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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, Inc. (NYSE: AMK) reported its September 2022 results, revealing significant decreases in key metrics. Platform assets ended at $79.4 billion, marking an 8.5% decline year-over-year. Net flows also fell drastically to $228 million, down 76.4% year-over-year. In contrast, cash held by AssetMark Trust Company increased by 34.5% to $3.51 billion. The number of households served grew by 9.9%, reaching 223,098.
AssetMark Financial Holdings, Inc. (AMK) reported its August 2022 results, showing significant changes from the previous year. Platform assets decreased by 4.6% year-over-year to $84.4 billion. Net flows fell 34.7% to $605 million. However, client cash at AssetMark Trust Company rose 82.9% to $4.48 billion, indicating a strong cash position. The total number of households served increased by 10.6% to 222,110, reflecting growth in client acquisition despite the drop in asset flows.
AssetMark Financial Holdings, Inc. (NYSE: AMK) released its "Monthly Knowledge" Report for July 2022, indicating platform assets of $86.3 billion, a 0.2% year-over-year increase. However, net flows decreased significantly by 60.0% year-over-year to $374 million. Despite this decline in net flows, client cash increased by 45.7% year-over-year, reaching $3.60 billion. The number of households served also grew by 11.3%, totaling 221,104. This data is preliminary and subject to change.
AssetMark Financial Holdings reported strong second quarter 2022 results, with net income of $25.3 million ($0.34 per share) and adjusted EBITDA of $49.6 million, representing 32.8% of total revenue of $151.2 million. However, platform assets decreased 2.9% year-over-year to $82.1 billion, primarily due to a $10.1 billion negative market impact. The company welcomed over 4,500 new households and 193 advisors, reflecting growth in its platform. AssetMark's acquisition of Adhesion Wealth aims to enhance its service to the rapidly-growing RIA segment.
AssetMark Financial Holdings, Inc. (NYSE: AMK) will release its financial results for the quarter ending June 30, 2022, after U.S. market close on August 3, 2022. A conference call is scheduled for the same day at 5:00 PM ET to discuss these results. Interested parties can access the live webcast via the AssetMark Investor Relations website or pre-register for the conference call. AssetMark manages $90.8 billion in platform assets as of March 31, 2022, delivering wealth management and technology solutions to financial advisors.
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.
AssetMark Financial Holdings has agreed to acquire Adhesion Wealth, enhancing its wealth management technology solutions for registered investment advisors (RIAs). Adhesion serves over 2,800 fee-based advisors and is the second-largest model marketplace in the industry. This acquisition aims to expand AssetMark's offerings, including personal and direct indexing and practice analytics. The transaction is expected to close in the second half of 2022, pending customary conditions. Financial details of the deal were not disclosed, but it is anticipated to bolster AssetMark's capabilities in the rapidly growing RIA market.
AssetMark Financial Holdings (NYSE: AMK) released its "AssetMark Monthly Knowledge" Report for May 2022, showcasing significant growth metrics. The platform assets reached $86.9 billion, marking a 4.7% year-over-year increase. Net flows amounted to $605 million, an impressive 17.7% year-over-year rise. The AssetMark Trust Company reported client cash of $3.60 billion, which is up 40.6% from the previous year. Additionally, the number of households served expanded by 13.1% to 219,160.
AssetMark Financial Holdings, Inc. (NYSE: AMK) will participate in the Morgan Stanley US Financials, Payments & CRE Conference on June 15, 2022, in New York, NY. The company will hold one-on-one and group meetings at the event. AssetMark's presentation is scheduled for 4:00 PM ET and will be available for live streaming via webcast at their investor relations website. AssetMark is a prominent provider of wealth management and technology solutions, assisting independent financial advisors and their clients to enhance their financial strategies.
AssetMark Financial Holdings (AMK) reported its monthly metrics for April 2022, indicating a mixed performance. As of April, platform assets rose to $86.0 billion, a 5.3% increase year-over-year. However, net flows dropped significantly to $376 million, reflecting a 51.8% decline compared to the previous year. Additionally, client cash increased to $2.92 billion, up 17.7% year-over-year, while the number of households served grew by 13.0% to 218,508.
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