The turnkey asset management platform AssetMark Financial Holdings has acquired a registered investment adviser with more than $2 billion in client assets under advisement.
AssetMark will acquire OBS Financial Services and take on the firm's relationships with more than 300 financial advisers and 21 banks that serve 6,500 investors, according to a press release. OBS is based in Perrysburg, Ohio, and was formerly a unit of Canandaigua National Corp.
Terms of the deal were not disclosed.
Concord, Calif.-based AssetMark went public in July and managed approximately $56 billion in client assets at the time of the offering. TAMPs made up a $7.4 trillion market at the end of 2018, but a confluence of several industry trends is boosting demand for outsourcing across the wealth management industry.
Echelon Partners assisted OBS and Canandaigua in the transaction.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
Advisors discuss their use of AI now and how it will change going forward
Medicare scam, pandemic benefit theft, offshore tax evasion — federal prosecutors are casting a wide net.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
