AssetMark has announced its inaugural Institutional RIA Summit, a free virtual event scheduled for May 25-26, 2021. The summit aims to address key topics relevant to registered independent advisors (RIAs), including growth trends, technology leverage, and private market investments. Notable speakers include Kevin O’Leary from Shark Tank and Michael Kitces, Publisher of Nerd's Eye View. CEO Natalie Wolfsen emphasizes the summit's goal is to provide valuable insights and strategies to help RIAs adapt to industry changes and client needs.
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AssetMark Financial Holdings, Inc. (NYSE: AMK) will announce its financial results for the first quarter of 2021 on May 4, 2021, after market close. A conference call and webcast will take place at 5:00 pm ET to discuss the results, providing an opportunity for shareholders to engage actively. AssetMark currently manages $74.5 billion in platform assets as of December 31, 2020, offering tech-enabled wealth management solutions tailored for financial advisors.
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AssetMark Financial Holdings (NYSE: AMK) has shared its “AssetMark Monthly Knowledge” Report for March 2021. Key highlights include a significant increase in platform assets, reaching $78.9 billion, a 40.9% year-over-year rise. Net flows totaled $901 million, marking a 36.7% increase compared to the previous year. However, client cash at AssetMark Trust Company decreased to $2.50 billion, down 16.4% year-over-year. The number of households also grew by 8.1%, reaching 190,915.
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AssetMark Financial Holdings, Inc. (NYSE: AMK) reported key metrics for February 2021. Platform assets reached $76.2 billion, indicating a 23.5% year-over-year growth. However, net flows were $532 million, down 24.3% year-over-year. Notably, client cash at AssetMark Trust Company rose to $2.60 billion, up 43.6% year-over-year. Additionally, the number of households increased to 188,679, up 7.8% from the previous year. The report emphasizes that these figures are preliminary and should not be taken as indicators of future performance.
AssetMark has launched AssetMark Institutional, providing registered investment advisors (RIAs) with a comprehensive set of products and services to enhance growth and efficiency amidst evolving market conditions. With over 350 RIAs and more than $7 billion in assets already engaged, this new offering focuses on operational support, integrated technology, and curated investment solutions. CEO Natalie Wolfsen emphasized the importance of adapting to technological changes to meet RIA demands. The initiative comes as the RIA channel continues to grow, highlighting the need for enhanced digital capabilities.
AssetMark Financial Holdings (NYSE: AMK) announced its acquisition of Voyant for $145 million, comprising $120 million in cash and $25 million in stock. Voyant, a global leader in SaaS-based financial planning, supports over 20,000 advisors in multiple countries. This acquisition aims to enhance AssetMark's financial wellness strategy by integrating Voyant's solutions, thereby improving client-advisor relationships and fostering growth. The deal is expected to close in mid-2021 and will be immediately accretive to AssetMark's adjusted EPS.