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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 reported strong first quarter results for 2022, with a net income of $22.2 million or $0.30 per share, and an adjusted net income of $28.8 million or $0.39 per share on total revenue of $148.3 million. Despite a 2.9% decline in platform assets quarter-over-quarter to $90.8 billion, the company achieved a 15.1% year-over-year increase. The quarterly net flows were $2.1 billion, leading to 9.1% annualized net flows as a percentage of beginning-of-year assets. The results indicate strong advisor relationships and continued growth in operational metrics.
Billtrust (NASDAQ: BTRS) has appointed John W. Murray to its Board of Directors, effective April 22, 2022. Murray brings extensive experience in technology and entrepreneurship, previously leading organizations through significant transformations. He will serve on Billtrust’s Nominating, Corporate Governance, and Compensation Committees. Known for driving innovation and maximizing shareholder value, Murray is currently a strategic advisor at The Riverside Company. This appointment aligns with Billtrust's ambitions for global expansion and innovation in B2B accounts receivable automation.
AssetMark Financial Holdings, Inc. (AMK) released its "AssetMark Monthly Knowledge" Report for March 2022, highlighting key metrics. The platform assets reached $90.8 billion, a 15.1% increase year-over-year. However, net flows declined to $791 million, down 12.2% year-over-year. On a positive note, client cash at AssetMark Trust Company increased to $3.09 billion, up 23.6%. The total number of households served also rose by 13.0% to 215,668.
AssetMark has appointed Christian Chan, CFA, as its new Chief Investment Officer. He will lead the investment management and research teams overseeing $24.7 billion in assets under management (AUM). Chan, with over 25 years of asset management experience, aims to enhance AssetMark's investment platform by providing high-quality, diversified investment strategies tailored for financial advisors and their clients. His previous role involved managing $25 billion at Allspring Investments. The firm, with a history of innovative wealth management solutions, had $93.5 billion in platform assets as of December 31, 2021.
AssetMark Financial Holdings, Inc. (NYSE: AMK) has announced it will release its financial results for the quarter ended March 31, 2022, after U.S. market close on April 28, 2022. The company will host a conference call at 5:00 pm ET on the same day to discuss these results. Interested shareholders and parties can listen to the call either online or via dial-in. As of December 31, 2021, AssetMark had $93.5 billion in platform assets.
AssetMark's Impact of Outsourcing Study revealed that 92% of financial advisors outsourcing investment management are satisfied, a significant rise from 83% in 2019. The study surveyed over 750 advisors, highlighting key motivations for outsourcing: enhanced client service, improved work-life balance, and accelerated growth in assets. Advisors reported saving an average of over seven hours weekly due to outsourcing. However, 65% of non-outsourcing advisors expressed concerns over higher fees, while others feared losing control or customization options. AssetMark managed $93.5 billion in assets as of December 31, 2021.
AssetMark Financial Holdings reported significant growth for February 2022, showcasing key metrics that indicate strong performance. The company’s platform assets reached $89.5 billion, representing a 17.5% year-over-year increase. Net flows for the month totaled $694 million, marking a 30.5% annual growth. Additionally, client cash stood at $2.86 billion, up 10.0% year-over-year, with the number of households increasing 13.1% to 213,445.
AssetMark Financial Holdings (NYSE: AMK) announced its participation in two key investor conferences this March. On March 7, the company will present at the 43rd Annual Raymond James Institutional Investors Conference at 3:25 PM ET, with a live webcast available for interested shareholders. Following this, on March 10, AssetMark will host meetings at the Wolfe Research FinTech Forum. The company aims to engage analysts and portfolio managers during these events, focusing on its wealth management and technology solutions.
AssetMark Financial Holdings (AMK) reported strong financial results for Q4 and FY 2021. The company achieved a net income of $12.4 million for the fourth quarter, translating to $0.17 per share. Total revenue for the quarter reached $143.6 million, while adjusted net income was $24.7 million, or $0.33 per share. Platform assets grew by 25.5% year-over-year, reaching $93.5 billion. Notably, net flows hit a quarterly record of $2.9 billion. CEO Natalie Wolfsen emphasized the importance of their expansion into the RIA channel and the acquisition of Voyant for future growth.
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