December AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (NYSE: AMK) announced the December 2022 metrics in its AssetMark Monthly Knowledge Report, revealing a total platform asset of $91.5 billion, down 2.1% year-over-year, including $6.8 billion from Adhesion Wealth Advisor Solutions. Total net flows for December were $345 million, reflecting a 67.5% decline year-over-year. However, cash at AssetMark Trust Company rose by 20.8% to $3.54 billion, and the number of households increased by 14.8% to 241,053.

Positive

• Cash at AssetMark Trust Company increased by 20.8% to $3.54 billion.
• Total number of households rose 14.8% year-over-year to 241,053.

Negative

• Total platform assets decreased by 2.1% year-over-year.
• Total net flows dropped by 67.5% year-over-year.

CONCORD, Calif., Jan. 10, 2023 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Included in this month’s AMK report are metrics from Adhesion Wealth Advisor Solutions, Inc. (“Adhesion”), which closed on December 15, 2022. This month only, we have bifurcated out Adhesion’s contribution in the bullet points below.

Company results for the month of December 2022 include:

• Total platform assets of $91.5 billion at the end of December, down 2.1% year-over-year. Total platform assets include $6.8 billion of Adhesion assets.
• Total net flows were $345 million in the month of December, down 67.5% year-over-year. This includes Adhesion net flows of $46 million from close to December 31.
• AssetMark Trust Company client cash was $3.54 billion, up 20.8% year-over-year.
• Total number of households increased 14.8% year-over-year to 241,053 at the end of December. Included in the total number is 14,951 Adhesion households.

														Change
														Mo.		Yr.
	Dec-21	Jan-22	Feb-22	Mar-22	Apr-22	May-22	Jun-22	Jul-22	Aug-22	Sep-22	Oct-22	Nov-22	Dec-22
PLATFORM METRICS
Platform Assets (in $B)	93.5	90.5	89.5	90.8	86.0	86.9	82.1	86.3	84.4	79.4	82.8	87.1	91.5	5.1	%	-2.1	%
Net Flows (in $M)	1,062	650	694	791	376	605	383	374	605	228	283	280	345	23.2	%	-67.5	%
CASH METRIC
Ending ATC Client Cash (in $B)	2.93	2.85	2.86	3.09	2.92	3.60	3.70	3.60	4.48	3.51	3.49	3.27	3.54	8.3	%	20.8	%
OTHER
Number of Households	209,900	211,601	213,445	215,668	218,508	219,160	220,172	221,104	222,110	223,098	225,103	224,983	241,053	7.1	%	14.8	%

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 September 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 December 31, 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 total platform assets at the end of December 2022?

AssetMark's total platform assets were $91.5 billion at the end of December 2022.

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

AssetMark's net flows decreased by 67.5% year-over-year, totaling $345 million in December 2022.

What was the increase in cash at AssetMark Trust Company in December 2022?

Cash at AssetMark Trust Company increased by 20.8% year-over-year, reaching $3.54 billion.

How many households were served by AssetMark at the end of December 2022?

AssetMark served a total of 241,053 households at the end of December 2022.