Good afternoon, everyone, and welcome to the AssetMark third quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct the question and answer session, and instructions will be given at that time. Today's call is being recorded. Now, I would like to turn the call over to Taylor Hamilton, Head of Investor Relations. Please go ahead, Mr. Hamilton. Thank you. Good afternoon, everyone, and welcome to AssetMark's third quarter 2021 earnings conference call. Joining me are AssetMark's Chief Executive Officer, Natalie Wolfsen, and Chief Financial Officer, Gary Zyla. Today, they will discuss the results for the third quarter and provide an update to AssetMark's business outlook for the remainder of 2021 and 2022. Following our introductory remarks, we'll open up the call for questions. We also have an earnings presentation that Natalie and Gary will reference during their prepared remarks. It can be accessed on our IR website at ir.assetmark.com. Before we get started, 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. Additionally, during today's conference call, we'll be discussing net revenue, Adjusted EBITDA, adjusted EBITDA margin, and adjusted net income, all of which are non-GAAP financial metrics. Please refer to our earnings 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. Thanks so much, Taylor, and good afternoon, everyone, and thank you for joining our third quarter earnings call. I hope everyone's doing well today. Starting on slide three, I just wanted to highlight that AssetMark continues to make a difference in the lives of our advisors and their clients, which has positioned us to deliver record results in the third quarter while also continuing to advance our strategy. Platform assets ended the third quarter at a record $86.8 billion, driven by an all-time high in net flows of $2.8 billion. This marks the third consecutive quarter of record-setting organic growth. Households and engaged advisors ended the third quarter at all-time highs. The growth of our households and engaged advisors points to the value of our platform as well as our expanded total addressable market, which we discussed on previous calls. We've also experienced record results for both top and bottom-line financial metrics. Our net revenue was up a little less than 40% year over year to $101.5 million, making this the first quarter that net revenue has exceeded $100 million. Adjusted EBITDA was up more than 50% year over year to $44.8 million, and adjusted net income was up more than 60% to $29.9 million. Through the third quarter, year-to-date Adjusted EBITDA and adjusted net income are more than those for the full year in 2020. Turning to slide four, our ecosystem empowers growth-oriented, independent, fee-based advisors of all sizes with the highest quality capabilities and services. We deliver a fully integrated technology platform, personalized and scalable service, and curated investment solutions. We provide everything an advisor needs to run a successful and growing business. While our value proposition seems simple, we are the only participant that's providing a comprehensive open architecture outsourced solution for IBD-affiliated advisors, RIA, and hybrid advisors. This alone separates us from other providers in the industry. In order to execute on our strategy, we are focused on five key components as we talked about last time. Similar to last quarter, I will discuss each of the five key areas of our growth and our strategy and detail the progress we're making in each. The first component of our reframed growth strategy on slide five is to meet advisors where they are, catering to varying affiliations and new and growth-oriented or lifestyle advisors. Last quarter, we discussed how advisors continue to migrate to the RIA channel and how AssetMark Institutional, or AMI, looks to capitalize on this secular trend. Today, I want to discuss our target demographics and provide some color around how AssetMark Institutional is designed to help these advisors grow. Data from Cerulli shows that smaller RIA firms or those with less than $500 million in assets are growing at a much slower rate than larger RIA firms. As both business owners and practitioners, these smaller RIAs face many competing priorities and demands on their time. Therefore, they need to strategically outsource core parts of their operations in order to remain productive and profitable. In fact, findings from our 2019 Impact of Outsourcing study showed that advisors who outsource benefit from stronger client relationships, higher acquisition of new clients, increased client retention, and stronger asset under management growth. AssetMark Institutional offers these smaller RIAs an outsourced solution to help them grow. While it's still in the early innings, I do want to provide an update on AssetMark Institutional. We are building a strong pipeline of qualified leads, and in this past quarter, we've expanded our AssetMark Institutional leadership team to increase our focus on growing our RIA offering. Lastly, AssetMark Institutional was officially approved to participate in a leading custodian's RIA referral program. Now turning to slide six. The second component of our growth strategy is to deliver a holistic differentiated experience to advisors and their clients, providing an end-to-end easy-to-use platform designed to create meaningful conversations between advisors and their clients while also saving advisors time. As we've discussed the past few quarters, we are building a financial wellness program with solutions to support meaningful wellness conversations between the advisor and their client. We greatly advanced our financial wellness vision this quarter by closing Voyant and beginning our initial integration. One of the strategic rationales for the acquisition was to accelerate our financial wellness vision and expand our ability to attract advisors in core and adjacent channels. We are making progress in realizing this rationale. We've added a single sign-on from eWealthManager, which is our advisors portal, allowing advisors to sign up for a free trial. We've been hosting live demonstrations of Voyant for all of our advisors, and our sales team is actively using Income Planner, a tool powered by Voyant, to aid in income planning conversations between advisors and their clients. Lastly, we started discussing Voyant with several large broker-dealer partners. The early reaction from our advisors to Voyant has been fantastic. At our Platinum Summit in August, advisors mentioned wanting an alternative to current financial planning options and felt that Voyant was the perfect solution as the only financial planning tool that shows advisors both goals-based and cash flow-based planning side by side and allows them to show the trade-offs between the two. We are excited about our advisors' initial reaction to Voyant and plan to complete the integration of Voyant's financial planning capabilities in the fourth quarter. The third component of our growth strategy is to enable advisors to serve more investors across the wealth spectrum, sharing life stages and across generations. Let's turn to slide 7, where I want to share two exciting additions to our platform. First, this quarter, we launched the AssetMark PEP, or Pooled Employer Plan. According to our annual Share of Wallet study, retirement is one of the largest areas where advisors are doing business away from AssetMark. We've been diligently focused on enhancing our retirement offering, which accounts for about $1.6 billion in platform assets at the end of the third quarter. The PEP allows us to provide a more complete retirement solution for our clients. According to Cerulli, 51% of employers with 50 workers or fewer do not have access to a retirement plan, while more than half of Americans either own or work for a small business. The PEP helps to close this retirement plan coverage gap for smaller employers by allowing employers of any size, industry, or location to band together in a single 401(k) plan. By doing so, smaller employers benefit from economies of scale and lower costs while also gaining access to diversified investments and enhanced fiduciary support normally reserved for larger plans. The PEP, while still very new, further enhances our retirement offering, and we are already seeing proposals from our advisors. Second, we launched a suite of separately managed accounts last quarter. This launch included 12 SMAs from 10 best-in-class investment managers, many of whom are new to the AssetMark platform. They include large cap growth, value and core, dividend equity, and thematic growth strategies, among others. As investor preferences continue to evolve, separately managed accounts enable advisors to personalize clients' portfolios with targeted asset class exposure and manage their tax efficiency, as well as offering increased transparency through direct ownership of securities. This new suite of SMAs complements the wide range of investment solutions on the AssetMark platform and can be combined in a single account with other eligible solutions. Since launch in early September, our advisors have submitted over 1,500 SMA proposals in the amount of about $375 million. The fourth component of our growth strategy, as seen on slide eight, is to help advisors grow and scale their businesses by offering turnkey advisor solutions and programs. This quarter, I want to talk a bit more about one of our established programs, business consulting, an offering which we believe is a huge competitive advantage for AssetMark. The mission of our business consulting team is to help advisors build a business that is sustainable and successful so that they can help their clients achieve their financial dreams. Our business consultants support our advisors and their businesses at every stage of growth through scalable guidance and by identifying opportunities to increase value, drive growth, and boost their firm's performance. In the simplest terms, our business consulting team helps drive advisor growth and business health, which in turn helps drive our company's growth. Over 500 advisors, representing a quarter of our total platform assets, are taking advantage of our business consulting services right now. These advisors exhibit higher engagement and lower overall redemption rates. Currently, our business consultants are actively reaching out to advisors to help them through their advisor growth plan, which basically means our consultants are helping advisors take a look at their goals for 2022 and consulting with them on how to achieve those goals. Turning to slide nine, the final component of our growth strategy is to pursue strategic transactions by adding capabilities and assets that improve our advisors' ability to serve their investors and expand their businesses. We are more deliberately focused on M&A than we have ever been before. We continue to look at every opportunity that comes across our desk and are in active dialogue with companies that we feel would be a strong fit for our platform. In addition, we continue to be a very disciplined buyer. While M&A is serendipitous, we remain well positioned to execute on M&A, as evidenced by our $50.4 million of cash on our balance sheet and $135 million remaining on our credit facility. In summary, the third quarter was the best in our company's history. We posted record results and have advanced our strategy of empowering our advisors to continue to grow while attracting new advisors to the AssetMark platform. I'm now going to turn over the call to Gary to take us through a deeper dive in our quarterly results and to provide some color on our outlook for the remainder of 2021 and 2022. Thank you, Natalie, and good afternoon to all those on the call. I'll let you all know we're in our office today, sitting together for the first time in a year and a half, which is quite exciting. As Natalie discussed, the reported results were outstanding, highlighted by an all-time high in platform assets and record numbers for net flows, revenue, Adjusted EBITDA, adjusted net income and adjusted EPS. As usual, I will start with a discussion of our platform assets, then talk about our revenue, expenses and then earnings. I will conclude with an update on our 2021 outlook and introduce our outlook for 2022. Starting on slide 10, third quarter platform assets were a record $86.8 billion, up 29% year-over-year. This growth reflects record net flows of $2.8 billion, partially offset by a -$26 billion market impact net of fees. While the market has rebounded in October and so far November, we remain, as always, cautious with our market outlook given macro, political and economic uncertainties. Year to date, annualized net flows as a percentage of beginning of year assets 12.5%. Strong organic growth has continued in October as we will announce net flows of $890 million and platform assets north of $90 billion in our AMK report which will be released tomorrow. Let's now turn our attention to our advisor metrics. In the third quarter, we added 201 newly producing advisors or NPAs for the second consecutive quarter. We are encouraged by the growing quantity and quality of new advisors on our platform. Our total engaged advisors at the end of the third quarter was 2,749, an increase of 361 advisors since the third quarter of 2020. Our engaged advisors now make up 92% of our platform assets. Growing the number of engaged advisors on our platform is crucial to driving further growth of our business and financials. Now let's turn to slide 11 to discuss this quarter's revenue. Entering the third quarter, our assets were $84.6 billion, leading to record revenue of approximately $140 million. As you know, we focus our revenue net of related variable expenses. In the third quarter of 2021, our net revenue of $101.5 million was up 38% year-over-year. This was driven by asset-based net revenue, which was up 36% to $95.5 million, and the introduction of revenue from Voyant, which was in total $3.5 million. Voyant's revenue falls into two categories on our income statement. First, Voyant contributed $3.2 million of subscription-based revenue, which represents revenue from Voyant's financial planning and wealth management software solution. Second, Voyant's consulting and training revenue was $0.3 million for the third quarter. This revenue falls into the other income line on our income statement. As an aside, we are so excited to welcome the awesome Voyant team to the AssetMark family. Turning to slide 12, I want to provide some perspective about the revenue opportunity in front of us. As discussed in detail during our first quarter earnings call earlier this year, our total addressable market from an asset perspective is about $6.3 trillion. To convert this to net revenue TAM, we assume the average rate AssetMark earns in each asset category. Adding to this is Voyant's non-asset-based revenue TAM of about $500 million. This results in a $22 billion total revenue TAM. AssetMark has approximately 2% of this overall revenue TAM with a long runway for future growth. Slide 13 details our year-over-year net revenue walk. As the waterfall shows, net revenue was up year-over-year, driven by the impact of our asset growth, which generated $23.7 million in additional net revenue. Also adding to our increase in net revenue is a $2.8 million reduction in asset-based expenses. As a reminder, this is an ongoing saving primarily driven by restructured agreements with providers that we first realized last quarter. We also realized fee compression due to ordinary mix shift of $1.4 million or approximately 0.65 basis points. This is below the 1 basis point we plan for each year. As previously discussed, subscription revenue from Voyant added $3.2 million in additional revenue, and Voyant drove the increase in our other revenue category as well. Lastly, spread-based revenue decreased $0.5 million year-over-year, due to the decline in our average yield from 33 basis points to 27 basis points. Slide 14 shows asset-based net yield trends over the last 5 quarters. Please note, because Voyant's revenue is not asset dependent, we will stop discussing total net yield and only focus on asset-based yield moving forward. Our third quarter 2021 asset-based yield of 45.1 basis points is up 0.6 basis points year-over-year, driven by 1.3 basis points related to the measures we have taken to reduce our asset-based expenses, offset by 0.65 basis points from fee compression which we have previously discussed. Now let's discuss expenses shown in slide 15. We continue to manage our expense base so it does not outpace our revenue growth. Total adjusted expenses increased 22% year-over-year from $126 million. Operating expenses were up 29% year-over-year to $56.7 million, driven by a $6 million increase in compensation and a $6.8 million increase in SG&A. The increase in compensation expenses is largely driven by two factors. First, our variable sales incentive costs increased as a result of our strong sales in the quarter. It's important to note that while our strong sales results increased our compensation expense this quarter, we will realize the revenue benefit from it in upcoming quarters. Second, we added 153 employees over the last year, or about 17% of our current employee count. Approximately a third of this increase is the addition of our Voyant team members. The increase in SG&A is largely driven by a variety of incremental factors, including an increase in in-person events and travel, professional fees, and increased costs associated with higher volume. Expense growth does not reflect any material impact from the macro-inflationary environment, though we are expecting a modest impact from that in 2022. Before I run through our expense adjustments, I do want to point out the addition this quarter of an adjusted P&L in our earnings release, which will hopefully provide provide further clarity on our adjusted numbers. We have gotten feedback that this will be helpful and of course, we are here to serve. In the third quarter, we added back a total of $17.3 million pretax, which is comprised of four items. First, $7.9 million in non-cash share-based compensation. We expect non-cash share-based compensation in the fourth quarter to be approximately $6 million, at a 2020 quarterly run rate between $3 million and $4 million. The second adjustment to expenses is $5.9 million of amortization expense, of which $5.1 million is related to our 2016 sale, while the additional $0.8 million can be attributed to recent acquisitions. As a reminder for modeling purposes, most of the expense in the 2016 sale will be fully amortized by year-end. Third, $0.9 million acquisition-related expenses primarily associated with our acquisition of Voyant and OBS. Lastly, $2.3 million related primarily to reorganization and integration costs. Now let's turn to slide 16 to discuss our earnings for the quarter. Third quarter 2021 adjusted EBITDA was a record $44.8 million, up 53% year-over-year. Adjusted EBITDA margin for the quarter was 32%, up 460 basis points year-over-year. Now, approximately two-thirds of our margin improvement this year is the result of favorable macroeconomic conditions, with the additional one-third as a result of our ability to scale our business by focusing on expense management while still investing in future growth. Our recorded net income was $12.3 million compared to $8.6 million in the third quarter of 2020. This marks the second consecutive quarter of positive GAAP income. Our adjusted net income for the third quarter was $29.9 million, $0.40 per share. This is based on third quarter daily share count of 74.7 million. Our adjusted effective tax rate in the third quarter was 23.5%, lower than the 26% used in the third quarter of last year. This decrease is driven by tax efficiency we created in 2020. For further color, please see the adjusted net income walk on slide 21. Turning briefly to our recorded third quarter balance sheet, let me update you on our cash and debt position. We ended the quarter with a little over $50 million in cash and $135 million available on our revolving line of credit. Now we discussed the cash on our balance sheet, the ability to generate cash, and our low debt positions us well to pursue future M&A opportunities. Now let's turn to slide 17 and discuss our expectations for 2021. We are raising our guidance based on our strong organic growth in the third quarter. In just a few months less than a year, we have set net revenue for the full year between $377 million and $379 million, representing 27% year-over-year growth. We expect Adjusted EBITDA for the year to fall between $157 million and $158 million, a growth rate of 37%. Our Adjusted EBITDA margin will expand about 300 basis points for the whole year. We are extremely pleased with the year-over-year growth in 2021. Now let's discuss our early take on 2022. Please turn to slide 18. Our financial model always starts with asset growth. We expect our organic growth to be 10%+ in 2022. Assuming a modest market lift of 3.5%, we expect our assets to grow between 13.5% and 15.5%. Driven by the strong momentum from 2021, we expect our net revenue growth to be in the high teens% to low 20s%. This assumes the asset growth is slightly offset by about 1 basis point of fee compression, which is our regular expectation. We expect our operating expenses, which consist of compensation and SG&A, to increase in the high teens%. For further clarity, we anticipate this year-over-year increase to be driven by four items. First, about a third of the increase is due to volume. Second, about 25% of the increase is due to the full year impact from Voyant. Third, about 15% is expected to be driven by a return to travel and in-person events. Finally, the last one third is driven by increased investments, specifically into new products and talent acquisition. As a reminder, our disciplined expense growth will not outpace our revenue growth. As always, we are focused on realizing improved margin on our revenue and growing earnings. We expect our adjusted EBITDA to be up 20%+ year-over-year, and we expect margin expansion of around 100 basis points for the year. With that, I'll hand it over to Natalie for concluding remarks. Thank you, Gary, and thanks to everyone again for being on the call today. We are well-positioned to end the year strong and to enter 2022 with a lot of momentum. I look forward to sharing future updates at upcoming conferences and on subsequent earnings calls. This concludes our prepared remarks today. I'd like to now turn the call back to the operator to begin questions and answers. The first question is from Patrick O'Shaughnessy with Raymond James. You may proceed. Thanks so much, Patrick. The deal pipeline's pretty good right now. You know this better than anyone, I'm sure, that valuations are incredibly high right now, and there's a lot of competition for any acquisition opportunities that come across. As I mentioned in my remarks, we're aggressive but also a very disciplined buyer. We have parts of the market that we think are attractive and would add to our value proposition to advisors. In those cases, we are attempting to bid as aggressively as needed to win, but at the same time, not overstep. We wanna make sure that our acquisitions are accretive over the short to medium term. Got it. Appreciate that. It seems like we're seeing the light at the end of the tunnel here in terms of the interest rate environment, and the market is now starting to expect one or two hikes in 2022. How are you guys thinking about AssetMark's sensitivity to interest rate increases at this point? Yeah. Absolutely. Thanks so much for the question, Patrick. I'm gonna hand that one off to Gary. He can take you through the details of what we modeled into 2022, what we haven't, and what our thoughts are in terms of our sensitivity. Hey, Patrick. How are you doing? You know, just in terms of the outlook for 2022, we are assuming no interest rate increases in the numbers we shared with you. You know, our view of the dot plot is sort of that if something does happen, it will happen later in the year. There is upside that we would be very excited to partake in. When we think about rate increase, you know, most of our cash offering is at non-discretionary cash. AssetMark will generally realize about 80% of the rate increases, with about the other 20% or 25% going to the end client in terms of crediting rates. We do offer a high yield cash account, which is a subset of our overall cash. In those accounts, the client earns a lot more. It would be more like a 50/50 split. But that is a smaller subset of the overall cash. Overall, I'd say about 3/4. We would partake in about 3/4 of whatever the rates go up. All right. Terrific. Thank you. Thank you. The next question is from Ryan Bailey with Goldman Sachs. You may proceed. Hi, everyone. Thank you for taking our questions. Natalie, I was wondering if we could come back to slide 12 and the potential revenue opportunities you're seeing. I was hoping you could sort of walk us through the interplay between the growth in the RIA market relative to IBD, and sort of how that revenue opportunity splits over time. I think relative to that, what are your sort of medium-term aspirations for AMI? Like, what could the offer be, the functionality, and how do you think you would fit into the competitive landscape in RIA land? Yeah, absolutely. The first thing, you know, I'm sure you're aware of is that the RIA segment, the hybrid, and the independent segments, those are the three segments of advice that are growing the most quickly. They're growing. The RIA segment specifically, RIA and hybrid are growing, I think it's four points faster than the next fastest-growing segment. I mean, clearly, that's being driven by a wide variety of things, investor demand for independent fee-based advice. Investors have never been more aware of the need for an advisor that's a fiduciary than ever before. This is driven by regulatory changes and the media that was generated by regulatory changes with Department of Labor's fiduciary rule in Reg BI. In addition, advisors' practices, advisors' businesses are valued much higher if they're independent and fee-based and recurring than they are in more of a commission orientation. Many advisors for business reasons are choosing that channel. You know, last but not least, advisors in the RIA channel, they have a lot of potential partners or resources to use to help them run effective businesses. It's really important that here at AssetMark, we have services that are geared towards RIAs and independent advisors. It's part of our, the first part of our growth strategy, making sure we meet advisors where they're at. For us to have a complete solution for RIAs, we need to have the ability for them to trade and manage their own model, which we launched with the AssetMark managed portfolios offering in March. We need to have a community of RIAs, so that advisors can share best practices, build relationships among other RIAs. We launched that in May of this year with the first AssetMark Institutional Summit, and then much more frequent interactions between that community. We have to make sure that we have the products and services that RIAs need, as it relates to investments. You know, that's a journey you're always on. We began that journey with the launch of AssetMark Institutional. We're looking into other high-priority products for RIAs. The outsourcing solutions that RIAs need at a smaller size so that they can scale and compete. We talked about that earlier in our earnings call. What differentiates us from other providers is that we can provide an incredibly high level of service and support for RIAs to help them grow at their relatively small sizes. When you look at us relative to the custodians, the custodians have much, much higher minimums for the same level of service and the same level of support we've provided by AssetMark. When you look at the broker-dealers offering to RIAs, those RIAs are typically affiliating with them in some way or using their home office platforms. We're a completely open architecture. We don't ask our advisors to use our proprietary solutions in any way. We also benefit from being open architecture. Last but not least, our advisors are very completely independent from us. They're our clients. We fight to serve them at the highest level every single day. When you compare us to the aggregators in the market, they clearly have an ownership position in those RIAs, and so the RIA has to make a decision about their own capital structure to join those firms. That's how we differentiate ourselves from the three largest competitors in the market. That was incredibly helpful. Thank you, Natalie, for providing that context. Follow-up for Gary. I'm gonna be the annoying person once again on this quarter. Does the guidance for the full year of 2021 imply that EBITDA and net income are going to be down for Q4 relative to Q3? And then maybe for 2022, can you help us think about how much of the growth year-over-year for revenues and EBITDA are coming from Voyant? Sure. I guess in the first question, absolutely, you're reading it correctly. In fourth quarter, we do believe revenue will be up from the prior quarters. Revenue is growing as it should. We are investing more in fourth quarter. As we've come through the year, we have held off on some investments we wanna make because we wanna make sure that we are, again, measuring our spend. We anticipate significant compensation costs in fourth quarter, as well as investments in some of our key product initiatives heading into 2022. It's the right time to make those investments. You should expect to see that next quarter, which is why we're, you know, the total year numbers that we showed you are what we have targeted all year long, which is why we're satisfied with that. You know, how do I say this the right way? We are focused on the 300 basis points margin expansion that we're providing year-over-year or generating year-over-year. You know, quarter to quarter it is lumpy. Hey, Ryan, this is Natalie. I just wanna add something to what Gary said there, which is, as you may recall, AssetMark bills in advance. As the year progresses, we get more and more certain about what the revenue total will be at year-end. Part of our discipline, the reason we can expand our margins year after year, is that we invest more as our certainty rises. You should always expect later in the year for our investments and future growth to go up. Got it. Thank you. Ryan, I got what you asked about 2022, Ryan. My apologies. I was just asking, revenue and EBITDA contributions from Voyant, sort of like roughly what percentage increases we're getting from that. Right. I have the Voyant numbers in my hand. I'm trying to translate them to the% increases. I would say. Let me do the math real quick on that, Ryan, and I'll come back to you, because I do have the numbers in my head, but I don't know how the% and how it affects the% increase on my end. Okay. Thank you. Thanks. Thank you. The next question is from Gerry O'Hara with Jefferies. You may proceed. Great. Thanks for taking my question this afternoon. I think you've made a couple references to increased investment around new product and perhaps initiatives. I was hoping you might be able to kind of flesh that out a little bit and either talk about it thematically or if there's any additional context you might be able provide that'd be helpful. Yeah, absolutely. Thanks so much for the question. I mean, clearly our investments in new initiatives fall in the categories of the five elements of our growth strategy. As it relates to meeting advisors where they are, we're gonna be investing in new channels, exploring new channels, and deepening our penetration in the channels that we're already in. To do that, we need to, you know, add to the services that we offer. For example, with our RIA offering, we wanna make sure that we add to our AssetMark managed. I'm sorry, our Advisor Managed Portfolios offering, add new security types, add new capabilities, et cetera. As it relates to delivering a holistic, differentiated experience, we're investing deeply in financial wellness and the future of eWealthManager, which is our advisor and investor portal to make sure that we are saving advisors time, increasing their effectiveness, and delivering a great experience for investors. Then as it relates to enabling advisors to serve more investors, we're expanding our offering to include high priority share of wallet areas. We'll expand into more separately managed accounts. We'll expand into more customized solutions, direct indexing, SRI, the high growth areas in market. As it relates to helping advisors grow and scale their businesses, we're investing in the outsource solutions that we've talked about in the past, whether it be administrative services outsourcing, tax transition outsourcing, expanding on our marketing outsourcing, we're investing in those areas. Those are the key areas of investment for us. Okay. That's helpful. Perhaps one for Gary. I think you mentioned prepared remarks. Can you remind us what sort of the steps you've been taking to reduce asset-based expenses are and what, you know, how we might be able to sort of see that flow through next year's guidance? Thank you. Sure. What we discussed, I mean, we discussed this a little bit last quarter as well. Our asset-based expenses, we have universal providers, whether they're strategists, broker-dealers, universal providers that we pay asset-based fees through. I won't get into the details of which contracts and whatnot were renegotiated, but through that process, as we keep growing, we continue to find scale, break points in contracts, et cetera. The changes that went into place last quarter reset our basis points on assets, and you probably could use that modeling going forward. Yes, Natalie? I was just gonna say, when you're finished, you might want to give the Voyant numbers to Ryan. Sorry. Oh, Sorry. Oh, sorry. I got on a very odd note. Did that answer that question there, in terms of the asset-based expenses? Yeah, that's helpful. Thank you. No worries. To Ryan's question, I'm sorry, I did the math. It's between, on both revenue and EBITDA, the growth numbers that we are showing there for 2022, about three to four points of both the revenue and the EBITDA growth are due to Voyant's full year contribution next year. I think we can go on to the next question in the queue if there are any, operator. Thank you. Thank you. The next question is from Michael Young with Truist. You may proceed. Hey, thanks for taking the question. Appreciate the numbers on Voyant contribution for 2022 as well. I was gonna follow up on that and just kind of see if there's any other, you know, further ways to kind of break down the growth year-over-year, because it looks to be pretty strong headed into 2022, coming off of a, you know, strong market performance and tougher comps from 2021. Just, you know, trying to think about sort of the new initiative contributions and in particular, you know, any. Should we expect a more sizable contribution from PEP in 2022, or is that more of a 2023 initiative? Yeah. As it relates to the pooled employer plans, we are in the very early innings of that offer. While we're really happy with the early growth, I wouldn't expect it to be material until 2023 at the earliest. Then as it relates to Voyant, you know, as it relates to Voyant and Voyant's growth, we're really pleased that their growth has been a balance of growth outside the U.S. in the enterprise market, growth outside the U.S. in the independent market in the U.K. and Canada and Australia. And then the beginnings of growth inside the U.S. because of relationships that we're helping Voyant form, either with independent affiliated broker-dealer advisors who use AssetMark, RIAs who use AssetMark, and then broker-dealers who AssetMark has a relationship. Really excited about the balance of the growth with Voyant. We continue to monitor and make sure that we're investing as needed to help that, you know, part of our business be as successful as it can possibly be inside the U.S. and outside the U.S. The other thing to just relate it to growth and growth in 2022, you know, we're getting a lot more experience as it relates to AssetMark Institutional, and we've expanded that team and scaled that team. We'll be returning to the road, which, while we've been incredibly effective in growing AssetMark while we've been in a remote workforce environment, for new producing advisors, for those clients who are looking to make a wholesale decision to use a new platform, to partner with a new platform, meeting face-to-face is important. You know, obviously, we had mentioned Voyant's growth and how excited we are about that. We're also investing in other sources of new producing advisors in 2022. Those are just some other areas of growth in 2022 that we're very excited about. Okay, great. Then, you know, just as we look to 2022, there's some potential tailwinds like was mentioned earlier, interest rates or stronger market performance. We were already off to a good start this quarter, which could affect next year, et cetera. Should we think about, you know, additional upside from other opportunities as being spent on, you know, continued kind of platform improvements and technology upgrades next year? Or would some of those drop to the bottom line? Just kind of general thoughts on how you would kind of manage that throughout the year. Yeah. I'll start with the general thoughts, and then I'll leave it to Gary to add some specifics. Every quarter, when we bill in advance, we look at opportunities to do both. We look at opportunities to invest in our infrastructure, so investments for future scale, opportunities to invest for future growth, if we'd like to accelerate an investment that's already underway or we feel there's an opportunity we'd like to add to our mix, or if we feel like it's more appropriate to drop the improved revenue to the bottom line to expand our margins and also provide more capital for future M&A. Every quarter, we're very disciplined about having conversations where that next dollar should go. That's part of how we make sure we're growing revenue over the medium and long term, while we're also expanding margins every year. Gary, I don't know if there's any specifics you'd like to add. Well, I would add, Michael, that, you know, as we see tailwinds from the market, right, which help our revenue profile, you know, now, as a business, we're making that decision regularly. In 2021, you know, our margins increased enormously because we let some of that fall to the bottom line, but we did take some of that to invest. I don't know if it was exactly 50/50 or something, but we'll make a decision along the way, but we're gonna let some fall on the bottom line in this tailwind, because we should, and then we're gonna take the opportunity to invest in the future. The upside of the market or interest rates will be both invested in as well as help improve our earnings outlook. Okay, great. If I could just sneak one last follow-up in on the M&A front. You know, you're rolling out into a lot of new TAMs, new markets, with a lot of new opportunities. Should we think about kind of the bias in terms of M&A and M&A dollars spent towards kind of strategic, you know, product expansion opportunities versus consolidation opportunities as there have been in the past, or any other color kind of just in terms of direction of M&A that you guys are pursuing? Yeah, it's a really good question. I mean, as you know, we have a two-pronged strategy, capabilities M&A, which allows us to pull forward delivery of essential products and services to our advisor clients and then scale. We love scale M&A because it allows us to invest more in our client relationships. It allows us to invest more in building over time. We like both. We like to invest in both. We're potentially a little more focused on capability in that there's scale acquisitions that also give you capability. Right now, advisors have never needed more support from their partner than you know ever in the past. As a result, we need to make sure that our platform is expanding to serve these new and evolving outsourcing needs. We feel really strongly about either because they both, in the end result, allow us to deliver more for our clients over the long term. Okay, great. Thank you. Sure. Thank you. We have a follow-up question from Patrick O'Shaughnessy with Raymond James. You may proceed. Hey, Patrick. Sorry about that. I was on mute. Thanks for taking my follow-up. Your net new engaged advisors in the quarter was 58, which is still reasonably healthy, but it was your slowest quarter, I think, of the past six. I'm trying to figure out what do we make of a little bit slower quarter in terms of adding engaged advisors versus the really strong growth that we saw in your flows in the period? Yeah. You know, it's an interesting observation. Part of the engaged advisor growth has a market tailwind, obviously, and just on the edges, but the market went down in the quarter, and so that does cause a little, you know, headwind in terms of that number, right? On the edges, but it certainly does come into play that the market was down in total for the quarter. So, you know, I think we generally look longer term because we can't look at the quarter periods like that. You know, when we talk about the year-over-year, the 350 over four quarters, I think that's a better way. Divide that by four and say on average, you're gonna get somewhere 90-100 a quarter or something to that effect. I think that's how we would look at it, Patrick. That view is supported by the fact that net flows are really strong this quarter, right? We really are making a lot of progress in our engaged advisors. Okay, I appreciate it. Cool. Thanks. Thank you. There are no additional questions waiting at this time, so I will pass the conference over to Natalie for closing remarks. Thank you so much for joining us today. We really appreciate you taking the time to learn more about AssetMark, and we look forward to talking to you again in January or February, I guess. Thank you.