AssetMark Financial (AMK) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38980
Entity Registrant Name	ASSETMARK FINANCIAL HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0774039
Entity Address, Address Line One	1655 Grant Street
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	Concord
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94520
City Area Code	925
Local Phone Number	521-2200
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	AMK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,265,358
Entity Central Index Key	0001591587
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 214,754	$ 123,274
Restricted cash	14,000	13,000
Investments, at fair value	16,294	13,714
Fees and other receivables, net	20,464	20,082
Income tax receivable, net	0	265
Prepaid expenses and other current assets	13,086	16,870
Total current assets	278,598	187,205
Property, plant and equipment, net	7,672	8,495
Capitalized software, net	105,593	89,959
Other intangible assets, net	686,765	694,627
Operating lease right-of-use assets	21,625	22,002
Goodwill	487,353	487,225
Other assets	17,721	13,417
Total assets	1,605,327	1,502,930
Current liabilities:
Accounts payable	1,781	4,624
Accrued liabilities and other current liabilities	65,458	69,196
Income tax payable, net	25,755	0
Total current liabilities	92,994	73,820
Long-term debt, net	93,519	112,138
Other long-term liabilities	16,666	15,185
Long-term portion of operating lease liabilities	27,539	27,924
Deferred income tax liabilities, net	147,497	147,497
Total long-term liabilities	285,221	302,744
Total liabilities	378,215	376,564
Stockholders’ equity:
Common stock, $0.001 par value (675,000,000 shares authorized and 74,264,226 and 73,847,596 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	74	74
Additional paid-in capital	955,208	942,946
Retained earnings	271,987	183,503
Accumulated other comprehensive loss	(157)	(157)
Total stockholders’ equity	1,227,112	1,126,366
Total liabilities and stockholders’ equity	$ 1,605,327	$ 1,502,930

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	675,000,000	675,000,000
Common stock, shares issued (in shares)	74,264,226	73,847,596
Common stock, shares outstanding (in shares)	74,264,226	73,847,596

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 190,522	$ 154,663	$ 550,316	$ 454,173
Operating expenses:
Asset-based expenses	43,092	36,476	119,870	118,429
Spread-based expenses	8,492	2,142	23,052	3,188
Employee compensation	46,613	41,589	141,623	121,852
General and operating expenses	22,714	21,667	72,757	65,949
Professional fees	7,369	5,877	21,134	17,104
Depreciation and amortization	8,965	7,961	26,077	23,141
Total operating expenses	137,245	115,712	404,513	349,663
Interest expense	2,305	1,560	6,789	4,207
Other (income) expense, net	(2,192)	(11)	17,385	195
Income before income taxes	53,164	37,402	121,629	100,108
Provision for income taxes	14,779	7,293	33,145	22,440
Net income	38,385	30,109	88,484	77,668
Net comprehensive income	$ 38,385	$ 30,109	$ 88,484	$ 77,668
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.52	$ 0.41	$ 1.19	$ 1.05
Diluted (in dollars per share)	$ 0.51	$ 0.41	$ 1.19	$ 1.05
Weighted average number of common shares outstanding, basic (shares)	74,261,667	73,842,297	74,047,412	73,682,881
Weighted average number of common shares outstanding, diluted (shares)	74,695,260	73,844,689	74,521,370	73,783,858
Asset-based revenue
Revenue:
Total revenue	$ 143,840	$ 128,173	$ 412,215	$ 409,498
Spread-based revenue
Revenue:
Total revenue	37,329	21,160	112,863	30,265
Subscription-based revenue
Revenue:
Total revenue	3,891	3,126	11,128	9,703
Other revenue
Revenue:
Total revenue	$ 5,462	$ 2,204	$ 14,110	$ 4,707

Unaudited Condensed Consolida_2

Unaudited Condensed 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, 2021	$ 1,009,386	$ 74	$ 929,070	$ 80,242
Beginning balance (in shares) at Dec. 31, 2021		73,562,717
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,668			77,668
Share-based compensation	10,096		10,096
Issuance of common stock - vesting of restricted stock units (in shares)		283,036
Exercise of stock options (in shares)		221
Ending balance at Sep. 30, 2022	1,097,150	$ 74	939,166	157,910
Ending balance (in shares) at Sep. 30, 2022		73,845,974
Beginning balance at Jun. 30, 2022	1,063,118	$ 74	935,243	127,801
Beginning balance (in shares) at Jun. 30, 2022		73,745,114
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,109			30,109
Share-based compensation	3,923		3,923
Issuance of common stock - vesting of restricted stock units (in shares)		100,860
Ending balance at Sep. 30, 2022	1,097,150	$ 74	939,166	157,910
Ending balance (in shares) at Sep. 30, 2022		73,845,974
Beginning balance at Dec. 31, 2022	1,126,366	$ 74	942,946	183,503	$ (157)
Beginning balance (in shares) at Dec. 31, 2022		73,847,596
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	88,484			88,484
Share-based compensation	12,262		12,262
Issuance of common stock - vesting of restricted stock units (in shares)		361,901
Exercise of stock options (in shares)		52,765
Exercise of stock appreciation rights (in shares)		1,964
Ending balance at Sep. 30, 2023	1,227,112	$ 74	955,208	271,987	(157)
Ending balance (in shares) at Sep. 30, 2023		74,264,226
Beginning balance at Jun. 30, 2023	1,184,439	$ 74	950,920	233,602	(157)
Beginning balance (in shares) at Jun. 30, 2023		74,172,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,385			38,385
Share-based compensation	4,288		4,288
Issuance of common stock - vesting of restricted stock units (in shares)		92,146
Ending balance at Sep. 30, 2023	$ 1,227,112	$ 74	$ 955,208	$ 271,987	$ (157)
Ending balance (in shares) at Sep. 30, 2023		74,264,226

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 88,484	$ 77,668
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,077	23,141
Interest (income) expense, net	(184)	607
Share-based compensation	12,262	10,096
Debt acquisition cost write-down	92	130
Changes in certain assets and liabilities:
Fees and other receivables, net	(879)	(7,338)
Receivables from related party	480	568
Prepaid expenses and other current assets	7,751	6,732
Accounts payable, accrued liabilities and other current liabilities	(675)	(12,664)
Income tax receivable and payable, net	26,020	(3,341)
Net cash provided by operating activities	159,428	95,599
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Adhesion Wealth	(3,000)	0
Purchase of investments	(1,936)	(2,211)
Sale of investments	289	384
Purchase of property and equipment	(1,155)	(1,440)
Purchase of computer software	(31,871)	(26,049)
Purchase of convertible notes	(4,275)	(8,600)
Net cash used in investing activities	(41,948)	(37,916)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net	0	122,508
Proceeds from revolving credit facility draw down	50,000	0
Payments on revolving credit facility	(50,000)	(115,000)
Payments on term loan	(25,000)	(4,688)
Net cash (used in) provided by financing activities	(25,000)	2,820
Net change in cash, cash equivalents, and restricted cash	92,480	60,503
Cash, cash equivalents, and restricted cash at beginning of period	136,274	89,707
Cash, cash equivalents, and restricted cash at end of period	228,754	150,210
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid, net	6,962	26,176
Interest paid	7,837	2,714
Non-cash operating and investing activities:
Non-cash changes to right-of-use assets	3,360	3,396
Non-cash changes to lease liabilities	$ 3,360	$ 3,396

Overview

Overview	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview	Overview Organization and Nature of Business These unaudited condensed consolidated financial statements include AssetMark Financial Holdings, Inc. 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 Ltd. and 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 and GuidePath Funds (“Proprietary Mutual Funds”), 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 underwrite and distribute the Company’s Proprietary Mutual Funds and to sponsor the Financial Industry Regulatory Authority (“FINRA”) licensing of those AssetMark associates who provide distribution support of the Company’s Proprietary Mutual Funds employed in certain AssetMark programs and strategies. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, considered necessary for fair presentation have been included. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ended December 31, 2023 or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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 condensed consolidated financial statements have been prepared in accordance with GAAP. Certain prior period amounts in the accompanying notes have been reclassified to conform to the current period’s presentatio n. Geographic Sources of Revenue

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: September 30, 2023 December 31, 2022 Prepaid expenses $ 7,110 $ 11,697 Operating lease right-of-use assets 4,747 4,387 Other 1,229 786 Total $ 13,086 $ 16,870

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Acquisition of Adhesion Wealth On December 14, 2022, the Company acquired all of the issued and outstanding equity interests of Adhesion Financial Advisor Solutions (“Adhesion Wealth”). 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 and no later than December 14, 2023. On January 30, 2023, the Company completed an internal restructuring of Adhesion Wealth and Atria whereby Adhesion Wealth was merged out of existence and Atria became a direct subsidiary of AssetMark Financial Holdings, Inc., and will continue to do business as Adhesion Wealth. In January 2023, the Company settled a purchase consideration liability in the amount of $3,000.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill The Company’s goodwill balance was $487,353 and $487,225 as of September 30, 2023 and December 31, 2022, respectively. The Company performed an annual test for goodwill impairment based on the financial information available as of October 31, 2022 and 2021 for the years ended December 31, 2022 and 2021 and determined that goodwill was not impaired. The Company performed a qualitative analysis of factors and determined that goodwill was not impaired as of September 30, 2023. Other Intangible Assets Information regarding the Company’s intangible assets is as follows: September 30, 2023 Gross carrying Accumulated Net carrying Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Enterprise distribution channel customer relationships 17,500 — 17,500 Definite-lived intangible assets: Trade names 50,530 (16,622) 33,908 Technology 19,600 (4,950) 14,650 Customer relationships 36,450 (9,120) 27,330 Regulatory licenses 34,850 (12,053) 22,797 Non-compete agreements 400 (300) 100 Total $ 729,810 $ (43,045) $ 686,765 December 31, 2022 Gross carrying Accumulated Net carrying Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Enterprise distribution channel customer relationships 17,500 — 17,500 Definite-lived intangible assets: Trade names 50,530 (14,573) 35,957 Technology 19,600 (2,717) 16,883 Customer relationships 36,450 (6,948) 29,502 Regulatory licenses 34,850 (10,745) 24,105 Non-compete agreements 400 (200) 200 Total $ 729,810 $ (35,183) $ 694,627 A mortization expense for definite-lived intangible assets was $2,623 and $2,171 for the three months ended September 30, 2023 and 2022, respectively, and $7,862 and $6,513 for the nine months ended September 30, 2023 and 2022, respectively. The Company performed an annual test for intangible assets impairment in October for the years ended December 31, 2022 and 2021 and determined that intangible assets were not impaired. The Company performed a qualitative analysis of factors and determined that intangible assets were not impaired as of September 30, 2023. Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Remainder of 2023 $ 2,623 2024 10,425 2025 10,308 2026 9,158 2027 9,158 2028 and thereafter 57,113 Total $ 98,785

Accrued Liabilities and Other C

Accrued Liabilities and Other Current Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities and Other Current Liabilities	Accrued Liabilities and Other Current Liabilities The following table shows the breakdown of accrued liabilities and other current liabilities: September 30, 2023 December 31, 2022 Accrued bonus $ 17,976 $ 19,813 Asset-based payables 7,870 840 Compensation and benefits payable 7,801 13,403 Current portion of operating lease liabilities 4,586 4,485 Reserve for uncertain tax positions 4,136 4,136 Current portion of long-term debt, net — 6,123 Other accrued expenses 23,089 20,396 Total $ 65,458 $ 69,196

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consisted of the following: September 30, 2023 December 31, 2022 Deferred compensation plan liability $ 15,817 $ 13,602 Other 849 1,583 Total $ 16,666 $ 15,185

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, based on the three-tier fair value hierarchy: September 30, 2023 Fair Value Level I Level II Level III Assets: Equity securities investments $ 477 $ 477 $ — $ — Assets to fund deferred compensation liability 15,817 15,817 — — Convertible notes receivable 15,385 — — 15,385 Total assets $ 31,679 $ 16,294 $ — $ 15,385 Liabilities: Deferred compensation liability $ 15,817 $ 15,817 $ — $ — Total liabilities $ 15,817 $ 15,817 $ — $ — December 31, 2022 Fair Value Level I Level II Level III Assets: Equity securities 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 $ — $ — Fair Value of Equity Securities 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. Fair Value of Assets to Fund Deferred Compensation Liability and Deferred Compensation Liability The assets to fund deferred compensation liability are included in investments, at fair value in the condensed consolidated balance sheets, with fair market value based on the month-end quoted market prices for the net asset value of the various investment funds. The deferred compensation liability is included in other long-term liabilities in the condensed 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. Fair Value of Convertible Notes Receivable

Asset-Based Expenses

Asset-Based Expenses	9 Months Ended
	Sep. 30, 2023
Operating Costs and Expenses [Abstract]
Asset-Based Expenses	Asset-Based Expenses Asset-based expenses incurred by the Company relating to the generation of asset-based revenue are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Strategist and manager fees $ 36,663 $ 32,437 $ 104,818 $ 104,554 Premier broker-dealer fees 3,348 1,272 6,090 5,055 Custody fees 1,655 1,519 4,723 5,098 Fund advisory fees 1,323 1,226 3,967 3,443 Other 103 22 272 279 Total $ 43,092 $ 36,476 $ 119,870 $ 118,429

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	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”), 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, solely 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. In March 2023, the Company paid down a total of $25,000, with the excess repayment above the scheduled amortizing payment to be applied to future quarterly principal payments.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationOn 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 September 30, 2023, 514,521 shares were available for issuance under the 2019 Equity Incentive Plan. 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 contractual term. On July 18, 2022, the last installment of outstanding options vested. Share-based compensation expense related to the stock options was $0 and $64 for the three months ended September 30, 2023 and 2022, respectively, and $0 and $670 for the nine months ended September 30, 2023 and 2022, 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. Most of these RSUs are scheduled to vest in substantially equal installments on each of the first four anniversaries of their grant date. During the nine months ended September 30, 2023, the Company issued 593,653 RSUs in aggregate to its officers, certain employees and independent directors of the board. Share-based compensation expense related to the RSUs was $3,150 and $2,321 for the three months ended September 30, 2023 and 2022, respectively, and $8,103 and $5,850 for the nine months ended September 30, 2023 and 2022, respectively. Stock Appreciation Rights Equity-settled Stock Appreciation Rights P eriodically, the Company issues equity-settled stock appreciation rights (“Equity-settled SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each Equity-settled SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. Upon exercise, each of these Equity-settled SARs will be settled in shares of the Company’s common stock with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price. During the nine months ended September 30, 2023, the Company issued 109,889 Equity-settled SARs to certain officers. Share-based compensation expense related to Equity-settled SARs was $1,138 and $1,538 for the three months ended September 30, 2023 and 2022, respectively, and $4,159 and $3,576 for the nine months ended September 30, 2023 and 2022, respectively. Cash-settled Stock Appreciation Rights The Company issued cash-settled stock appreciation rights (“Cash-settled SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each Cash-settled SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. Upon exercise, each of these Cash-settled SARs will be settled in cash with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price. During the nine months ended September 30, 2023, the Company issued 338,907 Cash-settled SARs to certain officers. Share-based compensation expense related to Cash-settled SARs was $77 and $0 for the three months ended September 30, 2023 and 2022, respectively, and $159 and $0 for the nine months ended September 30, 2023 and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. Because the Company operates in a highly regulated industry, the Company and its subsidiaries are regularly subject to examinations by the SEC and other relevant regulators. As disclosed since the fall of 2020, in July 2020, AMI received an examination report from the SEC’s Division of Examinations requesting that AMI and certain subsidiaries of AFHI take corrective actions. The Company’s subsidiaries also received related subpoenas from the SEC Division of Enforcement for production of documents and testimony. The matter at issue concerned allegedly inadequate disclosure of potential conflicts of interest by AMI between 2016 and 2021. Based on discussions with the SEC enforcement staff, the Company recorded an accrual of $20,000 in its financial statements in March 2023 for the expected resolution of this matter. In September 2023, the Company reached a settlement with the SEC regarding the matter at issue without admitting or denying the SEC’s findings. The Company paid a civil penalty of $9,500 as well as disgorgement and prejudgment interest of $8,827, which will be distributed to impacted customers once the SEC approves the distribution plan. The Company also consented to, and intends to, comply with certain undertakings under the settlement. The adjustment related to the settlement has been included within other (income) expense, net within the unaudited condensed consolidated statements of comprehensive income for the three months ended September 30, 2023. Other Contingencies

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes, the effect of research and development tax credits, and permanent non-deductible items. The Company’s effective tax rate was 27.8% and 19.5% for the three months ended September 30, 2023 and 2022, respectively, and 27.3% and 22.4% for the nine months ended September 30, 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2023 and December 31, 2022, the Company had no amounts due from Huatai Securities Co., Ltd. (“HTSC”).

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	Net Income Per Share Attributable to Common Stockholders Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period. For the calculation of diluted net income per share, the basic weighted average number of shares of common stock outstanding is increased by the dilutive effect (if any) of stock options, restricted stock awards, restricted stock units and stock appreciation rights. The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to common stockholders $ 38,385 $ 30,109 $ 88,484 $ 77,668 Weighted average number of shares of common stock used in computing net income per share attributable to common stockholders, basic 74,261,667 73,842,297 74,047,412 73,682,881 Net income per share attributable to common stockholders, basic $ 0.52 $ 0.41 $ 1.19 $ 1.05 Weighted average shares used in computing net income per share attributable to common stockholders, basic 74,261,667 73,842,297 74,047,412 73,682,881 Effect of dilutive shares: Stock options 109,324 — 111,283 — Unvested RSUs 236,794 2,392 289,708 100,977 SARs 87,475 — 72,967 — Diluted number of weighted-average shares outstanding 74,695,260 73,844,689 74,521,370 73,783,858 Net income per share attributable to common stockholders, diluted $ 0.51 $ 0.41 $ 1.19 $ 1.05 The following securities were not included in the computation of diluted shares because such securities did not have a dilutive effect. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options — 803,306 — 803,306 SARs 1,571,831 2,631,761 1,571,831 2,631,761 RSUs 31,980 1,038,682 54,221 671,935 Total 1,603,811 4,473,749 1,626,052 4,107,002

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 38,385	$ 30,109	$ 88,484	$ 77,668

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated financial statements have been prepared in accordance with GAAP. Certain prior period amounts in the accompanying notes have been reclassified to conform to the current period’s presentatio n.
Geographic Sources of Revenue	Geographic Sources of RevenueRevenue attributable to customers outside of the United States totaled $4,167 and $3,527 in the three months ended September 30, 2023 and 2022, respectively, and $12,065 and $10,691 in the nine months ended September 30, 2023 and 2022, respectively.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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: September 30, 2023 December 31, 2022 Prepaid expenses $ 7,110 $ 11,697 Operating lease right-of-use assets 4,747 4,387 Other 1,229 786 Total $ 13,086 $ 16,870

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Information regarding the Company’s intangible assets is as follows: September 30, 2023 Gross carrying Accumulated Net carrying Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Enterprise distribution channel customer relationships 17,500 — 17,500 Definite-lived intangible assets: Trade names 50,530 (16,622) 33,908 Technology 19,600 (4,950) 14,650 Customer relationships 36,450 (9,120) 27,330 Regulatory licenses 34,850 (12,053) 22,797 Non-compete agreements 400 (300) 100 Total $ 729,810 $ (43,045) $ 686,765 December 31, 2022 Gross carrying Accumulated Net carrying Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Enterprise distribution channel customer relationships 17,500 — 17,500 Definite-lived intangible assets: Trade names 50,530 (14,573) 35,957 Technology 19,600 (2,717) 16,883 Customer relationships 36,450 (6,948) 29,502 Regulatory licenses 34,850 (10,745) 24,105 Non-compete agreements 400 (200) 200 Total $ 729,810 $ (35,183) $ 694,627
Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets	Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Remainder of 2023 $ 2,623 2024 10,425 2025 10,308 2026 9,158 2027 9,158 2028 and thereafter 57,113 Total $ 98,785

Accrued Liabilities and Other_2

Accrued Liabilities and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	The following table shows the breakdown of accrued liabilities and other current liabilities: September 30, 2023 December 31, 2022 Accrued bonus $ 17,976 $ 19,813 Asset-based payables 7,870 840 Compensation and benefits payable 7,801 13,403 Current portion of operating lease liabilities 4,586 4,485 Reserve for uncertain tax positions 4,136 4,136 Current portion of long-term debt, net — 6,123 Other accrued expenses 23,089 20,396 Total $ 65,458 $ 69,196

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: September 30, 2023 December 31, 2022 Deferred compensation plan liability $ 15,817 $ 13,602 Other 849 1,583 Total $ 16,666 $ 15,185

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value	The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, based on the three-tier fair value hierarchy: September 30, 2023 Fair Value Level I Level II Level III Assets: Equity securities investments $ 477 $ 477 $ — $ — Assets to fund deferred compensation liability 15,817 15,817 — — Convertible notes receivable 15,385 — — 15,385 Total assets $ 31,679 $ 16,294 $ — $ 15,385 Liabilities: Deferred compensation liability $ 15,817 $ 15,817 $ — $ — Total liabilities $ 15,817 $ 15,817 $ — $ — December 31, 2022 Fair Value Level I Level II Level III Assets: Equity securities 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 $ — $ —

Asset-Based Expenses (Tables)

Asset-Based Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
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 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Strategist and manager fees $ 36,663 $ 32,437 $ 104,818 $ 104,554 Premier broker-dealer fees 3,348 1,272 6,090 5,055 Custody fees 1,655 1,519 4,723 5,098 Fund advisory fees 1,323 1,226 3,967 3,443 Other 103 22 272 279 Total $ 43,092 $ 36,476 $ 119,870 $ 118,429

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per Share	The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to common stockholders $ 38,385 $ 30,109 $ 88,484 $ 77,668 Weighted average number of shares of common stock used in computing net income per share attributable to common stockholders, basic 74,261,667 73,842,297 74,047,412 73,682,881 Net income per share attributable to common stockholders, basic $ 0.52 $ 0.41 $ 1.19 $ 1.05 Weighted average shares used in computing net income per share attributable to common stockholders, basic 74,261,667 73,842,297 74,047,412 73,682,881 Effect of dilutive shares: Stock options 109,324 — 111,283 — Unvested RSUs 236,794 2,392 289,708 100,977 SARs 87,475 — 72,967 — Diluted number of weighted-average shares outstanding 74,695,260 73,844,689 74,521,370 73,783,858 Net income per share attributable to common stockholders, diluted $ 0.51 $ 0.41 $ 1.19 $ 1.05
Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding	The following securities were not included in the computation of diluted shares because such securities did not have a dilutive effect. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options — 803,306 — 803,306 SARs 1,571,831 2,631,761 1,571,831 2,631,761 RSUs 31,980 1,038,682 54,221 671,935 Total 1,603,811 4,473,749 1,626,052 4,107,002

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Outside United States
Product Information [Line Items]
Revenue	$ 4,167	$ 3,527	$ 12,065	$ 10,691

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 7,110	$ 11,697
Operating lease right-of-use assets	4,747	4,387
Other	1,229	786
Total	$ 13,086	$ 16,870

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Asset Acquisition [Line Items]
Consideration liability		$ 3,000	$ 0
Adhesion Financial Advisor Solutions "Adhesion Wealth"
Asset Acquisition [Line Items]
Consideration liability	$ 3,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 487,353		$ 487,353		$ 487,225
Amortization expense	$ 2,623	$ 2,171	$ 7,862	$ 6,513

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Definite-lived intangible assets, Accumulated amortization	$ (43,045)	$ (35,183)
Total	98,785
Intangible assets, Gross carrying amount	729,810	729,810
Intangible assets, Net carrying amount	686,765	694,627
Trade names
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	50,530	50,530
Definite-lived intangible assets, Accumulated amortization	(16,622)	(14,573)
Total	33,908	35,957
Technology
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	19,600	19,600
Definite-lived intangible assets, Accumulated amortization	(4,950)	(2,717)
Total	14,650	16,883
Customer relationships
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	36,450	36,450
Definite-lived intangible assets, Accumulated amortization	(9,120)	(6,948)
Total	27,330	29,502
Regulatory licenses
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	34,850	34,850
Definite-lived intangible assets, Accumulated amortization	(12,053)	(10,745)
Total	22,797	24,105
Non-compete agreements
Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	400	400
Definite-lived intangible assets, Accumulated amortization	(300)	(200)
Total	100	200
Broker-Dealer Relationships
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net carrying amount	570,480	570,480
Enterprise Distribution Channel Customer Relationships
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Net carrying amount	$ 17,500	$ 17,500

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 2,623
2024	10,425
2025	10,308
2026	9,158
2027	9,158
2028 and thereafter	57,113
Total	$ 98,785

Accrued Liabilities and Other_3

Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued bonus	$ 17,976	$ 19,813
Asset-based payables	7,870	840
Compensation and benefits payable	7,801	13,403
Current portion of operating lease liabilities	4,586	4,485
Reserve for uncertain tax positions	4,136	4,136
Current portion of long-term debt, net	0	6,123
Other accrued expenses	23,089	20,396
Total	$ 65,458	$ 69,196

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred compensation plan liability	$ 15,817	$ 13,602
Other	849	1,583
Total	$ 16,666	$ 15,185

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 31,679	$ 24,066
Liabilities:
Total liabilities	15,817	13,602
Equity Security Investments
Assets:
Total assets	477	112
Assets To Fund Deferred Compensation Liability
Assets:
Total assets	15,817	13,602
Convertible Notes Receivable
Assets:
Total assets	15,385	10,352
Deferred Compensation Liability
Liabilities:
Total liabilities	15,817	13,602
Level I
Assets:
Total assets	16,294	13,714
Liabilities:
Total liabilities	15,817	13,602
Level I | Equity Security Investments
Assets:
Total assets	477	112
Level I | Assets To Fund Deferred Compensation Liability
Assets:
Total assets	15,817	13,602
Level I | Convertible Notes Receivable
Assets:
Total assets	0	0
Level I | Deferred Compensation Liability
Liabilities:
Total liabilities	15,817	13,602
Level II
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level II | Equity Security Investments
Assets:
Total assets	0	0
Level II | Assets To Fund Deferred Compensation Liability
Assets:
Total assets	0	0
Level II | Convertible Notes Receivable
Assets:
Total assets	0	0
Level II | Deferred Compensation Liability
Liabilities:
Total liabilities	0	0
Level III
Assets:
Total assets	15,385	10,352
Liabilities:
Total liabilities	0	0
Level III | Equity Security Investments
Assets:
Total assets	0	0
Level III | Assets To Fund Deferred Compensation Liability
Assets:
Total assets	0	0
Level III | Convertible Notes Receivable
Assets:
Total assets	15,385	10,352
Level III | Deferred Compensation Liability
Liabilities:
Total liabilities	$ 0	$ 0

Asset-Based Expenses - Schedule

Asset-Based Expenses - Schedule of Asset-Based Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Costs and Expenses [Abstract]
Strategist and manager fees	$ 36,663	$ 32,437	$ 104,818	$ 104,554
Premier broker-dealer fees	3,348	1,272	6,090	5,055
Custody fees	1,655	1,519	4,723	5,098
Fund advisory fees	1,323	1,226	3,967	3,443
Other	103	22	272	279
Total	$ 43,092	$ 36,476	$ 119,870	$ 118,429

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Jan. 12, 2022	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 30, 2020
Debt Instrument [Line Items]
Repayments of long term debt		$ 25,000	$ 25,000	$ 4,688
2022 Credit Agreement | 2022 Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000
Applicable margin percentage, adjustment based on performance (as a percent)	0.05%
Commitment fee percentage, adjustment based on performance (as a percent)	0.01%
2022 Credit Agreement | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000
2022 Credit Agreement | 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	375,000
Accordion option	$ 100,000
Minimum | 2022 Credit Agreement | 2022 Term Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	0.875%
Minimum | 2022 Credit Agreement | 2022 Term Loans | SOFR
Debt Instrument [Line Items]
Debt instrument, interest rate	1.875%
Maximum | 2022 Credit Agreement | 2022 Term Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Maximum | 2022 Credit Agreement | 2022 Term Loans | SOFR
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
Bank of Montreal | 2020 Credit Agreement | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 250,000
Bank of Montreal | 2020 Credit Agreement | 2020 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					250,000
Bank of Montreal | Maximum | 2020 Credit Agreement | 2020 Revolving Credit Facility
Debt Instrument [Line Items]
Accordion option					$ 25,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 03, 2019 Anniversary $ / shares shares	Sep. 30, 2023 USD ($) Anniversary shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense | $		$ 0	$ 64	$ 0	$ 670
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted (in shares)				593,653
Number of award anniversaries | Anniversary	4
Share-based compensation expense | $		$ 3,150	2,321	$ 8,103	5,850
Stock Appreciation Rights, Equity Settled
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted (in shares)				109,889
Number of award anniversaries | Anniversary		4
Contractual term				10 years
Share-based compensation expense | $		$ 1,138	1,538	$ 4,159	3,576
Stock Appreciation Rights, Cash Settled
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted (in shares)				338,907
Number of award anniversaries | Anniversary		4
Contractual term				10 years
Share-based compensation expense | $		$ 77	$ 0	$ 159	$ 0
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share available for issuance under the plan (in shares)		514,521		514,521
2019 Equity Incentive Plan | Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted (in shares)	918,981
Exercise price (in dollars per share) | $ / shares	$ 22
Number of award anniversaries | Anniversary	3
Contractual term	10 years

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Other Commitments [Line Items]
Loss contingency accrual		$ 20,000
Civil Penalty
Other Commitments [Line Items]
Civil penalty paid in litigation settlement	$ 9,500
Disgorgement and Prejudgment Interest
Other Commitments [Line Items]
Civil penalty paid in litigation settlement	$ 8,827

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Federal corporate tax rate (as a percent)			21%
Effective tax rate (as a percent)	27.80%	19.50%	27.30%	22.40%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party
Related Party Transaction [Line Items]
Other receivables	$ 0	$ 0

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net income	$ 38,385	$ 30,109	$ 88,484	$ 77,668
Weighted average number of shares of common stock used in computing net income per share attributable to common stockholders, basic (shares)	74,261,667	73,842,297	74,047,412	73,682,881
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0.52	$ 0.41	$ 1.19	$ 1.05
Effect of dilutive shares:
Diluted number of weighted-average shares outstanding (shares)	74,695,260	73,844,689	74,521,370	73,783,858
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 0.51	$ 0.41	$ 1.19	$ 1.05
Stock Option
Effect of dilutive shares:
Effect of dilutive shares	109,324	0	111,283	0
Restricted Stock Units (RSUs)
Effect of dilutive shares:
Effect of dilutive shares	236,794	2,392	289,708	100,977
Stock Appreciation Rights (SARs)
Effect of dilutive shares:
Effect of dilutive shares	87,475	0	72,967	0

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	1,603,811	4,473,749	1,626,052	4,107,002
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	0	803,306	0	803,306
Stock Appreciation Rights (SARs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	1,571,831	2,631,761	1,571,831	2,631,761
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive Securities were not included in computation of diluted shares outstanding	31,980	1,038,682	54,221	671,935