Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of the Company's goodwill by segment are as follows:


	Institutional Investors		Investment Managers		Investments in New Businesses		Total

Balance, December 31, 2020	$	—	$	52,990	$	11,499	$	64,489
Acquisition of Finomial	—		3,825		—		3,825
Acquisition of Novus	48,911		—		—		48,911
Foreign currency translation adjustments	—		7		—		7
Balance, December 31, 2021	$	48,911	$	56,822	$	11,499	$	117,232

In October 2021, the Company acquired all ownership interests of Finomial (See Note 14). The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $3,825 and is included in the accompanying Consolidated Balance Sheet.

In November 2021, the Company acquired all ownership interests of Novus (See Note 14). The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $48,911 and is included in the accompanying Consolidated Balance Sheet.

There was no change in the carrying amount of the Company's goodwill during 2020.

The Company's intangible assets consist of:


	2021		Weighted Average Estimated Useful Life	2020		Weighted Average Estimated Useful Life
Acquired technology	$	47,780	8.5 years	$	13,510	10.0 years
Client relationships	30,878		8.3 years	16,940		13.9 years
Non-competition agreements	3,470		5.0 years	3,470		5.0 years
Trade name	4,370		14.1 years	2,840		7.0 years
	86,498			36,760
Less: Accumulated amortization	(17,716)			(12,456)
Intangible assets, net	$	68,782		$	24,304

In addition to the intangible assets acquired through the acquisitions of Finomial and Novus, during 2021, the Company also acquired intangible assets through the purchase of a technology platform providing digital collaboration tools for financial advisors and the purchase a defined contribution master trust in the United Kingdom. The Company recognized $5,260 and $3,683 of amortization expense related to intangible assets during 2021 and 2020, respectively.

The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2021 each year from 2022 through 2026 as follows:


Year	Expected Amortization Expense Related to Intangible Assets
2022	$	12,278
2023	11,585
2024	8,125
2025	7,906
2026	7,799