AssetMark CEO Natalie Wolfsen leaves for top job at Orion

Natalie Wolfsen has stepped down as chief executive of AssetMark Financial Holdings to take over as the new CEO of Orion Advisor Solutions, a competing technology and turnkey asset management provider.

AssetMark announced Friday that Michael Kim, a 13-year veteran of AssetMark, has been named the company’s new CEO, effective immediately. Wolfsen will replace founder Eric Clarke as CEO of Orion, who announced his retirement in May, according to a separate statement released by Orion.

Orion did not specify Wolfsen’s start date but said Clarke will transition to a supporting leadership role until the end of 2023.

AssetMark said the move is part of an “established succession plan” from AssetMark’s Board of Directors. Kim most recently served as the company’s president and chief client officer, and the decision to name him CEO was a unanimous decision by the board, according to a statement.

However, the company has not previously announced the move, nor did it provide a statement from Wolfsen. On Aug. 28, a spokesperson for the company referred to Kim as “Chief Channel Officer.”

The company did not respond to a request for additional comment.

“Michael is an experienced, highly effective leader who brings a wealth of expertise and perspective to his new role,” Xiaoning Jiao, chairperson of the AssetMark board of directors, said in the statement. “During his tenure at AssetMark, he has demonstrated his ability to drive consistently strong results. His knowledge of AssetMark, understanding of the needs of our clients, and uniquely advisor-focused lens will undoubtedly benefit the company as it continues its growth and evolution.”

Wolfsen joined AssetMark in 2014 and was named CEO of AssetMark in 2021, succeeding Charles Goldman. Under her leadership, the firm launched AssetMark Institutional to offer tailored services for RIAs, acquired financial planning software Voyant and, in 2022, bought Vestmark’s turnkey asset management platform, or TAMP.

Goldman is now executive chair of Orion’s board of directors and released a statement welcoming Wolfsen as the company’s new CEO.

“Orion is uniquely positioned given its complete suite of technology and services designed to meet the evolving needs of independent fiduciary advisors,” Goldman said.

AssetMark reported more than $100 billion in platform assets in its most recent earnings report. The firm added 188 new producing advisors and $1.7 billion of net flows during the second quarter.

“Coming off a record quarter with platform assets at an all-time [high], it is an exciting period in AssetMark’s growth trajectory, and I am honored to be the company’s next CEO,” Kim said in a statement.

Orion, which began as a provider of portfolio management software for independent advisors, has its sights set on becoming a more significant competitor in the TAMP market against traditional players like Envestnet and AssetMark. Orion entered the market in 2018 with the acquisition of FTJ FundChoice, and in 2022 pushed past $60 billion in assets with the acquisition of TownSquare Capital.

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