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, advisers 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 consideration transferred in the acquisition, net of cash received, was $46,861.

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
Total tangible assets acquired	$	6,136	$	(14)	$	6,122
Total liabilities assumed	(3,603)		(670)		(4,273)
Identifiable intangible assets	8,300		—		8,300
Goodwill	39,029		684		39,713
Total net assets acquired	$	49,862	$	—	$	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 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 for the year ended December 31, 2022.

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:


Cash and cash equivalents	$	8,027
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

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 for the year ended December 31, 2021.