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Where Is AssetMark Headed Now? – Wealth Tech Digest #12

Key takeaways

✅ Where Is AssetMark Headed Now?

Our first article today looks at AssetMark, the turnkey asset management platform. AssetMark currently has more than 8,400 advisors on its platform managing over $74 billion dollars. And now the firm wants to offer new solutions to the RIAs that make up 20 percent of the company’s client base. The new AssetMark Institutional program is designed to provide many services. They include RIA-focused products, Advisor-Managed Portfolios, and alternative investments. The company is also focused on a client experience that better supports financial planning, account reporting, and digital communication. And last but not least, AssetMark Institutional will offer specific events and “thought leadership” materials for RIAs. The release of AssetMark Institutional is happening alongside another major company event.

AssetMark recently announced its acquisition of Voyant for $145 million dollars. Voyant is a Texas-based financial planning software developer that is better known outside of the U.S. Natalie Wolfsen is the new CEO at AssetMark. And according to her, Voyant’s software helps bridge cash-flow and goal-based planning styles. The software also provides multi-currency and multilingual financial planning. Strategists say the timing of all of these big events is clearly orchestrated. AssetMark launched a new Institutional product, shuffled CEOs, and bought a financial planning firm – all in just a few weeks’ time. We will be watching to see where all of these changes take the company from here.

✅ Who Landed $5B SPAC Deals?

Next, we take a look at 2 major fintech SPAC deals that recently led to $5 Billion dollar valuations. Hippo is a cutting-edge InsurTech company, and Apex Clearing is a digitally focused clearing firm. First, let’s talk about Hippo. Hippo offers customers modernized insurance coverage that can be accessed in as little as five minutes. Their CEO and Co-founder Assaf Wand has led the firm since it was launched in 2015. In late 2020, Hippo raised $350 million in capital from Mitsui Sumitomo. And now, just a few short months later, Hippo reaches an enterprise value of $5 billion for their new SPAC deal. According to the press release, Hippo has entered an agreement with Reinvent Technology Partners Z. They are a special purpose acquisition company focused on venture capital at scale. And the other recent multi-billion dollar fintech SPAC deal involves Apex and Northern Star Investment Corporation.

The deal was announced last month and gave Apex an enterprise valuation of $4.7 billion dollars. Apex is focused on replacing legacy platforms with a digital clearing and custody engine. They want their technology to facilitate a customer experience that they claim is often overlooked in the financial sector. To that end, Apex partners with industry disruptors to help successfully launch and grow digital advice and investment platforms. These are huge deals for two of the most influential fintech firms on the market. And it has experts wondering how many more multi-billion-dollar SPAC deals we’ll see as 2021 rolls on.

✅ How Did Savant Reach $10B In AUM?

And finally today we are going to take a look at Savant Wealth Management. Savant Wealth is a nationally recognized, fee-only wealth management firm based in Illinois. And the firm recently announced that it has reached the huge milestone of $10 billion dollars in assets under management. The firm’s success can be attributed to its long-term growth strategy and its client-centric model of management. Savant Wealth offers a deep bench of services and the professionals to support them. Savant began managing money back in 1993 and grew organically to nearly $2B in AUM by 2011. The firm’s first acquisition came in 2012 and has since been followed by seven additional partnerships. Savant has focused on the greater Chicagoland region but has also expanded in recent years.

New markets include Santa Fe, New Mexico, Bloomington, Illinois, and a new office in Arizona. Brent Brodeski is the CEO and co-founder of Savant. He says that their success is the direct result of Team Savant and the relationships developed throughout their 35 years in business. Brodeski says that the firm stands ready to serve, adapt, and inspire. Congratulations to the Savant Team on achieving this momentous milestone.

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