CONCORD, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (: AMK) today announced financial results for the quarter ended June 30, 2023.
Second Quarter 2023 Financial and Operational Highlights
- Net income for the quarter was $32.9 million, or $0.44 per share.
- Adjusted net income for the quarter was $41.2 million, or $0.55 per share, on total revenue of $183.2 million.
- Adjusted EBITDA for the quarter was $60.4 million, or 33.0% of total revenue.
- Platform assets increased 22.7% year-over-year to $100.8 billion. Quarter-over-quarter platform assets were up 4.7%, due to market impact net of fees of $2.9 billion, and quarterly net flows of $1.7 billion.
- Year-to-date annualized net flows as a percentage of beginning-of-year platform assets were 7.3%.
- More than 2,700 new households and 188 new producing advisors joined the AssetMark platform during the second quarter. In total, as of June 30, 2023, there were over 9,300 advisors (over 3,000 were engaged advisors) and over 247,000 investor households on the AssetMark platform.
- We realized an 20.2% annualized production lift from existing advisors for the second quarter, indicating that advisors continued to grow organically and increase wallet share on our platform.
“AssetMark continues to grow, adding 188 new producing advisors and $1.7 billion of net flows in the second quarter. We ended the quarter with over $100 billion of platform assets, an all-time high. Our financial results were strong, highlighted by all-time highs in revenue, adjusted EBITDA, adjusted net income and adjusted EPS – each of which increased by more than 20% year-over-year. Our 2023 Net Promoter Score was a record 72, eclipsing our previous record by 5 points – a powerful testament to the value we bring to our over 9,300 advisors,” said AssetMark CEO Natalie Wolfsen. “The first half of the year has been outstanding, and I am excited to deliver what we have planned for advisors in the second half of 2023.”
Second Quarter 2023 Key Operating Metrics
| 2Q22 | 2Q23 | Variance per year | ||||
| Operational metrics: | ||||||
| Platform assets (at period-beginning) (millions of dollars) | 90,818 | 96,203 | 5.9 | % | ||
| Net flows (millions of dollars) | 1,363 | 1,695 | 24.3 | % | ||
| Market impact net of fees (millions of dollars) | (10,054 | ) | 2,864 | NM | ||
| Acquisition impact (millions of dollars) | - | - | NM | |||
| Platform assets (at period-end) (millions of dollars) | 82,127 | 100,762 | 22.7 | % | ||
| Net flows lift (% of beginning of year platform assets) | 1.5 | % | 1.9 | % | 40 bps | |
| Advisors (at period-end) | 8,688 | 9,323 | 7.3 | % | ||
| Engaged advisors (at period-end) | 2,663 | 3,032 | 13.9 | % | ||
| Assets from engaged advisors (at period-end) (millions of dollars) | 74,994 | 93,109 | 24.2 | % | ||
| Households (at period-end) | 220,172 | 247,934 | 12.6 | % | ||
| New producing advisors | 193 | 188 | (2.6 | %) | ||
| Production lift from existing advisors (annualized %) | 17.4 | % | 20.2 | % | 280 bps | |
| Assets in custody at ATC (at period-end) (millions of dollars) | 63,055 | 74,074 | 17.5 | % | ||
| ATC client cash (at period-end) (millions of dollars) | 3,700 | 2,942 | (20.5 | %) | ||
| Financial metrics: | ||||||
| Total revenue (millions of dollars) | 151 | 183 | 21.2 | % | ||
| Net income (millions of dollars) | 25.3 | 32.9 | 29.7 | % | ||
| Net income margin (%) | 16.8 | % | 17.9 | % | 110 bps | |
| Capital expenditure (millions of dollars) | 10.0 | 11.2 | 12.7 | % | ||
| Non-GAAP financial metrics: | ||||||
| Adjusted EBITDA (millions of dollars) | 49.6 | 60.4 | 21.7 | % | ||
| Adjusted EBITDA margin (%) | 32.8 | % | 33.0 | % | 20 bps | |
| Adjusted net income (millions of dollars) | 32.4 | 41.2 | 27.2 | % | ||
| Note: Percentage variance based on actual numbers, not rounded results All metrics include Adhesion data, except "New producing advisors," "Production lift from existing advisors" and ATC related metrics | ||||||
Webcast and Conference Call Information
AssetMark will host a live conference call and webcast to discuss its second quarter 2023 results. In conjunction with this earnings press release, AssetMark has posted an earnings presentation on its investor relations website at http://ir.assetmark.com. Conference call and webcast details are as follows:
- Date: August 2, 2023
- Time: 2:00 p.m. PT; 5:00 p.m. ET
- Phone: Listeners can pre-register for the conference call here: https://www.netroadshow.com/events/login?show=ff486112&confId=52727. Upon registering, you will be provided with participant dial-in numbers, a passcode and unique registrant ID. In the 10 minutes prior to the call start time, you may use the conference access information (dial-in number, direct event passcode and registrant ID) provided in the confirmation email received at the point of registering to join the call directly.
- Webcast: http://ir.assetmark.com. Please access the website 10 minutes prior to the start time. The webcast will be available in recorded form at http://ir.assetmark.com for 14 days from August 2, 2023.
About AssetMark Financial Holdings, Inc.
AssetMark operates a wealth management platform that powers independent financial advisors and their clients. Together with our affiliates Voyant and Adhesion Wealth, we serve advisors of all models at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Our ecosystem of solutions equips advisors with services and capabilities that would otherwise require significant investments of time and money, ultimately enabling them to deliver better investor outcomes and enhance their productivity, profitability and client satisfaction.
Founded in 1996 and based in Concord, California, the company has over 1,000 employees. Today, the AssetMark platform serves 9,300 financial advisors and roughly 247,000 investor households. As of June 30, 2023, the company had $100.8 billion in platform assets.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating performance, which involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “will,” “may,” “could,” “should,” “believe,” “expect,” “estimate,” “potential” or “continue,” the negative of these terms and other comparable terminology that conveys uncertainty of future events or outcomes. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to differ materially from statements made in this press release, including our business strategies, our operating and financial performance and general market, economic and business conditions. Other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022, which is on file with the Securities and Exchange Commission and available on our investor relations website at http://ir.assetmark.com. Additional information will be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, which is expected to be filed on August 4. All information provided in this release is based on information available to us as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe are reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are inherently uncertain. We undertake no duty to update this information unless required by law.
AssetMark Financial Holdings, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands except share data and par value)
AssetMark Financial Holdings, Inc.
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(in thousands, except share and per share data)
AssetMark Financial Holdings, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Explanations and Reconciliations of Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe adjusted EBITDA, adjusted EBITDA margin and adjusted net income, all of which are non-GAAP measures, are useful in evaluating our performance. We use adjusted EBITDA, adjusted EBITDA margin and adjusted net income to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that such non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, such non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.
Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is defined as EBITDA (net income plus interest expense, income tax expense, depreciation and amortization and less interest income), further adjusted to exclude certain non-cash charges and other adjustments set forth below. Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenue. Adjusted EBITDA and adjusted EBITDA margin are useful financial metrics in assessing our operating performance from period to period because they exclude certain items that we believe are not representative of our core business, such as certain material non-cash items and other adjustments such as share-based compensation, strategic initiatives and reorganization and integration costs. We believe that adjusted EBITDA and adjusted EBITDA margin, viewed in addition to, and not in lieu of, our reported GAAP results, provide useful information to investors regarding our performance and overall results of operations for various reasons, including:
non-cash equity grants made to employees at a certain price and point in time do not necessarily reflect how our business is performing at any particular time; as such, share-based compensation expense is not a key measure of our operating performance; andcosts associated with acquisitions and the resulting integrations, debt refinancing, restructuring, litigation and conversions can vary from period to period and transaction to transaction; as such, expenses associated with these activities are not considered a key measure of our operating performance.We use adjusted EBITDA and adjusted EBITDA margin:
as measures of operating performance;for planning purposes, including the preparation of budgets and forecasts;to allocate resources to enhance the financial performance of our business;to evaluate the effectiveness of our business strategies;in communications with our board of directors concerning our financial performance; andas considerations in determining compensation for certain employees.Adjusted EBITDA and adjusted EBITDA margin have limitations as analytical tools, and should not be considered in isolation to, or as substitutes for, analysis of our results as reported under GAAP. Some of these limitations are:
adjusted EBITDA and adjusted EBITDA margin do not reflect all cash expenditures, future requirements for capital expenditures or contractual commitments;adjusted EBITDA and adjusted EBITDA margin do not reflect changes in, or cash requirements for, working capital needs;adjusted EBITDA and adjusted EBITDA margin do not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments; andthe definitions of adjusted EBITDA and adjusted EBITDA margin can differ significantly from company to company and as a result have limitations when comparing similarly titled measures across companies.Set forth below is a reconciliation from net income, the most directly comparable GAAP financial measure, to adjusted EBITDA for the three and six months ended June 30, 2023 and 2022 (unaudited).
Three Months Ended June 30, Three Months Ended June 30,(in thousands except for percentages) 2023 2022 2023 2022 Net income $32,877 $25,340 17.9% 16.8%Provision for income taxes 11,650 7,993 6.4% 5.3%Interest income (2,509) (227) (1.4)% (0.2)%Interest expense 2,137 1,488 1.2% 1.0%Depreciation and amortization 8,684 7,711 4.7% 5.1%EBITDA $52,839 $42,305 28.8% 28.0%Share-based compensation(1) 4,152 3,031 2.3% 2.0%Reorganization and integration costs(2) 3,556 3,313 2.0% 2.2%Acquisition expenses(3) (140) 799 (0.1)% 0.5%Business continuity plan(4) — 105 — 0.1%Other (income) expense, net (10) 78 — 0.1%Adjusted EBITDA $60,397 $49,631 33.0% 32.9%(1) “Share-based compensation” represents granted share-based compensation in the form of restricted stock unit, stock option and stock appreciation right grants by us to certain of our directors and employees. Although this expense occurred in each measurement period, we have added the expense back in our calculation of adjusted EBITDA because of its noncash impact.
(2) “Reorganization and integration costs” includes costs related to our functional reorganization within our Operations, Technology and Retirement functions as well as duplicate costs related to the outsourcing of back-office operations functions. While we have incurred such expenses in all periods measured, these expenses serve varied reorganization and integration initiatives, each of which is non-recurring. We do not consider these expenses to be part of our core operations.
(3) “Acquisition expenses” includes employee severance, transition and retention expenses, duplicative general and administrative expenses and other professional fees related to acquisitions.
(4) “Business continuity plan” includes incremental compensation and other costs that are directly related to a transition to a hybrid workforce in 2022.
(5) “Accrual for SEC matter” represents an accrual recognized based on the SEC matter further discussed in Note 12 of notes to unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
Set forth below is a summary of the adjustments involved in the reconciliation from net income and net income margin, the most directly comparable GAAP financial measures, to adjusted EBITDA and adjusted EBITDA margin for three and six months ended June 30, 2023 and 2022 (unaudited), broken out by compensation and non-compensation expenses (unaudited).
Compensation Total Compensation Non-
Compensation TotalShare-based compensation(1)$4,152 $— $4,152 $3,031 $— $3,031Reorganization and integration costs(2) 1,204 2,352 3,556 1,209 2,104 3,313Acquisition expenses(3) — (140) (140) — 799 799Business continuity plan(4) — — — (2) 107 105Other (income) expense, net — (10) (10) — 78 78Total adjustments to adjusted EBITDA$5,356 $2,202 $7,558 $4,238 $3,088 $7,326
Compensation Total Compensation Non-
Compensation TotalShare-based compensation(1)2.3% — 2.3% 2.0% — 2.0%Reorganization and integration costs(2)0.7% 1.3% 2.0% 0.8% 1.4% 2.2%Acquisition expenses(3)— (0.1)% (0.1)% — 0.5% 0.5%Business continuity plan(4)— — — — 0.1% 0.1%Other (income) expense, net— — — — 0.1% 0.1%Total adjustments to adjusted EBITDA margin %3.0% 1.2% 4.2% 2.8% 2.1% 4.9%
Compensation Total Compensation Non-
Compensation TotalShare-based compensation(1)$7,974 $— $7,974 $6,173 $— $6,173Reorganization and integration costs(2) 2,269 3,196 5,465 1,995 4,324 6,319Acquisition expenses(3) 100 73 173 — 934 934Business continuity plan(4) — (6) (6) (2) 222 220Accrual for SEC matter(5) — 20,000 20,000 — — —Other (income) expense, net — 77 77 — 206 206Total adjustments to adjusted EBITDA$10,343 $23,340 $33,683 $8,166 $5,686 $13,852
Compensation Total Compensation Non-
Compensation TotalShare-based compensation(1)2.2% — 2.2% 2.1% — 2.1%Reorganization and integration costs(2)0.6% 0.9% 1.5% 0.7% 1.4% 2.1%Acquisition expenses(3)0.1% — 0.1% — 0.3% 0.3%Business continuity plan(4)— — — — 0.1% 0.1%Accrual for SEC matter(5)— 5.6% 5.6% — — — Other (income) expense, net— — — — 0.1% 0.1%Total adjustments to adjusted EBITDA margin %2.9% 6.5% 9.4% 2.8% 1.9% 4.7%
(1) “Share-based compensation” represents granted share-based compensation in the form of restricted stock unit, stock option and stock appreciation right grants by us to certain of our directors and employees. Although this expense occurred in each measurement period, we have added the expense back in our calculation of adjusted EBITDA because of its noncash impact.
(2) “Reorganization and integration costs” includes costs related to our functional reorganization within our Operations, Technology and Retirement functions as well as duplicate costs related to the outsourcing of back-office operations functions. While we have incurred such expenses in all periods measured, these expenses serve varied reorganization and integration initiatives, each of which is non-recurring. We do not consider these expenses to be part of our core operations.
(3) “Acquisition expenses” includes employee severance, transition and retention expenses, duplicative general and administrative expenses and other professional fees related to acquisitions.
(4) “Business continuity plan” includes incremental compensation and other costs that are directly related to a transition to a hybrid workforce in 2022.
(5) “Accrual for SEC matter” represents an accrual recognized based on the SEC matter further discussed in Note 12 of notes to unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
Adjusted Net Income
Adjusted net income represents net income before: (a) share-based compensation expense, (b) amortization of acquisition-related intangible assets, (c) acquisition and related integration expenses, (d) restructuring and conversion costs and (e) certain other expenses. Reconciled items are tax effected using the income tax rates in effect for the applicable period, adjusted for any potentially non-deductible amounts. We prepared adjusted net income to eliminate the effects of items that we do not consider indicative of our core operating performance. We have historically not used adjusted net income for internal management reporting and evaluation purposes; however, we believe that adjusted net income, viewed in addition to, and not in lieu of, our reported GAAP results, provides useful information to investors regarding our performance and overall results of operations for various reasons, including the following:
non-cash equity grants made to employees at a certain price and point in time do not necessarily reflect how our business is performing at any particular time; as such, share-based compensation expense is not a key measure of our operating performance;costs associated with acquisitions and related integrations, restructuring and conversions can vary from period to period and transaction to transaction; as such, expenses associated with these activities are not considered a key measure of our operating performance; andamortization expense can vary substantially from company to company and from period to period depending upon each company’s financing and accounting methods, the fair value and average expected life of acquired intangible assets and the method by which assets were acquired; as such, the amortization of intangible assets obtained in acquisitions is not considered a key measure of our operating performance.Adjusted net income does not purport to be an alternative to net income or cash flows from operating activities. The term adjusted net income is not defined under GAAP, and adjusted net income is not a measure of net income, operating income or any other performance or liquidity measure derived in accordance with GAAP. Therefore, adjusted net income has limitations as an analytical tool and should not be considered in isolation to, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:
adjusted net income does not reflect all cash expenditures, future requirements for capital expenditures or contractual commitments;adjusted net income does not reflect changes in, or cash requirements for, working capital needs; andother companies in the financial services industry may calculate adjusted net income differently than we do, limiting its usefulness as a comparative measure.The schedule set forth below presents the Company’s GAAP results from the Condensed Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2023 and 2022, with certain line items adjusted for the items described above. Included below is also a reconciliation from net income, the most directly comparable GAAP financial measure, to adjusted net income for the three and six months ended June 30, 2023 and 2022 (unaudited).
Three Months EndedJune 30,Six Months Ended
June 30, 202320222023 2022Revenue: Asset-based revenue$137,336 $139,249$268,375 $281,325Spread-based revenue 37,271 7,150 75,534 9,105Subscription-based revenue 3,693 3,259 7,237 6,577Other revenue 4,932 1,549 8,648 2,503Total revenue 183,232 151,207 359,794 299,510Operating expenses: Asset-based expenses 39,344 40,266 76,778 81,953Spread-based expenses 8,003 641 14,560 1,046Adjusted employee compensation(1) 42,743 35,735 84,667 72,097Adjusted general and operating expenses(1) 23,731 20,561 48,536 41,365Adjusted professional fees(1) 6,783 4,146 12,009 8,664Adjusted depreciation and amortization(2) 6,504 5,982 15,180 11,723Total adjusted operating expenses 127,108 107,331 249,308 216,848Interest expense 2,137 1,488 4,484 2,647Adjusted other expenses, net(1) (278) — (500) —Adjusted income before income taxes 54,265 42,388 106,502 80,015Adjusted provision for income taxes(3) 13,023 9,962 25,560 18,804Adjusted net income$41,242 $32,426$80,942 $61,211Net income per share attributable to common stockholders: Adjusted earnings per share$0.55 $0.44$0.67 $0.83Weighted average number of common shares outstanding, diluted 74,505,158 73,692,278 74,325,580 73,651,172
(1) Consists of the adjustments to EBITDA listed in the adjusted EBITDA reconciliation table above.
(2) Relates to intangible assets established in connection with HTSC’s acquisition of our Company in 2016.
(3) Consists of the provision for income taxes under U.S. GAAP and the estimated tax impact of expense adjustments and acquisition-related amortization, and share-based compensation beginning in 2022.
Set forth below is a reconciliation from net income, the most directly comparable GAAP financial measure, to adjusted net income for the three and six months ended June 30, 2023 and 2022 (unaudited).
Three Months Ended June 30, 2023 Three Months Ended June 30, 2022Reconciliation of Non-GAAP PresentationGAAP Adjustments Adjusted GAAP Adjustments AdjustedRevenue: Asset-based revenue$137,336 $— $137,336 $139,249 $— $139,249Spread-based revenue 37,271 — 37,271 7,150 — 7,150Subscription-based revenue 3,693 — 3,693 3,259 — 3,259Other revenue 4,932 — 4,932 1,549 — 1,549Total revenue 183,232 — 183,232 151,207 — 151,207Operating expenses: Asset-based expenses 39,344 — 39,344 40,266 — 40,266Spread-based expenses 8,003 — 8,003 641 — 641Employee compensation(1) 48,099 (5,356) 42,743 39,973 (4,238) 35,735General and operating expenses(1) 24,354 (623) 23,731 22,223 (1,662) 20,561Professional fees(1) 8,372 (1,589) 6,783 5,494 (1,348) 4,146Depreciation and amortization(2) 8,684 (2,180) 6,504 7,711 (1,729) 5,982Total operating expenses 136,856 (9,748) 127,108 116,308 (8,977) 107,331Interest expense 2,137 — 2,137 1,488 — 1,488Other expenses, net(1) (288) 10 (278) 78 (78) —Income before income taxes 44,527 9,738 54,265 33,333 9,055 42,388Provision for income taxes(3) 11,650 1,373 13,023 7,993 1,969 9,962Net income$32,877 $41,242 $25,340 $32,426(1) Relates to intangible assets established in connection with HTSC’s acquisition of our Company in 2016.
(2) Consists of the adjustments to EBITDA listed in the adjusted EBITDA reconciliation table above other than share-based compensation.
(3) Consists of the provision for income taxes under GAAP and the estimated tax impact of expense adjustments and acquisition-related amortization, and share-based compensation beginning in 2022.
(1) Consists of the adjustments to EBITDA listed in the adjusted EBITDA reconciliation table above.
(2) Relates to intangible assets established in connection with HTSC’s acquisition of our Company in 2016.
(3) Consists of the provision for income taxes under U.S. GAAP and the estimated tax impact of expense adjustments and acquisition-related amortization, and share-based compensation beginning in 2022.
Set forth below is a summary of the adjustments involved in the reconciliation from net income, the most directly comparable GAAP financial measure, to adjusted net income for three and six months ended June 30, 2023 and 2022 (unaudited), broken out by compensation and non-compensation expenses (unaudited).
Three Months Ended June 30, 2023 Three Months Ended June 30, 2022(in thousands) Compensation Non-Compensation Total Compensation Non-
Compensation TotalNet income $32,877 $25,340 Acquisition-related amortization(1) — $2,180 2,180 $— $1,729 1,729 Expense adjustments(2) 1,204 2,212 3,416 1,207 3,010 4,217 Share-based compensation 4,152 — 4,152 3,031 — 3,031 Other (income) expense, net — (10) (10) — 78 78 Tax effect of adjustments(3) (1,285) (88) (1,373) (996) (973) (1,969)Adjusted net income $4,071 $4,294 $41,242 $3,242 $3,844 $32,426
Compensation Total Compensation Non-
Compensation TotalNet income $50,099 $47,559 Acquisition-related amortization(1) $— $4,354 4,354 $— $3,457 3,457 Expense adjustments(2) 2,369 23,263 25,632 1,993 5,480 7,473 Share-based compensation 7,974 — 7,974 6,173 — 6,173 Other (income) expense, net — 77 77 — 206 206 Tax effect of adjustments(3) (2,482) (4,712) (7,194) (1,919) (1,738) (3,657)Adjusted net income $7,861 $22,982 $80,942 $6,247 $7,405 $61,211
(1) Relates to intangible assets established in connection with HTSC’s acquisition of our Company in 2016.
(2) Consists of the adjustments to EBITDA listed in the adjusted EBITDA reconciliation table above other than share-based compensation.
(3) Consists of the provision for income taxes under GAAP and the estimated tax impact of expense adjustments and acquisition-related amortization, and share-based compensation beginning in 2022.
Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
[email protected]
Media:
Alaina Kleinman
Head of PR & Communications
[email protected]
SOURCE: AssetMark Financial Holdings, Inc.
