AssetMark Financial (AMK) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ASSETMARK FINANCIAL HOLDINGS, INC.
Entity Central Index Key	0001591587
Entity File Number	001-38980
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0774039
Entity Address, Address Line One	1655 Grant Street
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	Concord
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94520
City Area Code	925
Local Phone Number	521-2200
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	AMK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		72,459,255

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 75,831	$ 70,619
Restricted cash	11,000	11,000
Investments, at fair value	12,263	10,577
Fees and other receivables, net	8,459	8,891
Income tax receivable, net	17,178	8,596
Prepaid expenses and other current assets	13,088	13,637
Total current assets	137,819	123,320
Property, plant and equipment, net	8,187	7,388
Capitalized software, net	69,392	68,835
Other intangible assets, net	654,286	655,736
Operating lease right-of-use assets	24,512	27,496
Goodwill	338,848	338,848
Other assets	2,294	1,965
Total assets	1,235,338	1,223,588
Current liabilities:
Accounts payable	1,434	2,199
Accrued liabilities and other current liabilities	32,602	43,694
Total current liabilities	34,036	45,893
Long-term debt, net	75,000	75,000
Other long-term liabilities	17,241	16,302
Long-term portion of operating lease liabilities	29,976	31,820
Deferred income tax liabilities, net	149,500	149,500
Total long-term liabilities	271,717	272,622
Total liabilities	305,753	318,515
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value (675,000,000 shares authorized and 72,459,255 shares issued and outstanding as of March 31, 2021 and December 31, 2020)	72	72
Additional paid-in capital	883,858	850,430
Retained earnings	45,655	54,571
Total stockholders’ equity	929,585	905,073
Total liabilities and stockholders’ equity	$ 1,235,338	$ 1,223,588

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	675,000,000	675,000,000
Common stock, shares issued	72,459,255	72,459,255
Common stock, shares outstanding	72,459,255	72,459,255

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 119,006	$ 114,890
Operating expenses:
Asset-based expenses	36,094	35,015
Spread-based expenses	676	1,289
Employee compensation	67,302	43,497
General and operating expenses	17,489	19,365
Professional fees	4,260	3,831
Depreciation and amortization	9,471	8,409
Total operating expenses	135,292	111,406
Interest expense	771	1,627
Other expense, net	(15)	50
Income (loss) before income taxes	(17,042)	1,807
Provision benefit from income taxes	(8,126)	(929)
Net income (loss)	(8,916)	2,736
Net comprehensive income (loss)	$ (8,916)	$ 2,736
Net income (loss) per share attributable to common stockholders:
Basic	$ (0.13)	$ 0.04
Diluted	$ (0.13)	$ 0.04
Weighted average number of common shares outstanding, basic	70,422,306	67,142,459
Weighted average number of common shares outstanding, diluted	70,422,306	69,317,261
Asset Based Revenue
Revenue:
Total revenue	$ 115,813	$ 105,650
Spread Based Revenue
Revenue:
Total revenue	2,606	7,951
Other Revenue
Revenue:
Total revenue	$ 587	$ 1,289

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance at Dec. 31, 2019	$ 858,861	$ 72	$ 796,406	$ 62,383
Beginning balance, shares at Dec. 31, 2019		72,390,080
Net income (loss)	2,736			2,736
Share-based employee compensation	13,188		13,188
Ending balance at Mar. 31, 2020	874,785	$ 72	809,594	65,119
Ending balance, shares at Mar. 31, 2020		72,390,080
Beginning balance at Dec. 31, 2020	905,073	$ 72	850,430	54,571
Beginning balance, shares at Dec. 31, 2020		72,459,255
Net income (loss)	(8,916)			(8,916)
Share-based employee compensation	33,428		33,428
Ending balance at Mar. 31, 2021	$ 929,585	$ 72	$ 883,858	$ 45,655
Ending balance, shares at Mar. 31, 2021		72,459,255

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (8,916)	$ 2,736
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,471	8,409
Interest	190	78
Deferred income taxes		522
Share-based compensation	33,428	13,188
Changes in certain assets and liabilities:
Fees and other receivables, net	(710)	(1,835)
Prepaid expenses and other current assets	804	944
Accounts payable, accrued liabilities and other current liabilities	(11,028)	(12,909)
Income tax receivable, net	(8,582)	(1,884)
Net cash provided by operating activities	14,657	9,249
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of WBI OBS Financial, LLC, net of cash received		(18,404)
Purchase of investments	(1,363)	(1,014)
Sale of investments	151
Purchase of property and equipment	(231)	(416)
Purchase of computer software	(8,002)	(6,095)
Net cash used in investing activities	(9,445)	(25,929)
Net change in cash, cash equivalents, and restricted cash	5,212	(16,680)
Cash, cash equivalents, and restricted cash at beginning of period	81,619	105,341
Cash, cash equivalents, and restricted cash at end of period	86,831	88,661
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	464	365
Interest paid	577	1,547
Non-cash operating activities:
Non-cash changes to right-of-use assets	(2,263)	38,495
Non-cash changes to lease liabilities	$ (2,263)	$ 39,839

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	Note 1. Organization and Nature of Business These unaudited condensed consolidated financial statements include AssetMark Financial Holdings, Inc. and its subsidiaries, which include AssetMark Financial, Inc., which is the parent company of AssetMark, Inc., AssetMark Trust Company, AssetMark Brokerage, LLC, AssetMark Retirement Services, Inc., Global Financial Private Capital, Inc., Global Financial Advisory, LLC, Gossamer Merger Sub, Inc., WBI OBS Financial, Inc. and OBS Holdings, Inc. (collectively, the “Company”). The Company’s legal entity structure as of March 31, 2021 was as follows: The Company offers a broad array of wealth management solutions to individual investors through financial advisers by providing an open-architecture product platform along with tailored client advice, asset allocation options, practice management, support services and technology to the financial adviser channel. AssetMark Trust Company ( “ A TC ” ) is a licensed trust company incorporated under the laws of the State of Arizona on August 24, 1994 and regulated by the Arizona Department of Insurance and Financial Institutions. A TC provides custodial recordkeeping services primarily to investor clients of registered investment advisers (including AMI) located throughout the United States. AssetMark, Inc. (“AMI”) is a registered investment adviser that was incorporated under the laws of the State of California on May 13, 1999. AMI offers a broad array of wealth management solutions to individual investors through financial advisers by providing an open-architecture product platform along with tailored client advice, asset allocation options, practice management, support services and technology solutions to the financial adviser channel. AMI serves as investment adviser to the Company’s proprietary GuideMark Funds, GuidePath Funds and the Savos Dynamic Hedging Fund, each of which is a mutual fund offered to clients of financial advisers. AssetMark Retirement Services, Inc. (“ARS”), formerly known as Aris Corporation of America, was incorporated under the laws of the State of Pennsylvania on April 30, 1974. ARS serves as the record-keeper and third-party administrator for the Aris Retirement product, which are 401(k) or 403(b) investment offerings utilized by small businesses. AssetMark Brokerage, LLC (“AMB”) is a limited-purpose broker-dealer located in Concord, California and was incorporated under the laws of the State of Delaware on September 25, 2013. AMB’s primary function is to distribute the mutual funds of the Company and to sponsor the FINRA licensing of those AssetMark associates who provide distribution support through promotion of the AssetMark programs and strategies that employ the Company’s mutual funds. Gossamer Merger Sub, Inc. (“GMS”), is a subsidiary of AFI and was incorporated under the laws of the State of Delaware on February 2, 2021. GMS was formed specifically in anticipation of the closing of the Company’s acquisition of Voyant Inc. Upon the closing, Voyant Inc. will merge with GMS, with Voyant Inc. as the surviving entity. Global Financial Private Capital, Inc. (“GFPC”), formerly known as Global Financial Private Capital, LLC and renamed effective July 12, 2019, is a registered investment adviser that was incorporated under the laws of the State of Florida on June 7, 2004. GFPC provides a broad suite of integrated wealth management services for institutional and individual investors. Global Financial Advisory, LLC (“GFA”) is an insurance services company that was incorporated under the laws of the State of Delaware on June 30, 2016. GFA provides insurance services on an intermediary basis and is not a policy writer. WBI OBS Financial, Inc. (“OBL”), formerly known as WBI OBS Financial, LLC and renamed effective June 11, 2020, is a corporation that was incorporated under the laws of the State of Ohio on October 6, 2011. OBL is a holding company whose only assets are the share of common stock of OBS Holdings, Inc. (“OBF”). OBF is a corporation that was incorporated under the laws of the State of Ohio on April 14, 2000. Effective March 31, 2021, AMI filed a certificate of merger in the State of Delaware to merge OBS Financial Services (“OBS”) with and into AMI. OBS provides a broad suite of integrated wealth management services for institutional and individual investors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	N ote 2. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, considered necessary for fair presentation have been included. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ended December 31, 2021 or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Risks and Uncertainties The COVID-19 pandemic continues to rapidly evolve and has adversely impacted global commercial activities. Management expects COVID-19 related changes in market and investor behaviors to impact our asset- and spread-based revenue. However, given the uncertainty around the duration and extent of the COVID-19 pandemic, management cannot predict the impact on the Company’s results of operations, financial condition or liquidity in the second quarter for 2021 and subsequent periods. Estimates and assumptions about future events and their effects on the Company cannot be determined with certainty and therefore require the exercise of judgment. The Company is not aware of any specific events or circumstances that would require the Company to update its estimates, assumptions or judgments or revise the carrying value of its assets or liabilities. The Company will update the estimates and assumptions underlying the consolidated financial statements in future periods as events and circumstances develop. Recent Accounting Pronouncements – Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and improves consistent application of U.S. GAAP by clarifying and amending existing guidance. The Company adopted the new standard on January 1, 2021, and it did not have a significant impact on the Company’s consolidated financial statements and related disclosures. Recent Accounting Pronouncements – Not Yet Adopted In April 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides companies with optional guidance to ease the accounting impact of contract modification in connection with changes in reference rates. The ASU is available for adoption through December 31, 2022. The Company is evaluating the impact that ASU 2020-04 will have on its consolidated financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Prepaid Expenses and Other Current Assets	Note 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, 2021 December 31, 2020 Prepaid expenses $ 7,671 $ 8,182 Right-of-use leases 3,828 4,117 Other 1,589 1,338 Total $ 13,088 $ 13,637

Acquisition of Voyant Inc

Acquisition of Voyant Inc	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisition of Voyant Inc	Note 4 . Acquisition of Voyant Inc. On March 1, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which it agreed to acquire 100% of the equity interests of Voyant Inc., a Delaware corporation (“Voyant”) (the “Acquisition”) for a total purchase price of approximately $145 million, subject to adjustment, to be paid in a mix of cash and shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”). Pursuant to the Merger Agreement, AssetMark has agreed to issue at the closing of the Acquisition 994,036 unregistered shares of Common Stock, of an approximate value of $25 million, to the founders of Voyant as a portion of the total purchase price for the Acquisition. The Common Stock to be issued pursuant to the Merger Agreement is expected to be subject to an eighteen (18) month lock-up period following the closing of the Acquisition. The completion of the Acquisition is subject to customary terms and conditions, including regulatory approval.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 5 . Goodwill and Intangible Assets Goodwill The Company’s goodwill balance was $338,848 as of March 31, 2021 and December 31, 2020. The Company, which has one reporting unit, performed an annual test for goodwill impairment in December for the years ended December 31, 2020 and 2019 and determined that goodwill was not impaired. The Company performed a qualitative test for goodwill impairment related to the COVID-19 pandemic and determined that an additional quantitative test was not necessary. Goodwill was not impaired as of March 31, 2021. Intangible Assets Information regarding the Company’s intangible assets is as follows: March 31, 2021 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Definite-lived intangible assets: Trade names 45,830 (10,121 ) 35,709 16 years Broker-dealer license 11,550 (2,551 ) 8,999 16 years ATC regulatory status 23,300 (5,145 ) 18,155 16 years GFPC adviser relationships 14,250 (1,993 ) 12,257 12 years OBS adviser and trust relationships 9,500 (814 ) 8,686 11 years Total $ 674,910 $ (20,624 ) $ 654,286 December 31, 2020 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Definite-lived intangible assets: Trade names 45,830 (9,548 ) 36,282 16 years Broker-dealer license 11,550 (2,406 ) 9,144 16 years ATC regulatory status 23,300 (4,854 ) 18,446 16 years GFPC adviser relationships 14,250 (1,739 ) 12,511 12 years OBS adviser and trust relationships 9,500 (627 ) 8,873 12 years Total $ 674,910 $ (19,174 ) $ 655,736 The weighted average estimated remaining useful life was 14.7 The expected future amortization expense for definite-lived intangible assets as of March 31, 2021 Remainder of 2021 $ 4,353 2022 5,803 2023 5,803 2024 5,803 2025 5,803 2026 and thereafter 56,241 Total $ 83,806

Accrued Liabilities and Other C

Accrued Liabilities and Other Current Liabilities	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued Liabilities and Other Current Liabilities	Note 6 . Accrued Liabilities and Other Current Liabilities The following table shows the breakdown of accrued liabilities and other current liabilities: March 31, 2021 December 31, 2020 Accrued bonus $ 7,329 $ 15,336 Compensation and benefits payable 3,299 10,423 Current portion of operating lease liability 2,674 4,095 Asset-based payables 1,356 1,339 Other accrued expenses 17,944 12,501 Total $ 32,602 $ 43,694

Other Long-Term Liabilities

Other Long-Term Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Note 7. Other Long-Term Liabilities Other long-term liabilities consisted of the following: March 31, 2021 December 31, 2020 Contractor liability $ 2,226 $ 2,305 Deferred compensation plan liability 11,758 10,087 Purchase commitments related to acquisition of GFPC 3,257 3,910 Total $ 17,241 $ 16,302

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, based on the three-tier fair value hierarchy: March 31, 2021 Fair Value Level I Level II Level III Assets: Equity investment and alternative investment securities funds (1) $ 505 $ 505 $ — $ — Assets to fund deferred compensation liability (2) 11,758 11,758 — — Total assets $ 12,263 $ 12,263 $ — $ — Liabilities: Deferred compensation liability (3) $ 11,758 $ 11,758 $ — $ — Total liabilities $ 11,758 $ 11,758 $ — $ — December 31, 2020 Fair Value Level I Level II Level III Assets: Equity investment and alternative investment securities funds (1) $ 490 $ 490 $ — $ — Assets to fund deferred compensation liability (2) 10,087 10,087 — — Total assets $ 10,577 $ 10,577 $ — $ — Liabilities: Deferred compensation liability (3) $ 10,087 $ 10,087 $ — $ — Total liabilities $ 10,087 $ 10,087 $ — $ — (1) The fair value of the Company’s rabbi trust, which comprises equity investment and alternative investment securities funds, is based on the month-end quoted market prices for the net asset value of the various constituent funds and securities, which mature on a daily basis. (2) The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized gains of $451 (3) The deferred compensation liability is included in other non-current liabilities in the consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s rabbi trust which the participants have selected. The Company recognized other expenses of $ 451 , and $ 900 related to this liability within the statements of income and comprehensive income for the three month s ended March 31, 2021 , and for the year ended December 31, 20 20 , respectively.

Asset-Based Expenses

Asset-Based Expenses	3 Months Ended
	Mar. 31, 2021
Operating Costs And Expenses [Abstract]
Asset-Based Expenses	Note 9 . Asset-Based Expenses Asset-based expenses incurred by the Company relating to the generation of asset-based revenues are as follows: Three Months Ended March 31, 2021 2020 Strategist and manager fees $ 28,819 $ 28,442 Premier broker-dealer fees 3,882 3,059 Custody fees 1,810 1,530 Fund advisory fees 1,077 1,081 Marketing allowance 505 903 Other 1 — Total $ 36,094 $ 35,015

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 10 . Debt On November 14, 2018, the Company executed a Credit Agreement (the “Prior Credit Agreement”) with Credit Suisse AG for a $250,000 term loan (the “Term Loan”) and a revolving line of credit (the “Revolver”) that permited the Company to borrow up to $20,000. The Term Loan was set to mature on November 14, 2025 and the Revolver was set to mature on November 14, 2023. On July 26, 2019, the Company made a partial repayment of $125 million of the Company’s outstanding indebtedness under the Term Loan and repaid the remaining outstanding amount on December 30, 2020 through the execution of the New Credit Agreement (as defined below). On December 30, 2020, the Company entered into a Credit Agreement (the “New Credit Agreement”) with the Bank of Montreal for a new senior secured credit facility in an aggregate principal amount of $250,000, consisting of a revolving credit facility with commitments in an aggregate principal amount of $250,000 (the “New Revolving Credit Facility” and the loans thereunder, the “New Revolving Loans”), with an accordion option of up to $25,000. The Company drew down $75,000 under the New Revolving Credit Facility on December 30, 2020, with an annual interest rate of 2.25%, the proceeds of which, together with cash on hand, were used to repay in full the Company’s obligations under the Term Loan. In connection with such repayment in full, the Prior Credit Agreement, the commitments thereunder and the guarantees and security interests with respect thereto were terminated and released, as applicable. The remaining portion of the New Revolving Credit Facility is available to finance the working capital needs and for other general corporate purposes of the Company (including acquisitions, investments, dividends and share repurchases permitted under the New Credit Agreement). The New Revolving Loans bear interest at a rate per annum equal to, at the Company’s option, either (i) LIBOR plus a margin based on the Company’s Total Leverage Ratio (as defined in the New Credit Agreement) or (ii) the Base Rate (as defined in the New Credit Agreement) plus a margin based on the Company’s Total Leverage Ratio. The margin will range between 1.00% and 2.625% for base rate loans and between 2.00% and 3.625% for LIBOR loans. The Company will pay a commitment fee based on the average daily unused portion of the commitments under the New Revolving Credit Facility, a letter of credit fee equal to the margin then in effect with respect to the LIBOR loans under the New Revolving Credit Facility, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the New Credit Agreement. The New Revolving Credit Facility is not subject to amortization and will mature on December 30, 2024. Interest expense was $771 and $1,627 for the three months ended March 31, 2021 and 2020, respectively

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Note 11 . Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in other current assets, operating lease right-of-use (“ROU”) assets, accrued liabilities and other current liabilities, and long-term portion of operating lease liabilities on the Company’s condensed consolidated balance sheets. The Company does not have material finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company uses an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components . The Company has elected to use the practical expedient to exclude the non-lease component from the lease for all asset classes. The majority of the Company’s lease agreements are facility leases. Operating lease costs of $ 1,306 and $ 1,490 , and related variable lease costs of $ 197 and $ 159 were recorded in general and operating expenses for the quarters ended March 31, 2021 and 2020, respectively. The Company’s leases had a weighted-average lease term of 7.0 years and used a weighted-average discount rate of 3.64 % as of March 31, 202 1 . The Company paid $ 1,301 and $ 879 for amounts included in the measurement of lease liabilities for the quarter s ended March 31, 202 1 and 2020, respectively . Future minimum lease payments under non-cancellable leases, as of March 31, 2021, are as follows: Remainder of 2021 $ 1,680 2022 5,437 2023 5,384 2024 5,663 2025 5,822 2026 and thereafter 13,377 Total future minimum lease payments 37,363 Less: imputed interest (4,713 ) Total operating lease liabilities $ 32,650

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 12. Share-Based Compensation On July 3, 2019, the Company’s Board of Directors adopted, and the Company’s sole stockholder approved, the 2019 Equity Incentive Plan (the “2019 Equity Incentive Plan”), which became effective on July 17, 2019, the date of effectiveness of the Company’s IPO (as defined below) registration statement on Form S-1. As of March 31, 2021, 3,662,611 shares were available for issuance under the 2019 Equity Incentive Plan. Restricted Stock Awards Prior to the liquidation and dissolution of AssetMark Holdings, our former parent company, and the IPO, all officers and certain sales employees of AssetMark Holdings held Class C Common Units of AssetMark Holdings, which were intended to be treated as profits interests. Immediately following the pricing of the IPO, AssetMark Holdings liquidated and dissolved and distributed shares of the Company’s common stock to its members, including an aggregate number of restricted stock awards (“RSAs”) equal to 6,309,049 shares of the Company’s common stock to the holders of the Class C Common Units of AssetMark Holdings. These RSAs are subject to the same vesting schedule as the Class C Common Units of AssetMark Holdings, with 50% of the RSAs scheduled to vest in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, subject to the recipient’s continued employment through the vesting date, and 50% subject to the recipient’s continued employment through February 1, 2021 and the satisfaction of a performance-based vesting condition. The performance condition for these RSAs was deemed to have been satisfied in connection with the IPO. In the event that the vesting conditions are not satisfied for any portion of an award, the shares covered by such RSAs will transfer automatically to the Company. 3,148,573 RSAs vested during the three months ended March 31, 2021. Share-based compensation expense related to the RSAs was $30,574 and $12,252 for the three months ended March 31, 2021 and 2020, respectively. Stock Options In connection with the IPO, the Company issued options to certain officers to acquire an aggregate of 918,981 shares of the Company’s common stock outside of the 2019 Equity Incentive Plan, with an exercise price of $22 dollars per share. Each of these options is scheduled to vest and become exercisable in substantially equal installments on each of the first three anniversaries of July 18, 2019, subject to the recipient’s continued employment through the vesting date and have a ten-year Share-based compensation expense related to the stock options was $1,233 and $583 for the three months ended March 31, 2021 and 2020, respectively. Restricted Stock Units Also in connection with the IPO, the Company issued restricted stock units (“RSUs”) to certain officers and sales employees covering an aggregate of 85,737 shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each of these RSUs is scheduled to vest in substantially equal installments on each of the first three anniversaries of July 18, 2019. Share-based compensation expense related to the RSUs was $871 and $353 for the three months ended March 31, 2021 and 2020, respectively. Stock Appreciation Rights During 2020, the Company issued stock appreciation rights (“SARs”) with a grant date fair value of $9,239 to certain officers with respect to 831,902 shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of the date of grant. Upon exercise, each of these SARs will be settled in shares of the Company’s common stock with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price. Share-based compensation expense related to SARs was $750 and $0 for the three months ended March 31, 2021 and 2020, respectively .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 . Commitments and Contingencies Litigation The Company faces the risk of litigation and regulatory investigations and actions in the ordinary course of operating the Company’s businesses, including the risk of class action lawsuits. The Company’s pending legal and regulatory actions include proceedings specific to the Company and others generally applicable to business practices in the industries in which the Company operates. The Company is also subject to litigation arising out of the Company’s general business activities such as the Company’s contractual and employment relationships. In addition, the Company is subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and other authorities. Plaintiffs in class action and other lawsuits against the Company may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. A substantial legal liability or a significant regulatory action against the Company could have an adverse effect on the Company’s business, financial condition and results of operations. Moreover, even if the Company ultimately prevails in the litigation, regulatory action or investigation, the Company could suffer significant reputational harm, which could have an adverse effect on the Company’s business, financial condition or results of operations. In the opinion of management, after discussions with legal counsel, the ultimate resolution of the pending legal proceedings will not have a material effect on the consolidated financial condition, results of operations or cash flows of the Company.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes and the income tax effects of the Company’s share-based compensation. The Company’s effective tax rate was 47.7% and (51.4)% for the three months ended March 31, 2021 and 2020, respectively. These changes were due to changes in the relative amounts of the Company’s share-based compensation and income before taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law. The provisions of the CARES Act affecting corporations include, but are not limited to, elimination of certain limitations for utilizing net operating losses, relaxation of limitations on interest deductions, the expensing of costs of acquired qualified improvement property, employee retention tax credits and deferral of payroll taxes. There was no significant impact of this new law on the Company’s financial condition and results of operations for the three months ended March 31, 2021.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note As of March 31, 2021 and December 31, 2020, the Company had a receivable due from Huatai Securities Co., Ltd. (“HTSC”) of $143, which represents the cash paid by the Company with respect to certain professional services incurred on behalf of HTSC related to IFRS audit fees required for HTSC’s consolidated audit.

Net Income (loss) Per Share Att

Net Income (loss) Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income (loss) Per Share Attributable to Common Stockholders	Note 16. Net Income (loss) Per Share Attributable to Common Stockholders Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. For the calculation of diluted net income per share, the basic weighted average number of shares of common stock outstanding is increased by the dilutive effect (if any) of stock options, restricted stock awards, restricted stock units and stock appreciation rights. The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders: Three Months Ended March 31, 2021 2020 Net income (loss) attributable to common stockholders $ (8,916 ) $ 2,736 Weighted average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders, basic 70,422,306 67,142,459 Net income (loss) per share attributable to common stockholders, basic $ (0.13 ) $ 0.04 Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic 70,422,306 67,142,459 Effect of dilutive shares: Unvested RSAs — 2,133,649 Unvested RSUs — 41,153 Diluted number of weighted-average shares outstanding 70,422,306 69,317,261 Net income (loss) per share attributable to common stockholders, diluted $ (0.13 ) $ 0.04 The following securities were not included in the computation of diluted shares because such securities did not have a dilutive effect. Three Months Ended March 31, 2021 2020 Stock options 900,271 908,775 SARs 839,941 — RSUs 342,310 — RSAs 1,049,597 — Total 3,132,119 908,775

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Risks and Uncertainties	Risks and Uncertainties The COVID-19 pandemic continues to rapidly evolve and has adversely impacted global commercial activities. Management expects COVID-19 related changes in market and investor behaviors to impact our asset- and spread-based revenue. However, given the uncertainty around the duration and extent of the COVID-19 pandemic, management cannot predict the impact on the Company’s results of operations, financial condition or liquidity in the second quarter for 2021 and subsequent periods. Estimates and assumptions about future events and their effects on the Company cannot be determined with certainty and therefore require the exercise of judgment. The Company is not aware of any specific events or circumstances that would require the Company to update its estimates, assumptions or judgments or revise the carrying value of its assets or liabilities. The Company will update the estimates and assumptions underlying the consolidated financial statements in future periods as events and circumstances develop.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and improves consistent application of U.S. GAAP by clarifying and amending existing guidance. The Company adopted the new standard on January 1, 2021, and it did not have a significant impact on the Company’s consolidated financial statements and related disclosures. Recent Accounting Pronouncements – Not Yet Adopted In April 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides companies with optional guidance to ease the accounting impact of contract modification in connection with changes in reference rates. The ASU is available for adoption through December 31, 2022. The Company is evaluating the impact that ASU 2020-04 will have on its consolidated financial statements.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Schedule of Prepaid expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: March 31, 2021 December 31, 2020 Prepaid expenses $ 7,671 $ 8,182 Right-of-use leases 3,828 4,117 Other 1,589 1,338 Total $ 13,088 $ 13,637

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Information regarding the Company’s intangible assets is as follows: March 31, 2021 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Definite-lived intangible assets: Trade names 45,830 (10,121 ) 35,709 16 years Broker-dealer license 11,550 (2,551 ) 8,999 16 years ATC regulatory status 23,300 (5,145 ) 18,155 16 years GFPC adviser relationships 14,250 (1,993 ) 12,257 12 years OBS adviser and trust relationships 9,500 (814 ) 8,686 11 years Total $ 674,910 $ (20,624 ) $ 654,286 December 31, 2020 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Definite-lived intangible assets: Trade names 45,830 (9,548 ) 36,282 16 years Broker-dealer license 11,550 (2,406 ) 9,144 16 years ATC regulatory status 23,300 (4,854 ) 18,446 16 years GFPC adviser relationships 14,250 (1,739 ) 12,511 12 years OBS adviser and trust relationships 9,500 (627 ) 8,873 12 years Total $ 674,910 $ (19,174 ) $ 655,736
Summary of Expected Future Amortization Expense for Intangible Assets	The expected future amortization expense for definite-lived intangible assets as of March 31, 2021 Remainder of 2021 $ 4,353 2022 5,803 2023 5,803 2024 5,803 2025 5,803 2026 and thereafter 56,241 Total $ 83,806

Accrued Liabilities and Other_2

Accrued Liabilities and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	The following table shows the breakdown of accrued liabilities and other current liabilities: March 31, 2021 December 31, 2020 Accrued bonus $ 7,329 $ 15,336 Compensation and benefits payable 3,299 10,423 Current portion of operating lease liability 2,674 4,095 Asset-based payables 1,356 1,339 Other accrued expenses 17,944 12,501 Total $ 32,602 $ 43,694

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: March 31, 2021 December 31, 2020 Contractor liability $ 2,226 $ 2,305 Deferred compensation plan liability 11,758 10,087 Purchase commitments related to acquisition of GFPC 3,257 3,910 Total $ 17,241 $ 16,302

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value	The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, based on the three-tier fair value hierarchy: March 31, 2021 Fair Value Level I Level II Level III Assets: Equity investment and alternative investment securities funds (1) $ 505 $ 505 $ — $ — Assets to fund deferred compensation liability (2) 11,758 11,758 — — Total assets $ 12,263 $ 12,263 $ — $ — Liabilities: Deferred compensation liability (3) $ 11,758 $ 11,758 $ — $ — Total liabilities $ 11,758 $ 11,758 $ — $ — December 31, 2020 Fair Value Level I Level II Level III Assets: Equity investment and alternative investment securities funds (1) $ 490 $ 490 $ — $ — Assets to fund deferred compensation liability (2) 10,087 10,087 — — Total assets $ 10,577 $ 10,577 $ — $ — Liabilities: Deferred compensation liability (3) $ 10,087 $ 10,087 $ — $ — Total liabilities $ 10,087 $ 10,087 $ — $ — (1) The fair value of the Company’s rabbi trust, which comprises equity investment and alternative investment securities funds, is based on the month-end quoted market prices for the net asset value of the various constituent funds and securities, which mature on a daily basis. (2) The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized gains of $451 (3) The deferred compensation liability is included in other non-current liabilities in the consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s rabbi trust which the participants have selected. The Company recognized other expenses of $ 451 , and $ 900 related to this liability within the statements of income and comprehensive income for the three month s ended March 31, 2021 , and for the year ended December 31, 20 20 , respectively.

Asset-Based Expenses (Tables)

Asset-Based Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Operating Costs And Expenses [Abstract]
Schedule of Asset-Based Expenses	Asset-based expenses incurred by the Company relating to the generation of asset-based revenues are as follows: Three Months Ended March 31, 2021 2020 Strategist and manager fees $ 28,819 $ 28,442 Premier broker-dealer fees 3,882 3,059 Custody fees 1,810 1,530 Fund advisory fees 1,077 1,081 Marketing allowance 505 903 Other 1 — Total $ 36,094 $ 35,015

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-cancellable Leases	Future minimum lease payments under non-cancellable leases, as of March 31, 2021, are as follows: Remainder of 2021 $ 1,680 2022 5,437 2023 5,384 2024 5,663 2025 5,822 2026 and thereafter 13,377 Total future minimum lease payments 37,363 Less: imputed interest (4,713 ) Total operating lease liabilities $ 32,650

Net Income (loss) Per Share A_2

Net Income (loss) Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per Share	The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders: Three Months Ended March 31, 2021 2020 Net income (loss) attributable to common stockholders $ (8,916 ) $ 2,736 Weighted average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders, basic 70,422,306 67,142,459 Net income (loss) per share attributable to common stockholders, basic $ (0.13 ) $ 0.04 Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic 70,422,306 67,142,459 Effect of dilutive shares: Unvested RSAs — 2,133,649 Unvested RSUs — 41,153 Diluted number of weighted-average shares outstanding 70,422,306 69,317,261 Net income (loss) per share attributable to common stockholders, diluted $ (0.13 ) $ 0.04
Schedule of Securities Were Not Included in Computation of Diluted Shares Outstanding	The following securities were not included in the computation of diluted shares because such securities did not have a dilutive effect. Three Months Ended March 31, 2021 2020 Stock options 900,271 908,775 SARs 839,941 — RSUs 342,310 — RSAs 1,049,597 — Total 3,132,119 908,775

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 7,671	$ 8,182
Right-of-use leases	3,828	4,117
Other	1,589	1,338
Total	$ 13,088	$ 13,637

Acquisition of Voyant Inc - Add

Acquisition of Voyant Inc - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2021	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Common stock, par value		$ 0.001	$ 0.001
Voyant, Inc
Business Acquisition [Line Items]
Equity ownership percentage	100.00%
Final purchase price, net of working capital adjustments	$ 145
Business acquisition lock up period	18 months
Voyant, Inc | Common Stock
Business Acquisition [Line Items]
Common stock, par value	$ 0.001
Business acquisition, Issued number of shares	994,036
Business acquisition, Issued number of shares value	$ 25

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)ReportingUnit	Dec. 31, 2019ReportingUnit
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 338,848,000		$ 338,848,000
Number of reporting units | ReportingUnit			1	1
Goodwill impairment	0
Amortization of Intangible Assets	$ 1,450,000	$ 1,326,000
Trade Names
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	14 years 8 months 12 days
Broker-Dealer License
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	14 years 8 months 12 days
ATC Regulatory Status
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	14 years 8 months 12 days
GFPC Adviser Relationships
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	14 years 8 months 12 days
OBS Adviser and Trust Relationships
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	14 years 8 months 12 days

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated amortization	$ (20,624)	$ (19,174)
Definite-lived intangible assets, Net carrying amount	83,806
Intangible assets, Gross carrying amount	674,910	674,910
Intangible assets, Net carrying amount	654,286	655,736
Broker-Dealer Relationships
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net carrying amount	570,480	570,480
Trade Names
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	45,830	45,830
Definite-lived intangible assets, Accumulated amortization	(10,121)	(9,548)
Definite-lived intangible assets, Net carrying amount	$ 35,709	$ 36,282
Definite-lived intangible assets, Estimated remaining useful life	16 years	16 years
Broker-Dealer License
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 11,550	$ 11,550
Definite-lived intangible assets, Accumulated amortization	(2,551)	(2,406)
Definite-lived intangible assets, Net carrying amount	$ 8,999	$ 9,144
Definite-lived intangible assets, Estimated remaining useful life	16 years	16 years
ATC Regulatory Status
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 23,300	$ 23,300
Definite-lived intangible assets, Accumulated amortization	(5,145)	(4,854)
Definite-lived intangible assets, Net carrying amount	$ 18,155	$ 18,446
Definite-lived intangible assets, Estimated remaining useful life	16 years	16 years
GFPC Adviser Relationships
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 14,250	$ 14,250
Definite-lived intangible assets, Accumulated amortization	(1,993)	(1,739)
Definite-lived intangible assets, Net carrying amount	$ 12,257	$ 12,511
Definite-lived intangible assets, Estimated remaining useful life	12 years	12 years
OBS Adviser and Trust Relationships
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 9,500	$ 9,500
Definite-lived intangible assets, Accumulated amortization	(814)	(627)
Definite-lived intangible assets, Net carrying amount	$ 8,686	$ 8,873
Definite-lived intangible assets, Estimated remaining useful life	11 years	12 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Summary of Expected Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Mar. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 4,353
2022	5,803
2023	5,803
2024	5,803
2025	5,803
2026 and thereafter	56,241
Definite-lived intangible assets, Net carrying amount	$ 83,806

Accrued Liabilities and Other_3

Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued bonus	$ 7,329	$ 15,336
Compensation and benefits payable	3,299	10,423
Current portion of operating lease liability	2,674	4,095
Asset-based payables	1,356	1,339
Other accrued expenses	17,944	12,501
Total	$ 32,602	$ 43,694

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Contractor liability	$ 2,226	$ 2,305
Deferred compensation plan liability	11,758	10,087
Purchase commitments related to acquisition of GFPC	3,257	3,910
Total	$ 17,241	$ 16,302

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Total assets	$ 12,263	$ 10,577
Liabilities:
Total liabilities	11,758	10,087
Level I
Assets:
Total assets	12,263	10,577
Liabilities:
Total liabilities	11,758	10,087
Equity And Alternative Investments Securities Fund
Assets:
Total assets	505	490
Equity And Alternative Investments Securities Fund | Level I
Assets:
Total assets	505	490
Assets To Fund Deferred Compensation Liability
Assets:
Total assets	11,758	10,087
Assets To Fund Deferred Compensation Liability | Level I
Assets:
Total assets	11,758	10,087
Deferred Compensation Liability
Liabilities:
Total liabilities	11,758	10,087
Deferred Compensation Liability | Level I
Liabilities:
Total liabilities	$ 11,758	$ 10,087

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains on deferred compensation asset	$ 451	$ 900
Other Expenses
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 451	$ 900

Asset-Based Expenses - Schedule

Asset-Based Expenses - Schedule of Asset-Based Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Costs And Expenses [Abstract]
Strategist and manager fees	$ 28,819	$ 28,442
Premier broker-dealer fees	3,882	3,059
Custody fees	1,810	1,530
Fund advisory fees	1,077	1,081
Marketing allowance	505	903
Other	1
Total	$ 36,094	$ 35,015

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jul. 26, 2019	Nov. 14, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense			$ 771,000	$ 1,627,000
Credit Agreement | Credit Suisse AG
Debt Instrument [Line Items]
Term loan, maturity date		Nov. 14, 2025
Interest expense			$ 771,000	$ 1,627,000
Accordion Option					$ 25,000,000
Line of Credit Facility, Interest Rate During Period					2.25%
Credit Agreement | Credit Suisse AG | Alternate Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, margin percentage			1.00%
Credit Agreement | Credit Suisse AG | Alternate Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, margin percentage			2.625%
Credit Agreement | Credit Suisse AG | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, margin percentage			2.00%
Credit Agreement | Credit Suisse AG | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, margin percentage			3.625%
Credit Agreement | Credit Suisse AG | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000			$ 250,000,000
Credit facility, maturity date		Nov. 14, 2023	Dec. 30, 2024
Proceeds from credit facility draw down					75,000,000
Line of credit facility, description			The New Revolving Credit Facility is not subject to amortization and will mature on December 30, 2024.
Credit Agreement | Credit Suisse AG | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 250,000,000
Credit Agreement | Credit Suisse AG | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Partial repayment of outstanding indebtedness	$ 125,000,000

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease costs	$ 1,306	$ 1,490
Weighted-average lease term	7 years
Weighted-average discount rate	3.64%
Operating lease liability payments	$ 1,301	879
General and Operating Expenses
Variable lease components recorded as general and operating expenses	$ 197	$ 159

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 1,680
2022	5,437
2023	5,384
2024	5,663
2025	5,822
2026 and thereafter	13,377
Total future minimum lease payments	37,363
Less: imputed interest	(4,713)
Total operating lease liabilities	$ 32,650

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)Installment	Dec. 31, 2020USD ($)shares
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exchange of shares with stockholders on liquidation	6,309,049
Vesting percentage	50.00%
Number of equal vesting installments | Installment		3
Vesting upon satisfaction of condition	50.00%
Vesting description	50% of the RSAs scheduled to vest in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, subject to the recipient’s continued employment through the vesting date, and 50% subject to the recipient’s continued employment through February 1, 2021 and the satisfaction of a performance-based vesting condition.
Number of shares vested	3,148,573
Share-based compensation expense | $	$ 30,574	$ 12,252
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense | $	1,233	583
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description			. Each of these RSUs is scheduled to vest in substantially equal installments on each of the first four anniversaries of the date of grant
Share-based compensation expense | $	871	353
Restricted stock units granted under the plan			310,225
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description			Each SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of the date of grant
Share-based compensation expense | $	$ 750	$ 0
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share available for issuance under the plan	3,662,611
2019 Equity Incentive Plan | Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description	Each of these options is scheduled to vest and become exercisable in substantially equal installments on each of the first three anniversaries of July 18, 2019, subject to the recipient’s continued employment through the vesting date and have a ten-year contractual term.
Number of shares, granted	918,981
Exercise price | $ / shares	$ 22
Contractual term	10 years
2019 Equity Incentive Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted under the plan	85,737
2019 Equity Incentive Plan | Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share available for issuance under the plan			831,902
Grant date fair value of shares | $			$ 9,239

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Federal corporate tax rate	21.00%
Effective tax rate	47.70%	(51.40%)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Huatai Securities Co., Ltd.
Related Party Transaction [Line Items]
Receivable due from related parties	$ 143	$ 143

Net Income (loss) Per Share A_3

Net Income (loss) Per Share Attributable to Common Stockholders- Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net income (loss) attributable to common stockholders	$ (8,916)	$ 2,736
Weighted average number of common shares outstanding, basic	70,422,306	67,142,459
Basic	$ (0.13)	$ 0.04
Effect of dilutive shares:
Weighted average number of common shares outstanding, diluted	70,422,306	69,317,261
Diluted	$ (0.13)	$ 0.04
Restricted Stock Awards
Effect of dilutive shares:
Unvested shares		$ 2,133,649
Restricted Stock Units
Effect of dilutive shares:
Unvested shares		$ 41,153

Net Income (loss) Per Share A_4

Net Income (loss) Per Share Attributable to Common Stockholders - Schedule of Securities Were Not Included in Computation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	3,132,119	908,775
Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	900,271	908,775
Stock Appreciation Rights (SARs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	839,941
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	342,310
Restricted Stock Awards (RSAs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	1,049,597