AssetMark Debuts New Private Wealth Program for Advisors
AssetMark Financial Holdings, a Concord, Calif.-based turnkey asset management platform and technology provider owned by private equity firm GTCR, has launched a program to help advisors broaden their set of services to appeal to high-net-worth clients.
AssetMark Private Wealth, as the program is called, aims to support advisors with financial planning, customizable investments and specialized wealth capabilities.
The financial planning support will cover tax, income, estate and legacy planning, while the specialized wealth capabilities will include tax management, private markets, cash and lending, and charitable giving. The wealth solutions consulting and client portfolio manager teams will help advisors identify opportunities within the HNW space, develop proposals and prepare for client conversations.
“Serving high-net-worth clients increasingly means looking across the full picture of their wealth,” said David McNatt, executive vice president and chief wealth solutions and strategy officer at AssetMark. “AssetMark Private Wealth brings planning and investment support together with specialized capabilities, giving advisors a scalable way to address tax, income, liquidity and legacy considerations while keeping advisors at the center of the client relationship.”
AssetMark recently conducted a survey of advisors, asking about the challenges of serving the private wealth market. The survey found that 55% of advisors were very or extremely concerned about losing HNW clients to large institutions, while another 55% said they were concerned that assets will leave when wealth transfers to beneficiaries.
At the same time, 83% of advisors surveyed said their clients come to them for holistic wealth management beyond investments.
“Building trust across a family takes more than managing a portfolio,” AssetMark President and CEO Michael Kim said in a statement. “It means understanding the family’s broader priorities and being part of planning conversations before assets change hands. AssetMark Private Wealth is designed to help independent advisors serve those needs while preserving the flexibility and control that define their practices.”
Founded in 1996, AssetMark has more than 10,000 financial advisors and 340,000 investor households on its platform, and it had over $180 billion in assets as of June 30. Its services include investment management, estate planning, tax optimization, and personalized investing, such as direct indexing.
