New AssetMark CEO says TAMP on track for best year in company history, aims to double size in 3 years

Despite major shifts in its C-suite during the third quarter of 2023, AssetMark’s quarterly financials tell a familar story of record setting and growing advisor headcounts. 

The firm saw its third quarter 2023 net income climb 27.6% to $38.4 million from the $30.1 million it brought in one year before. Overall platform assets, net flows and assets from engaged advisors were also up year over year.

In a prepared statement released alongside the financials on Nov. 6, new AssetMark CEO Michael Kim said by adding to its tally of consecutive record-setting quarters, the company is now cruising to an all-timer.

“The third quarter was another record quarter for AssetMark, highlighted by all-time highs across many financial and operating metrics. We realized our sixth straight quarter of record adjusted EBITDA, while also expanding margins 90 bps year-over-year to a record 34.9%. Simply put, the results for the third quarter were excellent, and we feel we are well on track for the best year in our company’s history,” Kim said. “We are focused on continued execution of our strategy and three long-term priorities: hyper growth, accelerated capital deployment and enhanced scalability, which we believe will create continued value for our advisors, their clients, and our shareholders.” 

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The quarter was also one of significant changes for the California TAMP. September 2023 began with longtime AssetMark leader Natalie Wolfsen exiting to take over as CEO of Orion Advisor Solutions in the wake of Eric Clarke’s retirement announcement. 

Kim, a 13-year firm veteran with more than 25 years of collective industry experience, was selected as Wolfsen’s successor. He most recently served as AssetMark president and chief client officer. Prior to joining AssetMark, Kim was an executive at Fidelity Investments, overseeing RIA sales management, relationship management and practice management. 

To see the key takeaways from AssetMark’s earnings statements for financial advisors and other wealth management professionals, scroll down our slideshow. And check out the company’s Q1 and Q2 earnings by clicking here and here.