AssetMark buys RIA advising on $2 billion in assets

AssetMark buys RIA advising on $2 billion in assets
The turnkey asset management platform's deal for OBS Financial Services will bring it relationships with 21 banks and 300 financial advisers
MAR 05, 2020

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.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.