AssetMark to Acquire Adhesion Wealth, Accelerating RIA Offering
13 Juni 2022 - 11:00PM
AssetMark Financial Holdings, Inc., announced today it has reached
an agreement with Vestmark to acquire Adhesion Wealth, a leading
provider of wealth management technology solutions to RIAs, RIA
enterprises and asset managers. Adhesion’s platform enables over
2,800 fee-based advisors across 180 RIAs to deliver better investor
outcomes while successfully growing their practices by providing
outsourced overlay trading services, client engagement technologies
and managed account programs.
“Meeting financial advisors where they are and helping them
maximize their potential is a key tenet of AssetMark’s strategy,”
said Natalie Wolfsen, CEO of AssetMark. “As advisors accelerate
their growth by increasing the services they provide clients, the
addition of Adhesion Wealth further strengthens our ability to
serve the rapidly expanding RIA market with an ecosystem of
flexible, purpose-built solutions that drive growth, efficiency and
scale. We are excited to welcome the Adhesion team and advisors to
AssetMark.”
Adhesion is the industry’s second largest model marketplace with
over 400 asset managers and strategists. Furthermore, the
acquisition delivers value-added services and solutions to
AssetMark’s existing offering, including personal and direct
indexing, tax transition, portfolio administration, practice
analytics and client reporting.
“Since our inception, Adhesion Wealth’s mission has always been
to support growth-focused independent advisors with solutions that
optimize their clients’ outcomes and their businesses,” said
Barrett Ayers, President of Adhesion Wealth. “Joining AssetMark
allows us to continue our mission and impact a broader group of
advisors, while also giving us the ability to bolster our service
offering and advance our investments in new capabilities to serve
our existing advisors.”
Post-close, Adhesion Wealth will continue to offer an open
marketplace of modular solutions, which will complement AssetMark’s
curated suite of fully bundled capabilities and services designed
specifically for RIAs and delivered through AssetMark
Institutional. Together, the collective service offerings will be
well positioned to deliver solutions for the unique needs of a
broader range of advisors, enterprises and asset managers. Both
Adhesion and AssetMark will continue to leverage Vestmark’s
technology to support their platforms.
The transaction is expected to close in the second half of 2022,
subject to customary closing conditions. Terms of the deal were not
disclosed.
ECHELON Partners is serving as the advisor to Adhesion Wealth
and Vestmark, while Broadhaven Capital Partners, LLC is serving as
the advisor to AssetMark.
About AssetMark Financial Holdings, Inc.
AssetMark is a leading provider of extensive wealth management and
technology solutions that power independent financial advisors and
their clients. Through AssetMark, Inc., its investment advisor
subsidiary registered with the Securities and Exchange Commission,
AssetMark operates a platform that comprises fully integrated
technology, personalized and scalable service and curated
investment platform solutions designed to make a difference in the
lives of advisors and their clients. AssetMark had $90.8 billion in
platform assets as of March 31, 2022 and has a history of
innovation spanning more than 25 years.
About Adhesion WealthAdhesion Wealth® is a
leading provider of outsourced investment management solutions for
registered investment advisors (RIAs). Adhesion Wealth empowers
advisors with the ability to build their own multi-manager (UMA)
strategies, access SMA strategies and use other turnkey investment
solutions on the Adhesion Manager Exchange. Adhesion Wealth also
provides advisors with personal and direct indexing, tax
management, tax transitions, portfolio administration, practice
analytics and client reporting. With Adhesion, advisors gain access
to a scalable, multi-custodian platform upon which to grow
successful practices.
About VestmarkHeadquartered outside of Boston,
MA and founded in 2001, Vestmark is a leading provider of portfolio
management/trading solutions and outsourced services for financial
institutions and their advisors, enabling them to efficiently
manage and trade customized client portfolios through an innovative
SaaS platform. Supporting over $1.5 trillion in assets and 5.5
million accounts, Vestmark is a trusted partner to some of the
largest and most respected wealth management firms. For more
information about Vestmark's solutions, call (781) 224-3640, email
inquiry@vestmark.com, or visit www.vestmark.com.
SOURCE: AssetMark Financial Holdings, Inc.
ContactsFor AssetMarkInvestors:Taylor J.
Hamilton, CFAHead of Investor
RelationsInvestorRelations@assetmark.com
Media:Alaina KleinmanDirector, Communications & Public
Relationsalaina.kleinman@assetmark.com
For Adhesion Wealth and VestmarkSiobhan
NolanJConnellysnolan@jconnelly.com
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