#11Q23 Earnings Presentation May 3, 2023 A 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 advance our growth strategy, launch an updated version of eWealth Manager and our new billing system as planned and our ablity to meet our operating and financial performance guidance. 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, 2022, 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which is expected to be filed on May 5, 2023. 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 priciples 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-Q. For general public use. ASSETMARK. 2#3The first quarter had many record results; flows and NPAs improving Record Engagement 243,000+ investor households 9,300+ total advisors 2,900+ engaged advisors Record Financial Results $176.6m $58.8m Revenue $0.53 Adj. EBITDA Up 19% y/y Up 32% y/y Adj. EPS1 Up 36% y/y $132.6m $39.7m Net revenue Adj. net income Up 25% y/y Up 38% y/y 1Calculated using diluted share count of 74,370,000 shares 2 Net flows have improved sequentially each month since November 2022 and are at their highest level since March 2022. For general public use. Green Shoots 5 Sequential months of net flows growth² 166 1Q23 NPAs highest quarter since 2Q22 ASSETMARK. 3#4In 2023, we are focused on advancing our growth strategy . Meet advisors where they are going Deliver a holistic, differentiated experience $ Enable advisors to serve more investors Expansion of RIA offering with Adhesion Wealth Help advisors grow and scale their businesses Pursue strategic transactions • Continued re- platforming effort . Billing system modernization Enhancements in client onboarding Cash and fixed income strategies Fixed income offering expansion Tax management services Donor advised fund optimization SMA expansion Investment Consulting Advisor benefits program enhancements Expansion of straight through processing Note: The above initiatives are a combination of capital and operating expense projects. For general public use. • Continually analyzing M&A opportunities that benefit our advisors and platform ASSETMARK. 4#51 Meet advisors where they are Adhesion wealth An Asset Mark Company Adhesion Wealth had a successful 1Q23 winning new clients, building out its technology and adding new investment models to its model marketplace. Asset Mark and Adhesion continue to focus on integration and synergies. 1Q23 WINS 1Q23 TECHNOLOGY ADDS 1Q23 NEW INVESTMENT MODELS ☐ New RIA firms $63m Assets on platform from new firms 1 Adhesion TaxAlpha Introducing new ways to visualize and demonstrate the value derived from ongoing, active tax harvesting in a Unified Managed Account Adhesion Alliance Premium program for the Adhesion Asset Manager community, providing them with advisor usage and product adoption insights Milliman Blue Current A ARS INVESTMENT PARTNERS STANCE CAPITAL 1As of March 31, 2023 For general public use. ASSETMARK. 5#62. Deliver a holistic, differentiated experience Asset Mark is rebuilding eWealth Manager, with a target launch date in 2023 AssetMark's new robust billing system will go live in the Summer 2023 DESIRED OUTCOMES Increase share of wallet of existing customers • Attract new customers (NPAs) • Create opportunities to • Digital Experience Compelling and intuitive digital experience that aligns with our defined advisor and investor journeys serve new markets Efficiency and lower cost to serve Platform Platform modernization with scalable and flexible architecture Data Data model and analytics to support personalized experiences For general public use. BENEFITS FOR ADVISORS Ox Competitive advantage Reduces time to get paid Scalable technology BENEFITS FOR ASSETMARK SOX compliance Automation Enhanced reporting ASSETMARK. 6#73 Enable advisors to serve more investors 1Q23 CASH AND FIXED INCOME HIGHLIGHTS Asset Mark continues to partner with advisors on helping their clients navigate the prolonged • 0 ° market uncertainty, including bank failures during the quarter. Following last year's pain in the bond markets, we are seeing strong interest from investors seeking to lock in yields that haven't been this high in years. 130 bps Increase in the rate of our High Yield Cash solution ✓ $369m Gross sales in our Savos Laddered Bond strategies 700 Attendees for our Bank Crisis webinar 2829 NPAs acquired from our Bank Crisis webinar For general public use. ASSETMARK. 7#8EXCLUSIVE-Only available to select Asset Mark financial advisors, this service brings institutional level service to independent advisors. CUSTOMIZED―Develops goals-based strategies based on an advisors' values and the needs of the advisors' practice. 4 Help advisors grow and scale their businesses ASSETMARK Investment Consulting Asset Mark's new high touch Investment Consulting program provides select advisors direct access to the Asset Mark Investment Consulting Team for guidance in creating. customized model portfolios using strategies already available on the Asset Mark platform. AssetMark's investment professionals bring diverse investment experience and professional qualifications including: CAIA ASSOCIATION ASSOCIATION GLOBAL OF RISK PROFE ALS PROGRAM HIGHLIGHTS CFA Institute 13 CFA® charterholders 4 CAIA charterholders GARP 2 FRM charterholders For general public use. ན་ HIGH-TOUCH-Two members of our Investment Consulting Team will work with the advisor one-on-one throughout the engagement period. CONSULTATIVE—The advisor retains final control of the model decision process. SCALABLE-Solutions can be used across an advisor's diverse client base. 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 March 31, 2023 In early 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#10Platform assets – 1Q23 $ billion 120 1Q23 100 3.1 96.2 91.5 1.6 80 Net flows Market 60 40 20 0 Platform assets at beginning of period Platform assets at period-end 7.1% Net Flows as a % of Beginning-of-Period Platform Assets² 1 As of March 31, 2023 2 Calculated as annualized net flows of $1.6 billion divided by beginning-of-period platform assets of $91.5 billion as of January 1, 2023 For general public use. ASSETMARK. 10#11Advisor and household count up year-over-year Engaged and Total Advisors (1Q22-1Q23) Households (1Q22-1Q23) 10,000 9,297 9,319 8,701 8,688 8,702 8,000 6,000 4,000 2,000 0 1Q22 2Q22 3Q22 Engaged advisors 4Q22 1Q23 (dollars in millions) Total advisors Engaged advisors Assets from engaged advisors Households For general public use. 300,000 243,775 241,053 250,000 220,172 223,098 215,668 200,000 150,000 100,000 50,000 IIII 0 1Q22 2Q22 3Q22 4Q22 1Q23 ■Households 1Q22 1Q23 VPY 8,701 9,319 7.1% 2,815 2,976 5.7% $83,643 $88,587 5.9% 215,668 243,775 13.0% Engaged advisors increased by 94 q/q (+56 organic and +38 from market) ASSETMARK. 11#12First quarter results highlighted by record quarterly revenue, up ~25% y/y Total revenue (1Q22-1Q23) Net revenue (1Q22-1Q23) $ million 200.0 $ million 160.0 176.6 164.1 160.0 148.3 151.2 154.7 120.0 80.0 40.0 0.0 1Q22 2Q22 3Q22 4Q22 1Q23 ■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. 132.6 123.5 116.0 120.0 110.3 106.2 80.0 40.0 0.0 1Q22 2Q22 3Q22 4Q22 1Q23 ■Asset-based ■Spread-based Subscription-based Other income 1Q22 $148.3 1Q23 $176.6 142.1 131.0 3.3 3.5 2.0 38.3 $106.2 $132.6 100.4 93.6 3.3 3.5 1.6 31.7 VPY 19.1% (7.8%) 6.8% 1,857.3% 24.8% (6.8%) 6.8% 1,946.1% ASSETMARK. 12#13Revenue less cost of revenue - year-over-year comparison In millions 140 120 $106.2 100 80 60 40 20 0 1Q22 revenue less cost of revenue $2.8 $132.6 $30.2 $2.0 $0.2 -$8.5 -$0.3 Asset growth Adhesion Wealth Fee compression Subscription- based revenue Spread income Other income 1Q23 revenue less cost of revenue Asset Based $8.5m decrease due to $8.8b in billable core asset decline offset by $2.0m from Adhesion Wealth Core business fee compression (ex-Adhesion) was 0.2 bp year- over-year Subscription Based Voyant up 6.8% or $0.2m y/y impacted by foreign exchange pressure. Ex-FX pressure, revenue was up 15.7% year- over-year Spread Based Increased $30.2m year-over- year driven by yield improvement from 0.22% to 3.88% Other income Increased $2.8m driven largely by higher interest income For general public use. ASSETMARK. 13#14Adjusted expenses (1Q22 vs. 1Q23) Reported Expenses Adjusted Expenses (dollars in millions) 1Q22 1Q23 1Q22 1Q23 VPY ($) VPY (%) Asset-based expenses $41.7 $37.4 $41.7 $37.4 ($4.3) (10.2%) Spread-based expenses $0.4 $6.6 $0.4 $6.6 $6.2 1,517.7% 16.7% Operating Expenses Employee compensation $40.3 $46.9 $36.4 $41.9 $5.6 15.3% SG&A¹ $27.8 $31.1 $25.3 $30.0 $4.7 18.6% Interest expense $1.2 $2.3 $1.2 $2.3 $1.2 102.5% Depreciation and amortization $7.5 $8.4 $5.7 $6.3 $0.5 8.9% Other expense (income) $0.1 $19.9 $0.0 ($0.2) ($0.2) NM Total $118.9 $152.6 $110.7 $124.3 $13.7 12.3% Operating expenses were up 16.7% year-over-year driven by a 15.3% increase in employee compensation and a 18.6% y/y increase in SG&A. The increase in SG&A is primarily driven by increased travel, events and volume-related items. The increase in employee compensation is driven by increased head count of 82 y/y, of which half were adds from the Adhesion acquisition. 1Includes general and operating expenses and professional fees Note: Percentage variance based on actual numbers, not rounded results For general public use. ASSETMARK. 14#15Bottom line results highlighted by record adj. EBITDA and adj. net income Adjusted EBITDA and Adjusted EBITDA Margin (1Q22-1Q23) Adjusted Net Income (1Q22-1Q23) 4213225050 $ million and % 70.0 60.0 $ million 50.0% 58.8 45.0% 52.7 52.9 40.0% 49.6 50.0 44.5 35.0% 34.0% 40.0 32.8% 33.3% 30.0% 32.2% 30.0% 25.0% 30.0 20.0% 15.0% 20.0 10.0% 10.0 5.0% 0.0 0.0% 1Q22 2Q22 3Q22 4Q22 1Q23 39.7 35.0 34.3 32.4 28.8 1Q22 2Q22 3Q22 4Q22 1Q23 (dollars in millions, except per share data) Adjusted EBITDA Adjusted EBITDA margin Reported net income Adjusted net income Adjusted EPS¹ 1Q22 1Q23 VPY $44.5 $58.8 32.1% 30.0% 33.3% 330 bps $22.2 $17.2 $28.8 $39.7 $0.39 $0.53 (22.5%) 37.9% 35.9% 1Calculated using 1Q23 number of common shares outstanding, diluted of 74,370,000. 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. 15#16Spread 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 AssetMark Trust Company (ATC) 9.00 8.00 7.00 75 bps 2.25%-2.50% 75 bps 1.50%-1.75% 6.9% 50 bps 0.75%-1.00% 5.9% 5.4% 5.4% 6.00 25 bps 0.25%-0.50% 5.00 4.4% 4.4% 4.48 4.00 3.60 3.70 3.60 3.09 2.92 3.00 2.00 1.00 iilll Mar-22 Apr-22 May-22 Jun-22 Jul-22 ICD Ending Cash (in $B) 10.0% In 1Q23, we added $125m of new fixed rate term contracts. As of March 31, 2023, ~27% of cash at ATC is in fixed rate term, with an average maturity of 1.60 years and gross rate of 4.50%. Maturing Contracts ($m) as of March 31, 2023 75 bps 3.00%-3.25% 75 bps 3.75%-4.00% 50 bps 4.25%-4.50% 25 bps 4.50%-4.75% 25 bps 4.75%-5.00% 9.0% 8.0% 7.0% 5.7% 6.0% 250 250 5.4% 5.4% 4.8% 4.9% 4.8% 4.6% 5.0% 3.51 3.49 3.54 4.0% 3.27 3.32 3.32 3.19 3.0% Aug-22 Sep-22 HYC Ending Cash (in $B) Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Cash as % of Assets in Custody at ATC 2.0% 375 2023 2024 2025 1.0% Maturing yield 4.25% 4.44% 4.70% 0.0% Mar-23 Gross Yield (bps) 32 46 83 129 182 250 270 326 397 434 455 473 479 1 CME FedWatch Tool For general public use. As a reminder, AssetMark has the optionality to increase the percentage of cash in fixed rate term an additional 13% or $375m, based on March 31, 2023, cash balances. ASSETMARK. 16#17Reaffirming 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. 17#18Appendix For general public use. ASSETMARK. 18#19Adjusted expense reconciliation 1Q22 1Q23 Adj. Expense VPY (dollars in millions) Expense Total Adjustments | Adjusted Expense Expense Total Adjustments | Adjusted Expense Asset-based expenses $41.7 $41.7 $37.4 $37.4 (10.2%) Spread-based expenses $0.4 $0.4 $6.6 $6.6 1,517.7% Employee compensation $40.3 ($3.9) $36.4 $46.9 ($5.0) $41.9 15.3% SG&A¹ $27.8 ($2.5) $25.3 $31.1 ($1.1) $30.0 18.6% Interest expense $1.2 $1.2 $2.3 $2.3 102.5% Depreciation and amortization $7.5 ($1.7) $5.7 $8.4 ($2.2) $6.3 8.9% Other expense (income) $0.1 ($0.1) $0.0 $19.9 ($20.1) ($0.2) NM Total $118.9 ($8.3) $110.7 $152.6 ($28.4) $124.3 12.3% 1Includes general and operating expenses and professional fees Note: Percentage variance based on actual numbers, not rounded results For general public use. ASSETMARK. 19#20Adjusted net income walk (dollars in millions) 1Q22 1Q23 Revenue less cost of revenue $106.2 $132.6 Operating expenses* $61.7 $72.0 Interest expense $1.2 $2.3 Depreciation and amortization* $5.7 $6.3 Other expense (income) $0.0 ($0.2) Adjusted Income before taxes $37.6 $52.2 Provision for income tax* $8.8 $12.5 Adjusted effective tax rate Adjusted net income 23.5% 24.0% $28.8 $39.7 Note: Asterisk denotes line item numbers post adjustment; numbers are rounded and totals may not sum For general public use. ASSETMARK. 20