AssetMark Financial (AMK) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
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		73,594,027

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 98,717	$ 76,707
Restricted cash	13,000	13,000
Investments, at fair value	14,461	14,498
Fees and other receivables, net	9,075	9,019
Income tax receivable, net		6,276
Prepaid expenses and other current assets	13,696	14,673
Total current assets	148,949	134,173
Property, plant and equipment, net	7,724	8,015
Capitalized software, net	77,130	73,701
Other intangible assets, net	707,522	709,693
Operating lease right-of-use assets	21,425	22,469
Goodwill	436,821	436,821
Other assets	3,184	2,090
Total assets	1,402,755	1,386,962
Current liabilities:
Accounts payable	2,384	2,613
Accrued liabilities and other current liabilities	46,010	56,249
Income tax payable, net	397
Total current liabilities	48,791	58,862
Long-term debt, net	116,735	115,000
Other long-term liabilities	16,463	16,468
Long-term portion of operating lease liabilities	27,089	28,316
Deferred income tax liabilities, net	158,930	158,930
Total long-term liabilities	319,217	318,714
Total liabilities	368,008	377,576
Stockholders’ equity:
Common stock, $0.001 par value (675,000,000 shares authorized and 73,594,027 and 73,562,717 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)	74	74
Additional paid-in capital	932,212	929,070
Retained earnings	102,461	80,242
Total stockholders’ equity	1,034,747	1,009,386
Total liabilities and stockholders’ equity	$ 1,402,755	$ 1,386,962

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	73,594,027	73,562,717
Common stock, shares outstanding	73,594,027	73,562,717

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 148,303	$ 119,006
Operating expenses:
Asset-based expenses	41,687	36,094
Spread-based expenses	405	676
Employee compensation	40,290	67,302
General and operating expenses	22,059	17,489
Professional fees	5,733	4,260
Depreciation and amortization	7,469	9,471
Total operating expenses	117,643	135,292
Interest expense	1,159	771
Other expenses, net	128	(15)
Income (loss) before income taxes	29,373	(17,042)
Provision for (benefit from) income taxes	7,154	(8,126)
Net income (loss)	22,219	(8,916)
Net comprehensive income (loss)	$ 22,219	$ (8,916)
Net income (loss) per share attributable to common stockholders:
Basic	$ 0.30	$ (0.13)
Diluted	$ 0.30	$ (0.13)
Weighted average number of common shares outstanding, basic	73,571,785	70,422,306
Weighted average number of common shares outstanding, diluted	73,675,460	70,422,306
Asset Based Revenue
Revenue:
Total revenue	$ 142,076	$ 115,813
Subscription Based Revenue
Revenue:
Total revenue	3,318
Spread Based Revenue
Revenue:
Total revenue	1,955	2,606
Other Revenue
Revenue:
Total revenue	$ 954	$ 587

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, 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
Beginning balance at Dec. 31, 2021	1,009,386	$ 74	929,070	80,242
Beginning balance, shares at Dec. 31, 2021		73,562,717
Net income (loss)	22,219			22,219
Share-based employee compensation	3,142		3,142
Issuance of common stock - vesting of restricted stock units, shares		31,089
Exercise of stock options, shares		221
Ending balance at Mar. 31, 2022	$ 1,034,747	$ 74	$ 932,212	$ 102,461
Ending balance, shares at Mar. 31, 2022		73,594,027

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 22,219	$ (8,916)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	7,469	9,471
Interest	209	190
Share-based compensation	3,142	33,428
Debt acquisition write-down	130
Changes in certain assets and liabilities:
Fees and other receivables, net	(137)	(710)
Receivables from related party	81
Prepaid expenses and other current assets	2,541	804
Accounts payable, accrued liabilities and other current liabilities	(16,905)	(11,028)
Income tax receivable and payable, net	6,673	(8,582)
Net cash provided by operating activities	25,422	14,657
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(1,280)	(1,363)
Sale of investments	361	151
Purchase of property and equipment	(361)	(231)
Purchase of computer software	(8,077)	(8,002)
Net cash used in investing activities	(9,357)	(9,445)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net	122,508
Payments on revolving credit facility	(115,000)
Payments on term loan	(1,563)
Net cash provided by financing activities	5,945
Net change in cash, cash equivalents, and restricted cash	22,010	5,212
Cash, cash equivalents, and restricted cash at beginning of period	89,707	81,619
Cash, cash equivalents, and restricted cash at end of period	111,717	86,831
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	532	464
Interest paid	390	577
Non-cash operating activities:
Non-cash changes to right-of-use assets	32	(2,263)
Non-cash changes to lease liabilities	$ 32	$ (2,263)

Overview

Overview	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Overview	Note 1. Overview Organization and Nature of Business These unaudited condensed consolidated financial statements include AssetMark Financial Holdings, Inc. (“AFHI” or the “Company”) and its subsidiaries. AFHI 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, Voyant, Inc., Voyant UK Limited, Voyant Financial Technologies Inc. and Voyant Australia Pty Ltd (collectively, the “Company”). We completed an internal restructuring on January 1, 2022, whereby AssetMark Financial, Inc. (formerly a direct, wholly owned subsidiary of AFHI) merged with and into AFHI, at which time AFHI automatically became the direct parent company of AssetMark, Inc., AssetMark Trust Company, AssetMark Brokerage, LLC, AssetMark Retirement Services, Inc., Global Financial Private Capital, Inc., Global Financial Advisory, LLC, Voyant, Inc., Voyant UK Limited, Voyant Financial Technologies Inc. and Voyant Australia Pty Ltd. 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. The following is a description of the products and services offered by our primary operating subsidiaries. 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 Trust Company (“ATC”) is a licensed trust company and was incorporated under the laws of the State of Arizona on August 24, 1994. ATC is regulated by the Arizona Department of Insurance and Financial Institutions. ATC provides custodial recordkeeping services primarily to investor clients of registered investment advisers (including AMI) located throughout the United States. 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. Voyant, Inc. (“Voyant”) is a SaaS-based financial planning, wellness and client digital engagement solutions company that was originally formed in Texas on December 29, 2005 and was converted to a Delaware corporation on November 21, 2008.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2022 are not necessarily indicative of the results to be expected for the year ended December 31, 2022 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, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Risks and Uncertainties The COVID-19 pandemic continues to evolve and has adversely impacted global commercial activities. Management expects COVID-19 related changes in market and investor behaviors to continue 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 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. Geographic Sources of Revenue Revenues attributable to customers outside of the United States totaled $3,531 and $0 in the three months ended March 31, 2022 and 2021, respectively. Recent Accounting Pronouncements – Not Yet Adopted In April 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities through December 31, 2022. The Company is currently evaluating the effect that ASU 2020-04 will have on its consolidated financial statements. In August 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The guidance is effective for the Company beginning in the fiscal year ending December 31, 2023 and will be applied prospectively upon adoption.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Prepaid expenses $ 8,182 $ 9,355 Right-of-use leases 4,245 4,198 Other 1,269 1,120 Total $ 13,696 $ 14,673

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 4 . Goodwill and Other Intangible Assets Goodwill The Company’s goodwill balance was $436,821 as of both March 31, 2022 and December 31, 2021. The Company, which has one reporting unit, performed an annual test for goodwill impairment in December for the years ended December 31, 2021 and 2020 and determined that goodwill was not impaired. The Company performed a qualitative analysis of factors and determined that goodwill was not impaired as of March 31, 2022. Other Intangible Assets Information regarding the Company’s intangible assets is as follows: March 31, 2022 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (12,412 ) 33,418 15 years Broker-dealer license 11,550 (3,128 ) 8,422 15 years ATC regulatory status 23,300 (6,310 ) 16,990 15 years Voyant non-enterprise distribution channel customer relationships 9,500 (509 ) 8,991 13 years GFPC adviser relationships 14,250 (3,011 ) 11,239 11 years OBS adviser and trust relationships 9,500 (1,566 ) 7,934 10 years Voyant trade name 3,200 (218 ) 2,982 10 years Voyant technology 16,000 (1,333 ) 14,667 8 years Voyant non-compete agreement 400 (101 ) 299 2 years Total $ 736,110 $ (28,588 ) $ 707,522 December 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 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (11,839 ) 33,991 15 years Broker-dealer license 11,550 (2,984 ) 8,566 15 years ATC regulatory status 23,300 (6,019 ) 17,281 15 years Voyant non-enterprise distribution channel customer relationships 9,500 (339 ) 9,161 14 years GFPC adviser relationships 14,250 (2,757 ) 11,493 11 years OBS adviser and trust relationships 9,500 (1,378 ) 8,122 11 years Voyant trade name 3,200 (145 ) 3,055 11 years Voyant technology 16,000 (889 ) 15,111 9 years Voyant non-compete agreement 400 (67 ) 333 3 years Total $ 736,110 $ (26,417 ) $ 709,693 The weighted average estimated remaining useful life was 12.7 Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Remainder of 2022 $ 6,513 2023 8,684 2024 8,617 2025 8,551 2026 8,551 2027 and thereafter 64,026 Total $ 104,942

Accrued Liabilities and Other C

Accrued Liabilities and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Liabilities and Other Current Liabilities	Note 5 . Accrued Liabilities and Other Current Liabilities The following table shows the breakdown of accrued liabilities and other current liabilities: March 31, 2022 December 31, 2021 Accrued bonus $ 7,892 $ 20,718 Current portion of long-term debt, net 6,114 — Current portion of operating lease liability 4,301 4,223 Asset-based payables 4,007 1,709 Compensation and benefits payable 3,222 7,182 Other accrued expenses 20,474 22,417 Total $ 46,010 $ 56,249

Other Long-Term Liabilities

Other Long-Term Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Note 6. Other Long-Term Liabilities Other long-term liabilities consisted of the following: March 31, 2022 December 31, 2021 Deferred compensation plan liability $ 14,348 $ 14,379 Contractor liability 1,649 1,602 Purchase commitments related to acquisition of GFPC 466 487 Total $ 16,463 $ 16,468

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7. 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, 2022 and December 31, 2021, based on the three-tier fair value hierarchy: March 31, 2022 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 113 $ 113 $ — $ — Assets to fund deferred compensation liability (2) 14,348 14,348 — — Total assets $ 14,461 $ 14,461 $ — $ — Liabilities: Deferred compensation liability (3) $ 14,348 $ 14,348 $ — $ — Total liabilities $ 14,348 $ 14,348 $ — $ — December 31, 2021 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 119 $ 119 $ — $ — Assets to fund deferred compensation liability (2) 14,379 14,379 — — Total assets $ 14,498 $ 14,498 $ — $ — Liabilities: Deferred compensation liability (3) $ 14,379 $ 14,379 $ — $ — Total liabilities $ 14,379 $ 14,379 $ — $ — (1) The fair values of the Company’s assets comprised of investment funds that invest in listed equity securities, are based on the month-end quoted market prices for the net asset value of the various funds, 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 (loss) gains of $(950) and $1,690 related to this asset within the statements of comprehensive income for the three months ended March 31, 2022, and for the year ended December 31, 2021, respectively. (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 that the participants have selected. The Company recognized other (income) expenses of $(950) and $1,690 related to this liability within the statements of income and comprehensive income for the three months ended March 31, 2022, and for the year ended December 31, 2021, respectively.

Asset-Based Expenses

Asset-Based Expenses	3 Months Ended
	Mar. 31, 2022
Operating Costs And Expenses [Abstract]
Asset-Based Expenses	Note 8 . 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, 2022 2021 Strategist and manager fees $ 36,467 $ 28,819 Premier broker-dealer fees 2,108 3,882 Custody fees 1,763 1,810 Fund advisory fees 1,084 1,077 Marketing allowance 265 505 Other — 1 Total $ 41,687 $ 36,094

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Note 9 . Debt On December 30, 2020, the Company entered into a Credit Agreement (the “2020 Credit Agreement”) with Bank of Montreal for a 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 “2020 Revolving Credit Facility” and the loans thereunder, the “2020 Revolving Loans”), with an accordion option of up to $25,000. The total outstanding principal under the 2020 Credit Agreement was paid in full on January 12, 2022. On January 12, 2022, the Company amended the 2020 Credit Agreement to, among other things, add a term loan facility (as amended and restated, the “2022 Credit Agreement”). Joint lead arrangers and joint bookrunners for the 2022 Credit Agreement are BMO Capital Markets Corp., JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S. Bank National Association and Wells Fargo Securities, LLC. The 2022 Credit Agreement provides for a senior secured credit facility in an aggregate principal amount of $500,000, consisting of a revolving credit facility with commitments in an aggregate principal amount of $375,000 (the “2022 Revolving Credit Facility”) and a term loan facility with commitments in an aggregate amount of $125,000 (the “2022 Term Loans”), with an accordion option to increase the revolving commitments by $100,000. The 2022 Term Loans bear interest at a rate per annum equal to, at the Company’s option, either (i) SOFR plus a margin based on the Company’s Total Leverage Ratio (as defined in the 2022 Credit Agreement) or (ii) the Base Rate (as defined in the 2022 Credit Agreement) plus a margin based on the Company’s Total Leverage Ratio. The margin ranges between 0.875% and 2.5% for base rate loans and between 1.875% and 3.5% for SOFR loans. The Company will pay a commitment fee based on the average daily unused portion of the commitments under the 2022 Credit Facility, a letter of credit fee equal to the margin then in effect with respect to the SOFR loans under the 2022 Revolving Credit Facility, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the 2022 Credit Agreement. The 2022 Term Loans are subject to quarterly amortization payments and will mature on January 12, 2027. Interest expense was $1,159 and $771 for the three months ended March 31, 2022 and 2021, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 10 . 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 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 majority of the Company’s lease agreements are facility leases. The majority of the Company's leases for corporate facilities contain terms for renewal and extension of the lease agreement. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company includes the lease extensions when it is reasonably certain the Company will exercise the extension. Several of the Company's leases are subject to periodic rent adjustments that are not tied to an index or specific interest rate. 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. Operating lease costs of $1,311 and $1,306, and related variable lease costs of $178 and $197, were recorded in general and operating expenses for the three months ended March 31, 2022 and 2021, respectively. The Company’s leases had a weighted-average lease term of 6.0 years and 7.0 years, and used a weighted-average discount rate of 3.63% and 3.64% as of March 31, 2022 and 2021, respectively. The Company paid $1,463 and $1,301 for amounts included in the measurement of lease liabilities for the three months ended March 31, 2022 and 2021, respectively. Future minimum lease payments under non-cancellable leases, as of March 31, 2022, were as follows: Remainder of 2022 $ 4,274 2023 5,797 2024 6,091 2025 5,895 2026 5,416 2027 and thereafter 7,968 Total future minimum lease payments 35,441 Less: imputed interest (4,051 ) Total operating lease liabilities $ 31,390

Share-Based Employee Compensati

Share-Based Employee Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Employee Compensation	Note 11. Share-Based Employee 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 initial public offering (“IPO”) registration statement on Form S-1. As of March 31, 2022, 2,036,968 shares were available for issuance under the 2019 Equity Incentive Plan. Restricted Stock Awards Immediately following the pricing of the IPO, the Company issued an aggregate number of restricted stock awards (“RSAs”) equal to 6,309,049 shares of the Company’s common stock to the Company’s officers, certain sales employees and independent director of the board. 50% of these RSAs vested 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% vested 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 were not satisfied for any portion of an award, the shares covered by such RSAs transferred automatically to the Company. On November 18, 2021, the last installment of outstanding unvested RSAs vested. Share-based compensation expense related to the RSAs was $0 and $30,574 for the three months ended March 31, 2022 and 2021, 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 $377 and $1,233 for the three months ended March 31, 2022 and 2021, respectively. Restricted Stock Units Periodically, the Company issues restricted stock units (“RSUs”) to officers, certain employees and independent directors of the board under the 2019 Equity Incentive Plan. Each of these RSUs is scheduled to vest in substantially equal installments on each of the first four anniversaries of their grant date. Share-based compensation expense related to the RSUs was $1,768 and $871 for the three months ended March 31, 2022 and 2021, respectively. Stock Appreciation Rights Periodically, the Company issues stock appreciation rights (“SARs”) to certain officers with respect to 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 their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. 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 $997 and $750 for the three months ended March 31, 2022 and 2021, respectively .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 . 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, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. 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 effect of research and development tax credits. The Company’s effective tax rate was 24.4% and 47.7% for the three months ended March 31, 2022 and 2021, respectively. These changes were primarily due to changes in the relative amounts of the Company’s share-based compensation and income before taxes

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note As of March 31, 2022 and December 31, 2021, the Company had a receivable due from Huatai Securities Co., Ltd. (“HTSC”) of $153 and $234, respectively, which represents the cash paid by the Company on behalf of HTSC for certain professional services rendered to 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, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share Attributable to Common Stockholders	Note 15. 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 (loss) per share attributable to common stockholders: Three Months Ended March 31, 2022 2021 Net income (loss) attributable to common stockholders $ 22,219 $ (8,916 ) Weighted average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders, basic 73,571,785 70,422,306 Net income (loss) per share attributable to common stockholders, basic $ 0.30 $ (0.13 ) Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic 73,571,785 70,422,306 Effect of dilutive shares: Stock options 22,564 — Unvested RSUs 81,111 — Diluted number of weighted-average shares outstanding 73,675,460 70,422,306 Net income (loss) per share attributable to common stockholders, diluted $ 0.30 $ (0.13 ) Since the Company was in a loss position for the three months ended March 31, 2021, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential common shares outstanding would have been anti-dilutive. For the three months ended March 31, 2022, dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows: Three Months Ended March 31, 2022 2021 Stock options — 900,271 SARs 1,681,505 839,941 RSUs — 342,310 RSAs — 1,049,597 Total 1,681,505 3,132,119

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Risks and Uncertainties	Risks and Uncertainties The COVID-19 pandemic continues to evolve and has adversely impacted global commercial activities. Management expects COVID-19 related changes in market and investor behaviors to continue 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 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.
Geographic Sources of Revenue	Geographic Sources of Revenue Revenues attributable to customers outside of the United States totaled $3,531 and $0 in the three months ended March 31, 2022 and 2021, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – Not Yet Adopted In April 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities through December 31, 2022. The Company is currently evaluating the effect that ASU 2020-04 will have on its consolidated financial statements. In August 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The guidance is effective for the Company beginning in the fiscal year ending December 31, 2023 and will be applied prospectively upon adoption.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Prepaid expenses $ 8,182 $ 9,355 Right-of-use leases 4,245 4,198 Other 1,269 1,120 Total $ 13,696 $ 14,673

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Information regarding the Company’s intangible assets is as follows: March 31, 2022 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (12,412 ) 33,418 15 years Broker-dealer license 11,550 (3,128 ) 8,422 15 years ATC regulatory status 23,300 (6,310 ) 16,990 15 years Voyant non-enterprise distribution channel customer relationships 9,500 (509 ) 8,991 13 years GFPC adviser relationships 14,250 (3,011 ) 11,239 11 years OBS adviser and trust relationships 9,500 (1,566 ) 7,934 10 years Voyant trade name 3,200 (218 ) 2,982 10 years Voyant technology 16,000 (1,333 ) 14,667 8 years Voyant non-compete agreement 400 (101 ) 299 2 years Total $ 736,110 $ (28,588 ) $ 707,522 December 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 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (11,839 ) 33,991 15 years Broker-dealer license 11,550 (2,984 ) 8,566 15 years ATC regulatory status 23,300 (6,019 ) 17,281 15 years Voyant non-enterprise distribution channel customer relationships 9,500 (339 ) 9,161 14 years GFPC adviser relationships 14,250 (2,757 ) 11,493 11 years OBS adviser and trust relationships 9,500 (1,378 ) 8,122 11 years Voyant trade name 3,200 (145 ) 3,055 11 years Voyant technology 16,000 (889 ) 15,111 9 years Voyant non-compete agreement 400 (67 ) 333 3 years Total $ 736,110 $ (26,417 ) $ 709,693
Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets	Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Remainder of 2022 $ 6,513 2023 8,684 2024 8,617 2025 8,551 2026 8,551 2027 and thereafter 64,026 Total $ 104,942

Accrued Liabilities and Other_2

Accrued Liabilities and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Accrued bonus $ 7,892 $ 20,718 Current portion of long-term debt, net 6,114 — Current portion of operating lease liability 4,301 4,223 Asset-based payables 4,007 1,709 Compensation and benefits payable 3,222 7,182 Other accrued expenses 20,474 22,417 Total $ 46,010 $ 56,249

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: March 31, 2022 December 31, 2021 Deferred compensation plan liability $ 14,348 $ 14,379 Contractor liability 1,649 1,602 Purchase commitments related to acquisition of GFPC 466 487 Total $ 16,463 $ 16,468

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021, based on the three-tier fair value hierarchy: March 31, 2022 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 113 $ 113 $ — $ — Assets to fund deferred compensation liability (2) 14,348 14,348 — — Total assets $ 14,461 $ 14,461 $ — $ — Liabilities: Deferred compensation liability (3) $ 14,348 $ 14,348 $ — $ — Total liabilities $ 14,348 $ 14,348 $ — $ — December 31, 2021 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 119 $ 119 $ — $ — Assets to fund deferred compensation liability (2) 14,379 14,379 — — Total assets $ 14,498 $ 14,498 $ — $ — Liabilities: Deferred compensation liability (3) $ 14,379 $ 14,379 $ — $ — Total liabilities $ 14,379 $ 14,379 $ — $ — (1) The fair values of the Company’s assets comprised of investment funds that invest in listed equity securities, are based on the month-end quoted market prices for the net asset value of the various funds, 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 (loss) gains of $(950) and $1,690 related to this asset within the statements of comprehensive income for the three months ended March 31, 2022, and for the year ended December 31, 2021, respectively. (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 that the participants have selected. The Company recognized other (income) expenses of $(950) and $1,690 related to this liability within the statements of income and comprehensive income for the three months ended March 31, 2022, and for the year ended December 31, 2021, respectively.

Asset-Based Expenses (Tables)

Asset-Based Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 Strategist and manager fees $ 36,467 $ 28,819 Premier broker-dealer fees 2,108 3,882 Custody fees 1,763 1,810 Fund advisory fees 1,084 1,077 Marketing allowance 265 505 Other — 1 Total $ 41,687 $ 36,094

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-cancellable Leases	Future minimum lease payments under non-cancellable leases, as of March 31, 2022, were as follows: Remainder of 2022 $ 4,274 2023 5,797 2024 6,091 2025 5,895 2026 5,416 2027 and thereafter 7,968 Total future minimum lease payments 35,441 Less: imputed interest (4,051 ) Total operating lease liabilities $ 31,390

Net Income (Loss) Per Share A_2

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income (Loss) Per Share	The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income (loss) per share attributable to common stockholders: Three Months Ended March 31, 2022 2021 Net income (loss) attributable to common stockholders $ 22,219 $ (8,916 ) Weighted average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders, basic 73,571,785 70,422,306 Net income (loss) per share attributable to common stockholders, basic $ 0.30 $ (0.13 ) Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic 73,571,785 70,422,306 Effect of dilutive shares: Stock options 22,564 — Unvested RSUs 81,111 — Diluted number of weighted-average shares outstanding 73,675,460 70,422,306 Net income (loss) per share attributable to common stockholders, diluted $ 0.30 $ (0.13 )
Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding	Since the Company was in a loss position for the three months ended March 31, 2021, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential common shares outstanding would have been anti-dilutive. For the three months ended March 31, 2022, dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows: Three Months Ended March 31, 2022 2021 Stock options — 900,271 SARs 1,681,505 839,941 RSUs — 342,310 RSAs — 1,049,597 Total 1,681,505 3,132,119

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Outside United States
Product Information [Line Items]
Revenues	$ 3,531	$ 0

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, 2022	Dec. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 8,182	$ 9,355
Right-of-use leases	4,245	4,198
Other	1,269	1,120
Total	$ 13,696	$ 14,673

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)ReportingUnit	Dec. 31, 2020ReportingUnit
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 436,821		$ 436,821
Number of reporting units | ReportingUnit			1	1
Weighted average estimated remaining useful life	12 years 8 months 12 days
Amortization of Intangible Assets	$ 2,171	$ 1,450

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated amortization	$ (28,588)	$ (26,417)
Definite-lived intangible assets, Net carrying amount	104,942
Intangible assets, Gross carrying amount	736,110	736,110
Intangible assets, Net carrying amount	707,522	709,693
Broker-Dealer Relationships
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net carrying amount	570,480	570,480
Voyant Enterprise Distribution Channel Customer Relationships
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net carrying amount	32,100	32,100
Trade Names
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	45,830	45,830
Definite-lived intangible assets, Accumulated amortization	(12,412)	(11,839)
Definite-lived intangible assets, Net carrying amount	$ 33,418	$ 33,991
Definite-lived intangible assets, Estimated remaining useful life	15 years	15 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	(3,128)	(2,984)
Definite-lived intangible assets, Net carrying amount	$ 8,422	$ 8,566
Definite-lived intangible assets, Estimated remaining useful life	15 years	15 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	(6,310)	(6,019)
Definite-lived intangible assets, Net carrying amount	$ 16,990	$ 17,281
Definite-lived intangible assets, Estimated remaining useful life	15 years	15 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	(3,011)	(2,757)
Definite-lived intangible assets, Net carrying amount	$ 11,239	$ 11,493
Definite-lived intangible assets, Estimated remaining useful life	11 years	11 years
Voyant Non-enterprise Distribution Channel Customer Relationships
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 9,500	$ 9,500
Definite-lived intangible assets, Accumulated amortization	(509)	(339)
Definite-lived intangible assets, Net carrying amount	$ 8,991	$ 9,161
Definite-lived intangible assets, Estimated remaining useful life	13 years	14 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	(1,566)	(1,378)
Definite-lived intangible assets, Net carrying amount	$ 7,934	$ 8,122
Definite-lived intangible assets, Estimated remaining useful life	10 years	11 years
Voyant Trade Name
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 3,200	$ 3,200
Definite-lived intangible assets, Accumulated amortization	(218)	(145)
Definite-lived intangible assets, Net carrying amount	$ 2,982	$ 3,055
Definite-lived intangible assets, Estimated remaining useful life	10 years	11 years
Voyant Technology
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 16,000	$ 16,000
Definite-lived intangible assets, Accumulated amortization	(1,333)	(889)
Definite-lived intangible assets, Net carrying amount	$ 14,667	$ 15,111
Definite-lived intangible assets, Estimated remaining useful life	8 years	9 years
Voyant Non-compete Agreement
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 400	$ 400
Definite-lived intangible assets, Accumulated amortization	(101)	(67)
Definite-lived intangible assets, Net carrying amount	$ 299	$ 333
Definite-lived intangible assets, Estimated remaining useful life	2 years	3 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 6,513
2023	8,684
2024	8,617
2025	8,551
2026	8,551
2027 and thereafter	64,026
Definite-lived intangible assets, Net carrying amount	$ 104,942

Accrued Liabilities and Other_3

Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued bonus	$ 7,892	$ 20,718
Current portion of long-term debt, net	6,114
Current portion of operating lease liability	4,301	4,223
Asset-based payables	4,007	1,709
Compensation and benefits payable	3,222	7,182
Other accrued expenses	20,474	22,417
Total	$ 46,010	$ 56,249

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred compensation plan liability	$ 14,348	$ 14,379
Contractor liability	1,649	1,602
Purchase commitments related to acquisition of GFPC	466	487
Total	$ 16,463	$ 16,468

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets:
Total assets		$ 14,461	$ 14,498
Liabilities:
Total liabilities		14,348	14,379
Equity Security Investments
Assets:
Total assets	[1]	113	119
Assets To Fund Deferred Compensation Liability
Assets:
Total assets	[2]	14,348	14,379
Deferred Compensation Liability
Liabilities:
Total liabilities	[3]	14,348	14,379
Level I
Assets:
Total assets		14,461	14,498
Liabilities:
Total liabilities		14,348	14,379
Level I | Equity Security Investments
Assets:
Total assets	[1]	113	119
Level I | Assets To Fund Deferred Compensation Liability
Assets:
Total assets	[2]	14,348	14,379
Level I | Deferred Compensation Liability
Liabilities:
Total liabilities	[3]	$ 14,348	$ 14,379
[1]	The fair values of the Company’s assets comprised of investment funds that invest in listed equity securities, are based on the month-end quoted market prices for the net asset value of the various funds, 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 (loss) gains of $(950) and $1,690 related to this asset within the statements of comprehensive income for the three months ended March 31, 2022, and for the year ended December 31, 2021, respectively.
[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 that the participants have selected. The Company recognized other (income) expenses of $(950) and $1,690 related to this liability within the statements of income and comprehensive income for the three months ended March 31, 2022, and for the year ended December 31, 2021, respectively.

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	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized (loss) gains on deferred compensation asset	$ (950)	$ 1,690
Other Expenses
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
(Income) expense on deferred compensation liability	$ (950)	$ 1,690

Asset-Based Expenses - Schedule

Asset-Based Expenses - Schedule of Asset-Based Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Costs And Expenses [Abstract]
Strategist and manager fees	$ 36,467	$ 28,819
Premier broker-dealer fees	2,108	3,882
Custody fees	1,763	1,810
Fund advisory fees	1,084	1,077
Marketing allowance	265	505
Other		1
Total	$ 41,687	$ 36,094

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Jan. 12, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 30, 2020
Debt Instrument [Line Items]
Interest expense		$ 1,159	$ 771
2020 Credit Agreement | Bank of Montreal | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 250,000
2020 Credit Agreement | Bank of Montreal | 2020 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				250,000
2022 Credit Agreement | 2022 Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000
Line of credit facility, description	The 2022 Term Loans are subject to quarterly amortization payments and will mature on January 12, 2027.
2022 Credit Agreement | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000
2022 Credit Agreement | 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	375,000
Accordion Option	$ 100,000
Minimum | 2022 Credit Agreement | 2022 Term Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, margin percentage	0.875%
Minimum | 2022 Credit Agreement | 2022 Term Loans | SOFR
Debt Instrument [Line Items]
Debt instrument, margin percentage	1.875%
Maximum | 2020 Credit Agreement | Bank of Montreal | 2020 Revolving Credit Facility
Debt Instrument [Line Items]
Accordion Option				$ 25,000
Maximum | 2022 Credit Agreement | 2022 Term Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, margin percentage	2.50%
Maximum | 2022 Credit Agreement | 2022 Term Loans | SOFR
Debt Instrument [Line Items]
Debt instrument, margin percentage	3.50%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease costs	$ 1,311	$ 1,306
Variable lease components recorded as general and operating expenses	$ 178	$ 197
Weighted-average lease term	6 years	7 years
Weighted-average discount rate	3.63%	3.64%
Operating lease liability payments	$ 1,463	$ 1,301

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
Remainder of 2022	$ 4,274
2023	5,797
2024	6,091
2025	5,895
2026	5,416
2027 and thereafter	7,968
Total future minimum lease payments	35,441
Less: imputed interest	(4,051)
Total operating lease liabilities	$ 31,390

Share-Based Employee Compensa_2

Share-Based Employee Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Installment$ / sharesshares	Mar. 31, 2021USD ($)
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exchange of shares with stockholders on liquidation | shares	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 these RSAs vested 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% vested subject to the recipient’s continued employment through February 1, 2021 and the satisfaction of a performance-based vesting condition.
Share-based compensation expense	$ 0	$ 30,574
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	377	1,233
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,768	871
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 997	$ 750
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share available for issuance under the plan | shares	2,036,968
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 | shares	918,981
Exercise price | $ / shares	$ 22
Contractual term	10 years
2019 Equity Incentive Plan | Restricted Stock Units (RSUs)
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 their grant date.
2019 Equity Incentive Plan | 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 their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term.
Contractual term	10 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Federal corporate tax rate	21.00%
Effective tax rate	24.40%	47.70%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Huatai Securities Co., Ltd.
Related Party Transaction [Line Items]
Receivable due from related parties	$ 153	$ 234

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 (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net income (loss)	$ 22,219	$ (8,916)
Weighted average number of common shares outstanding, basic	73,571,785	70,422,306
Basic	$ 0.30	$ (0.13)
Effect of dilutive shares:
Weighted average number of common shares outstanding, diluted	73,675,460	70,422,306
Diluted	$ 0.30	$ (0.13)
Stock Option
Effect of dilutive shares:
Unvested shares/Stock options	$ 22,564
Restricted Stock Units (RSUs)
Effect of dilutive shares:
Unvested shares/Stock options	$ 81,111

Net Income (Loss) Per Share A_4

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	1,681,505	3,132,119
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
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	1,681,505	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