May AMK Report

Core Insights - AssetMark Financial Holdings, Inc. reported significant growth in platform assets, reaching $117.7 billion at the end of May 2024, which represents a 22.1% increase year-over-year [1][2] - The company experienced a decline in net flows, totaling $611 million in May 2024, down 4.1% compared to the same month last year [1][2] - Client cash held by AssetMark Trust Company decreased to $2.84 billion, reflecting a 3.7% year-over-year decline [1][2] - The number of households served by AssetMark increased by 5.7% year-over-year, reaching 260,756 at the end of May 2024 [1][2] Financial Metrics - Platform assets increased from $96.4 billion in May 2023 to $117.7 billion in May 2024, marking a month-over-month growth of 3.5% [2] - Net flows decreased from $637 million in May 2023 to $611 million in May 2024, showing a month-over-month decline of 12.2% [2] - Ending client cash at AssetMark Trust Company fell from $2.95 billion in May 2023 to $2.84 billion in May 2024, indicating a month-over-month decrease of 0.7% [2] - The number of households increased from 246,654 in May 2023 to 260,756 in May 2024, reflecting a month-over-month change of -0.3% [2] Company Overview - AssetMark operates a wealth management platform that supports independent financial advisors and their clients, providing flexible solutions to enhance client engagement and operational efficiency [3] - The company, founded in 1996 and based in Concord, California, employs over 1,000 individuals and had approximately $117 billion in platform assets as of the first quarter of 2024 [3]