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AssetMark Acquires Adhesion Wealth | Wealth Administration


Jun 14, 2022
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Turnkey asset administration platform AssetMark is including to its providers with the acquisition of Adhesion Wealth, a unified managed account platform.

AssetMark introduced the acquisition this week after reaching a take care of Vestmark, which purchased Adhesion in 2018. Adhesion, with $9.5 billion in belongings as of the tip of 2021, at present works with greater than 2,800 fee-based advisors at 180 totally different registered funding advisors, and its providers embody outsourced overlay buying and selling providers, consumer engagement tech and unified managed account methods. The corporate additionally has a mannequin market.

“As advisors speed up their progress by growing the providers they supply purchasers, the addition of Adhesion Wealth additional strengthens our potential to serve the quickly increasing RIA market with an ecosystem of versatile, purpose-built options that drive progress, effectivity and scale,” AssetMark CEO Natalie Wolfsen stated in a press release. 

“Most TAMPs are enabled with technological infrastructure that may seamlessly combine with a wide selection of service suppliers, distribution networks, custodians and asset managers, which make them engaging acquisition targets for not solely the bigger TAMPs, but additionally for companies throughout the monetary providers trade who both wish to broaden into the wealth-management area or want a complete streamlined platform for his or her advisors, reps and/or brokers,” stated ECHELON Companions, which suggested Adhesion and Vestmark on this deal, in a press release. “Thus, we anticipate the at present ramped-up degree of deal exercise on this area to keep up all through upcoming durations.”

RIA purchasers on AssetMark’s platform will acquire entry to Adhesion’s expertise on account of the deal. Dealer/seller advisors on the AssetMark platform will acquire entry to various providers by way of Adhesion, together with private and direct indexing, tax administration, portfolio administration and consumer reporting, in response to an AssetMark spokesperson.

Adhesion claims it has the trade’s second largest mannequin market, with greater than 400 asset managers and strategists onboard. Each AssetMark and Adhesion, which had been a Vestmark consumer for 10 years previous to its 2018 acquisition, will proceed to make use of Vestmark’s tech in help of their very own platforms. 

In his personal assertion in regards to the deal, Adhesion President Barrett Ayers stated the agency has aimed to help impartial advisors centered on progress since its inception.

“Becoming a member of AssetMark permits us to proceed our mission and affect a broader group of advisors, whereas additionally giving us the power to bolster our service providing and advance our investments in new capabilities to serve our present advisors,” he stated.

The deal is anticipated to shut within the second half of the 12 months.

Broadhaven Capital Companions is advising AssetMark. The publicly traded firm, which was based in 1996, operates its platform by an SEC-registered funding advisor subsidiary, and had about $90.8 billion in platform belongings as of the tip of March. Greater than 8,500 advisors use its platform.

In February, AssetMark introduced a number of further instruments for advisors, together with WealthBuilder Prospecting, which was created to offer “a gateway for results in begin a low-friction discovery course of,” in addition to Advertising Benefit, a advertising and marketing platform that features a client-facing content material library of posts, articles and visuals.

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