AssetMark Financial Holdings is set to expand its national RIA footprint with the acquisition of Efficient Advisors, a move that will bring an additional $3 billion in client assets to the platform and deepen its reach among independent advisors.
The deal, announced Friday, will see AssetMark acquire Efficient Advisors from Fiduciary Services Group, parent company of PCS Retirement.
The acquisition is expected to close in the fourth quarter, pending regulatory approval and other customary conditions.
Efficient Advisors, known for its evidence-based investment platform and established advisor network, will gain access to AssetMark’s suite of wealth management services, including advisor technology, business consulting, and a curated roster of investment strategists. In turn, AssetMark will welcome a group of advisors with longstanding client relationships, further enhancing its scale and channel reach.
AssetMark Chairman and Group CEO Lou Maiuri said that the deal reflects the company’s “commitment to thoughtful, inorganic growth that strengthens our position within the RIA space.”
He added that bringing Efficient Advisors into the fold will enhance the range of solutions available to advisors and reinforce AssetMark’s mission to support advisor growth and client value.
Steve Miller, CEO of Efficient Advisors, described the acquisition as a natural fit, citing both firms’ focus on advisor-centric service. “We’re proud of the platform we’ve built and the relationships we’ve nurtured over the years, and we look forward to amplifying our impact through AssetMark’s expansive network,” Miller said.
The acquisition also builds on AssetMark’s ongoing relationship with PCS Retirement, which provides tailored services for the retirement market. Scott David, CEO of Fiduciary Services Group said the collaboration will allow each organization to focus on its core strengths while delivering greater value to advisors and clients.
This latest deal marks AssetMark’s eighth announced acquisition since 2014, following a series of moves designed to accelerate growth and expand its capabilities. Last year, the company announced a strategic alliance with Morningstar Wealth, acquiring $12 billion in assets from Morningstar’s Turnkey Asset Management Platform. Its prior acquisitions include OBS Financial Services in 2020, the purchase of financial planning software firm Voyant in 2021, and its deal to acquire Adhesion Wealth from Vestmark in 2022.
In April last year, private equity firm GTCR announced plans to acquire AssetMark in a $2.7 billion take-private transaction. The deal closed in Q3 2024, at which point Lou Maiuri also joined the firm from State Street. More recently this July, AssetMark tapped Phill Rogerson, who was previously with Envestnet, to lead its RIA channel.
Founded in 1996, AssetMark now serves more than 10,500 financial advisors and 318,000 investor households, with platform assets exceeding $158 billion as of September 30. The company operates four main hubs across the US and continues to invest in expanding its reach and capabilities for advisors nationwide.
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