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AssetMark (NYSE: AMK) has launched an enhanced securities-backed line of credit (SBLOC) program powered by Supernova Technology. The new Cash Advantage Lending service allows clients faster access to low-interest liquidity supported by digital processes, improving the experience for financial advisors and their clients. This program enables advisors to utilize portfolio assets as collateral without liquidating investments, helping maintain market exposure and avoid tax implications. The initiative aims to modernize securities-based lending, making it more efficient and collaborative for wealth managers.
AssetMark Financial Holdings, Inc. (NYSE: AMK) released its July 2020 performance metrics, showcasing substantial growth in platform assets, which reached $65.6 billion, up 15.7% year-over-year. However, net flows declined to $319 million, reflecting a 40.7% decrease year-over-year. Notably, client cash with AssetMark Trust Company increased significantly to $2.60 billion, marking a 79.3% rise. The number of households served grew by 15.4%, totaling 181,115 households at the end of July.
AssetMark Financial Holdings (NYSE: AMK) reported its second-quarter financial results for 2020, revealing a net loss of $9.3 million, or $0.14 per share. Total revenue was $99.1 million, with an adjusted net income of $15.1 million, equating to $0.21 per share. The company demonstrated strong growth in platform assets, increasing to $63.2 billion, a 12.8% rise year-over-year. New production advisors totaled 178, alongside net flows of $907 million. However, net flows dropped 40.1% compared to the previous year.
AssetMark Financial Holdings (NYSE: AMK) will announce its financial results for the quarter ended June 30, 2020, on August 4, 2020, post-market close. A conference call and webcast will follow at 5:00 PM ET to discuss the results. AssetMark encourages shareholders and interested parties to join the call via the internet or through a dial-in registration for participant access. The company reported $56 billion in platform assets as of March 30, 2020, indicating its robust position in wealth management and technology solutions for independent financial advisors.
AssetMark Financial Holdings, Inc. (NYSE: AMK) has released its "AssetMark Monthly Knowledge" Report, revealing key metrics for May 2020. Platform assets reached $62.0 billion, a 15.7% year-over-year increase. However, net flows declined to $137 million, down 74.9% from the previous year. Asset retention remains stable with a year-to-date redemption rate of 12.8%. Notably, cash at AssetMark Trust Company surged 102.9% year-over-year, and the number of households grew 15.3% to 178,284.
AssetMark Financial Holdings (NYSE: AMK) will participate in the Morgan Stanley Virtual U.S. Financials Conference on June 10, 2020, at 4:00 PM ET. Attendees can access the presentation via a webcast linked on the Investor Relations page. In addition, the company will facilitate one-on-one meetings throughout the day for analysts and portfolio managers wishing to engage. As of March 31, 2020, AssetMark had $56.0 billion in platform assets and boasts over 20 years of innovative wealth management and technology solutions.
AssetMark Financial Holdings (AMK) announced its Q1 2020 financial results, reporting a net income of $2.7 million ($0.04 per share) and adjusted net income of $17.7 million ($0.24 per share) on total revenue of $114.9 million. Despite a 12.7% increase in platform assets year-over-year, there was a 9.1% decline quarter-over-quarter due to a $9.5 billion negative market impact. The company achieved record quarterly net flows of $1.8 billion and expanded its advisor network with over 14,400 new households joining its platform.