AssetMark Financial Holdings, Inc. (NYSE:AMK) Q4 2023 Earnings Conference Call February 21, 2024 5:00 PM ET

Company Participants

Taylor Hamilton - Head of Investor Relations

Michael Kim - Chief Executive Officer

Gary Zyla - Chief Financial Officer

Conference Call Participants

Dan Fannon - Jefferies

Jeff Schmitt - William Blair

Patrick O’Shaughnessy - Raymond James

Operator

Good afternoon, everyone and welcome to AssetMark’s Fourth Quarter 2023 Earnings Conference Call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and introductions will be given at the time. 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, Victoria. Good afternoon, everyone and welcome to AssetMark’s fourth quarter 2023 earnings conference call. Joining me are AssetMark’s Chief Executive Officer, Michael Kim; and Chief Financial Officer, Gary Zyla.

Today, they will discuss the results for the fourth quarter and introduce AssetMark’s business outlook for 2024. Following our introductory remarks, we’ll open up the call for questions. We also have an earnings presentation that Michael and Gary will reference during their prepared remarks. It can be accessed on our IR website at ir.assetmark.com.

Before I 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.

And with that, I’ll turn the call over to my colleague, Michael, take it away.

Michael Kim

Great. Thank you, Taylor. Good afternoon and welcome to our fourth quarter earnings call. Today, my prepared remarks will focus on three topics. First, I will highlight our record 2023 results. Second, I will unveil our refreshed and simplified strategy. And lastly, I’ll provide an update on our long-term priorities that I laid out during our last earnings call. Gary will then discuss our financial and operating results for the fourth quarter and introduce our 2024 outlook.

Starting on Slide 3. 2023 was another record year for AssetMark across many key operating and financial metrics. We ended the year with a record $109 billion of platform assets. We are serving an all-time high of over 254,000 households and over 9,300 advisers, of which 3,123 are engaged. We realized an all-time high NPS score of 72, a testament of our commitment to our clients.