Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 5, 2023

AssetMark Financial Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-38980	30-0774039
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


1655 Grant Street, 10th Floor Concord, California			94520
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (925) 521-2200

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common stock, $0.001 par value

AMK

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain

Officers; Compensatory Arrangements of Certain Officers.

(b) Departure of Principal Executive Officer and Director

On September 5, 2023, Natalie Wolfsen gave notice of her resignation as Chief Executive Officer and director of AssetMark Financial Holdings, Inc. (“AssetMark”). Ms. Wolfsen will cease being the Chief Executive Officer and a director on September 08, 2023, and pursuant to the terms of her employment agreement she will cease to be an employee of AssetMark effective October 4, 2023.

(c)-(d) Appointment of Principal Executive Officer, Director

Effective September 08, 2023, the Board of Directors of AssetMark (the “Board”) appointed Michael Kim as AssetMark’s next Chief Executive Officer. Mr. Kim, age 54, has served as President of AssetMark since March 2021 and as Chief Client Officer of AssetMark since January 2018, prior to which he served as AssetMark’s Executive Vice President and National Sales Manager from 2014 to January 2018.

Concurrently with the appointment of Mr. Kim as AssetMark’s Chief Executive Officer, the Board, upon the recommendation of the Board’s Nominating, Governance and Compliance Committee, appointed Mr. Kim as a Class III member of the Board, effective September 08, 2023, to fill the vacancy on the Board resulting from Ms. Wolfsen’s departure. Mr. Kim will serve until AssetMark’s 2025 Annual Meeting of Stockholders and until his successor is duly elected and qualified, or until his earlier resignation, retirement or other termination of service. Mr. Kim is qualified to serve on the Board because of the perspective he will bring as AssetMark’s Chief Executive Officer, his experience in senior management positions at AssetMark and his significant professional experience in the financial services industry.

AssetMark expects to enter into amended compensatory arrangements with Mr. Kim in connection with his appointment as Chief Executive Officer, the details of which have not been finalized as of the date of this filing. AssetMark intends to file an amendment to this Form 8-K once such arrangements are finalized.

There are no arrangements or understandings between Mr. Kim and any other person pursuant to which Mr. Kim was selected as a director. Mr. Kim does not have any family relationships with any other executive officer or director of AssetMark, nor has he been involved in any related person transactions with AssetMark that would require disclosure under Item 404(a) of Regulation S-K.

Item 8.01 Other Events.

On September 08, 2023, AssetMark issued a press release announcing that Natalie Wolfsen would no longer serve as Chief Executive Officer of AssetMark, or as a member of the Board; and that Michael Kim has been appointed as Chief Executive Officer of AssetMark and a member of the Board. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) – Exhibits


Exhibit Number						Description of Exhibit

99.1						Press release dated September 8, 2023.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			AssetMark Financial Holdings, Inc.

Date: September 8, 2023			/s/ Gary Zyla
			Gary Zyla
			Chief Financial Officer

Exhibit 99.1

AssetMark Names Michael Kim Chief Executive Officer

Natalie Wolfsen to Depart AssetMark

September 8, 2023 — AssetMark Financial Holdings, Inc. (NYSE: AMK) today announced that, in line with the AssetMark Board of Directors’ established succession plan, Michael Kim has been named the company’s new Chief Executive Officer, effective immediately. Mr. Kim will also join the AssetMark Board of Directors. In connection with this announcement, Natalie Wolfsen will depart the company to pursue another opportunity.

Mr. Kim is a seasoned veteran of the firm with over 25 years of industry experience, 13 of which are at AssetMark. He has a proven track record of driving successful results for the firm and has been integral to AssetMark’s record financial performance over the past several years. The Board was unanimous in its conclusion that Mr. Kim is the right person to lead AssetMark and continue to execute its strategic vision, as well as champion its mission to serve the best interests of financial advisors and their investors.

“Michael is an experienced, highly effective leader who brings a wealth of expertise and perspective to his new role,” said Xiaoning Jiao, Chairperson of the AssetMark Board of Directors. “During his tenure at AssetMark, he has demonstrated his ability to drive consistently strong results. His knowledge of AssetMark, understanding of the needs of our clients, and uniquely advisor-focused lens will undoubtedly benefit the company as it continues its growth and evolution.”

Mr. Kim most recently served as President and Chief Client Officer. In that role, he led the firm’s efforts to expand and deepen AssetMark’s engagement with advisors and was responsible for leading sales, sales strategy and enablement, enterprise sales and distribution, marketing, business consulting, new channel development, and client segmentation. Prior to joining AssetMark, Mr. Kim was an executive at Fidelity Investments, overseeing RIA Sales Management, Relationship Management and Practice Management. Mr. Kim started his professional career at Coopers & Lybrand, LLC.

“Coming off a record quarter with platform assets at an all-time, it is an exciting period in AssetMark’s growth trajectory, and I am honored to be the company’s next CEO,” said Mr. Kim. “We are an industry leader with a tremendously talented team, underpinned by an innovative platform and a strong financial foundation. I look forward to working alongside this team to continue executing the company’s proven strategy.”

About AssetMark Financial Holdings, Inc.

AssetMark operates a wealth management platform that powers independent financial advisors and their clients. Together with our affiliates Voyant and Adhesion Wealth, we serve advisors of all models at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Our ecosystem of solutions equips advisors with services and capabilities that would otherwise require significant investments of time and money, ultimately enabling them to deliver better investor outcomes and enhance their productivity, profitability and client satisfaction.

Founded in 1996 and based in Concord, California, the company has over 1,000 employees. Today, the AssetMark platform serves 9,300 financial advisors and roughly 247,000 investor households. As of June 30, 2023, the company had $100.8 billion in platform assets.

Contacts

Investors:

Taylor J. Hamilton, CFA

Head of Investor Relations

InvestorRelations@assetmark.com

Media:

Alaina Kleinman

Head of PR & Communications

alaina.kleinman@assetmark.com

Cover	Sep. 05, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Sep. 05, 2023
Entity Registrant Name	AssetMark Financial Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38980
Entity Tax Identification Number	30-0774039
Entity Address, Address Line One	1655 Grant Street
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	Concord
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94520
City Area Code	925
Local Phone Number	521-2200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	AMK
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false
Entity Central Index Key	0001591587
Current Fiscal Year End Date