#14Q22 Earnings Presentation February 22, 2023 Δ ASSETMARK For general public use. Ⓡ#2Forward looking statements and non-GAAP financial measures Forward-Looking Statements Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "will," "may," "could," "should," "believe," "expect," "estimate," "potential" or "continue," the negative of these terms and other comparable terminology that conveys uncertainty of future events or outcomes. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to differ materially from statements made in this presentation, including our ability to add high-impact capabilities and at-scale infrastructure, our business strategies, investments in new products, services and capabilities, our operating and financial performance and general market, economic and business conditions. Other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2021, which is on file with the Securities and Exchange Commission and available on our investor relations website at http://ir.assetmark.com. Additional information will be set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, which is expected to be filed in mid-March. All information provided in this presentation is based on information available to us as of the date of this presentation and any forward-looking statements contained herein are based on assumptions that we believe are reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this presentation, which are inherently uncertain. We undertake no duty to update this information unless required by law. Use of Non-GAAP Financial Information To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, we use non-GAAP financial measures: net revenue, adjusted expenses, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted EPS. The presentation of these non- GAAP financial metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the limitations thereof and reconciliations of each non- GAAP financial measure to its most directly comparable GAAP financial measure, please refer to our earnings release and Form 10-K. For general public use. ASSETMARK. 2#3In 2022, we executed on our growth strategy... Meet advisors where they are going Deliver a holistic, differentiated experience $ Enable advisors to serve more investors Help advisors grow and scale their businesses Pursue strategic transactions • Acquisition of Adhesion Wealth • AssetMark Institutional (AMI) enhancements SEC Marketing Rule Marketing Advantage PortfolioEngine proposal enhancements • Digital maintenance enhancements • e-signature (Pershing) • Market-Driven solutions Personalized portfolios (SMAS and ESG) High-net-worth symposium Complete cash solutions Market volatility resource center Enhanced GSA Investment change tool enhancements Wealth Builder prospecting tool Marketing Advantage Advisor Acceleration Academy Business Consulting team expansion Advisor Benefits program enhancements Dedicated Retirement Services team Expanded purchasing power Acquisition of Adhesion Wealth For general public use. ASSETMARK. 3#4leading to record results for the year Record Operating Results 9,200+ independent, fee- based advisors 241,000+ investor households Record Financial Results $618.3m Revenue Up 17% y/y and 48% from IPO $199.7m Adj. EBITDA Up 27% y/y and 82% from IPO $103.3m Reported net income Up 302% y/y and $103.7m from IPO $1.77 Adj. EPS1 Up 26% y/y and 85% from IPO 1Calculated using diluted share count of 73,873,000 shares Comparison from IPO, is full year 2019 vs. 2022 For general public use. $456.0m Net revenue Up 21% y/y and 59% from IPO 32.3% Adj. EBITDA margin Expansion of 270 bps y/y and 600 bps from IPO $130.5m Adj. net income Up 26% y/y and 97% from IPO ASSETMARK. 4#51 Meet advisors where they are ASSETMARK. Asset Mark is positioned for success with a broad group of RIAS whether they're looking for a modular experience or a fully curated approach. As advisors evolve, we meet them wherever they are in their journey to help their clients and their businesses thrive. CURATED PLATFORM ASSETMARK INSTITUTIONAL™ BETTER TOGETHER MARKETPLACE Adhesion wealth. An AssetMark Company $ CURATED TAMP SERVICE CONSULTING SERVICES COMMUNITY OPEN ARCHITECTURE TECHNOLOGY MARKETPLACE TAMP For general public use. ASSETMARK. 5#62 Deliver a holistic, differentiated experience voyant In 4Q22, Voyant added more than 5,000 enterprise advisor licenses with the launch of TD Retail INVESTMENT SOLUTIONS For general public use. Dynamic and holistic advice 20,000 17,985 Ent. 18,000 GOALS-BASED 16,000 ASSESSMENT Advisor Licenses Up 54% y/y 14,000 11,649 11,784 12,076 12,455 12,000 11,060 10,000 8,000 6,000 4,000 2,000 0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 RISK MANAGEMENT CIBC 2022 Wins BARCLAYS pwc RSM MORNINGSTAR® (partnership) TD (retail) (retail) 4th Quarter Win! ASSETMARK. 6#73 Enable advisors to serve more investors Timely education and innovative investment solutions were a key driver in our ability to enable advisors to better serve existing investors and new investors. TIMELY EDUCATION INVESTMENT SOLUTIONS Market Volatility Tool Kit 9,600+ page views 1,800+ unique users Values-Driven Savos Investment Program Laddered Bond Strategies Market Volatility Strategies 73 live events 2,300+ advisor attended 49 webinars 8,100+ advisor attended UPDATE: 2,100+ proposals, totaling $194m since inception UPDATE: 2,900+ proposals, totaling $834m since inception UPDATE: 900+ proposals, totaling $82m since inception For general public use. ASSETMARK. 7#84 Help advisors grow and scale their businesses AssetMark's Business Consulting Team fosters advisor growth and scalability 40%+ Increase in the business consulting team over the last year 19.4 Avg. years of experience per BC team member ASSETMARK ► WealthBuilder PROSPECTING Streamline prospecting for financial advisors and provide them with insights to drive lead conversion. Used by over 600 advisors; strong lead generation and conversion ASSETMARK ▸ Marketing Advantage An all-in-one marketing platform that helps financial advisors build relationships and grow their businesses with a robust suite of ready-to-use tools. ASSETMARK ► AdvisorAcceleration ACADEMY An immersive 4-month program designed to boost an advisor's growth by establishing the foundational business essentials necessary to accelerate their practice. Adopted by hundreds of advisors; advisor feedback focused on time and cost savings 280+ advisors participated; strong growth of participants For general public use. ASSETMARK. 8#95 Pursue strategic transactions M&A STRATEGY Augment the advisor experience through the addition of high-impact capabilities and at- scale infrastructure. E Strategic Growth Deliver high-impact capabilities to enable advisor practices and accelerate organic growth. voyant Scale Monetize at-scale infrastructure through buying assets under management. Adhesion OBS FINANCIAL wealth' REGISTERED INVESTMENT ADVISOR Global Financial Private Capital 1As of December 31, 2022 In January 2022, AssetMark announced a $500 million five-year credit facility with interest rate of adjusted SOFR + 1.875%.1 Purchasing power is ~$450 million.² 2 Purchasing power is defined as $375m availability on our credit facility and $75m of available cash For general public use. ASSETMARK. 9#10In 2023, we are focused on advancing our growth strategy Meet advisors where they are going Deliver a holistic, differentiated experience • Expansion of RIA • offering with Adhesion Wealth $ Enable advisors to serve more investors Help advisors grow and scale their businesses Pursue strategic transactions Continued re- platforming effort Billing system modernization Enhancements in client onboarding Fixed income offering expansion • Tax management services Donor advised fund optimization SMA expansion Advisor benefits program enhancements Expansion of straight through processing Investment Consulting ° Continually analyzing M&A opportunities that benefit our advisors and platform Note: The above initiatives are a combination of capital and operating expense projects. For general public use. ASSETMARK. 10#11Platform assets - 4Q22 and 2022 4Q22 $ billion 120 2022 5.6 100 100 93.5 6.9 91.5 6.9 91.5 4.3 Net flows 79.4 0.9 80 80 -14.5 Net flows Market Acquisition impact Market Acquisition impact $ billion 120 60 40 40 20 0 Platform assets at beginning of period 60 60 40 40 20 20 0 Platform assets Platform assets at at period-end beginning of period 6.0% Net Flows as a % of Beginning-of-Period Platform Assets² 1 As of December 31, 2022 2 Calculated as annual net flows of $5.6 billion divided by beginning-of-period platform assets of $93.5 billion as of January 1, 2022 For general public use. Platform assets at period-end ASSETMARK. 11#12Advisor and household count up year-over-year Engaged and Total Advisors (4Q21-4Q22) Households (4Q21-4Q22) 10,000 9,297 300,000 8,649 8,701 8,688 8,702 8,000 6,000 4,000 2,000 0 4Q21 1Q22 2Q22 Engaged advisors 3Q22 4Q22 (dollars in millions) Total advisors Engaged advisors Assets from engaged advisors Households 241,053 250,000 215,668 220,172 223,098 209,900 200,000 150,000 100,000 50,000 IIII 0 4Q21 1Q22 2Q22 3Q22 4Q22 ■Households 4Q21 4Q22 VPY 8,649 9,297 7.5% 2,858 2,882 0.8% $86,385 209,900 $83,803 (3.0%) 241,053 14.8% The acquisition of Adhesion Wealth contributed 569 advisors, 185 engaged advisors and 14,951 households in the fourth quarter. For general public use. ASSETMARK. 12#13Fourth quarter results highlighted by record quarterly revenue Total revenue (4Q21-4Q22) Net revenue (4Q21-4Q22) $ million 200.0 164.1 160.0 148.3 151.2 154.7 143.6 120.0 80.0 40.0 0.0 4Q21 1Q22 2Q22 3Q22 4Q22 ■Asset-based ■Spread-based ■Subscription-based Other income (dollars in millions) Total revenue Asset-based Subscription-based Spread-based Revenue less cost of revenue Asset-based Subscription-based Spread-based For general public use. $ million 160.0 123.5 116.0 120.0 110.3 103.0 106.2 80.0 40.0 0.0 4Q21 ■Asset-based 1Q22 ■Spread-based 2Q22 3Q22 4Q22 Subscription-based Other income 4Q21 4Q22 VPY $143.6 $164.1 14.3% 137.5 124.7 (9.3%) 3.2 3.3 3.4% 2.1 33.1 1,513.2% $103.0 $123.5 19.9% 97.3 89.0 (8.5%) 3.2 3.3 3.4% 1.7 28.2 1,568.2% ASSETMARK. 13#14Revenue less cost of revenue - year-over-year comparison In millions 140 120 $103.0 100 80 60 40 20 0 4Q21 revenue less cost of revenue $26.5 $2.2 $123.5 $0.4 -$8.3 Asset growth Adhesion Wealth $1.2 Reduction of on-going ABE $0.1 -$1.6 Fee compression Subscription- based revenue Spread Other income income 4Q22 revenue less cost of revenue Asset Based $8.3m decrease due to a $6.2b in billable asset decline offset by $0.4m from Adhesion Wealth and $1.2m in reduction of on-going asset-based expenses Core business fee compression (ex-Adhesion) was 0.4 bp year- over-year Subscription Based Voyant revenue flat y/y impacted by foreign exchange pressure. Ex-FX pressure, revenue was up 12.8% year- over-year Spread Based Increased $26.5m year-over- year driven by yield improvement from 0.26% to 3.27% Other income Increased $2.2m driven largely by higher interest income For general public use. ASSETMARK. 14#15Adjusted expenses (4Q21 vs. 4Q22) Reported Expenses Adjusted Expenses (dollars in millions) 4Q21 4Q22 4Q21 4Q22 VPY ($) VPY (%) Asset-based expenses $40.2 $35.7 $40.2 $35.7 ($4.5) (11.3%) Spread-based expenses $0.4 $5.0 $0.4 $5.0 $4.6 1,260.5% 7.0% Operating Expenses Employee compensation $45.9 $44.5 $39.2 $39.2 $0.0 0.1% SG&A¹ $27.8 $32.3 $25.5 $30.0 $4.5 17.8% Interest expense $1.0 $2.3 $1.0 $2.3 $1.4 142.8% Depreciation and amortization $8.1 $8.0 $5.1 $6.2 $1.1 20.9% Other expense (income) $0.0 ($0.2) $0.0 ($0.2) ($0.2) NM Total $123.4 $127.5 $111.3 $118.2 $6.9 6.2% Operating expenses were up 7.0% year-over-year driven by a 17.8% y/y increase in SG&A. The increase in SG&A is primarily driven by increased travel, events and volume-related items. Employee compensation is essentially flat y/y. While headcount was higher by 12%, that cost was offset by lower variable compensation. Includes general and operating expenses and professional fees Note: Percentage variance based on actual numbers, not rounded results For general public use. ASSETMARK. 15#16Strong bottom line results contribute to record year Adjusted EBITDA and Adjusted EBITDA Margin (4Q21-4Q22) Adjusted Net Income (4Q21-4Q22) $ million and % 60.0 $ million 40 50.0% 52.7 52.9 49.6 45.0% 35 50.0 44.5 40.0% 30 38.3 35.0% 40.0 25 34.0% 30.0% 32.8% 32.2% 30.0% 20 30.0 25.0% 26.7% 20.0% 20.0 15.0% 10.0% 10.0 5.0% OGG NNW GA 35.0 34.3 32.4 28.8 24.7 15 10 0.0 0.0% 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 (dollars in millions, except per share data) Adjusted EBITDA 4Q21 4Q22 $38.3 $52.9 VPY 38.0% Adjusted EBITDA margin 26.7% 32.2% 550 bps Reported net income $12.4 $25.6 107.2% Adjusted net income $24.7 $34.3 38.9% Adjusted EPS¹ $0.33 $0.46 39.4% 1Calculated using 4Q22 number of common shares outstanding, diluted of 73,943,000. In 1Q22, and moving forward, we use diluted GAAP shares outstanding given that our restricted stock awards fully vested in 2021. For general public use. ASSETMARK. 16#17Spread revenue continues to make a meaningful impact 10.00 Spread-based revenue is influenced significantly by interest rate changes and the amount of cash held by investors at Asset Mark Trust Company (ATC) 9.00 8.00 7.00 10.0% In 4Q22, we added $750m of new fixed rate term contracts. As of December 31, 2022, -21% of cash at ATC is in fixed rate term, with an average maturity of 1.78 years and gross rate of 4.39%. Maturing Contracts ($m) as of Dec 31, 2022 50 bps 4.25%-4.50% 9.0% 75 bps 75 bps 3.00%-3.25% 75 bps 3.75%-4.00% 8.0% 75 bps 1.50%-1.75% 50 bps 0.75%-1.00% 5.9% 2.25%-2.50% 6.9% 5.7% 5.4% 5.4% 5.4% 7.0% 250 6.0% 5.4% 4.8% 5.0% 4.48 6.00 25 bps 0.25%-0.50% 5.00 4.4% 4.4% 4.1% 4.1% 4.2% 4.00 3.60 3.70 3.60 3.09 2.93 2.85 2.86 2.92 3.00 2.00 1.00 illl Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 ICD Ending Cash (in $B) HYC Ending Cash (in $B) 3.51 3.49 3.54 4.0% 3.27 3.0% Sep-22 Oct-22 Nov-22 Cash as % of Assets in Custody at ATC 2.0% 250 250 2023 2024 2025 1.0% Maturing yield 4.25% 4.44% 4.48% 0.0% Dec-22 Gross Yield (bps) 30 26 25 32 46 83 129 182 250 270 326 397 434 1 CME FedWatch Tool. For general public use. As a reminder, Asset Mark has the optionality to increase the percentage of cash in fixed rate term an additional 19% or $675m, based on December 31, 2022, cash balances. ASSETMARK. 17#18Introducing 2023 outlook Platform assets 2023 Growth Outlook 10%+ Revenue less cost of revenue 18-22% Operating expenses Adjusted EBITDA Commentary Targeting net flows as a percentage of beginning of period platform assets in the high single digits. Market appreciation assumption of 3.5%. Strong momentum from 2022; 2023 increase is driven by increased contribution from spread and subscription revenue, in addition to a full year contribution from Adhesion Wealth. 16-18% Disciplined expense growth will not outpace revenue growth. 20%+ EBITDA outlook reflects growth in revenue (due to spread revenue, subscription revenue and the addition of Adhesion Wealth) coupled with discipled expense management. Naturally dependent on the macro environment and US equity markets. Based on growth outlook above, we are targeting 2023 adj. EBITDA margin expansion between 50-100 bps. For general public use. ASSETMARK. 18#19Appendix For general public use. ASSETMARK. 19#20Adjusted expense reconciliation 4Q21 4Q22 Adj. Expense VPY (dollars in millions) Expense Total Adjustments | Adjusted Expense Expense Total Adjustments | Adjusted Expense Asset-based expenses $40.2 $40.2 $35.7 $35.7 (11.3%) Spread-based expenses $0.4 $0.4 $5.0 $5.0 1,260.5% Employee compensation $45.9 ($6.7) $39.2 $44.5 ($5.3) $39.2 0.1% SG&A¹ $27.8 ($2.3) $25.5 $32.3 ($2.2) $30.0 17.8% Interest expense $1.0 $1.0 $2.3 $2.3 142.8% Depreciation and amortization $8.1 ($3.0) $5.1 $8.0 ($1.8) $6.2 20.9% Other income Total 1Includes general and operating expenses and professional fees Note: Percentage variance based on actual numbers, not rounded results For general public use. $0.0 $0.0 $0.0 ($0.2) $0.0 ($0.2) NM $123.4 ($12.0) $111.3 $127.5 ($9.3) $118.2 6.2% ASSETMARK. 20#21Adjusted net income walk (dollars in millions) 4Q21 4Q22 Revenue less cost of revenue $103.0 $123.5 Operating expenses* $64.7 $69.2 Interest expense $1.0 $2.3 Depreciation and amortization* $5.1 $6.2 Other expense (income) $0.0 ($0.2) Adjusted Income before taxes $32.3 $45.9 Provision for income tax* $7.6 $11.7 Adjusted effective tax rate Adjusted net income 23.5% 25.4% $24.7 $34.3 Note: Asterisk denotes line item numbers post adjustment; numbers are rounded and totals may not sum For general public use. ASSETMARK. 21