AssetMark revenue hits all-time high in Q3

investmentnews.com:

AssetMark Financial Holdings hit its sixth consecutive quarter of record-breaking results in the third quarter, and it shows no sign of slowing.

The turnkey asset management and technology provider brought in an all-time high total revenue of $190.5 million in the three months ended in September, up 23% year-over-year, while net revenue was a record of $138.9 million, up 20% year over year.

The firm ended the quarter serving an all-time high of over 251,000 households doing business with more than 9,300 advisors.

AssetMark also announced it is entering into a partnership with Cheetah, an Accutech company.

“Together, AssetMark and Cheetah are creating a first-of-its-kind, seamless wealth management solution to address the expanding intersection of trust services and investment services with a digital ecosystem that sets both institutional wealth managers and registered investment advisors up for success,” said Michael Kim, CEO at AssetMark.

Kim, who replaced former AssetMark CEO Natalie Wolfsen in September, said AssetMark is excited about the partnership with Cheetah.

“It’ll really build on our wealth management platform to offer sort of this holistic trust and wealth management services to regional banks and regional trust companies,” Kim said. “Their trust and the relationships that they have with their local community are stronger than any other intermediaries out there.”

Adhesion Wealth, which AssetMark acquired last year, also had a successful quarter, bringing in $485 million in assets from new firms. The company said 75% of existing Adhesion clients experienced asset growth through the third quarter, with 46% seeing significant double-digit growth.

What’s interesting about Adhesion, Kim said, is it supports both