What You Need to Know
- The deal helps position AssetMark's TAMP
- It should give the Voyant products
- AssetMark's client base includes about 8,400 advisors, while Voyant works with some 20,000 in North America, the U.K. and Ireland.
Turnkey asset management platform provider AssetMark plans to acquire Voyant, a provider of Software-as-a-Service (SaaS)-based financial planning and client digital engagement solutions, in a cash and stock transaction totaling $145 million.
“Voyant’s fit into the AssetMark platform aids in creating stronger client-advisor relationships,” Wolfsen said in a statement. “This leads to more invested assets and greater loyalty on our platform, while also helping us attract new advisors in core and adjacent channels.”
The Voyant acquisition “advances the AssetMark financial wellness vision by adding compelling digital capabilities” to AssetMark’s platform, the companies said. That “vision encompasses a holistic approach to advice that supports the client’s goals in a customized way.”
The deal is being funded with $120 million in cash and $25 million in AssetMark stock and is expected to close in mid-2021, the firms said in a joint announcement Monday. Following the close of the transaction, Voyant will start to be integrated into AssetMark’s systems and infrastructure.
AssetMark has $74.5 billion in assets under management and serves over 8,400 financial advisors with its technology, investment solutions and business consulting services.
Voyant serves more than 20,000 advisors across financial institutions and small advisor firms in Britain, Canada, Ireland and the United States.