Welcome to our dedicated page for AssetMark Financial Holdings news (Ticker: AMK), a resource for investors and traders seeking the latest updates and insights on AssetMark Financial Holdings stock.
AssetMark Financial Holdings, Inc. (NYSE: AMK) is a prominent wealth management technology platform based in Concord, California. Established in 1996, AssetMark provides a comprehensive suite of innovative investment and consulting solutions designed to empower independent financial advisors. With a strong focus on simplifying client engagement and enhancing advisor efficiency, the company serves over 9,200 financial advisors and more than 257,000 investor households.
AssetMark's platform stands out for its end-to-end services that encompass almost every aspect of an advisor’s interaction with clients. This includes initial consultations, ongoing financial planning, performance reporting, and billing. By providing extensive tools and capabilities, AssetMark enables advisors to streamline their day-to-day business activities, allowing them to spend more time on meaningful client interactions.
As of the first quarter of 2024, AssetMark boasts approximately $117 billion in platform assets, demonstrating its significant market presence and continuous growth. The company's recent achievements include a 21.5% year-over-year increase in platform assets and a substantial rise in net income.
In April 2024, AssetMark entered into a definitive agreement to be acquired by GTCR, a leading private equity firm, for $35.25 per share in cash, valuing the company at approximately $2.7 billion. This acquisition is expected to further enhance AssetMark’s growth trajectory by expanding its product offerings and maintaining its high standard of client service.
AssetMark’s relentless service ethic, coupled with its robust client relationship support, sets it apart in the wealth management industry. The company's ecosystem of solutions, including affiliates like Voyant and Adhesion Wealth, provides advisors with the necessary tools to deliver superior investor outcomes and improve their productivity, profitability, and client satisfaction.
For more detailed information about AssetMark Financial Holdings, Inc., visit their website at www.assetmark.com.
AssetMark Financial Holdings reported its June 2024 results, showing promising growth in platform assets with a 18.5% year-over-year increase to $119.4 billion.
However, net flows saw a significant decline of 36.4% year-over-year, amounting to $397 million in June. AssetMark Trust Company client cash stood at $2.93 billion, a slight decrease of 0.3% year-over-year.
The number of households serviced by AssetMark also grew by 5.4% year-over-year, reaching a total of 261,341. Morningstar Wealth TAMP assets are not included as the deal has been signed but not closed.
These results are preliminary and subject to revision, as stated by the company. AssetMark emphasized that these figures should not be seen as a substitute for their official financial statements.
AssetMark announced a strategic alliance with Morningstar Wealth, involving the acquisition of approximately $12 billion in assets from Morningstar's Turnkey Asset Management Platform (TAMP). Financial advisors and clients on Morningstar's TAMP will gain access to AssetMark's platform, offering industry-leading service, advisor technology, and investment strategies.
Existing AssetMark advisors will benefit from new model portfolios and separately managed accounts managed by the Morningstar Investment Management team, which oversees $290 billion in assets globally.
The transaction, which is set to close in the second half of 2024, is subject to regulatory approval and other customary conditions.
AssetMark Financial Holdings released its May 2024 report, showcasing key financial statistics. Platform assets hit $117.7 billion, a 22.1% year-over-year increase.
Net flows for May were $611 million, marking a 4.1% decline from the previous year. Client cash at AssetMark Trust Company stood at $2.84 billion, down 3.7% from last year. The number of households rose by 5.7%, reaching 260,756.
This data is preliminary and should not replace AssetMark's official financial statements. The company will provide updates on its Investor Relations page.
AssetMark (NYSE: AMK) has announced the recipients of its 2024 Practice Excellence Awards, celebrating financial advisory firms excelling in operational efficiency and technology adoption. This year's awards, presented during AssetMark's Customer Obsession Week, recognize 11 advisory firms across three categories: Operations Excellence, Digital Practice, and Green Planet. The honored firms include Personal Benefit Financial, B. Riley Wealth Management, Allegis Financial Partners, Focus Financial Group, Financial Independence, GTX Wealth, Dailey Wealth Management, Escape Velocity Financial Planning, ERSI Wealth Management, Beyond Wealth Management Group, and ENT Credit Union. These firms have demonstrated significant achievements by adopting AssetMark's digital tools, leading to enhanced client service and operational performance.
AssetMark Financial Holdings (AMK) reported its April 2024 platform metrics. Platform assets reached $113.7 billion, a 17.3% increase year-over-year. Net flows for April were $696 million, marking a 60.7% rise compared to the same month last year. Despite these gains, AssetMark Trust Company client cash decreased slightly by 0.3% to $2.86 billion. The number of households served rose 6.0% year-over-year, totaling 261,430 by the end of April. These figures are preliminary and not indicative of the company's future financial performance.
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported strong financial results for the first quarter of 2024. Net income was $38.0 million, adjusted net income was $45.2 million, and total revenue was $190.3 million. Platform assets increased to $116.9 billion, with 21.5% year-over-year growth. Over 3,000 new households and 169 new producing advisors joined the platform. The company realized an 18.6% annualized production lift from existing advisors. The Transaction with GTCR was announced, expected to close in Q4 2024.
FAQ
What is the current stock price of AssetMark Financial Holdings (AMK)?
What is the market cap of AssetMark Financial Holdings (AMK)?
What does AssetMark Financial Holdings, Inc. do?
How many financial advisors does AssetMark serve?
What is the total value of assets on AssetMark's platform?
What recent acquisition has AssetMark announced?
How does AssetMark support financial advisors?
Where is AssetMark based?
What sets AssetMark apart in the wealth management industry?
What is the value proposition of AssetMark for independent financial advisors?
What major achievements did AssetMark report for the first quarter of 2024?
How can I learn more about AssetMark Financial Holdings, Inc.?
