AssetMark Reports 14.5% YoY Increase in Platform Assets, Reaching $109.7 Billion
AssetMark Financial Holdings, Inc. announced a noteworthy year-over-year growth of 14.5% in its platform assets, hitting a total of $109.7 billion by the end of January 2024. The company’s net flows also saw an impressive rise of 24.5% compared to the previous year, reaching $432 million for the month.
Despite the positive growth in assets and net flows, AssetMark Trust Company’s client cash experienced a decrease of 13.0% year-over-year, totaling $2.89 billion. However, the number of households served by the company witnessed an upward trend, with a 5.6% increase, reaching a total of 256,078 at the conclusion of January.
AssetMark has emphasized that the monthly report is preliminary and subject to revisions. It should not be interpreted as a measure of the company’s financial performance for the quarter ending March 31, 2024, or any future period.
AssetMark, a prominent wealth management platform provider, offers a suite of solutions aimed at enhancing client engagement, efficiency, and overall financial outcomes for independent financial advisors and their clients. Founded in 1996 and headquartered in Concord, California, the company employs nearly 1,000 people and reported approximately $109 billion in platform assets as of year-end 2023.
*Note: This article is based on the information provided and may be subject to changes.
Analyst comment
Positive news: AssetMark Financial Holdings, Inc. reported a 14.5% YoY increase in platform assets, reaching $109.7 billion, and a 24.5% rise in net flows. The number of households served also increased by 5.6%. However, client cash decreased by 13.0%. As an analyst, the market is likely to view this news positively, with expectations of continued growth for the company.
