March AMK Report
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Insights
The reported increase in platform assets to $116.9 billion, marking a 21.5% year-over-year growth, indicates a robust expansion in AssetMark's asset base. This growth is a positive signal for investors, as it suggests that the company is successfully attracting and retaining investment capital. The 12.0% year-over-year increase in net flows is also significant, as it reflects the company's ability to draw in new money, which can be indicative of strong sales and marketing efforts, as well as investor confidence in the firm's investment offerings.
However, the slight decline in AssetMark Trust Company client cash by 0.6% year-over-year, while nominal, could point to a trend where clients are choosing to invest their cash rather than hold it, which could be due to low interest rates on cash holdings or a shift in investment strategy. The increase in the number of households served by 5.5% year-over-year suggests a growing customer base, which could lead to increased revenues from service fees and asset-based charges. Overall, these metrics are essential indicators of the company's health and future revenue potential.
Examining the broader market context, AssetMark's performance must be evaluated against industry trends and competitor performance. The significant growth in platform assets outpaces average industry growth rates, which could signal that AssetMark is capturing market share. Additionally, the steady increase in households implies an effective customer acquisition strategy, potentially driven by digital marketing or product innovation. Investors should monitor these trends in comparison to AssetMark's peers for a more comprehensive understanding of the company's market position.
It's also worth noting the importance of transparency in AssetMark's reporting. The company's decision to provide monthly data supplements, while not a substitute for formal financial statements, reflects a commitment to shareholder communication. However, their disclaimer about the preliminary nature of this data and the lack of obligation to update it suggests that investors should not rely solely on these figures for making investment decisions.
CONCORD, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.
Company results for the month of March 2024 include:
- Platform assets of
$116.9 billion at the end of March, up21.5% year-over-year. - Net flows were
$833 million in the month of March, up12.0% year-over-year. - AssetMark Trust Company client cash was
$3.17 billion , down0.6% year-over-year. - Number of households increased
5.5% year-over-year to 257,162 at the end of March.
| Change | ||||||||||||||||||
| Mo. | Yr. | |||||||||||||||||
| Mar-23 | Apr-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | ||||||
| PLATFORM METRICS | ||||||||||||||||||
| Platform Assets (in $B) | 96.2 | 96.9 | 96.4 | 100.8 | 103.2 | 102.2 | 99.6 | 97.8 | 104.1 | 108.9 | 109.7 | 113.3 | 116.9 | 3.2 | % | 21.5 | % | |
| Net Flows (in $M) | 744 | 433 | 637 | 624 | 540 | 555 | 448 | 334 | 303 | 628 | 432 | 577 | 833 | 44.4 | % | 12.0 | % | |
| CASH METRIC | ||||||||||||||||||
| Ending ATC Client Cash (in $B) | 3.19 | 2.87 | 2.95 | 2.94 | 2.79 | 2.83 | 2.90 | 2.92 | 2.68 | 3.05 | 2.89 | 2.89 | 3.17 | 9.7 | % | -0.6 | % | |
| OTHER | ||||||||||||||||||
| Number of Households | 243,775 | 246,570 | 246,654 | 247,934 | 248,780 | 250,307 | 251,424 | 252,079 | 253,068 | 254,110 | 256,078 | 255,908 | 257,162 | 0.5 | % | 5.5 | % | |
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 Annual Report on Form 10-K for the year ended December 31, 2023. 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 March 31, 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 year-end 2023, 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 at the end of March 2024?
How much were the net flows in March 2024 compared to the previous year?
What was the client cash at AssetMark Trust Company in March 2024?
How many households were there at the end of March 2024?
