Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amount of the Company's goodwill by segment at December 31, 2022 and 2021 is 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
Measurement period adjustments	(1,803)		215		—		(1,588)
Foreign currency translation adjustments	—		(45)		—		(45)
Balance, December 31, 2022	$	47,108	$	56,992	$	11,499	$	115,599

In October 2021, the Company acquired all ownership interests of Finomial Corporation (Finomial). 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 Sheets.

In November 2021, the Company acquired all ownership interests of Novus Partners (Novus). 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 Sheets.

In April 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The total purchase price for Huntington Steele included a contingent purchase price payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. The Company made

payments of $868 and $3,965 during 2022 and 2021, respectively, to the sellers and recorded fair value adjustments of $620 and $1,274 during 2022 and 2021, respectively, to increase the fair value of the remaining contingent consideration. As of December 31, 2022, the contingent consideration of $9,576 is included in Accrued liabilities on the accompanying Balance Sheet.

The Company's intangible assets consist of:


	2022		Weighted Average Estimated Useful Life	2021		Weighted Average Estimated Useful Life
Acquired technology	$	47,780	8.5 years	$	47,780	8.5 years
Client relationships	30,173		9.6 years	30,878		8.3 years
Non-competition agreements	3,470		5.0 years	3,470		5.0 years
Trade name	4,370		15.4 years	4,370		14.1 years
	85,793			86,498
Less: Accumulated amortization	(30,261)			(17,716)
Intangible assets, net	$	55,532		$	68,782

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 of a defined contribution master trust in the United Kingdom. The Company recognized $12,580 and $5,260 of amortization expense related to intangible assets during 2022 and 2021, respectively.

The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2022 each year from 2023 through 2027 as follows:


Year	Expected Amortization Expense Related to Intangible Assets
2023	$	11,651
2024	8,191
2025	7,972
2026	7,865
2027	6,203