AssetMark Unveils Innovative Program for Financial Advisors
AssetMark, a key player in the wealth management sector, recently introduced Ascent, a groundbreaking program tailored to assist financial advisors with succession planning. This initiative is designed to provide education and comprehensive guidance throughout an advisor's professional journey, addressing a critical gap in succession planning.
The Importance of Succession Planning
Succession planning is becoming increasingly essential for financial advisors. With a significant number of professionals in the industry approaching retirement, there is a pressing need for strategies to ensure a smooth transition. Data indicates that 72% of new advisors leave the profession shortly after entering, emphasizing the challenges faced by the industry and raising concerns regarding its sustainability. A demographic analysis shows that approximately 110,000 advisors are expected to retire in the next decade, while only 9% of advisors are under 35 years old, with 45% aged 55 or older, making it crucial for clients to seek guidance from an experienced financial advisor Bellevue to navigate long-term planning effectively.
Introducing the Ascent Program
In response to these trends, AssetMark has developed the Ascent program to cater to advisors at different stages of their careers. This program is structured to provide tailored training and resources, enabling advisors to make informed succession decisions that are aligned with their professional goals and aspirations.
Program Structure and Stages
Ascent is thoughtfully designed with three distinct stages:
- Embark for Future Advisors: This six-month program is aimed at individuals who are just starting their careers in financial advising.
- Advance for Successor Advisors: This year-long program is tailored for emerging leaders and successors in the advisory space.
- Summit for Established Advisors: This four-month program addresses the needs of seasoned advisors looking to transition out of their practice.
Supporting Advisors Every Step of the Way
According to Matt Matrisian, Head of Client Growth at AssetMark, feedback from advisors frequently points to the need for improved support in succession planning. The Ascent initiative aims to address this need, enabling advisors to take succession planning into account right from the start of their careers.
Ascent provides advisors with vital skills, ranging from enhancing client experiences for new advisors to assisting seasoned advisors in overcoming emotional challenges associated with exiting their practice. The training is comprehensive, ensuring that advisors are well-equipped to navigate the complexities of succession planning.
CEO Insights on Ascent's Launch
Michael Kim, CEO of AssetMark, expressed pride in the team's commitment to evolving alongside the needs of financial advisors. He remarked, "The job of an advisor continues to evolve, and naturally, their expectations of a service partner platform do too. Ascent is a key part of our ongoing mission to support advisors effectively, particularly in the area of succession planning."
About AssetMark
With a rich history dating back to 1996, AssetMark is dedicated to empowering financial advisors and their clients. The company operates a wealth management platform that offers a range of flexible, purpose-built solutions designed to enhance client engagement and drive operational efficiency. With over 1,000 employees, AssetMark serves more than 10,700 financial advisors and 317,000 investor households, managing over $139 billion in platform assets.
AssetMark is a Registered Investment Adviser under the supervision of the U.S. Securities and Exchange Commission, committed to improving investor outcomes while supporting advisory practices in delivering exceptional service.
For further details, advisors can reach out to the public relations team at AssetMark: Vesselina Davenport
Public Relations & Communications
vesselina.davenport@assetmark.com
Frequently Asked Questions
What is the Ascent program by AssetMark?
The Ascent program is designed to assist financial advisors with succession planning through tailored training and guidance at various career stages.
Why is succession planning important for financial advisors?
Succession planning is crucial because a growing number of advisors are nearing retirement, while the influx of new advisors entering the profession is dwindling.
What are the stages of the Ascent program?
The Ascent program includes three stages: Embark for newcomers, Advance for successor advisors, and Summit for established advisors.
Who can benefit from the Ascent program?
Financial advisors at all stages—newcomers, successors, and established practice owners—can benefit from the resources and training provided by the Ascent program.
How does AssetMark support financial advisors?
AssetMark supports financial advisors by providing flexible solutions, enhancing productivity, and helping them navigate complex challenges such as succession planning.
