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Goodwill and Acquired Client Relationships
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Client Relationships Goodwill and Acquired Client Relationships
The following table presents the changes in the Company’s consolidated Affiliates’ Goodwill:
Goodwill
2023
2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,648.7
$2,523.6
Veritable Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(136.5)
—
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.5
(18.7)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5.1)
—
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,523.6
$2,504.9
___________________________
(1)Represents Goodwill allocated to Veritable as of the closing date, including $3.5 million attributable to the non-controlling
interests.
As of September 30, 2024, the Company completed its annual impairment assessment on goodwill and no impairment was
indicated.
The following table presents the changes in the Company’s components of Acquired client relationships (net):
 
Acquired Client Relationships (Net)
 
Definite-lived
Indefinite-lived
Total
 
Gross Book
Value
Accumulated
Amortization
Net Book
Value
Net Book
Value
Net Book
Value
Balance, as of December 31, 2022 . . . . . . . .
$1,355.1
$(1,069.7)
$285.4
$1,590.6
$1,876.0
Veritable Transaction(1) . . . . . . . . . . . . . . . .
(85.1)
57.0
(28.1)
—
(28.1)
Intangible amortization and impairments . .
—
(48.3)
(48.3)
—
(48.3)
Foreign currency translation . . . . . . . . . . . .
0.8
(0.5)
0.3
16.6
16.9
Transfers(2) . . . . . . . . . . . . . . . . . . . . . . . . . .
(10.3)
10.3
—
(4.1)
(4.1)
Balance, as of December 31, 2023 . . . . . . . .
$1,260.5
$(1,051.2)
$209.3
$1,603.1
$1,812.4
Intangible amortization and impairments . .
—
(29.0)
(29.0)
—
(29.0)
Foreign currency translation . . . . . . . . . . . .
(5.0)
5.0
—
(5.6)
(5.6)
Balance, as of December 31, 2024 . . . . . . . .
$1,255.5
$(1,075.2)
$180.3
$1,597.5
$1,777.8
___________________________
(1)Represents acquired client relationships attributable to Veritable as of the closing date, including $6.7 million attributable
to the non-controlling interests.
(2)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.
Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected
period of economic benefit.  The Company recorded amortization expense in Intangible amortization and impairments for these
relationships of $49.1 million, $48.3 million, and $29.0 million for the years ended December 31, 2022, 2023, and 2024,
respectively.  Based on relationships existing as of December 31, 2024, the Company estimates that its consolidated
amortization expense will be approximately $25 million in each of 2025, 2026, 2027, and 2028, and approximately $15 million
in 2029. As of December 31, 2024, no impairments of definite-lived acquired client relationships were indicated.
As of December 31, 2024, no impairments of indefinite-lived acquired client relationships were indicated.
In the third quarter of 2023, the Company completed the sale of its equity interest in Veritable, LP (“Veritable”), one of the
Company’s consolidated Affiliates, (the “Veritable Transaction”).  Pursuant to the terms of the agreement, under which a third
party acquired 100% of the outstanding equity interests in Veritable, the Company received $287.4 million in cash, net of
transaction costs.  Veritable is included in the Company’s results through the closing date, and the Company’s gain on the
transaction was $133.1 million, which is recorded in Affiliate Transaction gains in the Consolidated Statements of Income.