July AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (NYSE: AMK) released its July 2024 Monthly Knowledge Report, highlighting key metrics:

• Platform assets reached $122.2 billion, up 18.4% year-over-year
• Net flows were $437 million, down 19.1% year-over-year
• AssetMark Trust Company client cash was $2.75 billion, down 1.4% year-over-year
• Number of households increased 5.0% year-over-year to 261,271

The report provides monthly data as supplemental information and should not be considered a substitute for official financial statements. AssetMark notes that this data is preliminary and subject to revision.

Positive

• Platform assets increased by 18.4% year-over-year to $122.2 billion
• Number of households grew by 5.0% year-over-year to 261,271

Negative

• Net flows decreased by 19.1% year-over-year to $437 million
• AssetMark Trust Company client cash declined by 1.4% year-over-year to $2.75 billion

Insights

Financial Analyst

AssetMark's July report shows mixed results. Platform assets grew impressively by 18.4% year-over-year to $122.2 billion, indicating strong market performance and client retention. However, net flows declined by 19.1% to $437 million, suggesting challenges in attracting new investments. The 5% increase in households to 261,271 is positive but doesn't fully offset the reduced net flows. The slight decrease in ATC client cash to $2.75 billion might indicate clients are seeking higher-yielding investments. Overall, while asset growth is robust, the company needs to address the concerning trend in net flows to maintain long-term growth momentum.

Market Research Analyst

The 18.4% year-over-year increase in platform assets outpaces the S&P 500's performance, suggesting AssetMark is gaining market share. However, the 19.1% drop in net flows is worrying, potentially indicating increased competition or changing investor preferences. The modest 5% growth in households implies customer acquisition challenges. Interestingly, the pending Morningstar Wealth TAMP assets acquisition could significantly boost AssetMark's market position once closed. The company's ability to convert this deal into increased net flows and accelerated household growth will be important for maintaining its competitive edge in the wealth management industry.

CONCORD, Calif., Aug. 12, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company results for the month of July 2024 include:

• Platform assets of $122.2 billion at the end of July, up 18.4% year-over-year. Morningstar Wealth TAMP assets are not included in our total as the deal has been signed, but is not closed.
• Net flows were $437 million in the month of July, down 19.1% year-over-year.
• AssetMark Trust Company client cash was $2.75 billion, down 1.4% year-over-year.
• Number of households increased 5.0% year-over-year to 261,271 at the end of July.

														Change
														Mo.		Yr.
	Jul-23	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24	Jun-24	Jul-24
PLATFORM METRICS
Platform Assets (in $B)	103.2	102.2	99.6	97.8	104.1	108.9	109.7	113.3	116.9	113.7	117.7	119.4	122.2	2.3	%	18.4	%
Net Flows (in $M)	540	555	448	334	303	628	432	577	833	696	611	397	437	10.1	%	-19.1	%
CASH METRIC
Ending ATC Client Cash (in $B)	2.79	2.83	2.90	2.92	2.68	3.05	2.89	2.89	3.17	2.86	2.84	2.93	2.75	-6.1	%	-1.4	%
OTHER
Number of Households	248,780	250,307	251,424	252,079	253,068	254,110	256,078	255,908	257,162	261,430	260,756	261,341	261,271	0.0	%	5.0	%

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 June 30, 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 September 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 second quarter-end 2024, the Company had approximately $119 billion in platform assets.

Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
InvestorRelations@assetmark.com

Media:
Vesselina Davenport
Manager, PR & Communications
Vesselina.Davenport@assetmark.com

SOURCE: AssetMark Financial Holdings, Inc.

FAQ

What was AssetMark's (AMK) platform asset value in July 2024?

AssetMark's platform assets reached $122.2 billion at the end of July 2024, representing an 18.4% increase year-over-year.

How did AssetMark's (AMK) net flows perform in July 2024 compared to the previous year?

AssetMark's net flows in July 2024 were $437 million, which was a 19.1% decrease compared to the same period in the previous year.

What was the change in AssetMark's (AMK) client cash holdings as of July 2024?

AssetMark Trust Company client cash was $2.75 billion at the end of July 2024, showing a 1.4% decrease year-over-year.

How many households did AssetMark (AMK) serve as of July 2024?

AssetMark served 261,271 households at the end of July 2024, representing a 5.0% increase year-over-year.