AssetMark Financial (AMK) 10-K 14 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
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
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		73,899,791
Entity Public Float			$ 0.4
Auditor Name	KPMG LLP
Auditor Location	San Francisco, CA
Auditor Firm ID	185
Documents Incorporated by Reference	Documents Incorporated by Reference : Certain information required in response to Item 5 of Part II of Form 10-K and Part III of Form 10-K is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2023. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2022.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 123,274	$ 76,707
Restricted cash	13,000	13,000
Investments, at fair value	13,714	14,498
Fees and other receivables, net	20,082	9,019
Income tax receivable, net	265	6,276
Prepaid expenses and other current assets	16,870	14,673
Total current assets	187,205	134,173
Property, plant and equipment, net	8,495	8,015
Capitalized software, net	89,959	73,701
Other intangible assets, net	694,627	695,093
Operating lease right-of-use assets	22,002	22,469
Goodwill	487,225	447,864
Other assets	13,417	2,090
Total assets	1,502,930	1,383,405
Current liabilities:
Accounts payable	4,624	2,613
Accrued liabilities and other current liabilities	69,196	56,249
Total current liabilities	73,820	58,862
Long-term debt, net	112,138	115,000
Other long-term liabilities	15,185	16,468
Long-term portion of operating lease liabilities	27,924	28,316
Deferred income tax liabilities, net	147,497	155,373
Total long-term liabilities	302,744	315,157
Total liabilities	376,564	374,019
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value (675,000,000 shares authorized and 73,847,596 and 73,562,717 shares issued and outstanding as of December 31, 2022 and 2021, respectively)	74	74
Additional paid-in capital	942,946	929,070
Retained earnings	183,503	80,242
Accumulated other comprehensive loss	(157)
Total stockholders’ equity	1,126,366	1,009,386
Total liabilities and stockholders’ equity	$ 1,502,930	$ 1,383,405

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	73,847,596	73,562,717
Common stock, shares outstanding	73,847,596	73,562,717

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 618,306	$ 530,299	$ 432,079
Operating expenses:
Asset-based expenses	154,100	150,836	132,695
Spread-based expenses	8,182	1,427	2,703
Employee compensation	166,330	196,701	176,483
General and operating expenses	90,122	72,941	62,466
Professional fees	25,186	21,813	15,100
Depreciation and amortization	31,149	37,929	35,126
Total operating expenses	475,069	481,647	424,573
Interest expense	6,520	3,559	5,588
Other (income) expense, net	(43)	106	1,687
Income before income taxes	136,760	44,987	231
Provision for income taxes	33,499	19,316	8,043
Net income (loss)	103,261	25,671	(7,812)
Change in fair value of convertible notes receivable, net	(157)
Net comprehensive income (loss)	$ 103,104	$ 25,671	$ (7,812)
Net income (loss) per share attributable to common stockholders:
Basic	$ 1.40	$ 0.36	$ (0.12)
Diluted	$ 1.40	$ 0.35	$ (0.12)
Weighted average number of common shares outstanding, basic	73,724,341	72,137,174	67,361,995
Weighted average number of common shares outstanding, diluted	73,872,828	72,399,213	67,361,995
Asset Based Revenue
Revenue:
Total revenue	$ 534,182	$ 512,188	$ 412,023
Spread Based Revenue
Revenue:
Total revenue	63,409	8,568	16,618
Subscription Based Revenue
Revenue:
Total revenue	13,020	6,381
Other Revenue
Revenue:
Total revenue	$ 7,695	$ 3,162	$ 3,438

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive loss
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)	(7,812)			(7,812)
Share-based employee compensation	53,837		53,837
Issuance of common stock - vesting of restricted stock units, shares		60,671
Exercise of stock options	187		187
Exercise of stock options, shares		8,504
Ending balance at Dec. 31, 2020	905,073	$ 72	850,430	54,571
Ending balance, shares at Dec. 31, 2020		72,459,255
Net income (loss)	25,671			25,671
Share-based employee compensation	53,637		53,637
Issuance of common stock - vesting of restricted stock units		$ 1	(1)
Issuance of common stock - vesting of restricted stock units, shares		106,110
Common stock issued in connection with business combination	24,910	$ 1	24,909
Common stock issued in connection with business, shares		994,028
Exercise of stock options	95		95
Exercise of stock options, shares		6,242
Cancellation of unvested restricted stock awards, shares		(2,918)
Ending balance at Dec. 31, 2021	1,009,386	$ 74	929,070	80,242
Ending balance, shares at Dec. 31, 2021		73,562,717
Net income (loss)	103,261			103,261
Share-based employee compensation	13,876		13,876
Change in fair value of convertible notes receivable, net	(157)				$ (157)
Issuance of common stock - vesting of restricted stock units, shares		284,168
Exercise of stock options, shares		711
Ending balance at Dec. 31, 2022	$ 1,126,366	$ 74	$ 942,946	$ 183,503	$ (157)
Ending balance, shares at Dec. 31, 2022		73,847,596

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 103,261	$ 25,671	$ (7,812)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,149	37,929	35,126
Interest expense, net	541	700	606
Deferred income taxes	(6,673)	(1,562)	(706)
Share-based compensation	13,876	53,637	53,837
Debt acquisition cost write-down	130		1,729
Impairment of operating lease right-of-use assets and property, plant, and equipment			2,520
Changes in certain assets and liabilities:
Fees and other receivables, net	(10,718)	163	1,525
Receivables from related party	568	(91)	(143)
Prepaid expenses and other current assets	2,346	2,460	2,401
Income tax receivable, net	6,073	2,570	(4,602)
Accounts payable, accrued liabilities and other liabilities	(252)	7,500	(7,534)
Net cash provided by operating activities	140,301	128,977	76,947
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Adhesion Wealth, net of cash received	(43,861)
Purchase of Voyant, net of cash received		(124,161)
Purchase of OBS, net of cash received			(18,561)
Purchase of convertible notes	(10,300)
Purchase of investments	(2,692)	(3,004)	(2,384)
Sale of investments	918	833	40
Purchase of property and equipment	(3,061)	(1,507)	(2,901)
Purchase of computer software	(35,996)	(33,145)	(26,164)
Net cash used in investing activities	(94,992)	(160,984)	(49,970)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net	122,508
Payments on revolving credit facility	(115,000)	(35,000)
Payments on long-term debt	(6,250)		(123,750)
Proceeds from credit facility draw down		75,000	73,019
Proceeds from exercise of stock options		95	187
Payment of credit facility issuance costs			(155)
Net cash provided by (used in) financing activities	1,258	40,095	(50,699)
Net change in cash, cash equivalents, and restricted cash	46,567	8,088	(23,722)
Cash, cash equivalents, and restricted cash at beginning of period	89,707	81,619	105,341
Cash, cash equivalents, and restricted cash at end of period	136,274	89,707	81,619
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid, net	33,637	19,796	13,456
Interest paid	4,087	2,828	4,969
Non-cash operating, investing, and financing activities:
Non-cash changes to right-of-use assets	3,775	933	38,796
Non-cash changes to lease liabilities	3,775	933	$ 40,140
Non-cash change in fair value of convertible notes	$ (157)
Common stock issued in acquisition of business		$ 24,910

Overview

Overview	12 Months Ended
	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Overview	Note 1. Overview Organization and Nature of Business These consolidated financial statements include AssetMark Financial Holdings, Inc (“AFHI”) and its subsidiaries, which include 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., Voyant Australia Pty and Adhesion Financial Advisor Solutions, Inc. (“Adhesion Wealth”) (which is the parent company of Atria Investments, Inc.). The entities listed above are collectively referred to as the “Company”. 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 significant 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 incorporated under the laws of the State of Arizona on August 24, 1994 and 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. Atria Investments, Inc. (“Atria”), doing business as Adhesion Wealth, is a registered investment adviser that was formed as a limited liability company under the laws of the State of North Carolina on March 29, 2007, and was converted to a corporation under the laws of the State of North Carolina on December 22, 2022. Atria offers a broad array of services and solutions, including overlay management, investment solutions, flexible desktop technology and a manager marketplace. See Note 21 for additional information regarding subsequent reorganization.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Risks and Uncertainties 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. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior period amounts in the accompanying notes have been reclassified to conform to the current period’s presentation. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Segment Information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to intangible assets and goodwill, useful lives of intangible assets and property and equipment, internal use software, income taxes and contingent liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Concentration of Credit Risk and Significant Clients and Suppliers The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company deposits its cash primarily with two financial institutions, and accordingly, such deposits regularly exceed federally insured limits. Foreign Currency Policy The Company’s functional currency is the US Dollar, and the related gains and losses from foreign currency denominated transactions and the remeasurement of foreign currency denominated balance sheet accounts are included in other (income) expense, net in the consolidated statements of income and comprehensive income. Geographic Sources of Revenue Revenues attributable to customers outside of the United States totaled $14,484, $6,926, and $0 in the years ended December 31, 2022, 2021, and 2020 respectively. No single customer accounted for more than 10% of the Company’s revenue in any of the periods presented. There were no customers that represented more than 10% and two customers that represented 40% of the Company’s accounts receivable balance as of December 31, 2022 and 2021, respectively. Cash, Cash Equivalents and Restricted Cash Certificates of deposit, money market funds and other time deposits with original maturities of three months or less are considered cash equivalents. Restricted cash consists of certificate of deposits the Company maintains in liquid capital in accordance with Arizona Revised Statutes requirements governing trust companies. See Note 18 for details regarding capital requirements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2022 2021 2020 Cash and cash equivalents $ 123,274 $ 76,707 $ 70,619 Restricted cash 13,000 13,000 11,000 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 136,274 $ 89,707 $ 81,619 Investment Securities The Company’s investments primarily comprise equity security investments for the Company’s rabbi trust and investment securities funds. The Company determined the appropriate classification of its investment securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes. Available-for-sale investment securities are recorded at fair value. Unrealized holding gains and losses are reported as other (income) expense, net. Realized gains and losses from sales are determined on a specific-identification basis. Dividend and interest income are recognized when earned. Fees and Other Receivables Fee and other receivables represent service fees and advisory fees receivable, as well as miscellaneous custody fees in arrears. Fee and other receivables are recorded at the invoiced amount, net of allowances. These allowances are based on historical experience and evaluation of potential risk of loss associated with delinquent accounts. There were a $39 and $74 allowance for doubtful accounts recorded as of December 31, 2022 and 2021, respectively. Fair Value Measurements The carrying amounts of the Company’s financial instruments, which include cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other accrued expenses, approximate their fair values due to their relatively short maturity. The accounting guidance for fair value measurements establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. • Level 2 – Inputs that are directly or indirectly observable in the marketplace. • Level 3 – Unobservable inputs that are supported by little or no market activity. As of each reporting period, all assets recorded at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 9 for more information regarding fair value measurements. Business Combinations When the Company acquires a business, management allocates the purchase price to the net tangible and identifiable intangible assets acquired. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates are based on market and income approaches that include significant unobservable inputs. These estimates are inherently uncertain and unpredictable. Goodwill, Acquired Intangible Assets and Impairment of Long-Lived Assets Goodwill represents the excess purchase consideration of an acquired business over the fair value of the net tangible and identifiable intangible assets. Goodwill is evaluated for impairment annually on October 31, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate or a significant decrease in expected cash flows. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If after assessing the totality of events or circumstances it is determined that it is more likely than not that the carrying value may exceed fair value when considering qualitative factors, a quantitative goodwill impairment evaluation is performed. No impairment charges related to goodwill were recorded during the years ended December 31, 20 2 2 , 20 2 1 and 20 20 . Indefinite-lived intangible assets are tested for impairment annually and whenever events or changes in circumstances indicate the carrying value of indefinite-lived intangible assets may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, attrition of broker-dealers or enterprise customers, or changes in expected future cash flows. An impairment exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. The Company’s indefinite-lived intangible assets consist of broker-dealer relationships and enterprise distribution channel customer relationships. AssetMark’s broad array of wealth management solutions are sold to individual investors through financial advisers associated with broker-dealers. The Company has long-standing, established relationships with these broker-dealers that are expected to result in future revenue and profit. While the relationships with the broker-dealers are contractual, the agreements have no fixed expiration dates or renewal terms, and there have been no instances of terminated agreements by either side to-date. Based on the foregoing, the acquired relationships with broker-dealers are identified and valued as a discrete indefinite-lived intangible asset. Acquired indefinite-lived intangible assets also consists of enterprise distribution channel relationships with financial institutions that are expected to result in future revenue and profit. While these relationships are contractual, they have no fixed expiration date and are expected to be renewed indefinitely. No such contracts have been terminated by either side to date. No impairment charges related to indefinite-lived intangible assets were recorded during the years ended December 31, 2022, 2021 and 2020. Acquired definite-lived intangible assets consist of assets resulting from the Company’s acquisitions. Acquired definite-lived intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives on a straight-line basis. The carrying amounts of long-lived assets, including property and equipment, capitalized internal-use software, and acquired definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value exceeds its fair value. No impairment charges related to long-lived assets and acquired definite-lived intangible assets were recorded during the years ended December 31, 2022, 2021 and 2020. Certain items in prior periods were adjusted to correct an immaterial error relating to the valuation of indefinite-lived intangible assets as part to the Company’s acquisition of Voyant Property and Equipment Property and equipment consist primarily of hardware, furniture and equipment and leasehold improvements. Depreciation is calculated on a straight‑line basis over the estimated useful lives of the related asset, generally three to ten years. Leasehold improvements are depreciated over the shorter of the economic useful life of the improvement or the remaining lease term. Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $2,646, $2,406 and $2,511, respectively. The following table shows balances of major classes of depreciable assets as of the date shown: December 31, 2022 2021 Computer software and equipment $ 9,760 $ 8,445 Furniture and equipment 3,918 3,852 Leasehold improvements 7,649 5,904 Total property and equipment 21,327 18,201 Less: accumulated depreciation (12,832 ) (10,186 ) Property, plant and equipment, net $ 8,495 $ 8,015 Capitalized Internal-Use Software The Company capitalizes certain costs incurred during the application development stage in connection with software development for its platform. Costs related to the preliminary project activities and post-implementation activities are expensed as incurred. Capitalized costs are recorded as part of c apitalized software, net Capitalized internal-use software costs are amortized on a straight-line basis over the software estimated useful life, which is generally five years to nine years. The Company records amortization related to capitalized internal-use software within depreciation and amortization expense in the consolidated statements of income and comprehensive income. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. There were impairments of $303, $426 and $211 of internally developed software during the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense for the years ended December 31, 2022, 2021 and 2020 was $19,737, $28,280 and $26,934, respectively. Accumulated amortization was $136,858 and $117,424 as of December 31, 2022 and 2021, respectively. Revenue Recognition The Company accounts for its revenue arrangements in accordance with FASB Topic 606 - Revenue from Contracts with Customers . The Company recognizes revenue from services related to asset-based revenue, spread-based revenue, subscription-based revenue and other revenue. • Asset-based revenue — The Company primarily derives revenue from fees assessed against customers’ assets under management or administration for services the Company provides to its customers. Such services include investment manager due diligence and research, portfolio diagnostics, proposal generation, investment model management, rebalancing and trading, portfolio performance reporting and monitoring solutions, billing, and back office and middle-office operations and custody services. Investment decisions for assets under management or administration are made by the Company’s customers. The fee arrangements are based on a percentage applied to the customers’ assets under management or administration. The performance obligation is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are generally calculated, billed and collected quarterly in advance on the preceding quarter-end customer asset values, and are recognized as revenue at the time the services are provided in the period. Fees related to assets under management or administration increase or decrease based on values of existing customer accounts. The values are affected by inflows or outflows of customer funds and market fluctuations. • Spread-based revenue — Spread-based revenue consists of the interest rate return earned on cash assets custodied through ATC, one of several custodians offered on the Company’s platform. ATC utilizes third-party banks to invest custodied cash and earn spread-based revenue for the Company. • Subscription-based revenue — Subscription-based revenue represents revenue recognized from subscription fee arrangements in connection with financial planning and wealth management software solutions for use as a hosted application. Subscription fees from these applications are recognized over time on a ratable basis over the customer agreement term beginning on the date the solution is made available to the customer. • Other revenue — Other revenue consists primarily of interest earned on operating cash held by the Company. The Company has applied the practical expedient to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period would have been one year or less. These costs are included in asset-based expenses on the consolidated statements of income and comprehensive income. Asset-Based Expenses Asset-based expenses are costs incurred by the Company directly related to the generation of asset-based revenue. Fees paid to third-party strategists, investment managers, proprietary fund sub-advisers and investment advisers are calculated based on a percentage of the customers’ assets under management or administration. As a practical expedient, these costs are paid monthly and quarterly in advance on the preceding quarter-end customer asset values, and expensed as incurred over the period of time that the services are expected to be provided to customers, since the amortization of costs are in one year or less. See Note 1 2 for a breakout of these costs. Spread-Based Expenses The Company recognizes spread-based expenses when costs are incurred. Spread-based expenses relate to interest credited to customer accounts and expenses paid to AssetMark Trust’s third-party administrator for administering the custodian’s insured cash deposit program. Share-Based Compensation Share-based compensation related to stock options and stock appreciation rights issued to officers and directors is measured based on the grant date fair value of the award and is recognized on a straight-line basis over the requisite service period. The Company uses the Black-Scholes options pricing model to estimate the fair value of stock options and stock appreciation rights. The risk-free interest rate is the U.S. Treasury Yield that corresponds with the expected term. Expected volatility is estimated based on the volatility of a group of comparable public companies. The expected term was estimated using the simplified method due to limited historical information. The Company does not expect to pay dividends on its common shares. Share-based compensation related to restricted stock awards and restricted stock units are measured on the grant date fair value of the award based on intrinsic value and are recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur. See Note 15 for additional information related to share-based employee compensation. Operating Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in prepaid expenses and 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. 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 lease 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. In certain circumstances, the Company enters into leases with free rent periods, rent escalations or lease incentives over the term of the lease. In such cases, the Company calculates the total payments over the term of the lease and records them ratably as rent expense over that term. See Note 11 for additional information related to leases. Income Taxes The Company uses the asset-and-liability method of accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. In assessing the need for a valuation allowance, the Company has considered its historical levels of income, existence of available offsetting deferred tax liabilities, expectations of future taxable income and ongoing tax planning strategies. The Company recognizes and measure tax benefits from uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Significant judgment is required to evaluate uncertain tax positions. Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax position on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit and effective settlement of issues. The Company follows the policy of releasing residual tax effects from accumulated other comprehensive income based on a portfolio approach, whereby the Company releases the residual tax effects only after the entire accumulated other comprehensive income adjustment has been reversed ( e.g. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net income (loss) per share is similar to the computation of basic net income (loss) per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. Recent Accounting Pronouncements – Issued Not Yet Adopted In August 2021, the FASB issued ASU No. 2021-08, Business Combinations Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 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: December 31, 2022 2021 Prepaid expenses $ 11,697 $ 9,355 Operating lease right-of-use assets 4,387 4,198 Other 786 1,120 Total $ 16,870 $ 14,673

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Business Combinations	Note 4. Business Combinations Acquisition of Adhesion Wealth On December 14, 2022, the Company acquired all of the issued and outstanding equity interests of Adhesion Wealth. Adhesion Wealth is a leading provider of outsourced investment management solutions for RIAs. With Adhesion Wealth, advisors gain access to a scalable, multi-custodian platform upon which to grow successful practices. The Company acquired Adhesion Wealth to complement AssetMark’s curated suite of fully bundled capabilities and services designed specifically for RIAs and delivered through AssetMark Institutional, a fully-assembled holistic solution for RIAs that the Company launched in March of 2021. The Company funded the acquisition with cash on hand. The preliminary estimated consideration transferred in the acquisition, net of cash received, was $46,861. Cash consideration, net of working capital adjustments $ 46,862 Purchase consideration liability 3,000 Less: cash acquired (3,001 ) Total consideration transferred, net of cash acquired and working capital adjustments $ 46,861 The estimated fair values of working capital balances, identifiable intangible assets and goodwill are provisional and are based on the information that was available as of the acquisition date. The estimated fair values of these provisional items are based on certain valuation and other studies that remain in progress and are not yet determinable. The Company believes the preliminary information provides a reasonable basis for estimating the fair values of these amounts, but is waiting for additional information necessary to finalize those fair values. Therefore, provisional measurements of fair values reflected are subject to change and such changes could be significant. The Company expects to finalize the valuation of tangible assets and liabilities and identifiable intangible assets and goodwill and complete the acquisition accounting as soon as practicable, but no later than December 14, 2023. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: Total tangible assets acquired $ 6,136 Total liabilities assumed (3,603 ) Identifiable intangible assets 8,300 Goodwill 39,029 Total net assets acquired $ 49,862 The goodwill arising from the acquisition represents the expected synergistic benefits of the transaction, primarily related to lower future operating expenses and the knowledge and experience of the existing workforce. The goodwill is not deductible for income tax purposes. A summary of preliminary estimated identifiable intangible assets acquired and estimated useful lives is as follows: Estimated Useful Life in Years Trade name $ 1,500 10 years Customer relationships 3,200 7 years Technology 3,600 3 years Total intangible assets acquired $ 8,300 The results of Adhesion Wealth’s operations were included in the consolidated statements of income and comprehensive income beginning December 14, 2022 and were not considered material to the Company’s results of operations. Acquisition of Voyant On July 1, 2021, the Company acquired all of the issued and outstanding equity interests of Voyant through a merger of Voyant with and into a wholly owned subsidiary of AFHI. Voyant provides software as a service (“SaaS”) based financial planning and wealth management software solutions to advisers across financial institutions and small adviser firms in the United Kingdom, Canada, Australia, and the United States. The Company acquired Voyant to add complementary financial planning tools to its existing suite of offerings and to strengthen Voyant’s growth prospects by leveraging the Company’s U.S. relationships. The Company is continuing to integrate the technology and operations of Voyant into its wealth management channel. The Company funded the acquisition with a combination of cash on hand, borrowings under its 2020 Revolving Credit Facility, and equity. The equity consideration at issuance comprised of 994,028 shares, and was valued at approximately $24,910 using the Company’s closing share price prior to issuance. The consideration transferred in the acquisition, net of cash received, was $157,098. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: Preliminary Estimate Measurement Period Adjustments Revised Estimate Cash and cash equivalents $ 8,027 $ — $ 8,027 Intangible assets 46,600 — 46,600 Goodwill 109,016 333 109,349 Other assets 2,896 — 2,896 Total assets acquired 166,539 333 166,872 Deferred income tax liabilities (7,431 ) (327 ) (7,758 ) Other liabilities (2,010 ) (6 ) (2,016 ) Total liabilities assumed (9,441 ) (333 ) (9,774 ) Total net assets acquired $ 157,098 $ — $ 157,098 The goodwill arising from the acquisition represents the expected synergistic benefits of the transaction, primarily related to lower future operating expenses and the knowledge and experience of the existing workforce. The goodwill is not deductible for income tax purposes. A summary of identifiable intangible assets acquired and estimated useful lives is as follows: Estimated Useful Life in Years Technology $ 16,000 9 Enterprise distribution channel customer relationships 17,500 Indefinite Non-enterprise distribution channel customer relationships 9,500 14 Trade name 3,200 11 Non-compete agreements 400 3 Total intangible assets acquired $ 46,600 The results of Voyant’s operations were included in the consolidated statements of income and comprehensive income beginning July 1, 2021 and were not considered material to the Company’s results of operations. Acquisition of OBS On February 29, 2020, the Company closed the acquisition of WBI OBS Financial, LLC (now known as WBI OBS Financial, Inc.) and paid a final purchase price of $21,339, net of working capital adjustments. The Company recorded goodwill of $11,538, adviser and trust relationships of $9,500 and deferred tax assets of $188 in connection with the acquisition.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2022
Variable Interest Entity Measure Of Activity [Abstract]
Variable Interest Entities	Note 5. Variable Interest Entities A variable interest entity (“VIE”) is an entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities. Under existing accounting guidance, a VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the economic performance of the VIE and holds a variable interest that could potentially be significant to the VIE. The Company evaluates whether an entity is a VIE upon creation and upon the occurrence of significant events, such as a change in an entity’s assets or activities. The determination of whether the Company is the primary beneficiary involves performing a qualitative analysis of the VIE. The analysis includes its design, capital structure, contractual terms, including the rights of each variable interest holder, the activities of the VIE that most significantly impact its economic performance, and whether the Company has the power to direct those activities and the Company’s obligation to absorb losses or right to receive benefits significant to the VIE. In 2015, the Company created a rabbi trust to support the Company’s Deferred Compensation Plan, under which certain employees may defer their compensation and the Company will contribute the amounts to the rabbi trust. The rabbi trust subsequently invests the deferred compensation into diversified securities, and upon distribution, settles the deferred obligation in cash, which settlement includes the deferred compensation principal and any investment appreciation. The Company selects the investment options available for participants and is the primary beneficiary of the assets upon insolvency. During the fourth quarter of 2019, the Company determined that the rabbi trust was a VIE and it was therefore consolidated. The VIE had investments at fair value of $13,602 and $14,379 as of December 31, 2022 and 2021, respectively, and other long-term liabilities of $13,602 and $14,379 as of December 31, 2022 and 2021, respectively. The VIE had other (income) expense of $(2,542), $1,690 and $900 related to the rabbi trust’s unrealized gains (losses) for the years ended December 31, 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 6. Goodwill and Other Intangible Assets Goodwill The Company’s goodwill balance was $487,225 and $447,864 as of December 31, 2022 and 2021, respectively. Other Intangible Assets Information regarding the Company’s intangible assets is as follows: December 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 17,500 — 17,500 Definite-lived intangible assets: Trade names 45,830 (14,131 ) 31,699 14 years Broker-dealer license 11,550 (3,561 ) 7,989 14 years ATC regulatory status 23,300 (7,184 ) 16,116 14 years Voyant non-enterprise distribution channel customer relationships 9,500 (1,018 ) 8,482 13 years GFPC adviser relationships 14,250 (3,775 ) 10,475 10 years OBS adviser and trust relationships 9,500 (2,130 ) 7,370 10 years Voyant trade name 3,200 (436 ) 2,764 10 years Voyant technology 16,000 (2,667 ) 13,333 8 years Voyant non-compete agreement 400 (200 ) 200 2 years Adhesion Wealth trade name 1,500 (6 ) 1,494 10 years Adhesion Wealth customer relationships 3,200 (25 ) 3,175 7 years Adhesion Wealth technology 3,600 (50 ) 3,550 3 years Total $ 729,810 $ (35,183 ) $ 694,627 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 17,500 — 17,500 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 $ 721,510 $ (26,417 ) $ 695,093 The weighted average estimated remaining useful life was 11.6 years Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Year Ended December 31: Estimated amortization 2023 $ 10,484 2024 10,425 2025 10,308 2026 9,158 2027 9,158 2028 and thereafter 57,114 Total $ 106,647

Accrued Liabilities and Other C

Accrued Liabilities and Other Current Liabilities	12 Months Ended
	Dec. 31, 2022
Payables And Accruals [Abstract]
Accrued Liabilities and Other Current Liabilities	Note The following table shows the breakdown of accrued liabilities and other current liabilities: December 31, 2022 2021 Accrued bonus $ 19,813 $ 20,718 Compensation and benefits payable 13,403 7,182 Current portion of long-term debt, net 6,123 — Current portion of operating lease liabilities 4,485 4,223 Reserve for uncertain tax positions 4,136 3,695 Asset-based payables 840 1,709 Other accrued expenses 20,396 18,722 Total $ 69,196 $ 56,249

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Note 8. Other Long-Term Liabilities Other long-term liabilities consisted of the following: December 31, 2022 2021 Deferred compensation plan liability $ 13,602 $ 14,379 Contractor liability 1,178 1,602 Other 405 487 Total $ 15,185 $ 16,468

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9. 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 consolidated balance sheets as of December 31, 2022 and 2021, based on the three-tier fair value hierarchy: December 31, 2022 Fair Value Level I Level II Level III Assets: Equity security investments $ 112 $ 112 $ — $ — Assets to fund deferred compensation liability 13,602 13,602 — — Convertible notes receivable 10,352 — — 10,352 Total assets $ 24,066 $ 13,714 $ — $ 10,352 Liabilities: Deferred compensation liability $ 13,602 $ 13,602 $ — $ — Total liabilities $ 13,602 $ 13,602 $ — $ — December 31, 2021 Fair Value Level I Level II Level III Assets: Equity security investments $ 119 $ 119 $ — $ — Assets to fund deferred compensation liability 14,379 14,379 — — Total assets $ 14,498 $ 14,498 $ — $ — Liabilities: Deferred compensation liability $ 14,379 $ 14,379 $ — $ — Total liabilities $ 14,379 $ 14,379 $ — $ — Fair Value of Equity Security Investments The fair values of the Company’s assets consisting 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. Fair Value of Deferred Compensation Asset and Liability 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 (losses) of $(2,542), $1,690 and $900 related to this asset within other (income) expense, net within the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 2021 and 2020, respectively. The deferred compensation liability is included in other long-term 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 investment funds in the Company’s rabbi trust that the participants have selected. The Company recognized other (income) expense, net of $2,542, $(1,690) and $(900) related to this liability within the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 2021 and 2020, respectively. See Note 5 for more details. Fair Value of Convertible Notes Receivable On August 9, 2022, the Company, as lender, entered into a loan and security agreement under which the Company agreed to purchase up to $25,000 in principal amount of convertible notes from the borrower. The notes are convertible, at the Company’s election, into shares of the borrower’s common stock at the end of 2025. The convertible notes are classified as available for sale, and included in other assets in the Company’s consolidated balance sheets. The fair value of the convertible notes receivables issued by the Company were estimated using a market yield method with significant inputs that are not observable in the market and thus represents a Level III fair value measurement. The significant inputs in the Company's Level III fair value measurement not supported by market activity included creditworthiness of the borrower, which management believes are appropriately discounted considering the uncertainties associated with these obligations, and are calculated in accordance with the terms of the respective agreement. Changes to these estimated fair values are recognized as other comprehensive income in the consolidated statements of income and comprehensive income. During the year ended December 31, 2022, the Company recognized a fair value adjustment, net of tax, of $(157).

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Note 10. 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. On October 25, 2022, the Company entered into an amendment (the “ESG Amendment”) to the 2022 Credit Agreement, for the purpose of incorporating key performance indicators (“KPIs”) and environmental, social and governance pricing provisions into the 2022 Credit Agreement. 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 Revolving 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. The ESG Amendment provides for up to (i) 0.05% positive or negative adjustments to the applicable margin and (ii) 0.01% positive or negative adjustments to the commitment fee, in each case, based on the Company’s performance against the KPIs, and includes customary affirmative covenants and representations and warranties with respect to the KPIs.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 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 $5,321, $5,170 and $5,850 and related variable lease costs of $651, $773 and $716, were recorded in general and operating expenses in the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 2021 and 2020, respectively. The Company’s leases had a weighted-average lease term of 5.9 years and 6.3 years, and used a weighted-average discount rate of 4.65% and 3.62% as of December 31, 2022 and 2021. The Company paid $ 5,713 and $ 5,407 for amounts included in the measurement of lease liabilities for the years ended December 31, 2022 and 2021, respectively. The Company received a cash allowance of $ 541 from lessors for leasehold improvements for the year ended December 31, 2022 which is included within the operating activities section of the consolidated s tatement of c ash f lows under accounts payable, accrued liabilities and other current liabilities . Future minimum lease payments under non-cancellable leases, as of December 31, 2022, were as follows: 2023 $ 5,486 2024 6,685 2025 6,405 2026 6,231 2027 6,091 2028 and thereafter 6,493 Total future minimum lease payments 37,391 Less: imputed interest (4,982 ) Total operating lease liabilities $ 32,409

Asset-Based Expenses

Asset-Based Expenses	12 Months Ended
	Dec. 31, 2022
Operating Costs And Expenses [Abstract]
Asset-Based Expenses	Note Asset-based expenses incurred by the Company relating to the generation of asset-based revenue were as follows: Year Ended December 31, 2022 2021 2020 Strategist and manager fees $ 135,992 $ 128,490 $ 107,317 Premier broker-dealer fees 6,300 9,461 11,303 Custody fees 6,676 6,712 6,226 Fund advisory fees 4,837 4,402 4,600 Marketing allowance 254 1,769 3,244 Other 41 2 5 Total $ 154,100 $ 150,836 $ 132,695

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes The Company’s income tax provision was as follows: Year Ended December 31, 2022 2021 2020 Current provision Federal $ 31,348 $ 16,273 $ 6,331 State 8,798 4,605 2,418 Foreign 26 — — Total current provision 40,172 20,878 8,749 Deferred provision (benefit) Federal (5,061 ) (578 ) 391 State (1,608 ) (984 ) (1,097 ) Foreign (4 ) — — Total deferred provision (benefit) (6,673 ) (1,562 ) (706 ) Total income tax expense $ 33,499 $ 19,316 $ 8,043 The Company paid income taxes of $34,059, $19,796 and $13,456 for the years ended December 31, 2022, 2021 and 2020, respectively. The reconciliation of the federal statutory tax rate to the Company’s effective income tax rate was as follows: Year Ended December 31, 2022 2021 2020 Statutory U.S. federal income tax rate: 21.00 % 21.00 % 21.00 % Increase in rate resulting from: Non-deductible meals & entertainment 0.01 % 0.10 % 24.98 % Officers life insurance — — 1.65 % Qualified transportation fringe benefits 0.03 % 0.09 % 21.63 % Equity compensation 0.27 % 19.22 % 4284.57 % Executive compensation limitation 0.16 % 1.28 % 224.53 % State income tax, net of federal income tax effect 4.05 % 6.03 % 359.74 % Unrecognized tax benefits 0.05 % 1.70 % 407.72 % Research & development tax credit (1.39 )% (5.21 )% (1797.83 )% Return to provision 0.06 % (1.76 )% (66.74 )% Other, net 0.25 % 0.48 % 0.57 % Effective rate 24.49 % 42.93 % 3,481.82 % The components of the Company’s deferred income tax liability, net was as follows: December 31, 2022 2021 Assets: Accrued expenses $ 7,633 $ 7,031 Federal benefit of state tax expense 5,790 5,544 Federal and state net operating loss carryforwards 15,598 17,108 Tax credit carryforwards 2,885 2,537 Lease liability 8,549 8,797 Stock-based compensation 5,359 3,756 Other 103 24 Total deferred income tax assets 45,917 44,797 Liabilities: Other intangible assets 170,407 170,131 Property and equipment, and capitalized software 14,307 20,529 Right-of-use asset 6,960 7,221 Other 1,740 2,289 Total deferred income tax liabilities 193,414 200,170 Net deferred income tax liability $ 147,497 $ 155,373 In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. During 2022 and 2021, the Company evaluated the realizability of its net deferred tax assets based on available positive and negative evidence. During 2021, the Company concluded that it is more likely than not that all of the benefits of the deferred tax assets will be realized. During 2022, the Company concluded that it is more likely than not that all of the benefits of the deferred tax assets will be realized, except for a portion of its state net operating loss carryforwards that would expire unused. As a result, the Company has established a valuation allowance of $87. The Company's federal net operating loss carryforwards amounted to $13,380 and $14,962 as of December 31, 2022 and 2021, respectively. If unused, $11,335 of the Company’s federal net operating loss carryforwards will begin to expire in 2023. $2,045 of the Company’s net operating losses were generated after 2017 and will carryforward indefinitely. The Company's state net operating loss carryforwards amounted to $261,037 and $275,032, as of December 31, 2022 and 2021, respectively. It is expected that the utilization limitation of Internal Revenue Code Section 382 will cause $ 113,873 of the Company’s state net operating loss carryforwards to expire unused, and these amounts are not included in the Company’s gross deferred income tax asset. If unused, the Company’s state net operating loss carryforwards will begin to expire in 202 3 . The Company had state tax credit carryforwards of $ 2,762 and $ 2,422 as of December 31, 20 2 2 and 20 2 1 , respectively, which do not expire and can be carried forward indefinitely. The reconciliation of the beginning and ending amounts of the Company’s unrecognized tax benefits is as follows: December 31, 2022 2021 Balance, beginning of year $ 4,918 $ 3,278 Increases related to prior year tax positions 313 497 Decreases related to prior year tax positions due to closure of statute (389 ) (131 ) Increases related to current year tax positions 813 1,274 Balance, end of year $ 5,655 $ 4,918 The Company had unrecognized tax benefits of $5,655 and $4,918 as of December 31, 2022 and 2021, respectively, primarily related to research and development tax credits and states in which the Company had nexus but did not file tax returns. The total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $4,979 and $4,385 as of December 31, 2022 and 2021, respectively. For the years ended December 31, 2022, 2021 and 2020, the Company recorded an expense of $145, $296 and $182 for interest and penalties related to unrecognized tax benefits as part of income tax expense, respectively. Total accrued interest and penalties related to unrecognized tax benefits as of December 31, 2022 and December 31, 2021, were $845 and $700, respectively. The Company files U.S. Federal income tax returns and various state and local tax returns. The Company is no longer subject to U.S. Federal and state tax examinations for years through 2017.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholder's Equity	Note 14. Stockholders’ Equity Each holder of Company common stock is entitled to one vote per share, to receive dividends and, upon liquidation or dissolution, to receive all assets available for distribution to such stockholder. The stockholders have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. As of December 31, 2022, the Company had authorized 675,000,000 shares of common stock and 75,000,000 shares of preferred stock, both with a par value of $0.001 per share, and, 73,847,596 shares of common stock and zero shares of preferred stock were issued and outstanding.

Share-Based Employee Compensati

Share-Based Employee Compensation	12 Months Ended
	Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Employee Compensation	Note 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 (the “IPO”) registration statement on Form S-1. As of December 31, 2022, 650,562 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 an independent director of the board . Subject to the recipient’s continued employment through the vesting date, 50% of these RSAs vested in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, 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 RSAs vested . The following is a summary of the activity for RSAs: Number of RSAs Weighted-average grant-date fair value Balance at December 31, 2019 5,257,541 $ 22.00 Vested (1,049,488 ) 22.00 Forfeited (9,920 ) 22.00 Balance at December 31, 2020 4,198,133 $ 22.00 Vested (4,195,215 ) 22.00 Forfeited (2,918 ) 22.00 Balance at December 31, 2021 — Share-based compensation expense related to the RSAs was $0, $41,715 and $48,045 for the years ended December 31, 2022, 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 vested and became 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 On July 18, 2022, the last installment of outstanding options vested. The following weighted-average assumptions were used to value options granted during the year ended December 31, 2019: 2019 Grant date fair value of options $ 7.73 Risk free rate 1.9 % Expected volatility 32.8 % Dividend yield — Expected terms (in years) 6.0 The following is a summary of the activity for stock options: Number of options Weighted-average exercise price Aggregate intrinsic value Weighted-average remaining contractual term (years) Balance at December 31, 2019 908,775 $ 22.00 $ 6,380 — Exercised (8,504 ) 22.00 44 — Balance at December 31, 2020 900,271 22.00 1,981 8.5 Exercised (17,860 ) 22.00 67 — Forfeited (10,206 ) 22.00 37 — Balance at December 31, 2021 872,205 22.00 3,672 5.5 Exercised (17,010 ) 22.00 17 — Expired (51,602 ) 22.00 29 — Forfeited (20,699 ) 22.00 16 — Balance at December 31, 2022 782,894 22.00 783 4.3 Options vested and exercisable at December 31, 2022 782,894 $ 22.00 $ 783 4.3 Share-based compensation expense related to the stock options was $670, $2,386 and $2,346 for the years ended December 31, 2022, 2021 and 2020, respectively. Restricted Stock Units Periodically, the Company issues restricted stock units (“RSUs”) to all 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. The following is a summary of the activity for unvested RSUs: Number of RSUs Weighted-average grant-date fair value Balance at December 31, 2019 114,044 $ 22.79 Granted 310,225 28.27 Vested (60,671 ) 22.49 Forfeited (19,863 ) 25.62 Balance at December 31, 2020 343,735 27.63 Granted 819,011 25.35 Vested (106,110 ) 27.30 Forfeited (33,237 ) 26.65 Balance at December 31, 2021 1,023,399 25.87 Granted 525,195 21.29 Vested (284,168 ) 25.93 Forfeited (82,387 ) 25.41 Balance at December 31, 2022 1,182,039 $ 23.85 Share-based compensation expense related to the RSUs was $8,129, $6,104 and $2,148 for the years ended December 31, 2022, 2021 and 2020, respectively. There was $22,838 of total unrecognized compensation cost related to unvested RSUs granted under the 2019 Equity Incentive Plan as of December 31, 2022. These costs are expected to be recognized over a weighted average period of 2.7 years as of December 31, 2022. The total fair value of RSUs vested was $5,718 during the year ended December 31, 2022. 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 The following assumptions were used to value SARs granted during the periods indicated: 2022 2021 2020 Weighted-average grant date fair value of SARs $ 8.67 $ 9.81 $ 11.18 Risk free rate 3.05 % 0.63% - 1.04% 0.42% - 0.56% Expected volatility 37 % 37% - 39% 38% - 40% Dividend yield — — — Expected terms (in years) 6.25 6.25 6.25 The following is a summary of the activity for SARs: Number of SARs Weighted-average exercise price Aggregate intrinsic value Weighted-average remaining contractual term (years) Balance at December 31, 2019 — $ — $ — Granted 831,902 28.42 139 Balance at December 31, 2020 831,902 $ 28.42 139 9.4 Granted 894,411 25.59 363 Forfeited (38,111 ) 27.12 10 Expired (4,688 ) 28.48 — Balance at December 31, 2021 1,683,514 $ 26.94 571 8.6 Granted 1,030,037 20.72 — Forfeited (85,551 ) 26.58 31 Expired (31,361 ) 27.88 — Balance at December 31, 2022 2,596,639 $ 24.48 2,324 8.3 SARs vested and exercisable at December 31, 2022 582,229 $ 27.38 $ 100 7.3 Share-based compensation expense related to the SARs was $5,077, $3,432 and $1,298 for the years ended December 31, 2022, 2021 and 2020, respectively. There was $15,148 of total unrecognized compensation cost related to unvested SARs granted under the 2019 Equity Incentive Plan as of December 31, 2022. These costs are expected to be recognized over a weighted-average period of 2.8 years as of December 31, 2022.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plan	Note 16. Employee Benefit Plan The Company has a tax-qualified defined contribution plan (the “Benefit Plan”). All full-time and part-time employees are eligible to participate in the Benefit Plan upon hire. The Benefit Plan provides retirement benefits, including provisions for early retirement and disability benefits, as well as a tax-deferred savings feature. Participants must attain two years of service to reach full vesting on Company matching contributions. The Company contributed $6,779, $6,043 and $5,246 to the Benefit Plan for the years ended December 31, 2022, 2021 and 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17. 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. Other Contingencies In connection with the acquisition of Adhesion Wealth, the Company may incur contingent compensation for certain employees based upon the achievement of certain milestones and their continued employment. The payouts were indeterminable at the balance sheet date and no amounts have been accrued or disclosed in the accompanying consolidated financial statements with respect to these contingencies.

Net Capital and Minimum Capital

Net Capital and Minimum Capital Requirements	12 Months Ended
	Dec. 31, 2022
Regulatory Capital Requirements [Abstract]
Net Capital and Minimum Capital Requirements	Note 18. Net Capital and Minimum Capital Requirements AssetMark Trust Company, regulated by the Arizona Department of Insurance and Financial Institutions (“AZDIFI”) is required by state regulation 6-856 to maintain $11,500 and $12,375 in liquid capital (as defined by the AZDIFI) based on asset levels as of December 31, 2022 and 2021, respectively. AssetMark Brokerage, LLC, regulated by the SEC, is required to maintain $16 and $5 in net capital (as defined by the SEC) as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, these entities have met the liquid capital requirements set forth by their respective regulatory authority.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 19. Related Party Transactions As of December 31, 2022 and 2021, the Company had a receivable due from Huatai Securities Co., Ltd. (“HTSC”) of $0 and $234, respectively, which represents the cash paid by the Company on behalf of HTSC for certain professional services rendered to HTSC related to International Financial Reporting Standards audit fees required for HTSC’s consolidated audit.

Net Income (Loss) Per Share Att

Net Income (Loss) Per Share Attributable to Common Stockholders	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share Attributable to Common Stockholders	Note 20. 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 (loss) share attributable to common stockholders: Year Ended December 31, 2022 2021 2020 Net income (loss) attributable to common stockholders $ 103,261 $ 25,671 $ (7,812 ) Weighted average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders, basic 73,724,341 72,137,174 67,361,995 Net income (loss) per share attributable to common stockholders, basic $ 1.40 $ 0.36 $ (0.12 ) Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic 73,724,341 72,137,174 67,361,995 Effect of dilutive shares: Options to purchase common stock — 9,913 — Unvested RSUs 148,487 252,126 — Diluted number of weighted-average shares outstanding 73,872,828 72,399,213 67,361,995 Net income (loss) per share attributable to common stockholders, diluted $ 1.40 $ 0.35 $ (0.12 ) Since the Company was in a loss position for the year ended December 31, 2020, 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. Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows: As of December 31, 2022 2021 2020 RSAs — — 4,198,133 Stock options 782,894 — 900,271 RSUs 599,398 207,232 343,735 SARs 2,596,639 1,683,514 831,902 Total 3,978,931 1,890,746 6,274,041

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 21. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date of the accompanying independent auditors’ report, which is the date at which the consolidated financial statements were available to be issued. Based on the Company’s evaluation, the following matter was identified subsequent to the balance sheet date: We completed an internal restructuring of Adhesion Wealth and Atria on January 30, 2023 whereby Adhesion Wealth was merged out of existence and Atria became a direct subsidiary of AFHI, and will continue to do business as Adhesion Wealth.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Risks And Uncertainties	Risks and Uncertainties 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.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior period amounts in the accompanying notes have been reclassified to conform to the current period’s presentation.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Segment Information	Segment Information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to intangible assets and goodwill, useful lives of intangible assets and property and equipment, internal use software, income taxes and contingent liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Concentration of Credit Risk and Significant Clients and Suppliers	Concentration of Credit Risk and Significant Clients and Suppliers The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company deposits its cash primarily with two financial institutions, and accordingly, such deposits regularly exceed federally insured limits.
Foreign Currency Policy	Foreign Currency Policy The Company’s functional currency is the US Dollar, and the related gains and losses from foreign currency denominated transactions and the remeasurement of foreign currency denominated balance sheet accounts are included in other (income) expense, net in the consolidated statements of income and comprehensive income.
Geographic Sources of Revenue	Geographic Sources of Revenue Revenues attributable to customers outside of the United States totaled $14,484, $6,926, and $0 in the years ended December 31, 2022, 2021, and 2020 respectively. No single customer accounted for more than 10% of the Company’s revenue in any of the periods presented. There were no customers that represented more than 10% and two customers that represented 40% of the Company’s accounts receivable balance as of December 31, 2022 and 2021, respectively.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Certificates of deposit, money market funds and other time deposits with original maturities of three months or less are considered cash equivalents. Restricted cash consists of certificate of deposits the Company maintains in liquid capital in accordance with Arizona Revised Statutes requirements governing trust companies. See Note 18 for details regarding capital requirements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2022 2021 2020 Cash and cash equivalents $ 123,274 $ 76,707 $ 70,619 Restricted cash 13,000 13,000 11,000 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 136,274 $ 89,707 $ 81,619
Investment Securities	Investment Securities The Company’s investments primarily comprise equity security investments for the Company’s rabbi trust and investment securities funds. The Company determined the appropriate classification of its investment securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes. Available-for-sale investment securities are recorded at fair value. Unrealized holding gains and losses are reported as other (income) expense, net. Realized gains and losses from sales are determined on a specific-identification basis. Dividend and interest income are recognized when earned.
Fees and Other Receivables	Fees and Other Receivables Fee and other receivables represent service fees and advisory fees receivable, as well as miscellaneous custody fees in arrears. Fee and other receivables are recorded at the invoiced amount, net of allowances. These allowances are based on historical experience and evaluation of potential risk of loss associated with delinquent accounts. There were a $39 and $74 allowance for doubtful accounts recorded as of December 31, 2022 and 2021, respectively.
Fair Value Measurements	Fair Value Measurements The carrying amounts of the Company’s financial instruments, which include cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other accrued expenses, approximate their fair values due to their relatively short maturity. The accounting guidance for fair value measurements establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. • Level 2 – Inputs that are directly or indirectly observable in the marketplace. • Level 3 – Unobservable inputs that are supported by little or no market activity. As of each reporting period, all assets recorded at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 9 for more information regarding fair value measurements.
Business Combinations	Business Combinations When the Company acquires a business, management allocates the purchase price to the net tangible and identifiable intangible assets acquired. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates are based on market and income approaches that include significant unobservable inputs. These estimates are inherently uncertain and unpredictable.
Goodwill, Acquired Intangible Assets and Impairment of Long-Lived Assets	Goodwill, Acquired Intangible Assets and Impairment of Long-Lived Assets Goodwill represents the excess purchase consideration of an acquired business over the fair value of the net tangible and identifiable intangible assets. Goodwill is evaluated for impairment annually on October 31, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate or a significant decrease in expected cash flows. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and determine whether further action is needed. If after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If after assessing the totality of events or circumstances it is determined that it is more likely than not that the carrying value may exceed fair value when considering qualitative factors, a quantitative goodwill impairment evaluation is performed. No impairment charges related to goodwill were recorded during the years ended December 31, 20 2 2 , 20 2 1 and 20 20 . Indefinite-lived intangible assets are tested for impairment annually and whenever events or changes in circumstances indicate the carrying value of indefinite-lived intangible assets may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, attrition of broker-dealers or enterprise customers, or changes in expected future cash flows. An impairment exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. The Company’s indefinite-lived intangible assets consist of broker-dealer relationships and enterprise distribution channel customer relationships. AssetMark’s broad array of wealth management solutions are sold to individual investors through financial advisers associated with broker-dealers. The Company has long-standing, established relationships with these broker-dealers that are expected to result in future revenue and profit. While the relationships with the broker-dealers are contractual, the agreements have no fixed expiration dates or renewal terms, and there have been no instances of terminated agreements by either side to-date. Based on the foregoing, the acquired relationships with broker-dealers are identified and valued as a discrete indefinite-lived intangible asset. Acquired indefinite-lived intangible assets also consists of enterprise distribution channel relationships with financial institutions that are expected to result in future revenue and profit. While these relationships are contractual, they have no fixed expiration date and are expected to be renewed indefinitely. No such contracts have been terminated by either side to date. No impairment charges related to indefinite-lived intangible assets were recorded during the years ended December 31, 2022, 2021 and 2020. Acquired definite-lived intangible assets consist of assets resulting from the Company’s acquisitions. Acquired definite-lived intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives on a straight-line basis. The carrying amounts of long-lived assets, including property and equipment, capitalized internal-use software, and acquired definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted cash flows that the assets or the asset group are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value exceeds its fair value. No impairment charges related to long-lived assets and acquired definite-lived intangible assets were recorded during the years ended December 31, 2022, 2021 and 2020. Certain items in prior periods were adjusted to correct an immaterial error relating to the valuation of indefinite-lived intangible assets as part to the Company’s acquisition of Voyant
Property and Equipment	Property and Equipment Property and equipment consist primarily of hardware, furniture and equipment and leasehold improvements. Depreciation is calculated on a straight‑line basis over the estimated useful lives of the related asset, generally three to ten years. Leasehold improvements are depreciated over the shorter of the economic useful life of the improvement or the remaining lease term. Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $2,646, $2,406 and $2,511, respectively. The following table shows balances of major classes of depreciable assets as of the date shown: December 31, 2022 2021 Computer software and equipment $ 9,760 $ 8,445 Furniture and equipment 3,918 3,852 Leasehold improvements 7,649 5,904 Total property and equipment 21,327 18,201 Less: accumulated depreciation (12,832 ) (10,186 ) Property, plant and equipment, net $ 8,495 $ 8,015
Capitalized Internal-Use Software	Capitalized Internal-Use Software The Company capitalizes certain costs incurred during the application development stage in connection with software development for its platform. Costs related to the preliminary project activities and post-implementation activities are expensed as incurred. Capitalized costs are recorded as part of c apitalized software, net Capitalized internal-use software costs are amortized on a straight-line basis over the software estimated useful life, which is generally five years to nine years. The Company records amortization related to capitalized internal-use software within depreciation and amortization expense in the consolidated statements of income and comprehensive income. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. There were impairments of $303, $426 and $211 of internally developed software during the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense for the years ended December 31, 2022, 2021 and 2020 was $19,737, $28,280 and $26,934, respectively. Accumulated amortization was $136,858 and $117,424 as of December 31, 2022 and 2021, respectively.
Revenue Recognition	Revenue Recognition The Company accounts for its revenue arrangements in accordance with FASB Topic 606 - Revenue from Contracts with Customers . The Company recognizes revenue from services related to asset-based revenue, spread-based revenue, subscription-based revenue and other revenue. • Asset-based revenue — The Company primarily derives revenue from fees assessed against customers’ assets under management or administration for services the Company provides to its customers. Such services include investment manager due diligence and research, portfolio diagnostics, proposal generation, investment model management, rebalancing and trading, portfolio performance reporting and monitoring solutions, billing, and back office and middle-office operations and custody services. Investment decisions for assets under management or administration are made by the Company’s customers. The fee arrangements are based on a percentage applied to the customers’ assets under management or administration. The performance obligation is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are generally calculated, billed and collected quarterly in advance on the preceding quarter-end customer asset values, and are recognized as revenue at the time the services are provided in the period. Fees related to assets under management or administration increase or decrease based on values of existing customer accounts. The values are affected by inflows or outflows of customer funds and market fluctuations. • Spread-based revenue — Spread-based revenue consists of the interest rate return earned on cash assets custodied through ATC, one of several custodians offered on the Company’s platform. ATC utilizes third-party banks to invest custodied cash and earn spread-based revenue for the Company. • Subscription-based revenue — Subscription-based revenue represents revenue recognized from subscription fee arrangements in connection with financial planning and wealth management software solutions for use as a hosted application. Subscription fees from these applications are recognized over time on a ratable basis over the customer agreement term beginning on the date the solution is made available to the customer. • Other revenue — Other revenue consists primarily of interest earned on operating cash held by the Company. The Company has applied the practical expedient to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period would have been one year or less. These costs are included in asset-based expenses on the consolidated statements of income and comprehensive income.
Asset-Based Expenses	Asset-Based Expenses Asset-based expenses are costs incurred by the Company directly related to the generation of asset-based revenue. Fees paid to third-party strategists, investment managers, proprietary fund sub-advisers and investment advisers are calculated based on a percentage of the customers’ assets under management or administration. As a practical expedient, these costs are paid monthly and quarterly in advance on the preceding quarter-end customer asset values, and expensed as incurred over the period of time that the services are expected to be provided to customers, since the amortization of costs are in one year or less. See Note 1 2 for a breakout of these costs.
Spread-Based Expenses	Spread-Based Expenses The Company recognizes spread-based expenses when costs are incurred. Spread-based expenses relate to interest credited to customer accounts and expenses paid to AssetMark Trust’s third-party administrator for administering the custodian’s insured cash deposit program.
Share-Based Compensation	Share-Based Compensation Share-based compensation related to stock options and stock appreciation rights issued to officers and directors is measured based on the grant date fair value of the award and is recognized on a straight-line basis over the requisite service period. The Company uses the Black-Scholes options pricing model to estimate the fair value of stock options and stock appreciation rights. The risk-free interest rate is the U.S. Treasury Yield that corresponds with the expected term. Expected volatility is estimated based on the volatility of a group of comparable public companies. The expected term was estimated using the simplified method due to limited historical information. The Company does not expect to pay dividends on its common shares. Share-based compensation related to restricted stock awards and restricted stock units are measured on the grant date fair value of the award based on intrinsic value and are recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur. See Note 15 for additional information related to share-based employee compensation.
Operating Leases	Operating Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in prepaid expenses and 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. 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 lease 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. In certain circumstances, the Company enters into leases with free rent periods, rent escalations or lease incentives over the term of the lease. In such cases, the Company calculates the total payments over the term of the lease and records them ratably as rent expense over that term. See Note 11 for additional information related to leases.
Income Taxes	Income Taxes The Company uses the asset-and-liability method of accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. In assessing the need for a valuation allowance, the Company has considered its historical levels of income, existence of available offsetting deferred tax liabilities, expectations of future taxable income and ongoing tax planning strategies. The Company recognizes and measure tax benefits from uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Significant judgment is required to evaluate uncertain tax positions. Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax position on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit and effective settlement of issues. The Company follows the policy of releasing residual tax effects from accumulated other comprehensive income based on a portfolio approach, whereby the Company releases the residual tax effects only after the entire accumulated other comprehensive income adjustment has been reversed ( e.g.
Net Income (Loss) per Share	Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net income (loss) per share is similar to the computation of basic net income (loss) per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued.
Recent Accounting Pronouncements – Issued Not Yet Adopted	Recent Accounting Pronouncements – Issued Not Yet Adopted In August 2021, the FASB issued ASU No. 2021-08, Business Combinations Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2022 2021 2020 Cash and cash equivalents $ 123,274 $ 76,707 $ 70,619 Restricted cash 13,000 13,000 11,000 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 136,274 $ 89,707 $ 81,619
Schedule of Major Classes of Depreciable Assets	The following table shows balances of major classes of depreciable assets as of the date shown: December 31, 2022 2021 Computer software and equipment $ 9,760 $ 8,445 Furniture and equipment 3,918 3,852 Leasehold improvements 7,649 5,904 Total property and equipment 21,327 18,201 Less: accumulated depreciation (12,832 ) (10,186 ) Property, plant and equipment, net $ 8,495 $ 8,015

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 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: December 31, 2022 2021 Prepaid expenses $ 11,697 $ 9,355 Operating lease right-of-use assets 4,387 4,198 Other 786 1,120 Total $ 16,870 $ 14,673

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2022
Adhesion Wealth
Schedule of preliminary estimated consideration transferred	The Company funded the acquisition with cash on hand. The preliminary estimated consideration transferred in the acquisition, net of cash received, was $46,861. Cash consideration, net of working capital adjustments $ 46,862 Purchase consideration liability 3,000 Less: cash acquired (3,001 ) Total consideration transferred, net of cash acquired and working capital adjustments $ 46,861
Summary of estimated fair values of assets acquired and liabilities assumed	The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: Total tangible assets acquired $ 6,136 Total liabilities assumed (3,603 ) Identifiable intangible assets 8,300 Goodwill 39,029 Total net assets acquired $ 49,862
Summary of Intangible Assets Acquired	A summary of preliminary estimated identifiable intangible assets acquired and estimated useful lives is as follows: Estimated Useful Life in Years Trade name $ 1,500 10 years Customer relationships 3,200 7 years Technology 3,600 3 years Total intangible assets acquired $ 8,300
Voyant
Summary of estimated fair values of assets acquired and liabilities assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: Preliminary Estimate Measurement Period Adjustments Revised Estimate Cash and cash equivalents $ 8,027 $ — $ 8,027 Intangible assets 46,600 — 46,600 Goodwill 109,016 333 109,349 Other assets 2,896 — 2,896 Total assets acquired 166,539 333 166,872 Deferred income tax liabilities (7,431 ) (327 ) (7,758 ) Other liabilities (2,010 ) (6 ) (2,016 ) Total liabilities assumed (9,441 ) (333 ) (9,774 ) Total net assets acquired $ 157,098 $ — $ 157,098
Summary of Intangible Assets Acquired	A summary of identifiable intangible assets acquired and estimated useful lives is as follows: Estimated Useful Life in Years Technology $ 16,000 9 Enterprise distribution channel customer relationships 17,500 Indefinite Non-enterprise distribution channel customer relationships 9,500 14 Trade name 3,200 11 Non-compete agreements 400 3 Total intangible assets acquired $ 46,600

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Information regarding the Company’s intangible assets is as follows: December 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 17,500 — 17,500 Definite-lived intangible assets: Trade names 45,830 (14,131 ) 31,699 14 years Broker-dealer license 11,550 (3,561 ) 7,989 14 years ATC regulatory status 23,300 (7,184 ) 16,116 14 years Voyant non-enterprise distribution channel customer relationships 9,500 (1,018 ) 8,482 13 years GFPC adviser relationships 14,250 (3,775 ) 10,475 10 years OBS adviser and trust relationships 9,500 (2,130 ) 7,370 10 years Voyant trade name 3,200 (436 ) 2,764 10 years Voyant technology 16,000 (2,667 ) 13,333 8 years Voyant non-compete agreement 400 (200 ) 200 2 years Adhesion Wealth trade name 1,500 (6 ) 1,494 10 years Adhesion Wealth customer relationships 3,200 (25 ) 3,175 7 years Adhesion Wealth technology 3,600 (50 ) 3,550 3 years Total $ 729,810 $ (35,183 ) $ 694,627 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 17,500 — 17,500 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 $ 721,510 $ (26,417 ) $ 695,093
Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets	Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Year Ended December 31: Estimated amortization 2023 $ 10,484 2024 10,425 2025 10,308 2026 9,158 2027 9,158 2028 and thereafter 57,114 Total $ 106,647

Accrued Liabilities and Other_2

Accrued Liabilities and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables And Accruals [Abstract]
Schedule of Accrued Liabilities and Other Current Liabilities	The following table shows the breakdown of accrued liabilities and other current liabilities: December 31, 2022 2021 Accrued bonus $ 19,813 $ 20,718 Compensation and benefits payable 13,403 7,182 Current portion of long-term debt, net 6,123 — Current portion of operating lease liabilities 4,485 4,223 Reserve for uncertain tax positions 4,136 3,695 Asset-based payables 840 1,709 Other accrued expenses 20,396 18,722 Total $ 69,196 $ 56,249

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: December 31, 2022 2021 Deferred compensation plan liability $ 13,602 $ 14,379 Contractor liability 1,178 1,602 Other 405 487 Total $ 15,185 $ 16,468

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 consolidated balance sheets as of December 31, 2022 and 2021, based on the three-tier fair value hierarchy: December 31, 2022 Fair Value Level I Level II Level III Assets: Equity security investments $ 112 $ 112 $ — $ — Assets to fund deferred compensation liability 13,602 13,602 — — Convertible notes receivable 10,352 — — 10,352 Total assets $ 24,066 $ 13,714 $ — $ 10,352 Liabilities: Deferred compensation liability $ 13,602 $ 13,602 $ — $ — Total liabilities $ 13,602 $ 13,602 $ — $ — December 31, 2021 Fair Value Level I Level II Level III Assets: Equity security investments $ 119 $ 119 $ — $ — Assets to fund deferred compensation liability 14,379 14,379 — — Total assets $ 14,498 $ 14,498 $ — $ — Liabilities: Deferred compensation liability $ 14,379 $ 14,379 $ — $ — Total liabilities $ 14,379 $ 14,379 $ — $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-cancellable Leases	Future minimum lease payments under non-cancellable leases, as of December 31, 2022, were as follows: 2023 $ 5,486 2024 6,685 2025 6,405 2026 6,231 2027 6,091 2028 and thereafter 6,493 Total future minimum lease payments 37,391 Less: imputed interest (4,982 ) Total operating lease liabilities $ 32,409

Asset-Based Expenses (Tables)

Asset-Based Expenses (Tables)	12 Months Ended
	Dec. 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 revenue were as follows: Year Ended December 31, 2022 2021 2020 Strategist and manager fees $ 135,992 $ 128,490 $ 107,317 Premier broker-dealer fees 6,300 9,461 11,303 Custody fees 6,676 6,712 6,226 Fund advisory fees 4,837 4,402 4,600 Marketing allowance 254 1,769 3,244 Other 41 2 5 Total $ 154,100 $ 150,836 $ 132,695

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision (Benefit)	The Company’s income tax provision was as follows: Year Ended December 31, 2022 2021 2020 Current provision Federal $ 31,348 $ 16,273 $ 6,331 State 8,798 4,605 2,418 Foreign 26 — — Total current provision 40,172 20,878 8,749 Deferred provision (benefit) Federal (5,061 ) (578 ) 391 State (1,608 ) (984 ) (1,097 ) Foreign (4 ) — — Total deferred provision (benefit) (6,673 ) (1,562 ) (706 ) Total income tax expense $ 33,499 $ 19,316 $ 8,043
Schedule of Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate	The reconciliation of the federal statutory tax rate to the Company’s effective income tax rate was as follows: Year Ended December 31, 2022 2021 2020 Statutory U.S. federal income tax rate: 21.00 % 21.00 % 21.00 % Increase in rate resulting from: Non-deductible meals & entertainment 0.01 % 0.10 % 24.98 % Officers life insurance — — 1.65 % Qualified transportation fringe benefits 0.03 % 0.09 % 21.63 % Equity compensation 0.27 % 19.22 % 4284.57 % Executive compensation limitation 0.16 % 1.28 % 224.53 % State income tax, net of federal income tax effect 4.05 % 6.03 % 359.74 % Unrecognized tax benefits 0.05 % 1.70 % 407.72 % Research & development tax credit (1.39 )% (5.21 )% (1797.83 )% Return to provision 0.06 % (1.76 )% (66.74 )% Other, net 0.25 % 0.48 % 0.57 % Effective rate 24.49 % 42.93 % 3,481.82 %
Summary of Components of Net Deferred Income Tax Liability	The components of the Company’s deferred income tax liability, net was as follows: December 31, 2022 2021 Assets: Accrued expenses $ 7,633 $ 7,031 Federal benefit of state tax expense 5,790 5,544 Federal and state net operating loss carryforwards 15,598 17,108 Tax credit carryforwards 2,885 2,537 Lease liability 8,549 8,797 Stock-based compensation 5,359 3,756 Other 103 24 Total deferred income tax assets 45,917 44,797 Liabilities: Other intangible assets 170,407 170,131 Property and equipment, and capitalized software 14,307 20,529 Right-of-use asset 6,960 7,221 Other 1,740 2,289 Total deferred income tax liabilities 193,414 200,170 Net deferred income tax liability $ 147,497 $ 155,373
Schedule of Reconciliation of Unrecognized Tax Benefits	The reconciliation of the beginning and ending amounts of the Company’s unrecognized tax benefits is as follows: December 31, 2022 2021 Balance, beginning of year $ 4,918 $ 3,278 Increases related to prior year tax positions 313 497 Decreases related to prior year tax positions due to closure of statute (389 ) (131 ) Increases related to current year tax positions 813 1,274 Balance, end of year $ 5,655 $ 4,918

Share-Based Employee Compensa_2

Share-Based Employee Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RSA Activity	The following is a summary of the activity for RSAs: Number of RSAs Weighted-average grant-date fair value Balance at December 31, 2019 5,257,541 $ 22.00 Vested (1,049,488 ) 22.00 Forfeited (9,920 ) 22.00 Balance at December 31, 2020 4,198,133 $ 22.00 Vested (4,195,215 ) 22.00 Forfeited (2,918 ) 22.00 Balance at December 31, 2021 —
Schedule of Stock Options Valuation Assumptions	The following weighted-average assumptions were used to value options granted during the year ended December 31, 2019: 2019 Grant date fair value of options $ 7.73 Risk free rate 1.9 % Expected volatility 32.8 % Dividend yield — Expected terms (in years) 6.0
Schedule of Stock Option Activity	The following is a summary of the activity for stock options: Number of options Weighted-average exercise price Aggregate intrinsic value Weighted-average remaining contractual term (years) Balance at December 31, 2019 908,775 $ 22.00 $ 6,380 — Exercised (8,504 ) 22.00 44 — Balance at December 31, 2020 900,271 22.00 1,981 8.5 Exercised (17,860 ) 22.00 67 — Forfeited (10,206 ) 22.00 37 — Balance at December 31, 2021 872,205 22.00 3,672 5.5 Exercised (17,010 ) 22.00 17 — Expired (51,602 ) 22.00 29 — Forfeited (20,699 ) 22.00 16 — Balance at December 31, 2022 782,894 22.00 783 4.3 Options vested and exercisable at December 31, 2022 782,894 $ 22.00 $ 783 4.3
Schedule of RSU Activity	The following is a summary of the activity for unvested RSUs: Number of RSUs Weighted-average grant-date fair value Balance at December 31, 2019 114,044 $ 22.79 Granted 310,225 28.27 Vested (60,671 ) 22.49 Forfeited (19,863 ) 25.62 Balance at December 31, 2020 343,735 27.63 Granted 819,011 25.35 Vested (106,110 ) 27.30 Forfeited (33,237 ) 26.65 Balance at December 31, 2021 1,023,399 25.87 Granted 525,195 21.29 Vested (284,168 ) 25.93 Forfeited (82,387 ) 25.41 Balance at December 31, 2022 1,182,039 $ 23.85
Schedule of SARs Valuation Assumptions	The following assumptions were used to value SARs granted during the periods indicated: 2022 2021 2020 Weighted-average grant date fair value of SARs $ 8.67 $ 9.81 $ 11.18 Risk free rate 3.05 % 0.63% - 1.04% 0.42% - 0.56% Expected volatility 37 % 37% - 39% 38% - 40% Dividend yield — — — Expected terms (in years) 6.25 6.25 6.25
Schedule of SAR Activity	The following is a summary of the activity for SARs: Number of SARs Weighted-average exercise price Aggregate intrinsic value Weighted-average remaining contractual term (years) Balance at December 31, 2019 — $ — $ — Granted 831,902 28.42 139 Balance at December 31, 2020 831,902 $ 28.42 139 9.4 Granted 894,411 25.59 363 Forfeited (38,111 ) 27.12 10 Expired (4,688 ) 28.48 — Balance at December 31, 2021 1,683,514 $ 26.94 571 8.6 Granted 1,030,037 20.72 — Forfeited (85,551 ) 26.58 31 Expired (31,361 ) 27.88 — Balance at December 31, 2022 2,596,639 $ 24.48 2,324 8.3 SARs vested and exercisable at December 31, 2022 582,229 $ 27.38 $ 100 7.3

Net Income (Loss) Per Share A_2

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per (Loss) Share	The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per (loss) share attributable to common stockholders: Year Ended December 31, 2022 2021 2020 Net income (loss) attributable to common stockholders $ 103,261 $ 25,671 $ (7,812 ) Weighted average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders, basic 73,724,341 72,137,174 67,361,995 Net income (loss) per share attributable to common stockholders, basic $ 1.40 $ 0.36 $ (0.12 ) Weighted average shares used in computing net income (loss) per share attributable to common stockholders, basic 73,724,341 72,137,174 67,361,995 Effect of dilutive shares: Options to purchase common stock — 9,913 — Unvested RSUs 148,487 252,126 — Diluted number of weighted-average shares outstanding 73,872,828 72,399,213 67,361,995 Net income (loss) per share attributable to common stockholders, diluted $ 1.40 $ 0.35 $ (0.12 )
Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding	Since the Company was in a loss position for the year ended December 31, 2020, 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. Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows: As of December 31, 2022 2021 2020 RSAs — — 4,198,133 Stock options 782,894 — 900,271 RSUs 599,398 207,232 343,735 SARs 2,596,639 1,683,514 831,902 Total 3,978,931 1,890,746 6,274,041

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Segment Customer	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($)
Summaryof Significant Accounting Policies [Line Items]
Number of operating segment | Segment	1
Allowance for doubtful accounts	$ 39,000	$ 74,000
Impairment charges related to goodwill	0	0	$ 0
Impairment charges related to indefinite-lived intangible assets	0	0	0
Impairment charges related to long-lived assets and acquired definite-lived intangible assets	0	0	0
Depreciation expense	2,646,000	2,406,000	2,511,000
Impairments of internally developed software	303,000	426,000	211,000
Amortization expense of capitalized internal-use software	19,737,000	28,280,000	26,934,000
Accumulated amortization of capitalized internal-use software	$ 136,858,000	117,424,000
Topic 606
Summaryof Significant Accounting Policies [Line Items]
Revenue, practical expedient to recognize incremental costs of obtaining contracts	true
Minimum
Summaryof Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Amortization of capitalized internal-use software, estimated useful life	5 years
Maximum
Summaryof Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	10 years
Amortization of capitalized internal-use software, estimated useful life	9 years
Reclassification
Summaryof Significant Accounting Policies [Line Items]
Decrease of intangible assets		14,600,000
Decrease of deferred income tax liabilities		3,557,000
Increase to goodwill		$ 11,043,000
Customer Concentration Risk | Revenue Not More Than 10%
Summaryof Significant Accounting Policies [Line Items]
Number of customers | Customer	0	0
Customer Concentration Risk | Accounts Receivable
Summaryof Significant Accounting Policies [Line Items]
Number of customers | Customer	0	2
Customer Concentration Risk | Accounts Receivable | Two Customers
Summaryof Significant Accounting Policies [Line Items]
Concentration risk, percentage		40%
Outside United States
Summaryof Significant Accounting Policies [Line Items]
Revenues	$ 14,484,000,000	$ 6,926,000,000	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 123,274	$ 76,707	$ 70,619
Restricted cash	13,000	13,000	11,000
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 136,274	$ 89,707	$ 81,619	$ 105,341

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Major Classes of Depreciable Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 21,327	$ 18,201
Less: accumulated depreciation	(12,832)	(10,186)
Property, plant and equipment, net	8,495	8,015
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	9,760	8,445
Furniture and Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,918	3,852
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,649	$ 5,904

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 11,697	$ 9,355
Operating lease right-of-use assets	4,387	4,198
Other	786	1,120
Total	$ 16,870	$ 14,673

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 14, 2022	Feb. 29, 2020	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill recorded			$ 487,225	$ 447,864
2020 Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Final purchase price, net of working capital adjustments			$ 157,098
Common stock issued in connection with business, shares			994,028
Amount of equity consideration			$ 24,910
Adhesion Wealth
Business Acquisition [Line Items]
Acquisition agreement date	Dec. 14, 2022
Final purchase price, net of working capital adjustments			$ 46,861
Goodwill recorded	$ 39,029
W B I O B S Financial Inc
Business Acquisition [Line Items]
Final purchase price, net of working capital adjustments		$ 21,339
Goodwill recorded		11,538
Adviser and trust relationships		9,500
Deferred tax assets		$ 188

Business Combinations -Schedule

Business Combinations -Schedule of preliminary estimated consideration transferred (Details) - Adhesion Wealth $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Cash consideration, net of working capital adjustments	$ 46,862
Purchase consideration liability	3,000
Less: cash acquired	(3,001)
Total consideration transferred, net of cash acquired and working capital adjustments	$ 46,861

Business Combinations - Summary

Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 14, 2022	Dec. 31, 2021	Jul. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 487,225		$ 447,864
Adhesion Wealth
Business Acquisition [Line Items]
Total tangible assets acquired		$ 6,136
Identifiable intangible assets		8,300
Goodwill		39,029
Total liabilities assumed		(3,603)
Total net assets acquired		$ 49,862
Voyant
Business Acquisition [Line Items]
Cash and cash equivalents				$ 8,027
Identifiable intangible assets				46,600
Goodwill				109,349
Other assets				2,896
Total assets acquired				166,872
Deferred income tax liabilities				(7,758)
Other liabilities				(2,016)
Total liabilities assumed				(9,774)
Total net assets acquired				157,098
Voyant | Preliminary Estimate
Business Acquisition [Line Items]
Cash and cash equivalents				8,027
Identifiable intangible assets				46,600
Goodwill				109,016
Other assets				2,896
Total assets acquired				166,539
Deferred income tax liabilities				(7,431)
Other liabilities				(2,010)
Total liabilities assumed				(9,441)
Total net assets acquired				157,098
Voyant | Measurement Period Adjustments
Business Acquisition [Line Items]
Goodwill				333
Total assets acquired				333
Deferred income tax liabilities				(327)
Other liabilities				(6)
Total liabilities assumed				$ (333)

Business Combinations - Summa_2

Business Combinations - Summary of Intangible Assets Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Adhesion Wealth
Business Acquisition [Line Items]
Total intangible assets acquired	$ 8,300
Adhesion Wealth | Trade Names
Business Acquisition [Line Items]
Total intangible assets acquired	$ 1,500
Estimated Useful Life in Years	10 years
Adhesion Wealth | Customer Relationship
Business Acquisition [Line Items]
Total intangible assets acquired	$ 3,200
Estimated Useful Life in Years	7 years
Adhesion Wealth | Technology
Business Acquisition [Line Items]
Total intangible assets acquired	$ 3,600
Estimated Useful Life in Years	3 years
Voyant
Business Acquisition [Line Items]
Total intangible assets acquired	$ 46,600
Voyant | Trade Names
Business Acquisition [Line Items]
Total intangible assets acquired	$ 3,200
Estimated Useful Life in Years	11 years
Voyant | Technology
Business Acquisition [Line Items]
Total intangible assets acquired	$ 16,000
Estimated Useful Life in Years	9 years
Voyant | Enterprise Distribution Channel Customer Relationships
Business Acquisition [Line Items]
Total intangible assets acquired	$ 17,500
Estimated Useful Life in Years	0 years
Voyant | Non Enterprise Distribution Channel Customer Relationships
Business Acquisition [Line Items]
Total intangible assets acquired	$ 9,500
Estimated Useful Life in Years	14 years
Voyant | Noncompete Agreements
Business Acquisition [Line Items]
Total intangible assets acquired	$ 400
Estimated Useful Life in Years	3 years

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
VIE, fair value of investments	$ 13,602	$ 14,379
VIE, other long term liabilities	13,602	14,379
VIE, other (income) expense related to unrealized gains (losses)	$ (2,542)	$ 1,690	$ 900

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 487,225	$ 447,864
Amortization of Intangible Assets	$ 8,766	$ 7,243	$ 5,678
Trade Names
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
AssetMark Trust Company Regulatory Status
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
Broker-Dealer License
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
Voyant Non-enterprise Distribution Channel Customer Relationships
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
GFPC Adviser Relationships
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
OBS Adviser and Trust Relationships
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
Voyant Trade Name
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
Voyant Technology
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days
Voyant Non-compete Agreement
Goodwill And Intangible Assets [Line Items]
Weighted average estimated remaining useful life	11 years 7 months 6 days

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated amortization	$ (35,183)	$ (26,417)
Definite-lived intangible assets, Net carrying amount	106,647
Intangible assets, Gross carrying amount	729,810	721,510
Intangible assets, Net carrying amount	694,627	695,093
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	17,500	17,500
Trade Names
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	45,830	45,830
Definite-lived intangible assets, Accumulated amortization	(14,131)	(11,839)
Definite-lived intangible assets, Net carrying amount	$ 31,699	$ 33,991
Definite-lived intangible assets, Estimated remaining useful life	14 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	(3,561)	(2,984)
Definite-lived intangible assets, Net carrying amount	$ 7,989	$ 8,566
Definite-lived intangible assets, Estimated remaining useful life	14 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	(7,184)	(6,019)
Definite-lived intangible assets, Net carrying amount	$ 16,116	$ 17,281
Definite-lived intangible assets, Estimated remaining useful life	14 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	(3,775)	(2,757)
Definite-lived intangible assets, Net carrying amount	$ 10,475	$ 11,493
Definite-lived intangible assets, Estimated remaining useful life	10 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	(1,018)	(339)
Definite-lived intangible assets, Net carrying amount	$ 8,482	$ 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	(2,130)	(1,378)
Definite-lived intangible assets, Net carrying amount	$ 7,370	$ 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	(436)	(145)
Definite-lived intangible assets, Net carrying amount	$ 2,764	$ 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	(2,667)	(889)
Definite-lived intangible assets, Net carrying amount	$ 13,333	$ 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	(200)	(67)
Definite-lived intangible assets, Net carrying amount	$ 200	$ 333
Definite-lived intangible assets, Estimated remaining useful life	2 years	3 years
Adhesion Wealth Trade Name
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 1,500
Definite-lived intangible assets, Accumulated amortization	(6)
Definite-lived intangible assets, Net carrying amount	$ 1,494
Definite-lived intangible assets, Estimated remaining useful life	10 years
Adhesion Wealth Customer Relationships
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 3,200
Definite-lived intangible assets, Accumulated amortization	(25)
Definite-lived intangible assets, Net carrying amount	$ 3,175
Definite-lived intangible assets, Estimated remaining useful life	7 years
Adhesion Wealth Technology
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 3,600
Definite-lived intangible assets, Accumulated amortization	(50)
Definite-lived intangible assets, Net carrying amount	$ 3,550
Definite-lived intangible assets, Estimated remaining useful life	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	Dec. 31, 2022 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2023	$ 10,484
2024	10,425
2025	10,308
2026	9,158
2027	9,158
2028 and thereafter	57,114
Definite-lived intangible assets, Net carrying amount	$ 106,647

Accrued Liabilities and Other_3

Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued bonus	$ 19,813	$ 20,718
Compensation and benefits payable	13,403	7,182
Current portion of long-term debt, net	6,123
Current portion of operating lease liabilities	4,485	4,223
Reserve for uncertain tax positions	4,136	3,695
Asset-based payables	840	1,709
Other accrued expenses	20,396	18,722
Total	$ 69,196	$ 56,249

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred compensation plan liability	$ 13,602	$ 14,379
Contractor liability	1,178	1,602
Other	405	487
Total	$ 15,185	$ 16,468

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total assets	$ 24,066	$ 14,498
Liabilities:
Total liabilities	13,602	14,379
Equity Security Investments
Assets:
Total assets	112	119
Assets To Fund Deferred Compensation Liability
Assets:
Total assets	13,602	14,379
Convertible Notes Receivable
Assets:
Total assets	10,352
Deferred Compensation Liability
Liabilities:
Total liabilities	13,602	14,379
Level I
Assets:
Total assets	13,714	14,498
Liabilities:
Total liabilities	13,602	14,379
Level I | Equity Security Investments
Assets:
Total assets	112	119
Level I | Assets To Fund Deferred Compensation Liability
Assets:
Total assets	13,602	14,379
Level I | Deferred Compensation Liability
Liabilities:
Total liabilities	13,602	$ 14,379
Level III
Assets:
Total assets	10,352
Level III | Convertible Notes Receivable
Assets:
Total assets	$ 10,352

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 09, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Convertible Notes Receivable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value adjustment of convertible notes receivable		$ (157)
Loan and Security Agreement | Convertible Notes Receivable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt conversion, description	On August 9, 2022, the Company, as lender, entered into a loan and security agreement under which the Company agreed to purchase up to $25,000 in principal amount of convertible notes from the borrower. The notes are convertible, at the Company’s election, into shares of the borrower’s common stock at the end of 2025. The convertible notes are classified as available for sale, and included in other assets in the Company’s consolidated balance sheets
Loan and Security Agreement | Convertible Notes Receivable | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of convertible notes	$ 25,000
Other (Income) Expense, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains on deferred compensation asset		(2,542)	$ 1,690	$ 900
Deferred compensation liability		$ 2,542	$ (1,690)	$ (900)

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Jan. 12, 2022	Dec. 31, 2020
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 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		250,000
2020 Credit Agreement | Bank of Montreal | 2020 Revolving Credit Facility [Member] | Maximum
Debt Instrument [Line Items]
Accordion Option		$ 25,000
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. The ESG Amendment provides for up to (i) 0.05% positive or negative adjustments to the applicable margin and (ii) 0.01% positive or negative adjustments to the commitment fee, in each case, based on the Company’s performance against the KPIs, and includes customary affirmative covenants and representations and warranties with respect to the KPIs.
2022 Credit Agreement | Maximum | 2022 Term Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
2022 Credit Agreement | Maximum | 2022 Term Loans | SOFR
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
2022 Credit Agreement | Minimum | 2022 Term Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	0.875%
2022 Credit Agreement | Minimum | 2022 Term Loans | SOFR
Debt Instrument [Line Items]
Debt instrument, interest rate	1.875%
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

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 5,321	$ 5,170	$ 5,850
Variable lease components recorded as general and operating expenses	$ 651	$ 773	$ 716
Weighted-average lease term	5 years 10 months 24 days	6 years 3 months 18 days
Weighted-average discount rate	4.65%	3.62%
Operating lease liability payments	$ 5,713	$ 5,407
Cash allowance received from lessor	$ 541

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 5,486
2024	6,685
2025	6,405
2026	6,231
2027	6,091
2028 and thereafter	6,493
Total future minimum lease payments	37,391
Less: imputed interest	(4,982)
Total operating lease liabilities	$ 32,409

Asset-Based Expenses - Schedule

Asset-Based Expenses - Schedule of Asset-Based Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Costs And Expenses [Abstract]
Strategist and manager fees	$ 135,992	$ 128,490	$ 107,317
Premier broker-dealer fees	6,300	9,461	11,303
Custody fees	6,676	6,712	6,226
Fund advisory fees	4,837	4,402	4,600
Marketing allowance	254	1,769	3,244
Other	41	2	5
Total	$ 154,100	$ 150,836	$ 132,695

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current provision
Federal	$ 31,348	$ 16,273	$ 6,331
State	8,798	4,605	2,418
Foreign	26
Total current provision	40,172	20,878	8,749
Deferred provision (benefit)
Federal	(5,061)	(578)	391
State	(1,608)	(984)	(1,097)
Foreign	(4)
Total deferred provision (benefit)	(6,673)	(1,562)	(706)
Total income tax expense	$ 33,499	$ 19,316	$ 8,043

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes Disclosure [Line Items]
Income taxes paid	$ 34,059	$ 19,796	$ 13,456
Operating Loss Carryforwards	13,380	14,962
Unrecognized tax benefits	5,655	4,918	3,278
Unrecognized tax benefits, if recognized, impact in effective tax rate	4,979	4,385
Interest and Penalties related to unrecognized tax benefits	145	296	$ 182
Accrued Interest and penalties related to unrecognized tax benefits	845	700
Federal
Income Taxes Disclosure [Line Items]
Operating Loss Carryforwards	2,045
Operating loss carryforwards to expire unused	11,335
State
Income Taxes Disclosure [Line Items]
Operating Loss Carryforwards	261,037	275,032
Operating loss carryforwards to expire unused	$ 113,873
Operating loss carryforwards, expiration beginning year	2023
Tax credit carryforwards	$ 2,762	$ 2,422

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Federal Statutory Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate:	21%	21%	21%
Increase in rate resulting from:
Non-deductible meals & entertainment	0.01%	0.10%	24.98%
Officers life insurance			1.65%
Qualified transportation fringe benefits	0.03%	0.09%	21.63%
Equity compensation	0.27%	19.22%	4,284.57%
Executive compensation limitation	0.16%	1.28%	224.53%
State income tax, net of federal income tax effect	4.05%	6.03%	359.74%
Unrecognized tax benefits	0.05%	1.70%	407.72%
Research & development tax credit	(1.39%)	(5.21%)	(1797.83%)
Return to provision	0.06%	(1.76%)	(66.74%)
Other, net	0.25%	0.48%	0.57%
Effective rate	24.49%	42.93%	3,481.82%

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of Net Deferred Income Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Accrued expenses	$ 7,633	$ 7,031
Federal benefit of state tax expense	5,790	5,544
Federal and state net operating loss carryforwards	15,598	17,108
Tax credit carryforwards	2,885	2,537
Lease liability	8,549	8,797
Stock-based compensation	5,359	3,756
Other	103	24
Total deferred income tax assets	45,917	44,797
Liabilities:
Other intangible assets	170,407	170,131
Property and equipment, and capitalized software	14,307	20,529
Right-of-use asset	6,960	7,221
Other	1,740	2,289
Total deferred income tax liabilities	193,414	200,170
Net deferred income tax liability	$ 147,497	$ 155,373

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance, beginning of year	$ 4,918	$ 3,278
Increases related to prior year tax positions	313	497
Decreases related to prior year tax positions due to closure of statute	(389)	(131)
Increases related to current year tax positions	813	1,274
Balance, end of year	$ 5,655	$ 4,918

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Vote Right $ / shares shares	Dec. 31, 2021 $ / shares shares
Equity [Abstract]
Common stock voting rights description	Each holder of Company common stock is entitled to one vote per share
Common stock, number of votes per share | Vote	1
Common stock preemptive and other subscription rights | Right	0
Common stock redemption or sinking fund provision | $	$ 0
Common stock, shares authorized	675,000,000	675,000,000
Preferred stock shares authorized	75,000,000
Common stock, par value | $ / shares	$ 0.001	$ 0.001
Preferred stock par or stated value per share | $ / shares	$ 0.001
Common stock, shares issued	73,847,596	73,562,717
Common stock, shares outstanding	73,847,596	73,562,717
Preferred stock shares issued	0
Preferred stock shares outstanding	0

Share-Based Employee Compensa_3

Share-Based Employee Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Installment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50%
Vesting description	50% of these RSAs vested in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, 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	$ 41,715	$ 48,045
Exchange of shares with stockholders on liquidation | shares	6,309,049
Number of equal vesting installments | Installment	3
Vesting upon satisfaction of condition	50%
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 670	2,386	2,346
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	8,129	6,104	2,148
Unrecognized compensation cost	$ 22,838
Expected to be recognized period	2 years 8 months 12 days
Fair value of RSUs vested	$ 5,718
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	5,077	$ 3,432	$ 1,298
Unrecognized compensation cost	$ 15,148
Number of shares, granted | shares	1,030,037	894,411	831,902
Exercise price | $ / shares	$ 20.72	$ 25.59	$ 28.42
Expected to be recognized period	2 years 9 months 18 days
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share available for issuance under the plan | shares	650,562
2019 Equity Incentive Plan | Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting description	Each of these options vested and became 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. On July 18, 2022, the last installment of outstanding options vested.
Number of shares, granted | shares	918,981
Exercise price | $ / shares	$ 22
Contractual term	10 years
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

Share-Based Employee Compensa_4

Share-Based Employee Compensation - Schedule of RSA Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units, Balance	4,198,133	5,257,541
Number of units, Vested	(4,195,215)	(1,049,488)
Number of units, Forfeited	(2,918)	(9,920)
Number of units, Balance		4,198,133
Weighted average grant date fair value, Balance	$ 22	$ 22
Weighted average grant date fair value, Vested	22	22
Weighted average grant date fair value, Forfeited	$ 22	22
Weighted average grant date fair value, Balance		$ 22

Share-Based Employee Compensa_5

Share-Based Employee Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Stock Option	12 Months Ended
	Dec. 31, 2019 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value of options	$ 7.73
Risk free rate	1.90%
Expected volatility	32.80%
Expected terms (in years)	6 years

Share-Based Employee Compensa_6

Share-Based Employee Compensation - Schedule of Stock Option Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Balance	872,205	900,271	908,775
Number of options, Exercised	(17,010)	(17,860)	(8,504)
Number of options, Balance	782,894	872,205	900,271
Number of options, Forfeited	(20,699)	(10,206)
Number of options, Expired	(51,602)
Number of options, Vested and Exercised	782,894
Weighted average exercise price, Balance	$ 22	$ 22	$ 22
Weighted average exercise price, Exercised	22	22	22
Weighted average exercise price, Balance	22	22	$ 22
Weighted average exercise price, Forfeited	22	$ 22
Weighted average exercise price, Expired	22
Weighted average exercise price, Vested and Exercised	$ 22
Aggregate intrinsic value, Balance	$ 3,672	$ 1,981	$ 6,380
Aggregate intrinsic value, Exercised	17	67	44
Aggregate intrinsic value, Balance	783	3,672	$ 1,981
Aggregate intrinsic value, Forfeited	16	$ 37
Aggregate intrinsic value, Expired	29
Aggregate intrinsic value, Vested and Exercised	$ 783
Weighted average remaining contractual term, Balance	4 years 3 months 18 days	5 years 6 months	8 years 6 months
Weighted average remaining contractual term, Vested and Exercised	4 years 3 months 18 days

Share-Based Employee Compensa_7

Share-Based Employee Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units, Balance	1,023,399	343,735	114,044
Number of units, Granted	525,195	819,011	310,225
Number of units, Vested	(284,168)	(106,110)	(60,671)
Number of units, Forfeited	(82,387)	(33,237)	(19,863)
Number of units, Balance	1,182,039	1,023,399	343,735
Weighted average grant date fair value, Balance	$ 25.87	$ 27.63	$ 22.79
Weighted average grant date fair value, Granted	21.29	25.35	28.27
Weighted average grant date fair value, Vested	25.93	27.30	22.49
Weighted average grant date fair value, Forfeited	25.41	26.65	25.62
Weighted average grant date fair value, Balance	$ 23.85	$ 25.87	$ 27.63

Share-Based Employee Compensa_8

Share-Based Employee Compensation - Schedule of SARs Valuation Assumptions (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of SARs	$ 8.67	$ 9.81	$ 11.18
Risk free rate	3.05%
Expected volatility	37%
Expected terms (in years)	6 years 3 months	6 years 3 months	6 years 3 months
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free rate		0.63%	0.42%
Expected volatility		37%	38%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free rate		1.04%	0.56%
Expected volatility		39%	40%

Share-Based Employee Compensa_9

Share-Based Employee Compensation - Schedule of SAR Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Balance	1,683,514	831,902
Number of options, granted	1,030,037	894,411	831,902
Number of options, Balance	2,596,639	1,683,514	831,902
Number of units, Forfeited	(85,551)	(38,111)
Number of options, expired	(31,361)	(4,688)
Number of options, Vested and Exercised	582,229
Weighted average exercise price, Balance	$ 26.94	$ 28.42
Exercise price	20.72	25.59	$ 28.42
Weighted average exercise price, Balance	24.48	26.94	28.42
Weighted average exercise price, Forfeited	26.58	27.12
Weighted average exercise price, Expired	27.88	$ 28.48
Weighted average exercise price	$ 27.38
Aggregate intrinsic value, Balance	$ 571	$ 139
Aggregate intrinsic value, Granted		$ 363	$ 139
Aggregate intrinsic value, Balance	2,324	$ 571	$ 139
Aggregate intrinsic value, Forfeited	31	$ 10
Aggregate intrinsic value, Vested and Exercised	$ 100
Weighted average remaining contractual term, Balance	8 years 3 months 18 days	8 years 7 months 6 days	9 years 4 months 24 days
Weighted average remaining contractual term, Vested and Exercised	7 years 3 months 18 days

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, employers matching contribution, period of service	2 years
Defined contribution plan, cost	$ 6,779	$ 6,043	$ 5,246

Net Capital and Minimum Capit_2

Net Capital and Minimum Capital Requirements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
AssetMark Trust Company
Net Capital And Minimum Capital Requirements [Line Items]
Liquid capital	$ 11,500	$ 12,375
AssetMark Brokerage, LLC
Net Capital And Minimum Capital Requirements [Line Items]
Net capital	$ 16	$ 5

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Huatai Securities Co., Ltd.
Related Party Transaction [Line Items]
Receivable due from related parties	$ 0	$ 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 Per (Loss) Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 103,261	$ 25,671	$ (7,812)
Weighted average number of common shares outstanding, basic	73,724,341	72,137,174	67,361,995
Basic	$ 1.40	$ 0.36	$ (0.12)
Effect of dilutive shares:
Options to purchase common stock		$ 9,913
Unvested RSUs	$ 148,487	$ 252,126
Weighted average number of common shares outstanding, diluted	73,872,828	72,399,213	67,361,995
Diluted	$ 1.40	$ 0.35	$ (0.12)

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 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	3,978,931	1,890,746	6,274,041
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding			4,198,133
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	782,894		900,271
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	599,398	207,232	343,735
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	2,596,639	1,683,514	831,902