AssetMark Announces Strategic Alliance with Morningstar Wealth
AssetMark, Inc. Announces Strategic Alliance with Morningstar Wealth
In a groundbreaking move, wealth management platform AssetMark, Inc. has announced a strategic alliance with Morningstar Wealth, a division of Morningstar, Inc. This alliance will see AssetMark acquire approximately $12 billion in assets from Morningstar Wealth’s Turnkey Asset Management Platform, benefiting financial advisors and clients alike.
The partnership will allow financial advisors and clients on Morningstar Wealth’s platform to access AssetMark’s industry-leading services, advisor technology, business consulting, and a curated set of investment strategists. The migration process will be seamless, with no additional paperwork required, and clients’ performance histories will be maintained.
Furthermore, financial advisors working with AssetMark will gain access to a wide range of model portfolios and separately managed accounts managed by Morningstar Investment Management, which oversees over $290 billion in assets globally. Morningstar Wealth will join the AssetMark platform as a third-party strategist, expanding its lineup of investment services.
Michael Kim, CEO of AssetMark, expressed excitement about the alliance, stating, “This relationship represents best-in-class firms strategically aligning to provide innovative solutions and high-quality service to financial advisors and their clients.” Daniel Needham, President of Morningstar Wealth, also highlighted the significance of the partnership, noting, “We are aligning our efforts with a clear vision to combine the strengths of our unique capabilities, enabling the advisors we support to serve investors more effectively.”
AssetMark has a proven track record of enhancing value for advisors and clients through strategic acquisitions. This transaction, approved by the Boards of Directors of both companies, is expected to close in the second half of 2024, pending regulatory approval and other customary closing conditions.
The alliance between AssetMark and Morningstar Wealth marks a significant milestone for both companies and the financial industry as a whole. With a shared commitment to empowering advisors and investors, this partnership is poised to drive innovation and deliver superior outcomes for all parties involved.