7. Intangible Assets

At December 31, 2011 and 2010, intangible assets subject to amortization consisted of the following:


	Estimated Useful Life (years)		December 31, 2011				December 31, 2010
	Estimated Useful Life (years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Technology		1 & 7.7	$	21,422	$	882	$	426	$	426
Relationships with financial advisors		20 & 9.2		67,895		5,576		24,707		3,555
Vendor relationships		7		3,613		1,966		3,613		1,450
Covenants not to compete		5 & 2.2		1,724		1,219		1,717		875
Customer accounts		10 & 6.9		2,029		767		2,029		518
Trade names		7.2 & 10		12,290		288		23		1
Relationships with investment banking clients		4		2,586		2,586		2,586		2,586
Leases		6		1,004		574		1,004		417
Referral agreement		6.6		124		25		122		6
Other		6		67		42		67		29
Total			$	112,754	$	13,925	$	36,294	$	9,863

Aggregate amortization expense amounted to $4,060, $2,941 and $3,116 for the years ended December 31, 2011, 2010 and 2009, respectively. The weighted-average amortization period for total amortizable intangibles at December 31, 2011 is 9.67 years. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:


2012	$	11,683
2013		11,525
2014		11,249
2015		10,822
2016		10,623
2017 – 2027		42,927
	$	98,829