Annual report pursuant to section 13 and 15(d)

Intangible Assets

Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

At December 31, 2013 and 2012, intangible assets subject to amortization consisted of the following:





		December 31, 2013				December 31, 2012
	Estimated Useful Life (years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Technology	1 & 7.7	$	21,422	$	6,359	$	21,422	$	3,621
Relationships with financial advisors	20, 10.2 & 9.2	68,688		17,554		68,688		11,523
Vendor relationships	7	3,613		2,998		3,613		2,482
Covenants not-to-compete	5 & 2.2	1,773		1,735		1,773		1,551
Customer accounts	10 & 6.9	2,029		1,266		2,029		1,017
Trade names	10 & 7.2	12,290		3,716		12,290		2,002
Relationships with investment banking clients	4	2,586		2,586		2,586		2,586
Leases	6.4	861		861		1,004		730
Referral agreement	6.6	124		64		124		43
Other	6	67		63		67		53
Total		$	113,453	$	37,202	$	113,596	$	25,608

Aggregate amortization expense amounted to $11,594, $11,683 and $4,060 for the years ended December 31, 2013, 2012 and 2011, respectively. In 2013, the Company wrote off $143 of the unamortized balance of a lease intangible. The weighted-average amortization period for total amortizable intangibles at December 31, 2013 is 8.04 years. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:




2014	$	11,219
2015	10,910
2016	10,711
2017	10,551
2018	10,477
2019 – 2027	22,383
	$	76,251