CONCORD, Calif. - AssetMark Financial Holdings, Inc. (NYSE: NYSE:AMK) reported a year-over-year increase of 14.5% in its platform assets, which stood at $109.7 billion at the end of January 2024. The company's net flows also rose by 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 decreased by 13.0% year-over-year, amounting to $2.89 billion. The number of households served by the company saw an upward trend, with a 5.6% increase, bringing the total to 256,078 at the conclusion of January.
The monthly report, which is supplementary and not a replacement for the official financial statements filed with the Securities and Exchange Commission, is preliminary and subject to revisions. AssetMark has made clear that this data should not be interpreted as an indicator of the company's financial performance for the quarter ending March 31, 2024, or any future period.
AssetMark, a wealth management platform provider, supports independent financial advisors and their clients with a suite of solutions aimed at enhancing client engagement, efficiency, and overall financial outcomes. The company, founded in 1996 and headquartered in Concord, California, employs nearly 1,000 people and reported approximately $109 billion in platform assets as of year-end 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.