platform assets decreased by 4.6% year-over-year to $84.4 billion. Net flows fell 34.7% to $605 million. However, client cash at AssetMark Trust Company rose 82.9% to $4.48 billion, indicating a strong cash position. The total number of households served increased by 10.6% to 222,110, reflecting growth in client acquisition despite the drop in asset flows.

Positive

• Client cash at AssetMark Trust Company increased by 82.9% year-over-year, reaching $4.48 billion.
• Total number of households grew by 10.6% year-over-year to 222,110, indicating strong client acquisition.

Negative

• Platform assets declined by 4.6% year-over-year to $84.4 billion.
• Net flows decreased by 34.7% year-over-year to $605 million.

CONCORD, Calif., Sept. 12, 2022 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company results for the month of August 2022 include:

• Platform assets of $84.4 billion at the end of August, down 4.6% year-over-year.
• Net flows were $605 million in the month of August, down 34.7% year-over-year.
• AssetMark Trust Company client cash was $4.48 billion, up 82.9% year-over-year.
• Number of households increased 10.6% year-over-year to 222,110 at the end of August.

														Change
														Mo.	Yr.
	Aug-21	Sep-21	Oct-21	Nov-21	Dec-21	Jan-22	Feb-22	Mar-22	Apr-22	May-22	Jun-22	Jul-22	Aug-22
PLATFORM METRICS
Platform Assets (in $B)	88.5	86.8	90.3	89.8	93.5	90.5	89.5	90.8	86.0	86.9	82.1	86.3	84.4	-2.2%	-4.6%
Net Flows (in $M)	927	968	892	994	1,062	650	694	791	376	605	383	374	605	61.8%	-34.7%
CASH METRIC
Ending ATC Client Cash (in $B)	2.45	2.61	2.43	2.62	2.93	2.85	2.86	3.09	2.92	3.60	3.70	3.60	4.48	24.4%	82.9%
OTHER
Number of Households	200,778	203,004	205,808	207,432	209,900	211,601	213,445	215,668	218,508	219,160	220,172	221,104	222,110	0.5%	10.6%

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 June 30, 2022. 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 September 30, 2022 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 is a leading provider of extensive wealth management and technology solutions that power independent financial advisors and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the U.S. Securities and Exchange Commission, AssetMark operates a platform that comprises fully integrated technology, personalized and scalable service, and curated investment platform solutions designed to make a difference in the lives of advisors and their clients.

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 as of August 2022?

AssetMark's platform assets were $84.4 billion at the end of August 2022.

How much did AssetMark's net flows decrease in August 2022?

Net flows decreased by 34.7% year-over-year to $605 million in August 2022.

What is the increase in client cash at AssetMark Trust Company for August 2022?

Client cash at AssetMark Trust Company rose by 82.9% year-over-year to $4.48 billion.

What was the percentage increase in households served by AssetMark by August 2022?

The number of households served increased by 10.6% year-over-year to 222,110.