September AMK Report

Rhea-AI Summary

AssetMark Financial Holdings (NYSE: AMK) reported significant growth in its September 2020 metrics. Platform assets reached $67.3 billion, marking a 16.2% increase year-over-year. The company experienced net flows of $349 million for September, up 11.9% year-over-year, with a total of $1.2 billion in net flows for Q3. Excluding the acquisition of OBS Financial, flows amounted to $485 million. The AssetMark Trust Company saw client cash rise to $2.66 billion, a remarkable 52.0% increase. The number of households utilizing the platform rose by 14.5% to 182,683.

Positive

• Platform assets increased to $67.3 billion, up 16.2% year-over-year.
• Net flows totaled $349 million in September, a 11.9% year-over-year increase.
• Client cash at AssetMark Trust Company rose to $2.66 billion, a 52.0% increase.
• Number of households increased by 14.5% to 182,683.

Negative

• OBS Financial reported negative net flows of $136 million, affecting overall net flow metrics.

CONCORD, Calif., Oct. 12, 2020 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company highlights for the month of September 2020 include:

• Platform assets of $67.3 billion at the end of September, up 16.2% year-over-year.
• Net flows were $349 million in the month of September, up 11.9% year-over-year. In the third quarter, net flows totaled $1.2 billion.
  --  Excluding flows from the recently acquired OBS Financial, monthly flows were $485 million.
  --  OBS net flows were negative $136 million driven by two large banking relationships who have elected to not move to the AMK platform.
• AssetMark Trust Company client cash was $2.66 billion, up 52.0% year-over-year.
• Number of households increased 14.5% year-over-year to 182,683 at the end of September.

																Change
																Mo.		Yr.
	Sep-19	Oct-19	Nov-19	Dec-19		Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20	Jul-20	Aug-20	Sep-20
PLATFORM METRICS
Platform Assets (in $B)	57.9	59.2	60.6	61.6		61.8	61.7	56.0	59.8	62.0	63.2	65.6	68.0	67.3		-1.0	%	16.2	%
Net Flows (in $M)	312	755	547	(194	)	472	703	659	414	137	357	319	541	349		-35.5	%	11.9	%
CASH METRIC
Ending ATC Client Cash (in $B)	1.75	1.78	1.74	1.88		1.75	1.81	2.99	3.04	2.84	2.96	2.60	2.63	2.66		1.1	%	52.0	%
OTHER
Number of Households	159,496	161,262	162,503	162,225		163,644	175,026	176,681	177,975	178,284	179,166	181,115	181,977	182,683		0.4	%	14.5	%

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 June 30, 2020. 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 September 30, 2020 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.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings we make with the Securities and Exchange Commission. AssetMark undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

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: 
Chris Blake
MSR Communications
chris@msrcommunications.com

SOURCE: AssetMark Financial Holdings, Inc.

FAQ

What were the platform assets for AssetMark Financial in September 2020?

Platform assets for AssetMark Financial were $67.3 billion at the end of September 2020.

How much did AssetMark's net flows increase in September 2020?

Net flows for AssetMark in September 2020 increased to $349 million, up 11.9% year-over-year.

What is the client cash amount reported by AssetMark Trust Company?

Client cash at AssetMark Trust Company reached $2.66 billion, reflecting a 52.0% year-over-year increase.

How many households are utilizing AssetMark's platform as of September 2020?

As of September 2020, AssetMark's platform served 182,683 households, an increase of 14.5% year-over-year.

What was the impact of OBS Financial on AssetMark’s net flows?

OBS Financial had negative net flows of $136 million, which negatively impacted AssetMark’s overall net flow metrics.