After a 2021 of new records, AssetMark kicked off 2022 by surpassing Q1 earnings estimates, setting a new revenue record and adding more advisors to the platform.
The Concord, California-based turnkey asset management program and outsourced investment technology firm saw year-over-year increases in client assets, net flows and total revenue as its advisor headcount climbed past 8,700.
In a prepared statement, CEO Natalie Wolfsen said AssetMark’s strong first quarter was a “testament to the value we provide our advisors and their clients.”
“Our latest outsourcing survey shows that advisors who outsource reported stronger client relationships, increased acquisition and retention of clients, and higher asset totals. For these reasons and more, we expect outsourcing growth to continue, and we are well positioned to capitalize on the trend,” Wolfsen said in a statement. “Year over year, we saw double-digit growth in key operational and financial metrics, and we will look to continue this momentum through 2022.”
To see the key takeaways from AssetMark’s earnings statements for financial advisors and other wealth management professionals, scroll down our slideshow. For coverage of the company’s earnings in the prior quarter, click here.