AssetMark financial advisors are not only growing in headcount. They’re also bringing even more cash into the Concord, California-based turnkey asset management program and outsourced investment technology firm.
While the firm saw its first quarter 2023 net income drop 22.5% to $17.2 million from the $22.2 million it brought in one year before, overall platform assets and platform assets from engaged advisors were up year over year.
In a prepared statement released alongside the financials on May 3, CEO Natalie Wolfsen said the firm also notched another record quarter despite tough market conditions, calling it a further demonstration of AssetMark’s “strategic focus and commitment to flawless execution.”
She added that the firm’s record results include total revenue of $177 million and adjusted EBITDA of $59 million.
“I am extremely proud of our results and, as I look ahead, I am encouraged by the early trends we are seeing,” Wolfsen said. “Specifically, first quarter new producing advisors were the highest since the second quarter of 2022, and first quarter production or money onto the platform is at the highest level since the fourth quarter of 2021.
“Our strategy is designed to help our advisors grow and scale, which will in turn help AssetMark grow and scale.”
To see the key takeaways from AssetMark’s earnings statements for financial advisors and other wealth management professionals, scroll down our slideshow.