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AssetMark (NYSE: AMK) has appointed Josh Armey as the new Executive Vice President and Head of Corporate Strategy. Armey, with extensive experience in enterprise strategy, previously led the Transformation Office at Edward Jones, implementing strategies that enhanced firm-wide execution. His role at AssetMark involves driving strategic growth and enhancing long-term performance as the company evolves into a comprehensive wealth management platform. AssetMark, founded in 1996, currently serves 9,200 advisors and manages $91.5 billion in assets.
AssetMark Financial Holdings, Inc. (NYSE: AMK) published its February 2023 performance data, reporting platform assets of $94.3 billion, reflecting a 5.4% year-over-year increase. However, net flows dropped by 22.2% to $540 million compared to the previous year. Additionally, client cash with AssetMark Trust Company rose to $3.32 billion, a 16.1% increase from last February. The number of households served climbed 13.8% to 242,826.
AssetMark cautions that this preliminary monthly data is subject to revision and should not be seen as a definitive measure of future performance.
AssetMark Financial Holdings reported its fourth quarter and full-year 2022 financial results on February 22, 2023. The company achieved a net income of $25.6 million for Q4, a significant increase of 107.2% year-over-year, with an adjusted net income of $34.3 million. Total revenue for the quarter reached $164.1 million, showing a 14.3% increase. Despite a 2.2% decline in platform assets year-over-year to $91.5 billion, quarter-over-quarter assets rose by 15.2%. The company saw 908 million in net flows during Q4 and added 143 new producing advisors, enhancing its operational capacity.
AssetMark Financial Holdings, Inc. (AMK) announced its January 2023 metrics, reporting a 5.9% increase year-over-year in platform assets, totaling $95.8 billion. However, net flows decreased significantly by 46.6% from the previous year, amounting to $347 million. The company's client cash reached $3.32 billion, reflecting a 16.5% rise compared to January 2022. Additionally, the number of households served grew by 14.6% year-over-year to 242,572. This monthly report is preliminary and does not substitute for formal financial statements.
AssetMark Financial Holdings (AMK) will report its financial results for the quarter ended December 31, 2022, after the U.S. market close on February 22, 2023. Following the release, a conference call will be hosted at 5:00 pm ET to discuss the results. Investors and interested parties can listen to the call through the AssetMark Investor Relations website or via a pre-registration process to receive dial-in numbers and a passcode. AssetMark focuses on providing wealth management and technology solutions tailored for independent financial advisors.
AssetMark Financial Holdings, Inc. (NYSE: AMK) announced the December 2022 metrics in its AssetMark Monthly Knowledge Report, revealing a total platform asset of $91.5 billion, down 2.1% year-over-year, including $6.8 billion from Adhesion Wealth Advisor Solutions. Total net flows for December were $345 million, reflecting a 67.5% decline year-over-year. However, cash at AssetMark Trust Company rose by 20.8% to $3.54 billion, and the number of households increased by 14.8% to 241,053.
AssetMark has completed its acquisition of Adhesion Wealth, a prominent provider of wealth management technology. This strategic move aims to empower growth-focused advisors, enhancing service offerings with a combined suite of technology solutions. AssetMark acquired $7.3 billion in billable assets as of November 30, 2022, for $46 million plus transaction costs. Adhesion will continue operating as a standalone entity while leveraging AssetMark's resources to improve client outcomes.
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported platform assets of $87.1 billion for November 2022, a 3.0% decline year-over-year. Net flows fell significantly to $280 million, a 71.8% decrease compared to the previous year. Notably, cash held by AssetMark Trust Company clients increased to $3.27 billion, up 24.8% year-over-year. The number of households served rose to 224,983, reflecting an 8.5% growth. AssetMark cautioned that these figures are preliminary and subject to change.
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported its October 2022 performance, revealing platform assets of $82.8 billion, an 8.3% decline year-over-year. The net flows dropped to $283 million, down 68.3% compared to last year. However, client cash in the AssetMark Trust Company increased to $3.49 billion, marking a 43.6% rise year-over-year. The number of households also grew by 9.4% to 225,103.
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