AssetMark Financial Holdings (NYSE:AMK) has been performing well over the past year and is well positioned to capitalize on the industry shift from traditional brokerage firms to independent registered investment advisors (RIAs). Wealth management is a growing industry, and is required by both businesses and individuals during a crisis like a recession and the Fed's quantitative tightening. As per the company's annual filing in 2021, assets under management increased from $38.2 billion in 2018 to $84.5 billion in 2020. Revenue also increased from $168.7 million in 2018 to $315.5 million in 2020, demonstrating the expansion and profitability of AMK. Its expansion has been fueled by a combination of bringing on new advisors, gaining clients, and existing advisors taking home more money.
What Does the Company Do?
AssetMark Financial Holdings specializes in providing extensive wealth management and technology solutions that power independent financial advisors and their clients. The company's tech-based platform supports businesses by increasing client engagement and business growth, with an aim to save the two most important assets of any business: time and money. Major attractions like extensive and scalable value-added services as well as curated investment solutions have been key drivers of AMK's market share expansion from 10% to 11% from Dec. 31, 2018, to Sept. 30, 2021.