AssetMark launches Private Wealth program for high-net-worth advisors

AssetMark launched AssetMark Private Wealth on Nov. 2, a program that combines financial planning, customizable investments and specialist capabilities for independent advisors serving high-net-worth clients. Pricing was not disclosed.

The planning support covers tax, income, estate and legacy, while the specialist menu includes tax management, private markets, cash and lending, and charitable giving, according to WealthManagement.com. AssetMark's Wealth Solutions Consulting and Client Portfolio Manager teams will help advisors identify opportunities, develop proposals and prepare for client conversations.

For RIA principals, the gap is the benchmark: 60% of advisors surveyed by AssetMark say clients expect tax management and planning, while 26% make it a primary offering for higher-net-worth clients. Because tax management sits on the program's specialist menu, a smaller practice may rent the capability instead of building it.

AssetMark reported $91.8 billion in regulatory assets and 456,453 accounts in its Form ADV filed with the SEC on Sept. 14. WealthManagement.com reports more than 10,000 advisors and over $180 billion in platform assets as of June 30 and says private equity firm GTCR owns the Concord, Calif., company.

The survey also found 91% of advisors say private market access is important for delivering differentiated client outcomes. As Private Wealth Daily previously reported, AssetMark's interval-fund shelf now has six funds spanning private credit, real estate, infrastructure and private equity.