June AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (NYSE: AMK) released its June 2022 performance report, highlighting key metrics affecting its business. Platform assets were $82.1 billion, reflecting a 3.0% decline year-over-year. Net flows dropped sharply to $383 million, down 59.0% compared to the prior year. However, cash at AssetMark Trust Company increased by 42.9% to $3.70 billion. The number of households served grew by 12.1% to 220,172. This monthly data is preliminary and should not be viewed as an indicator of the company's quarterly performance.

Positive

• Client cash at AssetMark Trust Company increased by 42.9% to $3.70 billion.
• Number of households served grew by 12.1% to 220,172.

Negative

• Platform assets decreased by 3.0% year-over-year to $82.1 billion.
• Net flows fell significantly by 59.0% year-over-year to $383 million.

CONCORD, Calif., July 11, 2022 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company results for the month of June 2022 include:

• Platform assets of $82.1 billion at the end of June, down 3.0% year-over-year.
• Net flows were $383 million in the month of June, down 59.0% year-over-year.
• AssetMark Trust Company client cash was $3.70 billion, up 42.9% year-over-year.
• Number of households increased 12.1% year-over-year to 220,172 at the end of June.

														Change
														Mo.	Yr.
	Jun-21	Jul-21	Aug-21	Sep-21	Oct-21	Nov-21	Dec-21	Jan-22	Feb-22	Mar-22	Apr-22	May-22	Jun-22
PLATFORM METRICS
Platform Assets (in $B)	84.6	86.1	88.5	86.8	90.3	89.8	93.5	90.5	89.5	90.8	86.0	86.9	82.1	-5.5%	-3.0%
Net Flows (in $M)	934	935	927	968	892	994	1,062	650	694	791	376	605	383	-36.7%	-59.0%
CASH METRIC
Ending ATC Client Cash (in $B)	2.59	2.47	2.45	2.61	2.43	2.62	2.93	2.85	2.86	3.09	2.92	3.60	3.70	2.8%	42.9%
OTHER
Number of Households	196,474	198,619	200,778	203,004	205,808	207,432	209,900	211,601	213,445	215,668	218,508	219,160	220,172	0.5%	12.1%

 

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, 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 June 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 at the end of June 2022?

AssetMark's platform assets were $82.1 billion at the end of June 2022.

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

AssetMark's net flows decreased by 59.0% year-over-year to $383 million in June 2022.

What was the increase in AssetMark Trust Company client cash year-over-year?

Client cash at AssetMark Trust Company increased by 42.9% year-over-year.

How many households does AssetMark serve as of June 2022?

As of June 2022, AssetMark served 220,172 households.