AssetMark Financial Holdings, Inc. (NYSE:AMK) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET

Company Participants

Taylor Hamilton – Head-Investor Relations

Natalie Wolfsen – Chief Executive Officer

Gary Zyla – Executive Vice President and Chief Financial Officer

Conference Call Participants

Michael Cho – JPMorgan

Dan Fannon – Jefferies

Jeff Schmitt – William Blair

Patrick O’Shaughnessy – Raymond James

Operator

Good afternoon, everyone. And welcome to AssetMark’s Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Today’s call is being recorded.

Now, I’d like to turn the call over to Taylor Hamilton, Head of Investor Relations. Please go ahead, Mr. Hamilton.

Taylor Hamilton

Thank you, Hannah. Good afternoon, everyone, and welcome to AssetMark’s second quarter 2023 earnings conference call.

Joining me are AssetMark’s Chief Executive Officer, Natalie Wolfsen; and Chief Financial Officer, Gary Zyla. Today, they will discuss the results for the second quarter and provide an update to AssetMark’s business outlook for 2023. Following our introductory remarks, we’ll open up the call for questions. We also have an earnings presentation that Natalie and Gary will reference during their prepared remarks. It can be accessed on our IR website at ir.assetmark.com.

Before we get started, I’d like to note that certain statements made during this conference call are forward-looking statements. These forward-looking statements represent our outlook only as of the date of this call, and actual results could differ materially. Additionally, during today’s conference call, we’ll be discussing net revenue, adjusted EBITDA, adjusted EBITDA margin and adjusted net income, all of which are non-GAAP financial metrics. Please refer to our earnings press release and SEC filings for more information on forward-looking statements, risk factors associated with our business and required disclosures related to non-GAAP financial information.

With that, I’ll turn the call over to my colleagues. Natalie, take it away.

Natalie Wolfsen

Thank you, Taylor. I hope everyone on the call is having a great summer. Today, I want to start with a discussion of our record results for the quarter and then provide a detailed analysis of our five growth pillars, highlighting the progress we are making against each. I will then turn the call over to Gary, who will discuss our financial and operating results for the second quarter and then provide an update about our 2023 outlook.

Starting on Slide 3, the second quarter of 2023 was another record quarter for AssetMark. We ended the quarter serving an all-time high 247,000 plus households and around 9,300 advisors, of which over 300 are – of which over 3,000 are engaged. In addition to growing the number of advisors that we serve, we just completed our 2023 Net Promoter Score survey, which we do annually, and we received an all-time high Net Promoter Score of 72, eclipsing the previous record set last year by five points.