November AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (NYSE: AMK) reported platform assets of $87.1 billion for November 2022, a 3.0% decline year-over-year. Net flows fell significantly to $280 million, a 71.8% decrease compared to the previous year. Notably, cash held by AssetMark Trust Company clients increased to $3.27 billion, up 24.8% year-over-year. The number of households served rose to 224,983, reflecting an 8.5% growth. AssetMark cautioned that these figures are preliminary and subject to change.

Positive

• Client cash increased 24.8% year-over-year to $3.27 billion.
• Number of households grew by 8.5% year-over-year to 224,983.

Negative

• Platform assets decreased by 3.0% year-over-year to $87.1 billion.
• Net flows dropped 71.8% year-over-year to $280 million.

CONCORD, Calif., Dec. 13, 2022 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company results for the month of November 2022 include:

• Platform assets of $87.1 billion at the end of November, down 3.0% year-over-year.
• Net flows were $280 million in the month of November, down 71.8% year-over-year.
• AssetMark Trust Company client cash was $3.27 billion, up 24.8% year-over-year.
• Number of households increased 8.5% year-over-year to 224,983 at the end of November.

														Change
														Mo.		Yr.
	Nov-21	Dec-21	Jan-22	Feb-22	Mar-22	Apr-22	May-22	Jun-22	Jul-22	Aug-22	Sep-22	Oct-22	Nov-22
PLATFORM METRICS
Platform Assets (in $B)	89.8	93.5	90.5	89.5	90.8	86.0	86.9	82.1	86.3	84.4	79.4	82.8	87.1	5.2	%	-3.0	%
Net Flows (in $M)	994	1,062	650	694	791	376	605	383	374	605	228	283	280	-1.1	%	-71.8	%
CASH METRIC
Ending ATC Client Cash (in $B)	2.62	2.93	2.85	2.86	3.09	2.92	3.60	3.70	3.60	4.48	3.51	3.49	3.27	-6.3	%	24.8	%
OTHER
Number of Households	207,432	209,900	211,601	213,445	215,668	218,508	219,160	220,172	221,104	222,110	223,098	225,103	224,983	-0.1	%	8.5	%

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 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 platform assets as of November 2022?

AssetMark reported platform assets of $87.1 billion at the end of November 2022.

How did net flows change for AssetMark in November 2022?

Net flows for AssetMark were $280 million in November 2022, marking a 71.8% decrease year-over-year.

What is the cash amount held by AssetMark Trust Company clients?

AssetMark Trust Company reported client cash of $3.27 billion in November 2022, which is a 24.8% increase year-over-year.

How many households does AssetMark serve as of November 2022?

As of November 2022, AssetMark serves 224,983 households, representing an 8.5% increase from the previous year.