April AMK Report

Rhea-AI Summary

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.

Positive

• Platform assets increased by 17.3% year-over-year to $113.7 billion.
• Net flows for April rose by 60.7% year-over-year to $696 million.
• Number of households served increased by 6.0% year-over-year to 261,430.

Negative

• AssetMark Trust Company client cash decreased by 0.3% year-over-year to $2.86 billion.
• Monthly platform assets decreased by 2.7% from March to April 2024.

CONCORD, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company results for the month of April 2024 include:

• Platform assets of $113.7 billion at the end of April, up 17.3% year-over-year.
• Net flows were $696 million in the month of April, up 60.7% year-over-year.
• AssetMark Trust Company client cash was $2.86 billion, down 0.3% year-over-year.
• Number of households increased 6.0% year-over-year to 261,430 at the end of April.

														Change
														Mo.		Yr.
	Apr-23	May-23	Jun-23	Jul-23	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24
PLATFORM METRICS
Platform Assets (in $B)	96.9	96.4	100.8	103.2	102.2	99.6	97.8	104.1	108.9	109.7	113.3	116.9	113.7	-2.7	%	17.3	%
Net Flows (in $M)	433	637	624	540	555	448	334	303	628	432	577	833	696	-16.4	%	60.7	%
CASH METRIC
Ending ATC Client Cash (in $B)	2.87	2.95	2.94	2.79	2.83	2.90	2.92	2.68	3.05	2.89	2.89	3.17	2.86	-9.8	%	-0.3	%
OTHER
Number of Households	246,570	246,654	247,934	248,780	250,307	251,424	252,079	253,068	254,110	256,078	255,908	257,162	261,430	1.7	%	6.0	%

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 March 31, 2024. 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 June 30, 2024, 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 operates a wealth management platform that powers independent financial advisors and their clients. Together with our affiliates Voyant and Adhesion Wealth, we serve advisors of all models at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Our ecosystem of solutions equips advisors with services and capabilities that would otherwise require significant investments of time and money, ultimately enabling them to deliver better investor outcomes and enhance their productivity, profitability and client satisfaction.

Founded in 1996 and based in Concord, California, the company has over 1,000 employees. As of first quarter-end 2024, the Company had approximately $117 billion in platform assets.

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 in April 2024?

AssetMark's platform assets were $113.7 billion in April 2024, a 17.3% increase year-over-year.

How much were AssetMark's net flows in April 2024?

AssetMark's net flows for April 2024 were $696 million, up 60.7% year-over-year.

Did AssetMark's client cash increase in April 2024?

No, AssetMark Trust Company client cash decreased by 0.3% year-over-year to $2.86 billion in April 2024.

How many households did AssetMark serve by the end of April 2024?

By the end of April 2024, AssetMark served 261,430 households, a 6.0% increase year-over-year.