UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38980 ASSETMARK FINANCIAL HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38980 ASSETMARK FINANCIAL HOLDINGS, INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | --- ...

AssetMark Financial Holdings, Inc. (NYSE:AMK) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Company Participants Taylor Hamilton - Head, IR Natalie Wolfsen - CEO & Director Gary Zyla - EVP, Principal Accounting Officer & CFO Conference Call Participants Gerald O'Hara - Jefferies Jeffrey Schmitt - William Blair & Company Operator Good afternoon, everyone, and welcome to AssetMark's Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]. Today's call is being recorded. Now I'd l ...

Financial Data and Key Metrics Changes - AssetMark reported record platform assets of $84.6 billion, a 34% increase year-over-year, driven by net flows of $2.2 billion and $3.5 billion in market gains [20][21] - Net revenue for the second quarter reached $128 million, reflecting a 33% year-over-year increase, with asset-based net revenue up 37.5% to $88.9 million [24][30] - Adjusted EBITDA was a record $40 million, up 58% year-over-year, with an adjusted EBITDA margin of 31.3%, an increase of 570 basis points year-over-year [32] Business Line Data and Key Metrics Changes - Organic growth has accelerated for four consecutive quarters, with year-to-date net flows at 11.2% of beginning-period platform assets [7][21] - The company added 201 new producing advisers in Q2 2021, the highest total since Q1 2020, bringing total engaged advisers to 2,691, which now account for 91% of platform assets [22][23] - The acquisition of Voyant is expected to contribute $20 million in revenue and $8 million in adjusted EBITDA for 2021, enhancing AssetMark's financial wellness vision [12][41] Market Data and Key Metrics Changes - The company noted that high net worth households account for over 43% of U.S. investable assets, indicating a growing market opportunity [14] - The shift towards fee-based solutions is being driven by regulatory changes, with programs in place to assist advisers in transitioning from commission-based to fee-based models [44][50] Company Strategy and Development Direction - AssetMark's growth strategy is centered around five key components, including meeting advisers' unique needs, delivering a holistic experience, and expanding into high net worth offerings [10][15] - The company aims to pursue strategic transactions to enhance capabilities and scale, positioning itself well for future M&A opportunities [17][34] - The focus on adviser-centric strategies is expected to drive long-term growth and shareholder value [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2021, expecting continued strong organic growth and market impact, with revised net revenue growth outlook increased to 26% to 28% [34][35] - The potential for earlier-than-anticipated interest rate hikes could positively impact revenue diversification and earnings growth [26] Other Important Information - The company ended the quarter with $179.8 million in cash and a low debt position of $125 million, providing flexibility for future investments [33] - The effective tax rate for Q2 was 23.5%, lower than the previous year's rate, reflecting tax efficiencies created in 2020 [32] Q&A Session Summary Question: Insights on Voyant's future contributions - Management plans to invest in further integration of Voyant's capabilities and expects to cover costs within the regular capital budget, with a focus on expanding relationships in the U.S. and internationally [38][39] Question: Share of wallet capture from engaged advisers - Current share of wallet from engaged advisers is 50%, with plans to capture more through new product offerings and transitioning advisers to fee-based solutions [43][44] Question: Sources of organic growth acceleration - Organic growth is driven by share of wallet expansion, the move to fee-based solutions, and increased efficiency among advisers on the platform [46][48] Question: Future organic growth expectations - The company targets low to mid-double-digit organic growth as part of its ongoing objectives, with investments aimed at achieving these long-term goals [53] Question: Revenue run rate and infrastructure support - Management emphasized the need for continuous investment in infrastructure to support growth and expand the total addressable market through new services and technology [64]

Financial Data and Key Metrics Changes - In 2020, net revenue increased by 3.4% year-over-year, driven by an 11% increase in asset-based revenue [9] - Adjusted EBITDA grew by 4.7% to $115 million, with an adjusted EBITDA margin improvement of 30 basis points [9][29] - Adjusted net income rose by 10.7% to $73.2 million, resulting in an adjusted EPS of $2, the highest in the company's history [9][30] Business Line Data and Key Metrics Changes - Fourth quarter net flows were $1.5 billion, up 27% quarter-over-quarter, contributing to a record platform asset total of $74.5 billion [7][21] - For the full year, net flows totaled $5.5 billion, representing 8.9% of beginning year platform assets, aligning with the target of 8% to 10% [21][22] - Engaged advisors increased by 13.7% year-over-year, now accounting for 90% of total assets on the platform [24] Market Data and Key Metrics Changes - The company added $12.9 billion in assets and 306 engaged advisors in 2020, with 743 new producing advisors joining the platform [8] - The RIA and hybrid RIA segments accounted for 15.8% of production on the platform, up from 10.9% in 2018, with RIAs growing their production by 50% since last year [18] Company Strategy and Development Direction - The company is focused on attracting adjacent advisors in the RIA and hybrid RIA channels to augment its growth strategy [6][18] - Investment in technology development totaled $50 million in 2020, aimed at enhancing tools and services for advisors [11] - The launch of AssetMark Institutional aims to provide a holistic solution for RIAs, including new products and operational support [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2021, citing strong sales activity and a robust pipeline of projects [16][34] - The company anticipates organic growth of 8% to 10% for 2021, with total asset growth expected between 11.5% and 13.5% [34] - Management acknowledged potential challenges from the pandemic and market conditions but remains focused on leveraging technology and advisor engagement [34][56] Other Important Information - The company secured a new $250 million revolving credit facility, enhancing its financial flexibility [32] - Total adjusted expenses decreased by 2.5% year-over-year, reflecting effective cost management [27] Q&A Session Summary Question: Can you discuss the adoption trends for AMP and competition in the space? - Management highlighted that AMP (Advisor-Managed Portfolios) is designed for RIAs and hybrid RIAs, allowing them to manage parts of portfolios while outsourcing other functions, which is expected to drive growth [40][41] Question: How is the growth outlook for 2021 disaggregated between RIA and core legacy business? - Management indicated that a growing percentage of organic growth is coming from the RIA segment, while the majority still comes from the core IBD segment [49][50] Question: What lessons learned from the pandemic are supporting EBITDA outlook? - Management noted increased productivity from remote operations and the ability to deliver content more efficiently, which will continue to enhance business operations [55][56] Question: What are the main technology investment areas as the company moves into the RIA world? - Management emphasized investments in financial wellness tools, including planning visualization and risk assessment, as key areas for technology development [60][62] Question: How is the company approaching M&A opportunities? - Management remains focused on both consolidation and capability-enhancing deals, with a disciplined approach to evaluating potential acquisitions [66][68] Question: How does consolidation in the independent broker-dealer and RIA space affect the company? - Management views consolidation as both an opportunity and a threat, noting that while larger firms may invest in capabilities, there are still many sub-scale RIAs that present growth opportunities [70][74]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading symbol(s) Name of each exchange on which registered Common stock, par value $0.001 per share AMK New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Co ...

AssetMark Financial Holdings, Inc. (NYSE:AMK) Q3 2020 Earnings Conference Call November 10, 2020 5:00 PM ET Company Participants Taylor Hamilton - IR Charles Goldman - CEO Gary Zyla - CFO Conference Call Participants Kevin McVeigh - Credit Suisse Ryan Bailey - Goldman Sachs Patrick O'Shaughnessy - Raymond James Operator Good afternoon everyone and welcome to AssetMark's Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and ...

Financial Performance - 3Q20 net flows increased by 33% quarter-over-quarter to $1.2 billion[11] - The company's net flows as a percentage of beginning-of-period platform assets was 8.6%[29] - Total revenue decreased by 2.7% year-over-year, from $110.1 million in 3Q19 to $107.1 million in 3Q20[34] - Adjusted EBITDA increased slightly by 0.3% year-over-year, from $29.2 million in 3Q19 to $29.3 million in 3Q20[43] - Adjusted EBITDA margin increased by 80 bps year-over-year, from 26.6% in 3Q19 to 27.4% in 3Q20[43] - Adjusted net income increased by 6.1% year-over-year, from $17.1 million in 3Q19 to $18.2 million in 3Q20[43] Growth and Strategy - The company is focused on enhancing advisor value and productivity, attracting adjacent advisors, and continuing to scale the business[9] - The company's target organic growth is 10%+ annualized if COVID mitigates, or 8-10% annualized organic growth[26] - Existing advisors contribute approximately 66% of net flows, while new platform advisors (NPAs) contribute approximately 33%[26] Advisor Engagement and Platform Enhancements - Over 450 webinars were hosted with 20,000+ total attendees[12] - October Premier Advisor meetings had over 900 attendees, a 20%+ increase compared to previous meetings[12]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38980 ASSETMARK FINANCIAL HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdi ...