Governor Josh Stein announced that AssetMark, a wealth management platform for financial advisors, plans to create 252 jobs in Charlotte. The company will invest $10 million in Mecklenburg County.
“AssetMark’s decision to grow its business in Charlotte proves once again that business leaders recognize North Carolina as one of the country’s best places to do business,” said Governor Stein. “Charlotte’s status as a fintech hub combined with our state’s education and workforce training programs and our top-notch business climate provides companies with the competitive advantages they need to be successful.”
AssetMark, based in Concord, California, offers solutions and guidance to financial advisors. It operates alongside affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions. The expansion in Charlotte will establish it as the company’s East Coast Hub, supporting nearly 4,300 advisors in the region.
“We are excited about our partnership with Charlotte and the State of North Carolina, which will allow us to establish our East Coast Hub,” said Lou Maiuri, Chairman and Group CEO for AssetMark. “The committed investment from North Carolina allows us to grow our cross-functional presence in Charlotte so that we can better serve a significant portion of our clients.”
Commerce Secretary Lee Lilley commented on Charlotte’s growing status as a financial center: “Fintech companies are especially drawn to North Carolina’s deep pool of IT talent and tailored training programs.”
The average salary for these new positions will be $110,518 compared to an average wage in Mecklenburg County of $86,830. This will bring an annual payroll impact of over $27 million per year.
The project is facilitated by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over 12 years, it’s estimated to grow the state economy by more than $1.2 billion. The JDIG agreement authorizes potential reimbursement up to $1,941,750 over this period.
Because AssetMark chose Mecklenburg County (a Tier 3 location), their JDIG agreement also allocates $647,250 into the state’s Industrial Development Fund – Utility Account. This supports infrastructure upgrades needed for future businesses.
Senator DeAndrea Salvador expressed her welcome: “Charlotte continues to be an attractive destination for financial services companies.” Representative Mary Belk added: “Everyone in our community will offer AssetMark a warm welcome.”
The project was supported by various partners including the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina.
