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Business Acquisition
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Business Acquisition Business Acquisition
On April 2, 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele), a registered investment advisor based in Seattle, Washington servicing the ultra-high-net-worth market, to enhance the Company's business development and research efforts in an additional geographic region. Under the acquisition method of accounting, the total purchase price was allocated to Huntington Steele's net tangible and intangible assets based upon their estimated fair values as of April 2, 2018 based on management’s best estimates and assumptions as of the reporting date and are considered preliminary pending finalization of valuation analyses pertaining to the intangible assets acquired and the contingent consideration. The total purchase price for Huntington Steele was $17,914, which includes $5,794 in cash consideration, net of $125 in cash acquired, and a contingent purchase price of $12,120. The contingent purchase price consists of amounts payable to the sellers upon the attainment of specified financial measures determined at various intervals over the next five years. The current portion of the contingent purchase price of $430 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $11,690 is included in Other long-term liabilities on the accompanying Balance Sheet.
The purchase price allocation is as follows:
 
 
Estimated Fair Value
 
Estimated Useful Life
Cash
 
$
125

 
 
Goodwill
 
11,499

 
 
Identifiable intangible assets
 
 
 
 
Client relationships
 
6,180

 
12.0 years
Trade names
 
450

 
7.0 years
Other assets
 
15

 
 
Current liabilities
 
(230
)
 
 
Contingent consideration
 
(12,120
)
 
 
Net cash consideration
 
$
5,794

 
 

The results of operations of Huntington Steele, as well as all tangible and intangible assets resulting from the transaction, are included in the Investments in New Businesses segment. Any goodwill generated from the acquisition is fully deductible for income tax purposes.
Pro forma information has not been presented because the effect of the Huntington Steele acquisition is not material to the Company's consolidated financial results.