Governor Josh Stein announced that AssetMark, a prominent wealth management platform for financial advisors, will be expanding its operations by creating 252 jobs in Charlotte, North Carolina. This move involves an investment of $10 million in Mecklenburg County. The expansion will establish Charlotte as AssetMark’s East Coast Hub, enhancing service capabilities for nearly 4,300 advisors in the region. The decision highlights North Carolina’s reputation as a favorable business environment, particularly for fintech companies.
AssetMark, headquartered in Concord, California, alongside its affiliates, currently serves over 10,700 financial advisors and more than 317,000 investor households. The average salary for the new positions will be $110,518, surpassing Mecklenburg County’s average wage of $86,830, resulting in an annual payroll impact of over $27 million. The expansion will be assisted by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee, with the project expected to grow North Carolina’s economy by more than $1.2 billion over 12 years. The JDIG agreement authorizes potential reimbursements to the company, contingent on performance verification of job creation targets.
The project aims for a 303 percent return on investment in public dollars, with generated tax revenue benefiting both the state treasury and the Industrial Development Fund – Utility Account, which supports infrastructure upgrades in rural areas. This initiative is supported by the North Carolina Department of Commerce, Economic Development Partnership of North Carolina, and various local government entities. Officials have expressed optimism about the economic benefits the expansion will bring to the region and the opportunities it will create for the local workforce.
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