Acquisition Builds on Company’s Growth Trajectory, Adding $3 Billion in Client Assets While Unlocking Significant Value for Advisors

AssetMark Financial Holdings, Inc. today announced its intention to acquire Efficient Advisors, LLC, an asset management platform with $3 billion in client assets, from its current owners, Fiduciary Services Group (FSG). The acquisition reaffirms AssetMark’s long-term focus, deepening its reach within the RIA channel, while unlocking significant expansion opportunities.

“AssetMark’s growth strategy is grounded in a disciplined approach to expansion – one that combines institutional insight with a clear vision for the future of independent advice,” said Lou Maiuri, AssetMark Chairman and Group CEO. “The acquisition of Efficient Advisors reflects our commitment to thoughtful, inorganic growth that strengthens our position within the RIA space. By bringing Efficient Advisor’s evidence-based investment platform into our ecosystem, we’re enhancing the breadth of solutions available to advisors and reinforcing our mission to help advisors grow their businesses and deliver enduring value to clients.”

The acquisition provides Efficient Advisors access to AssetMark’s comprehensive wealth management platform, featuring industry-leading service, advanced advisor technology, tailored business consulting, and a carefully curated lineup of investment strategists. In turn, AssetMark welcomes a well-established advisor network with deep, long-term client relationships. This enhances the company’s scale and channel reach while equipping advisors with the tools, resources, and support they need to accelerate growth, deliver greater value, and expand the range of services and capabilities available to their clients.

"Joining AssetMark marks an exciting new chapter for Efficient Advisors,” said Steve Miller, Efficient Advisors CEO. “Our shared commitment to advisor-centric service makes this a natural fit. We’re proud of the platform we’ve built and the relationships we’ve nurtured over the years, and we look forward to amplifying our impact through AssetMark’s expansive network."

Efficient Advisors is currently owned by FSG, the parent company of PCS Retirement, a valued service provider within the AssetMark Retirement Services. PCS offers tailored services to meet the evolving needs of the retirement market. “We are excited to strengthen our retirement relationship with AssetMark," said Scott David, FSG CEO. "This collaboration allows each organization to focus on its core strengths while delivering greater value to advisors and their clients.”

This acquisition underscores AssetMark’s commitment to strategic expansion within the RIA channel and its continued focus on M&A to accelerate scale and enhance advisor value. The transaction is AssetMark’s eighth announced acquisition since 2014, and most recently follows its strategic alliance with Morningstar Wealth and acquisition of the Morningstar Wealth Turnkey Asset Management Platform.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals, necessary consents, and other customary closing conditions.

PricewaterhouseCoopers International Limited served as financial advisor and Kirkland & Ellis served as legal counsel to AssetMark. DLA Piper served as legal counsel to Fiduciary Services Group.

About AssetMark

AssetMark operates a wealth management platform with a mission to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions, powered by its innovative technology platform. The company equips advisors with planning tools, investment solutions, and operational capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction.

Founded in 1996, AssetMark has over 1,100 employees and serves more than 10,500 financial advisors and 318,000 investor households. As of September 30, 2025, the firm had over $158 billion in platform assets. AssetMark is a registered investment adviser with the U.S. Securities and Exchange Commission.

For more information, please visit www.assetmark.com. Follow us on LinkedIn.

About Efficient Advisors, LLC

Efficient Advisors was founded in 2009 and merged with Evidence Based Advisors in 2020 to support advisors seeking to offer their clients the prudence of passive, structured investing based on academic discipline. Their focus on deploying cost-efficient, globally-diversified asset allocation aims to offer advisors a collaborative culture based on a core philosophy of integrity, honesty, and open communication.

Efficient Advisors is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. With over $3 billion in client assets, Efficient Advisors provides solutions to approximately 200 advisor firms directly through their platform, serving nearly 6,000 households nationwide across their wealth and retirement assets. Efficient Advisors also offers model portfolios to broker-dealer-affiliated advisors.

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