July 29, 2021

CityWireUSA: Reg BI helps give AssetMark record flows

By: MSR Communications

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By Ian Wenik | July 29, 2021

The turnkey asset management program provider is reaping the benefits as advisors move away from commission-based relationships.

Fee-conscious advisors, historically a drag on AssetMark’s performance, proved to be a benefit in the second quarter of 2021.The turnkey asset management program provider recorded record net inflows of roughly $2.2bn in the quarter, up 145.6% relative to the second quarter of 2020. AssetMark, which posted an unadjusted net loss of roughly $9.3m in the coronavirus-affected second quarter of 2020, turned an unadjusted $10m profit in the second quarter of 2021.

AssetMark recorded adjusted earnings of 36 cents per share in the second quarter of 2021, ahead of the 34 cents per share figure consensus estimate tabulated by Zacks Investment Research. The company had roughly $84.6bn in assets on its platform as of the end of the second quarter of 2021.

Read the full article at CityWireUSA