AssetMark Financial Holdings announced financial results for the quarter and full year last week. Before that, they unrolled new tools to help affiliated advisors expand their digital reach.
Platform assets increased 25.5% year-over-year and 7.7% quarter-over-quarter to $93.5 billion, aided by quarterly record net flows of $2.9 billion and market impact net of fees of $3.7 billion. Annual net flows as a percentage of beginning-of-year platform assets were 13.3%.
More than 6,800 new households and 215 new producing advisors joined the AssetMark platform during the fourth quarter. In total, as of December 31, 2021 there were over 8,600 advisors (approximately 2,850 were engaged advisors) and over 209,000 investor households on the AssetMark platform.
They realized a 24.6% annualized production lift from existing advisors for the fourth quarter, indicating that advisors continued to grow organically and increase wallet share on our platform.
“AssetMark ended 2021 with record results; assets on the platform grew to over $93 billion, and we served more advisors and investor households than ever before. We realized double digit growth for top- and bottom-line financials and expanded margins by 300 bps,” said AssetMark CEO Natalie Wolfsen.
“We achieved important milestones that will drive our business forward – most notably, our expansion into the growing RIA channel and our acquisition of the financial planning software provider Voyant. In 2022, we will continue broadening our platform to redefine the advisor experience and deliver value to our clients and shareholders.”
In fact, a few weeks previously, the company launched WealthBuilder℠ Prospecting, a new tool designed to streamline prospecting for financial advisors and provide them with insights to drive lead conversion.
In about 20 minutes, WealthBuilder Prospecting enables advisors to generate a unique link to use on their websites, in emails or social posts, or in online advertising. The link is a gateway for interested leads to start a low-friction discovery process. This helps to convey where prospective clients are at in their financial journey, giving advisors an advanced look at their needs, preferences and interests.
Prospects then have the option to engage directly with advisors, who also receive an alert whenever someone completes the process—a great indicator that a lead is open to learning more. Advisors also are equipped with a dashboard that can help them organize their lead-to-prospect pipeline and keep track of the status of various engagements.
“Common prospecting methods such as cold calling, advertising or seminars often require a large investment of time and money, with no guarantee of success,” said Michael Raneri, Chief Digital Innovation Officer at AssetMark.
“WealthBuilder Prospecting allows advisors to invite leads into the planning process and effectively ‘kick-start’ a warm client engagement process, in a time-efficient way that increases the chance of earning new business. We are pleased to provide advisors with another digital tool to help them build their businesses and drive client satisfaction.”
Interested advisors can find more information by viewing this informational webinar or through their AssetMark representative.
