Concord, Calif.-based AssetMark Financial Holdings announced today that it will acquire Voyant, a provider of software-as-a-service (SaaS) financial planning and digital client engagement tools, in a $145 million cash and stock transaction.
AssetMark is primarily a turnkey asset management platform (TAMP), billing itself as a "goals-based" TAMP, while Voyant is more of a provider of planning software.
AssetMark expects Voyant will help accelerate its growth prospects, the company said in its anouncement. Voyant serves more than 20,000 advisors in the U.K., Canada, Ireland and the U.S.
AssetMark is funding the deal with $120 million in cash and $25 million of its stock, the company said. The transaction is expected to close in mid-2021. Additional details were not released.
“AssetMark and Voyant have a shared vision for financial wellness. The acquisition of Voyant rapidly accelerates this vision, while providing enhanced benefits for our advisors and their clients,” said Natalie Wolfsen, incoming AssetMark CEO, in released comments. "Integrating key components of Voyant into the AssetMark platform will enhance the alignment of the investors’ goals, risk capacity and portfolio construction, creating an integrated experience where the client feels that their advisor understands them and their financial needs."
Voyant will remain a stand-alone subsidiary targeting advisors and enterprises, leveraging AssetMark’s sales and marketing capabilities, as well as it’s U.S. presence, to enable new client growth, the release said.
Components of Voyant will be integrated into the AssetMark platform to work alongside AssetMark’s existing PortfolioEngine and WealthBuilder tools to enable goal-based planning, income planning, data aggregation as well as portfolio construction, analytics and reporting, the release said.
“Voyant was founded in 2006 to deepen the relationship between financial advisor and client, said Voyant CEO David Kaufman in released comments. ‘Our highly adaptable, visual planning capabilities allow financial advisors to add real value and help clients achieve their long-term goals."
The transaction is the latest in a series of TAMPs being acquired or merging with other fintechs or planning-oriented advisory firms. Last year, Orion Advisor Solutions purchased mega-TAMP Brinker Capital, while FormulaFolios merged with Brookstone Capital Management. Envestnet, whose origins are in the TAMP realm, has expanded steadily by purchasing fintechs like MoneyGuide, Yodlee and Tamarac.
Last month, insurance-oriented Sammons Financial Group acquired $3 billion AUM TAMP Beacon Capital Management.