AssetMark’s financial advisors are not only growing in number.They’re also bringing in more cash to Concord, Calif. Turnkey Wealth Management Program and Outsourced Investment Technology Company.
Net income decreased 22.5% to $17.2 million in the first quarter of 2023 from $22.2 million a year ago, while overall platform assets and platform assets from engaged advisors increased year-over-year.
in a prepared statement Announced at the same time as financial results on May 3CEO Natalie Wolfsen said the company delivered another record quarter despite challenging market conditions, further demonstrating Assetmark’s “strategic focus and commitment to flawless execution”. said it is.
She added that the company’s record results include total revenue of $177 million and adjusted EBITDA of $59 million.
“I am extremely proud of our results and looking ahead, I am encouraged by the early trends we are seeing. is the highest since Q2 of 2022, and Q1 production or platform funding is at its highest level since Q4 of 2021.
“Our strategy is designed to help Advisors grow and expand, which in turn drives the growth and expansion of AssetMark.”
Scroll down the slideshow to see key takeaways from AssetMark’s earnings reports for financial advisors and other wealth management professionals.