Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Note 5. Goodwill and Other Intangible Assets

Goodwill

The Company’s goodwill balance was $437,154 and $436,821 as of June 30, 2022 and December 31, 2021, respectively. The Company performed an annual test for goodwill impairment in December for the years ended December 31, 2021 and 2020 and determined that goodwill was not impaired. The Company performed a qualitative analysis of factors and determined that goodwill was not impaired as of June 30, 2022.

Other Intangible Assets

Information regarding the Company’s intangible assets is as follows:

June 30, 2022	Gross carrying amount		Accumulated amortization			Net carrying amount		Estimated remaining useful life
Indefinite-lived intangible assets:
Broker-dealer relationships	$	570,480	$	—		$	570,480
Voyant enterprise distribution channel customer relationships		32,100		—			32,100
Definite-lived intangible assets:
Trade names		45,830		(12,985	)		32,845	14 years
Broker-dealer license		11,550		(3,273	)		8,277	14 years
ATC regulatory status		23,300		(6,602	)		16,698	14 years
Voyant non-enterprise distribution channel customer relationships		9,500		(679	)		8,821	13 years
GFPC adviser relationships		14,250		(3,266	)		10,984	11 years
OBS adviser and trust relationships		9,500		(1,754	)		7,746	10 years
Voyant trade name		3,200		(291	)		2,909	10 years
Voyant technology		16,000		(1,778	)		14,222	8 years
Voyant non-compete agreement		400		(131	)		269	2 years
Total	$	736,110	$	(30,759	)	$	705,351

December 31, 2021	Gross carrying amount		Accumulated amortization			Net carrying amount		Estimated remaining useful life
Indefinite-lived intangible assets:
Broker-dealer relationships	$	570,480	$	—		$	570,480
Voyant enterprise distribution channel customer relationships		32,100		—			32,100
Definite-lived intangible assets:
Trade names		45,830		(11,839	)		33,991	15 years
Broker-dealer license		11,550		(2,984	)		8,566	15 years
ATC regulatory status		23,300		(6,019	)		17,281	15 years
Voyant non-enterprise distribution channel customer relationships		9,500		(339	)		9,161	14 years
GFPC adviser relationships		14,250		(2,757	)		11,493	11 years
OBS adviser and trust relationships		9,500		(1,378	)		8,122	11 years
Voyant trade name		3,200		(145	)		3,055	11 years
Voyant technology		16,000		(889	)		15,111	9 years
Voyant non-compete agreement		400		(67	)		333	3 years
Total	$	736,110	$	(26,417	)	$	709,693

The weighted average estimated remaining useful life was 12.5 years for definite-lived intangible assets as of June 30, 2022. Amortization expense for definite-lived intangible assets was $2,171 and $1,451 for the three months ended June 30, 2022 and 2021, respectively and $4,342 and $2,901 for the six months ended June 30, 2022 and 2021, respectively. The Company performed an annual test for intangible assets impairment in December for the years ended December 31, 2021 and 2020 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 June 30, 2022.

Estimated amortization expense for definite‑lived intangible assets for future years is as follows:

Remainder of 2022	$	4,342
2023		8,684
2024		8,617
2025		8,551
2026		8,551
2027 and thereafter		64,026
Total	$	102,771