AssetMark woos cash-focused advisors with expanded solutions suite

AssetMark woos cash-focused advisors with expanded solutions suite
The fintech platform has added new products to help advisors dig deeper into an estimated $8B planning opportunity.
AUG 12, 2024

AssetMark is looking to expand its influence in the wealth tech space by helping advisors tap a flourishing opportunity in financial planning for their clients.

The California-based fintech announced that it has enhanced its Cash Solutions suite by adding FDIC-insured certificates of deposit and purchased money market funds.

The expansion to include CD Plus and MMF offerings aims to help advisors tap into what an analysis by the firm identified as an $8 billion opportunity within the cash holdings of wealth clients.

David McNatt, executive vice president and head of investment solutions at AssetMark, emphasized the significance of cash in financial planning, especially in the current interest rate environment.

"Cash is a critical component of any sound financial plan, yet it has often been overlooked," McNatt said in a statement Monday. "With elevated interest rates for the first time in decades, AssetMark Cash Solutions provides advisors a compelling value proposition to help clients capitalize on this environment and improve their short and long-term financial outcomes."

The newly introduced CD Plus product offers FDIC insurance on large cash balances, competitive interest rates, flexible terms, and convenient account management. This addition is part of AssetMark's broader strategy to offer advisors a suite of cash management tools beyond traditional rate-focused products.

The firm touted its cash solutions’ potential to help enhance client outcomes with benefits around portfolio diversification, cash flow management, and optimizing short-term funding goals.

"By integrating cash management into the wealth planning conversation, advisors can demonstrate their strategic value and strengthen client relationships," he said.

A majority of advisors in a survey report by Flourish earlier this year recognized the untapped opportunity around cash management. According to Flourish’s March report, 95 percent acknowledged that discussing cash management is part of their professional duty to clients.

A smaller majority also agreed cash management services would give them a competitive edge against other advisory firms (71 percent) as well as wirehouses (68 percent) and robo-advisors (62 percent).

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.