TBS News

AssetMark and Total Bank Solutions to Provide Customized Insured Cash Deposit Program for Financial Advisors

Next-generation cash sweep solution will offer financial advisors and their customers the benefit of extended FDIC insurance, operational convenience and competitive returns

HACKENSACK, N.J. and CONCORD, Calif., July 14, 2016 /PRNewswire/ — AssetMark, Inc., a leading provider of innovative investment and consulting solutions serving financial advisors, announced today that the firm has selected Total Bank Solutions (TBS), a pioneer in providing technology-based cash management solutions to financial intermediaries, to create a next-generation insured cash sweep solution on the AssetMark Trust Company platform that will help AssetMark’s advisors and clients prepare for impending money market mutual fund reform.

When AssetMark debuts its Insured Cash Deposit program in late September, it will be at the forefront in making this type of program available to financial advisors.

“We are committed to investing in technology solutions that help our advisors and their clients achieve their goals, and our engagement with Total Bank Solutions is a continuation of that strategy,” said Natalie Wolfsen, Chief Commercialization Officer at AssetMark. “By building on each business’ strengths, AssetMark and TBS are poised to deliver a new insured cash sweep platform that provides insured deposit solutions to investors while also responding to changes in the regulatory landscape.”

Over time, Insured Cash Deposit Programs have become the primary sweep vehicle for many providers. With the impending regulatory reforms on the horizon, a broader range of intermediaries such as clearing firms, trust companies and banks are also turning to Insured Cash Deposit Programs. On October 14, 2016, the final amended rules governing money market mutual funds enacted by the Securities and Exchange Commission (SEC) will go into effect. The new rules will change fundamentally the way money market mutual funds operate. As a result, many financial intermediaries who maintain significant balances in money market mutual funds are re-evaluating their cash sweep options to determine the most suitable offerings for their clients.

“We are very excited to be able to partner with AssetMark to offer a compelling alternative for investors who require principal protection with FDIC insurance, ready access to their most liquid investments and operational convenience for their cash. We believe the combination of our proprietary technology platform, robust surveillance tools and large bank network with AssetMark’s client-centric focus on wealth management will provide AssetMark’s advisors and their clients with the industry standard for Insured Cash Deposit Programs,” said Kevin Bannerton, Managing Director – TBS.

About AssetMark, Inc.

AssetMark, Inc. is a leading independent provider of innovative investment and consulting solutions serving financial advisors. The firm provides investment, relationship and practice management solutions that advisors use to help clients achieve their investment objectives and life goals. AssetMark, Inc., including its Savos and Aris divisions, has approximately $30.3 billion in assets on its platform and a history of innovation spanning over 20 years. For more information, visit www.assetmark.com and follow @AssetMark on Twitter.

About Total Bank Solutions (TBS)

Total Bank Solutions (TBS), a privately held technology firm located in Hackensack, NJ, was founded in 2004 to serve the needs of banks and financial intermediaries.  Leveraging proprietary technology, TBS’ FDIC Insured Deposit Program, currently with over $38 billion in assets under administration, is designed to provide their clients with the benefit of extended FDIC insurance and for participating banks, a stable, diversified and cost-effective source of deposit funding.  By providing participants with access to innovative and customized products and services, TBS seeks to deliver solutions to help clients meet their unique funding and investment needs today and position their firms for future success.

TBS Bank Monitor offers clients the ability to conduct surveillance of all FDIC insured institutions. TBS Bank Monitor provides enterprise grade analytics and privileged process support for risk surveillance, compliance testing and investment research through an online subscription service.  For more information about TBS, visit www.totalbanksolutions.com.


Andrew Jarrell (Group Gordon/AssetMark)
ajarrell@groupgordon.com (212) 784-5721

Tricia Boman (Total Bank Solutions)
tboman@totalbanksolutions.com (201) 373-8747