Good afternoon, everyone. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will be given at that time. Today's call is being recorded. Now I'd like to turn the call over to Taylor Hamilton, Head of Investor Relations. Please go ahead, Mr. Hamilton. Good afternoon, everyone, and thank you for joining us on short notice. Joining me today are AssetMark's incoming Chief Executive Officer, Natalie Wolfsen, Chief Financial Officer, Gary Zyla, and Voyant's Chief Executive Officer, David Kaufman. Before we begin, during today's presentation, we'll be referring to slides that have been posted on our investor relations website at ir.assetmark.com. I'd like to note that certain statements made during this conference call are forward-looking statements. These forward-looking statements represent our outlook only as of the date of this call, and actual results could differ materially. Please refer to our announcement, press release, and SEC filings for more information on forward-looking statements, risk factors associated with our business, and required disclosures related to non-GAAP financial information. With that, I'll turn the call over to my colleagues. Natalie, take it away. Thank you so much, Taylor, and good afternoon to everybody, and thank you for joining us. Before we get started on our important announcement, I just wanted to say how honored I am to be talking to you today as AssetMark's new CEO. I've met many of you during the roadshow back in 2019, and I look forward to meeting those of you who I haven't met over the coming months. I'm excited about the next chapter at AssetMark, and the deal we have announced today is the first page in that terrific new chapter. I want to start by formally welcoming David and the entire Voyant team to AssetMark. David and his team have built a phenomenal company that will help AssetMark continue to make a difference in the lives of our advisors and their clients. Starting on slide five, we believe that the acquisition of Voyant will create significant value to our advisors, Voyant's clients, and our shareholders. The acquisition of Voyant bolsters AssetMark's position as a fintech leader. It is a strong strategic fit that enhances our compelling technology offering while advancing our wellness vision, and we believe the deal will support and improve advisor wallet share and retention, while also helping us attract new advisors in our IBD advisor, RIA, and adjacent channels. From a financial perspective, we are acquiring a company that has strong top and bottom line growth and meaningful scale. Voyant is a profitable company and will be immediately accretive to our adjusted EPS in 2021 and beyond. Before I get further into the details of the strategic rationale for this deal, please let me turn it over to David to introduce himself and to provide you with a brief overview of the fantastic company he and his team have spent the last 15 years building. Thank you for the warm welcome, Natalie. My team and I are thrilled to join the AssetMark team. We've long admired AssetMark and believe we're a perfect complement to what AssetMark is building. Let me start with a brief discussion of who we are and then touch on why advisors and their clients find value using Voyant. I will then briefly introduce Voyant financial planning and digital engagement solutions. Turning to slide six, Voyant is an industry-leading IP delivering financial planning technology, both to advisors and institutions that serve advisors. Our highly adaptable visual planning capabilities allow financial advisors to add real value and help clients achieve their long-term goals. I started the business with my team in 2006 with the goal of deepening the relationship between the financial advisor and their client. I wanted to build comprehensive, well-integrated solutions that encourage dialogue between advisors and their clients. Our solutions allow the advisor to fully understand their client's financial goals, concerns, and dreams. Through visual planning capabilities, we are then able to bring the client's financial goals and dreams to life and showing clients how portfolio recommendations position them to best accomplish these goals. Today, Voyant serves over 20,000 advisors across 11 enterprise financial institutions and approximately 2,100 small advisor firms. We are a global company with these relationships in the United Kingdom, Canada, the Republic of Ireland, and we're developing relationships in Australia and the United States. The reason so many advisors and their clients use Voyant is because its goal and scenario-based visualization is extremely powerful for an advisor to sit in front of his or her client and show the real-time impact of moving retirement up an additional year or beginning to save for college now versus later. The digital experience promotes these discussions between the client and the advisor on what is truly important for the client. This helps build strong relationships and allows the advisor to construct the right portfolio to help their client reach their changing goals. Let's now turn to our product suite, which is split between advisor planning, client access, and client engagement. All of these are well integrated to allow for dynamic conversations between advisors and their clients and provide a valuable financial planning experience. Let me briefly highlight our product offering and their component. AdviserGo is our collaborative visual tool enabling advisors to deliver complex financial advice to their clients in an easy-to-digest manner. Its goal-based structure assists in complete plan creation, and it develops detailed plans and risk profiles for countless goals. Advisors can help their clients visualize and quantify their goals through multiple scenarios. Voyant Go and Voyant Snapshot are our client access solutions. Voyant Go is a customer-driven platform that allows the advisor's clients the ability to customize their plans on their own time. It's accessible anywhere and automatically alerts the advisor of client usage, enabling an easy relationship management experience. Voyant Snapshot is a client portal presenting clients and their advisors with a high-level overview of all of the client's assets and finances. The advisor's clients can link outside accounts so they and their advisor can see their entire financial picture in real time. The third part of the product suite is client engagement, led by Voyant The Game. This client-friendly solution allows clients to refine their financial plans on their own time. It's a great tool to foster financial planning conversations with existing clients, and it's equally powerful to use with prospects to increase engagement. Voyant is a fully integrated platform working with many other financial planning technologies, including multiple CRMs, big aggregation, and back office solutions. Additionally, our API first framework with modular user interfaces allows us to configure and customize our solutions for our enterprise clients. This allows us to meet their brand standards, processes, and goals. Voyant shares AssetMark's Financial Wellness vision. We look forward to working closely with AssetMark to bring Voyant's tools and technology to the AssetMark platform. We're also looking forward to learning from AssetMark and their long history of helping advisors better serve their clients. With that, I'll turn it back over to Natalie. Thank you so much, David, and again, a very warm welcome to you and your team to AssetMark. Starting on slide eight now. Slide eight shares our perspective on what makes this such a great acquisition for both our advisors and our shareholders. First, the acquisition significantly enhances AssetMark's standalone growth prospects by accelerating our financial wellness vision and increasing our attractiveness to advisors in both our core and adjacent channels. Second, AssetMark strengthens Voyant's standalone growth prospects. Voyant will benefit from AssetMark's knowhow, U.S. brand, and relationships, and strong financial position. Lastly, the deal delivers immediate financial benefits and long-term earnings diversification while also providing a long runway for future growth. Let's dive into these rationales a little bit deeper. To start, the acquisition of Voyant significantly enhances AssetMark's standalone growth prospects in a variety of ways. Turning now to slide nine, Voyant helps us accelerate our financial wellness vision by adding a proprietary and customized offering that fits seamlessly into the platform and enhances our wellness initiatives. As we have discussed on past earnings calls, the industry is changing and changing fast. At the heart of that change is the interaction between the advisor and their clients. Investors want to be deeply understood by the advisor, which means the advisor needs to know all about their clients' goals, aspirations, fears, and challenges. Investors want conversations to be about how their portfolios help them reach their challenging goals and their changing goals, not just about the portfolio's attributes. Advisors need to focus on comprehensive financial planning and advice to provide an integrated experience for their clients. This is the new advisor value proposition. Integrating key components of Voyant into the AssetMark platform will make the financial planning, risk assessment, and portfolio construction an integrated experience, creating a rich and meaningful discussion where the investor feels that their advisor understands them and their financial needs. Turning to slide 10, the acquisition of Voyant increases the attractiveness of our platform to both advisors in our core channels and also adjacent channels. Simply put, we believe this will help accelerate our organic growth by adding valuable capabilities to our platform. Let's discuss the IBD channel first. As previously discussed, comprehensive financial planning and advice and an integrated experience is the new value proposition for financial advisors. In fact, a joint study from Cerulli, the Investments and Wealth Institute, and Financial Planning Association found that 64% of independent broker-dealer advisors were doing financial planning in 2020, and that number is expected to increase even more to 73% next year. For context, a 2019 AssetMark study found that 84% of our advisors were using some form of a financial planning solution. Let's discuss how we plan to offer Voyant to our advisors. First, we will integrate some of the key features of Voyant's foundational financial planning tools and capabilities into our technology, eWealthManager, to enhance the AssetMark advisor experience. Foundational financial planning is the ability to establish goals, to put them on a timeline, and then view the basic interaction of how the investment solutions help the investor reach their goals. Not only does this support our wellness vision, but we also believe it will help AssetMark increase engagement with existing advisors while helping us attract new advisors in core and adjacent channels. We will also offer integration and portability for advisors wishing to purchase Voyant's full financial planning capabilities. Voyant also supports our strategic priority of attracting adjacent advisors through channel expansion, most importantly, RIAs and hybrid RIAs. RIAs are doing even more financial planning than IBD advisors. Data from the same study I cited previously found that 78% of RIAs were doing financial planning last year, with that number forecast to increase to 84% by 2022. By adding Voyant to AssetMark's RIA offering, including advisor managed portfolios or AMP, we will increase engagement with existing RIAs while also helping AssetMark attract new RIAs. The second strategic rationale of the transaction is that AssetMark will significantly accelerate Voyant's already strong growth prospects. We plan to maintain Voyant as a separate subsidiary, continuing to target enterprises and advisor firms in order to increase market share. Let's turn to slide 11 to discuss why bringing AssetMark and Voyant together will accelerate Voyant's growth. First, knowhow, especially in sales and marketing, has the ability to help Voyant penetrate their existing customer base while also driving new client growth. Second, AssetMark's strong U.S. presence and brand will be immediately beneficial for Voyant. AssetMark will be celebrating our 25th anniversary this year, and our deep, long-standing relationships will provide a tailwind for Voyant's U.S. expansion. Third, introducing Voyant to our over 300 broker-dealer and over 70 producer groups, also known as OSJs, provides additional avenues for growth and expansion in the U.S.. We view this as upside that was not modeled into this transaction. Lastly, Voyant has exhibited strong growth with no outside investment. With AssetMark, a larger company with a strong balance sheet, we can invest into the business as we see fit to help accelerate Voyant's growth. We strongly believe the strategic value of this investment. I would now like to turn the call over to Gary to discuss the financial details and the benefits of this acquisition. Thank you, Natalie. Welcome, David and Voyant. This is a very exciting time for AssetMark, and we are thrilled to have Voyant join the team. The lead story is that we are acquiring a fast-growing, profitable business that is immediately accretive to our bottom line, while also providing earnings diversification. I would like to start by taking you through some of the technical assets of the transaction, and then focus on the financial benefits. As noted in the press release, we are paying $145 million in consideration for Voyant. The deal will be funded with $120 million in cash and $25 million in AssetMark stock. At this point in time, we estimate we will draw down about $80 million-$90 million on our revolving credit facility, with the remainder coming from the cash on our balance sheet. Post-close, this will keep our leverage ratio slightly below 1.5x earnings, minimizing the interest costs we will be incurring. Regarding expectation on share dilution, based on the current stock price of our stock, we will be issuing approximately 1 million shares of stock at the close. Now let's turn to slide 12 and discuss Voyant's strong historical financial performance and how we value the deal. Voyant has been growing its top line rapidly. Their four-year compound annual revenue growth rate is north of 40%. This growth would've been even higher had Voyant not experienced a slowdown in growth in 2020 as COVID delayed the rollout across some key enterprise relationships. These relationships remain strong, and in our opinion, this is nothing more than a timing issue, with revenue delayed due to the pandemic. We estimate 2021 revenue to be in excess of $20 million, valuing the acquisition at approximately 7x 2021 revenue. Another key attribute to the acquisition is that Voyant is profitable and highly scalable. Adjusted EBITDA growth is strong, and we estimate 2021 Adjusted EBITDA to be between $7 million and $8 million. This values the acquisition from an EBITDA multiple 18x-20x. Voyant has been able to drive meaningful scale, and we expect to see that continue in the future. Voyant will be immediately accretive to AssetMark's bottom line. We expect the deal to close in mid-2021. Based on this, we expect Voyant to add $0.02-$0.03 per share to our Adjusted EPS in 2021, and then about $0.10 per share for the full year of 2022. This accretion was not baked into our 2021 guidance that we provided a few weeks ago on our fourth quarter 2020 earnings call. The acquisition of Voyant also provides earnings diversification. For those who follow our company closely, you know we derive a large percentage of our revenue and earnings from our platform assets. You also know that we lost a significant amount of net spread revenue in 2020 due to interest rate cuts. We expect growing earnings diversification from subscription revenue as Voyant expands and becomes a larger part of the business. Let's turn to slide 13. As both Natalie, David, and I have mentioned, Voyant is a fast-growing company. We expect that growth to continue as Voyant has an extremely large runway in front of it. In the existing markets in the U.K., Canada, and the Republic of Ireland, we estimate $130 million revenue opportunity. Voyant has deep and long-standing relationships with large financial institutions such as Toronto-Dominion, Lloyds Bank, BMO, and CIBC. The opportunity in what we define as expansion markets is almost 2.5x the revenue opportunity of the established markets. These markets include Australia and the U.S.. Voyant is currently undergoing beta testing in Australia, with significant interest across the financial services footprint. In the U.S., the recent signing of Lincoln Financial, coupled with AssetMark's broad U.S. presence, provides a strong tailwind for expansion. Before turning the call back over to Natalie, I want to quickly reiterate the financial rationale for the acquisition. This acquisition helps us accelerate our financial wellness vision while accelerating our organic growth prospects. We are acquiring a fast-growing, profitable business that is immediately accretive to our bottom line while also providing earnings diversification. We anticipate Voyant to continue to grow both internationally and on a standalone basis, but also in the United States as we help them build and expand relationships. With that, I'll turn the call back over to Natalie. Thank you so much, Gary. I just want to reiterate how excited we are about this deal and the value it brings to our advisors, Voyant's clients, and our shareholders. This concludes our prepared remarks for today. I'll now turn the call back to the operator to begin the Q&A. In order to ask a question, you will need to press star one on your telephone. If you need to withdraw your question, press the pound key. Your first question comes from the line of Alex Blostein from Goldman Sachs. Your line is open. Hey, great. Good afternoon, everyone. Natalie, congratulations, officially. First question for you, I guess just the concept of build versus buy, right? Maybe spend a minute on what you see as Voyant's kind of biggest competitive advantages versus peers or maybe some other kind of digital financial planning platforms that are out there. Why is it something that AssetMark would now be able to build over time on their own and felt like this was the right time to buy? Absolutely. First of all, thanks so much for the congratulations. I really appreciate it. Very excited about this next chapter in AssetMark. I'm going to start the answer to the question about why we chose to buy versus build, and then I'm going to hand it over to David, who can take you through the competitive assessment of Voyant relative to the competition in the U.S. and outside the U.S.. Before I hand it off to David, I just want to say, we at AssetMark feel a lot of urgency to deliver solutions that will help advisors really make a difference in the lives of their investors and their clients. Voyant has just a tremendous amount of capabilities that allowed us to accelerate our financial wellness vision by quite a lot. Those capabilities are in two of the three components of financial wellness. The first is in the goal and goal assessment. Voyant not only has a robust goal and goal assessment tool as part of its financial planning software, they also array those goals on a timeline and allow you to look at your probability of success relative to the goals you have right next door to the trade-off decisions that you can make to increase that probability of success. That combination of those trade-offs is just a wonderful way for advisors to partner with their investors on the goals they're trying to achieve through their lives, and something that we had planned on building, and we're very excited to see that Voyant had already built. Secondly, AssetMark has a view, much of the industry has a view on risk, and that what we do as the industry right now is we're very, very good at risk profiling. Risk profiling is kind of all the behaviors around risk, how much risk you can stomach in a significant market dislocation before you exit the market, and then aligning that to the portfolios that you use. There are two other aspects of risk which are really important. The second is risk need. The risks that you need to take on if you want to achieve your goal, and aligning that with risk capacity. Again, it's those trade-off conversations that really lead to a wellness exercise between the advisor and the investor, and Voyant has risk need as part of its software. The third is really risk capacity, risk capacity over your life, and risk capacity over your life as it relates to non-liquid investments like your home or inheritances. Again, Voyant's technology has these capabilities already embedded into it. It's a wonderful company. It's growing really fast. It serves markets that AssetMark doesn't serve. It serves enterprises, which is a new segment for AssetMark outside the U.S.. We really feel like it's a tremendous opportunity to not only accelerate our financial wellness vision but also to partner with a firm we just have a lot of belief in. David, I just want to hand it off to you to share a little bit more about the competitive differences between Voyant and the competition. No, Natalie, thank you so much. I think the key here for us is when we go into any market and every market we've been to, we've been successful with in terms of competition, really goes to my team and the platform that we've built in terms of really technology having been to the point where what we've built is something that is deep. We like to focus on the whole client. We're also flexible as an organization. Everything we've built is API first. That gives us the ability to be flexible, whether we're dealing with a 10-man IFA firm in the U.K. or an 8,000-person bank in Canada or a 5,000-person organization here in the U.S. We have the flexibility to handle them all. We simply can reuse our APIs and use it. We focus on the whole client. We have depth inside the system. A powerful calculation engine that is multi-currency. Voyant's multilingual. We're multi-jurisdictional. Really one of the most interesting things about the acquisition from my perspective is as much work as we've done with AssetMark, and what everything Voyant has and the depth that we have from everything having to do with our API integration platform, our ability to customize our APIs very quickly in terms of our adding new features, our ability to change our UIs in terms of working with new clients, is I think that AssetMark's going to learn very quickly that, wow, we've bought something even more special than we thought. Got it. Thank you so much. Great. That's helpful. Thanks. Sorry, go ahead. No, I'm so sorry. I just wanted to summarize by saying that Voyant has a great management team. It was the right size for the purchase for AssetMark, an amazing product, and it's profitable. All four of those things come together and just make it a pretty clear decision to buy versus build. Got it. No, that's perfect. That makes sense. My following question was I was hoping to unpack the revenues a little bit. Gary, you mentioned the revenue growth slowdown in 2020, not surprisingly, I guess, given COVID. Can you help us understand kind of underwriting the revenue growth acceleration in 2021? Is it all kind of revenues that's sort of under contract in the bag, or does that incorporate any potential synergies with AssetMark that you guys clearly anticipate to see from this transaction? Maybe just a word on kind of like the nature of revenues, kind of the typical contract length, any fee rates that we need to be mindful of or sort of, it sounds it's recurring, right? I'm assuming it's not AUM based, but just wanted to confirm all of that. Thanks. Hey, Gary, why don't you take the first part of that question. Then David, maybe you can take the contract length and that part of the question. Sure. Thank you, Natalie, and nice to talk to you, Alex. I'll break it down. You asked a few things, Alex, and I apologize, I'm going to answer them in a different order. The revenue is way standalone revenue, so that $20 million estimate does not anticipate necessarily any material synergies from what you might call cross-sell opportunity. I would say it is recurring revenue and is not AUM based. It is license based. We will wind up reporting a separate line item, probably something like license-based revenue or subscription revenue, I guess you would call it, in our financials after the deal closes. The revenue is based on, and maybe, David, I'll let you go into this in a little more detail, but you have two groups from advisors. You have the enterprise advisors, right? The advisors associated with the enterprise contracts with some of those larger names that you mentioned, and then many advisors that are a part of kind of small business or kind of standalone advisory firms. As we get further down the line and we report out the numbers, we'll give some context as to how to split the revenue between those two buckets, but combined, they get to the $20 million. I'll talk a bit about the contract length, the enterprises, and then 2020 in general. Voyant has the ability to work across all aspects of an enterprise. We work in the wealth division, we work in private banking, and we actually work in the mass market as well. For a lot of our larger enterprises, projects that were on the board for 2020 got delayed. Certainly, when you have your branches closed across country, there's no reason to put licenses into the branch. What we're seeing right now is really an acceleration of moving all those branches online. Last year, while we onboarded an additional close to 10,000 advisors, 8,000 advisors, and then right now we're scheduled to onboard more than double that easily in 2021. Then we also have the move toward the digital side, where both of our enterprise clients, as well as our small business clients, are very excited about the digital engagement side. Voyant was incredibly successful during the pandemic, where case study after case study about advisors working in a digital manner with their clients, working interactively and visually, and the huge success stories that came across it as well. We're now seeing a strong push to release our digital engagements, whether that's in the client portal, or whether that's using the game to interact with clients in new ways, or to share the plan with the client and have them play a little bit and work collaboratively with an advisor. Great. Thank you for all those details. Appreciate you taking our questions. Thanks so much, Alex. Your next question comes from the line of Patrick O'Shaughnessy from Raymond James. Your line is open. Hey, good afternoon. Curious, why has Voyant gotten more traction thus far outside of the U.S. than in the U.S.? Maybe I'll start that question, and David, you can jump in. Well, actually, David, why don't you start that question, and then I'll jump in at the end. We have been really focused on the U.S. market, and one of the reasons for that has been, this is going to sound a bit rough, but we found the U.S. advice in planning and wellness market to be somewhat immature compared to the rest of the world. We see it evolving very rapidly. While technology is strong here, what we've seen in the rest of the world is this strong push towards putting the client first and building a very strong value-added proposition that engage the client. Really for us, as a growing organization, we focused on those places where I like to say we were somewhat drinking from the fire hose, if you will, with the onboarding we were having and the growth we were having. It wasn't that we weren't successful. We just simply hadn't focused on the U.S. market other than in key spots where we had relationships. We thought these were good relationships, and we'd work on them a bit. Really, the rest of the world has moved very dramatically to a seller beware market, where advisors have very much begun to realize that I don't want to compete against free trade. I need to work in a manner that says, hey, this is a value proposition. It's much more than just about assets. It's about this whole picture I'm building for you. We were so successful there, which is why in the last several months, we started focusing on the U.S. market a bit more with a small sales team, and have been very successful in that short time, and are very excited about our partnership with AssetMark. I just want to add to that. Now's really the perfect time for AssetMark to come in with its sales and marketing know-how and all the tools that we have and the relationships we have in the United States to really help Voyant accelerate its standalone growth. Got it. Appreciate that. Maybe as a follow-up to that, I think we're aware of eMoney and MoneyGuide in the U.S., and I think you kind of touched on this in an earlier answer as well, but is the competitive environment for financial planning software more robust in the U.S. than it is in the U.K. and Ireland and other places where you've had a lot of success so far? Not really. Go ahead. No, sorry. My answer is not really. As we've gone into every market, people have told us, oh, how robust the competitors are, and we've been incredibly successful. Everywhere we've replaced firms in large enterprises, small firms. It has to do with our style of planning is just different. We're holistic, we're visual, we're collaborative. It's completely different in terms of when advisors use it than those other solutions. So we haven't really noticed. I will tell you that every market we've gone to. The other solutions lined up that we've displaced or just beat in terms of different propositions, they lined up pretty squarely against eMoney and MoneyGuidePro. I think that is one of the things that we think is going to be exciting in this market, and a lot of our firms that we're working with are excited about is that we are just something completely different. Just to add to that, when we did our assessment of Voyant, one of the things that we really appreciated about the technology that Voyant had built is that it is so incredibly flexible. You can bundle and unbundle it if you're an enterprise, depending on the needs and wants of the enterprise. It was built from the ground up to be that way. It's highly personalizable in terms of brands and making sure your brand shows through. Then the other thing I would say is Voyant, the technology, it definitely has the probability to success or the success to goal view that's very common in the U.S., but it also has a really robust cash flow view, and those two can be looked at side by side. Just some really nice competitive features that Voyant has in the U.S. The one last thing I'll just say is while Voyant is built all around the advisor and the advisor's interaction with their client, David and his team have taken the time to build a very robust investor component of Voyant. The investor can do homework on their own, the investor could do scenario planning on their own, the investor can make trade-offs on their own. There's really sort of a shared ownership of the financial wellness vision between the investor and the advisor. Got it. Thank you. One more if I could. By the way, Natalie, congratulations on the new role. I think it probably doesn't escape a lot of people's attention that there was a company announcement last week and now this announcement today, and I think people can obviously connect the dots. To what extent can you comment on whether the events of last week were in any way related to this announcement? Thank you so much for the question and also the congratulations. I just want to say emphatically that even though it's very tempting to connect those dots, in this particular instance, there's no connection. This was absolutely not connected to the leadership change of last week. In fact, Charles, the board, and the entire executive team have been working with David and his team on this deal since last fall, and we're all incredibly excited about it and the capabilities that Voyant brings to AssetMark and AssetMark can bring to Voyant in the future. Terrific. Thank you very much. Your next question comes from the line of Kevin McVeigh from Credit Suisse. Your line is open. Great. Thank you. My congratulations all around as well. Hey, I wonder, you talked about kind of existing markets being a $130 million revenue opportunity. Then the expansion, I think it was another $2 million-$30 million or so. Can you help us frame what type of timeframe you think is reasonable for that? Then is that something currently in-sourced or would that be competitive takeaways, or can you maybe help us understand how you frame those numbers? Sure. Why don't I let Gary start on the numbers and then I'll jump in along with David and tell you a little bit about our integration plans. Yeah. Hey, Kevin. Nice to talk to you again. Hey, Gary. Yeah. Hi. I can't really put a timeframe on those numbers, right? That's not the aspiration to get within any particular time. I would say as you look out into the future and you consider the $20 million revenue that we're talking about for 2021, the point of throwing out these numbers is to say, look, there's a large blue ocean here of opportunity for us. David, maybe I'll toss it to you to any comments on either one, either existing financial markets and. Well, I think the key there in terms of actually, I think those numbers are low, but I'm not going to comment further. No, to be honest with you, I think the market is quite interesting. One of the things that's interesting about Voyant is that one, you have this growing base of where we occupy and where we're working. As I said before, we work in large enterprises. We work in the RIA market. There's a huge amount of opportunity there that we're already seeing and have good traction in both of those in terms of where we're going. We also then, as always, in terms of we're a per user, per seat-based licensing in terms of our SaaS model. We also license to these firms for consumers. When we go into large enterprise, oftentimes we have the opportunity to more than double based on adding consumer licensing to allow their consumers to engage with our additional services and offerings as well. It's one of those where I believe there's a substantial revenue opportunity, some which is going to be in the near term that I think we're going to be able to. Other is going to be longer term, where again, as I mentioned, sort of one of our competitive advantages is our ability to work with firms of any size to meet their business requirements and offer them the ability to get to the market quickly. I just want to sum up that conversation with a specific answer about when the integration will happen. Just echoing what Gary said in his comments, we're hoping to close the deal in mid-2021. Job one immediately thereafter will be to begin the integration of components of Voyant's financial wellness program into our own technology, eWealthManager. We're hoping to deliver the first phase of that before the end of this year at AssetMark. Correspondingly, we're working on sharing the marketing and sales knowhow and the tools we use and also investment into Voyant for their sales teams post-close. Got it. I guess, David and Natalie as well, I was going to ask you, why now the opportunity to sell the business? It seems like there's a lot of runway. What was it about the AssetMark opportunity? I guess, I'm sure there are probably other suitors as well. I guess, what drew you to AssetMark? Natalie, the same question. So David, why don't you start, and then I'll sum up. Actually, there were several things. One was just the model. First of all, team. I've really enjoyed working with the entire AssetMark team, and none of my experiences is everywhere we have ever been involved. We want to be integrated with people that we like and we like doing business with. Second of all was vision. I shared the vision with what we were trying to do, and what we thought we could do in the market and the idea of wellness, how it needs to become an integrated offering. Right now, you have a series of disjointed technologies that don't talk to each other that makes it a difficult experience for the advisor to do things seamless, and a disjointed experience for the consumer, in order to say, how does all this work together? How do this visualization of planning, how does that relate to what I'm investing in? How do these outcomes add on? Three, finally, scale. The idea of going with an organization with a talented team and a sizable sales force that can help us get to the market quickly, relationships that they already have that can help us get into quickly. All of that was a very exciting value proposition from my point of view as to where I wanted to take the firm next. Just building on that from AssetMark's point of view, as you all know because we've talked about this in previous calls, AssetMark is interested in two types of M&A. It's been core to our strategy for the last eight years. The first is scale M&A, where we feel that we can tuck in small sub-scale TAMPs and deliver a different level of investment and a different level of service to the advisors that the TAMP serves. The second, and equally important, is capabilities M&A. Every year, we do a review of the capabilities that we're interested in. We've been interested in this particular component of financial wellness and financial planning for quite some time. We were really excited when we learned about Voyant because, as David mentioned, David and his team's point of view about financial wellness and the future of financial planning are so closely aligned with ours. We really felt that together, Voyant and AssetMark could do much better than we could separately. Thank you. Again, if you'd like to ask a question, press star, then the number one on your telephone keypad. Your next question comes from the line of Ken Worthington from JP Morgan. Your line is open. Hi. Good afternoon. Thank you for taking my questions. The revenue chart on slide 12 is really interesting here in the maybe delayed growth in 2020 and the big growth in 2021. Can you flesh out a little further why COVID delayed the growth in 2020, and flesh out more about the 70% growth as we go to 2021? Maybe one way to do this is talk about the exit revenue run rate at 4Q 2020. Based on that, how much do you have to grow from where you ended 2020 to kind of get to that bigger 2021 annual revenue number? David, why don't you start us off there, and then Gary and I can add. Sure. I think one of the things to think about is that in 2020, especially with a couple of very large enterprises we were onboarding, everybody was sitting around wondering how long COVID was going to last. A lot of these key roll-outs when you're talking about when you're rolling out 4,000 advisors in a large enterprise, the idea of doing that without any in-person training, I don't know about any. Everything online and remote was one of those where a lot of them said, wow, we're not really looking forward to this. Let's delay. Let's delay our rollout. Let's delay these things. Voyant has designed its contracts based on, in this case, minimums once they were rolled out. We were into the point that says, look, you don't have to guarantee us licenses if you're not using them until they're rolled out. We had two very large implementations that were delayed. One of which was delayed till very late in 2020, until November. A whole lot of that revenue that you would see on an annualized basis wasn't there in 2020. Along with this idea of these delays where people are trying to figure out what to do, we saw that same with these digital projects where all these pieces in terms of going into branches as well, in terms of advisors going into branches. These big expansive pieces that we have that were going and all these plans that are in place that says, look, we started in private bank and we went to wealth, and now we're going down market. Everybody looked at the branch and said, we don't even have our branches open. We have a very large enterprise in the U.K. that we work with that had big plans to grow the organization, and then basically sat out all of 2020 entirely but has now picked up steam in terms of getting involved in 2021. They've realized that there's not much they can do. That was kind of across the board. We thought a great year in onboarding, grew revenue, and did very well in the small markets, and continued that growth. A lot of that that we would see that was sort of built up behind it, all of these things that were built in there is all now pushing dramatically into 2021, and moving forward full steam ahead. Thank you, David. Gary, is there anything you'd like to add? Sure. Ken, to your question, 2020 ended with a run rate revenue between $14 million and $15 million. Similar to what David was saying, even that doesn't capture the sort of pending contracts for at least one enterprise in 2021, that give you a little more color. Yep. Perfect. That helps a lot. I think, and hopefully I'm not wrong here, most of AssetMark's or the cost of AssetMark's services are passed on to your end customer. To what extent are your brokerage and advisory clients, AssetMark's brokerage and advisory clients, going to be willing to pay for these financial planning services directly? It seems to be a little bit of a change in the way you're charging for your business model. If 84% of AssetMark's brokers and advisors are already doing financial planning, does this mean that they're already utilizing financial planning software today? If that is the case, what's the carrot for them to switch? You talked about the timeline, the differences between Voyant and peers being that timeline. Is that going to be really the carrot? Is there a cost carrot as well? I'm sorry, since I've got a million questions involved in this one, what is the risk that your clients are going to sort of want this for free as sort of a package into the existing services that you're already providing? Thanks for that question, Ken. I really appreciate the opportunity to unpack that with you. The first aspect of your question about whether or not advisors pay directly for AssetMark services or investors pay directly for AssetMark services, let me just say two things about that. The first thing I want to say is that for the services that we provide to advisors today, all those services that are embedded in eWealthManager, the technology, the fantastic service and support we provide through our service operations and sales teams, and then also the fully integrated and curated investment offering, we offer that for one single wrap fee to the investors. Already embedded in eWealthManager, we have basic foundational financial planning solutions. When we integrate Voyant or the foundational components of Voyant into eWealthManager, that will continue to be part of the services that we provide to our clients, just as it is today. That said, there's a big difference between the foundational aspects of Voyant and how that feeds into a financial wellness conversation and the fully robust and built-out financial wellness and financial planning capabilities that Voyant offers at a standalone basis. Our plan in the future is to offer both, to offer the embedded foundational capabilities as part of AssetMark and eWealthManager, and the full capabilities with all their richness and robustness through Voyant directly. The second part of that question is do our advisors currently use financial planning systems, given that so many IBD representatives and RIAs and users of AssetMark are already financial planning? The answer to that question is some do, and some leverage the foundational financial planning system that we have and offer through eWealthManager. Others have financial planning conversations offline using legacy tools like Excel and PowerPoint to do their financial plan. A couple things related to that. The first is that we at AssetMark have a long-standing and proven commitment to being open architecture in everything we do. While we're curated and we spend a lot of time making sure that we're saving our advisors time so they're not toggling between systems, we are committed to open architecture. You see that in how we approach investments on our platform today, where we have a proprietary asset manager named Savos and another one named AssetMark, then we also offer an array of solutions from third parties, and they sit equally side by side on our platform. You also see that with our custody offering. We have AssetMark Trust custody option, then we have partnerships and offer custodial services through Pershing, Schwab, and Fidelity, and AssetMark Trust. I'm sorry, Pershing, TD Ameritrade, Schwab, and Fidelity. We offer that for the same price. What we want to do is we want to meet advisors where they're at. We don't want to force them to do things in one way. The same thing will happen with financial planning and financial wellness. We recently announced an integration with one of the leading financial planning softwares that is used by a lot of our advisors. We will continue to integrate with other financial planning software so that it saves our advisors time, and then we will offer our own financial wellness solution through Voyant. We just feel that if you meet advisors where they're at, if they've already made a commitment, in this case to financial planning or to a custodian, everyone has a better experience on our platform. The last part of the question was, are we worried about people paying? The short answer to that question is, as I said, we plan to offer foundational financial wellness through AssetMark as part of our overall single wrap fee. If advisors want the full financial planning experience through Voyant, that'll be priced separately. Awesome. Thank you very much. Really appreciate it. Thank you. There are no further questions at this time. Natalie, I turn the call back over to you for some closing remarks. Thank you so much. Thanks everyone for joining us on this call today. We at AssetMark and at Voyant couldn't be more excited about the future and about the great things we could do for investors and advisors with this combination. Thanks so much. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.