A California-based wealth management platform for financial advisers will invest $10 million to create 252 jobs in Charlotte, the state announced Tuesday. AssetMark will create an East Coast hub, supporting nearly 4,300 financial advisers in the region.
The new jobs will pay an average annual wage of $110,518, more than 27% above Mecklenburg County’s current average wage of $86,830.
AssetMark, along with its affiliates AssetMark Trust Company, Voyant and Adhesion Wealth Advisor Solutions, supports more than 10,700 independent financial advisors and more than 317,000 investor households. The company has more than 1,000 employees.
AssetMark expects to start hiring this year and build its employee base through 2029.
The state’s Economic Investment Committee, part of the N.C. Department of Commerce, awarded AssetMark a Job Development Investment Grant (JDIG) of $1.9 million spread over 12 years. Mecklenburg County and the city of Charlotte added about $170,000 in local incentives. Contributions in employee training from the Community College System and Work Force Solutions add about $900,000 in state incentives.
The state does not award the grants unless AssetMark hits investment, job creation and wage targets. AssetMark must also retain about 45 jobs already in the state. Adhesion Wealth has two offices in Charlotte. AssetMark expects to complete its investment in office space by Dec. 31, 2027.
AssetMark’s expansion into Charlotte is expected to provide a 303% return on investment, meaning for every $1 of taxpayer costs the move will return $4.03 to government coffers. The state estimates AssetMark will grow the state’s GDP by $1.2 billion and add $39.5 million in state revenue through the end of the grant cycle in 2036.
Because AssetMark chose a location in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $647,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
AssetMark also considered sites in Atlanta and Phoenix to locate its new hub, according to the state.