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Governor Stein Announces Financial Services Firm AssetMark Will Create 252 Jobs in Charlotte

Governor Josh Stein announced today that AssetMark, a leading wealth management platform for financial advisors, will 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 Josh 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, headquartered in Concord, California, provides innovative solutions, insightful guidance, and excellent service to financial advisors at every stage of their journey. The company, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, has more than 1,000 employees and serves more than 10,700 financial advisors and more than 317,000 investor households. AssetMark’s expansion in Charlotte will establish the location 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. Exceptional service is at the center of everything we do at AssetMark. This partnership means we can continue to enhance our support for our advisors and their clients, while allowing us to tap into the exceptional talent pool available in Charlotte.” 

“Charlotte’s place as one of the nation’s top financial centers grows stronger today with the addition of an innovative company like AssetMark,” said Commerce Secretary Lee Lilley. "Fintech companies are especially drawn to North Carolina’s deep pool of IT talent and tailored training programs, which provide an ideal foundation for accelerating their growth in the state."

Although wages will vary depending on the position, the average salary for the new positions will be $110,518, compared with an average wage in Mecklenburg County of $86,830. The new positions will bring an annual payroll impact to the community of more than $27 million per year.

The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today and formally awarded to AssetMark Financial Holdings, Inc. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by more than $1.2 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,941,750, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation targets.

The project's projected return on investment of public dollars is 303 per cent, meaning for every dollar of potential cost, the state receives $4.03 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. 

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. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“Charlotte continues to be an attractive destination for financial services companies, and I’m pleased to welcome AssetMark as they expand their operations here,” said Senator DeAndrea Salvador. “With a strong talent pool and a track record of innovation, our region offers the tools and talent they need to thrive.” 

“We welcome these new jobs for Charlotte, Mecklenburg County, and for our state as a whole,” said Representative Mary Belk. “Everyone in our community will offer AssetMark a warm welcome and we will connect this company with the many resources in our region that will power their company’s growth here in North Carolina.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the Commerce Department’s Division of Workforce Solutions, Mecklenburg County, and the City of Charlotte. 

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