AssetMark's latest numbers are out and they reflect spectacular expansion for both the company and its 8,400 affiliated advisors.
Platform assets increased 40.8% year-over-year and 5.9% quarter-over-quarter to $78.9 billion, aided by quarterly record net flows of $1.9 billion and market impact net of fees of $2.4 billion. Year-to-date annualized net flows as a percentage of
beginning-of-year platform assets were 10.3%.
More than 4,300 new households and 194 new producing advisors joined the AssetMark platform during the first quarter. In total, as of March 31, 2021 there were over 8,400 advisors (approximately 2,600 were engaged advisors) and over 190,900
investor households on the AssetMark platform.
Most significantly, the company realized 21.8% annualized production lift from existing advisors for the first quarter, indicating that advisors continued to grow organically and increase wallet share on our platform.
“AssetMark had a very strong first quarter, a testament to living our mission and executing on our strategy. We grew through the pandemic, and are beginning to see an acceleration in our growth as we enter a post-pandemic world,” said AssetMark CEO Natalie Wolfsen.
“First quarter net flows were a record $1.9 billion and annualized net flows as percentage of beginning of period assets are over 10%. We realized record revenue and adjusted EBTIDA in the first quarter, while continuing to drive scale in the business. We are making great progress on our 2021 strategic priorities, maintaining a strong financial position and will be returning to in-person events soon. These will help us continue to attract new advisors, accelerate organic growth and gain market share.”
