AssetMark welcomes new CEO as Natalie Wolfsen exits to take over for Orion founder Eric Clarke

After nearly a decade as AssetMark's leader, Natalie Wolfsen has been chosen to lead Orion Advisor Solutions into its next era.

On late Friday afternoon, leaders from both the Omaha, Nebraska-based wealthtech provider and Wolfsen's former firm in Concord, California announced the CEO shakeup. 

Wolfsen's appointment as CEO and addition to Orion's board of directors will be effective in mid-October. When that happens, Orion Founder and outgoing CEO Eric Clarke will transition to a leadership support role.

That was part of the plan when Clarke announced his intentions to retire and reflected on the approach of Orion's 25th anniversary earlier this year.

"I'm enthusiastic about Natalie joining Orion. Natalie shares our vision for empowering financial advisors so they can serve their clients more effectively," Clarke said in a statement. "She has my full support and I'm committed to managing a smooth transition for our clients and team members. I look forward to Natalie leading our team into the future." 

Shortly before Orion released its statement confirming late-day reports of Wolfsen's exit, AssetMark announced that Michael Kim has been named the company's new CEO effective immediately, stating that "Wolfsen will depart the company to pursue another opportunity."

AssetMark

According to AssetMark, Kim is a 13-year firm veteran with more than 25 years of collective industry experience. He most recently served as Assetmark president and chief client officer. 

"Michael is an experienced, highly effective leader who brings a wealth of expertise and perspective to his new role," AssetMark Board Chair Xiaoning Jiao said in a statement. "During his tenure at AssetMark, he has demonstrated his ability to drive consistently strong results. His knowledge of AssetMark, understanding of the needs of our clients and uniquely advisor-focused lens will undoubtedly benefit the company as it continues its growth and evolution."

Prior to joining AssetMark, Kim was an executive at Fidelity Investments, overseeing RIA sales management, relationship management and practice management. 

"Coming off a record quarter with platform assets at an all-time (high), it is an exciting period in AssetMark's growth trajectory, and I am honored to be the company's next CEO," Kim said in a statement. "We are an industry leader with a tremendously talented team, underpinned by an innovative platform and a strong financial foundation. I look forward to working alongside this team to continue executing the company's proven strategy."

The CEO search that brought Wolfsen and her nearly 30 years of know-how to Orion's top office was led by someone very familiar with her former job. Former AssetMark President and CEO Charles Goldman — who was appointed to the position of executive chair of the Orion board a week before Clark announced his retirement — led the CEO search along with a committee.

Wolfsen succeeded Goldman as AssetMark CEO in February 2021. Before AssetMark, she previously held digital and investment platform development, investment solution management, strategy and marketing roles at First Eagle Investment Management, Pershing, Charles Schwab and American Express.

"On behalf of Orion's board of directors, I am thrilled to welcome Natalie Wolfsen next month as we usher in a new era of growth and innovation at Orion," Goldman said in a statement. "Orion is uniquely positioned given its complete suite of technology and services designed to meet the evolving needs of independent fiduciary advisors."

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Clarke's departure represents the biggest shift yet for a company that supports more than 5 million technology accounts and thousands of independent advisory firms. It also continues a streak of wealthtech CEO changes into the final quarter of the year.

In mid-August, SMArtX Advisory Solutions announced that Jonathan Pincus had been named the firm's new CEO as founder Evan Rapoport transitioned to a role on the SMArtX board of directors. 

Pincus has served as SMArtX's president and chief operating officer for the last three years, according to the company. His run as SMArtX CEO is effective immediately. Before joining SMArtX, Pincus was global head of investment operations at Northern Trust Asset Management.

In April, InvestCloud announced that co-founder and former CEO John Wise had left the company and that Richard Lumb was being appointed interim chief. The board also has initiated a comprehensive search for a permanent CEO, but no timeframe for the effort was provided and no updates have been issued since then.

The next month, Clarke announced his plans to retire at the end of year. 

Moving beyond the tech space, other notable wealth management exits in 2023 include the sudden February departure of Sanctuary Wealth Founder Jim Dickson, who was replaced by Adam Malamed as the new CEO. 

In late March, it was announced that Andy Sieg was stepping down from his position as president of Merrill Wealth Management to become the new head of Citi Global Wealth in September.

Sieg worked at Citi from 2005 to 2009. He had been at Bank of America's Merrill since then, serving first as head of Global Wealth & Retirement Solutions, then as president of Merrill in 2017. Sieg is replaced by Lindsay Hans and Eric Schimpf, who were named presidents and co-heads of Merrill Wealth Management. Both executives will report to Bank of America CEO and chairman Brian Moynihan.