| Intangible Assets |
Intangible Assets
At December 31, 2016 and 2015, intangible assets subject to amortization consisted of the following:
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Weighted-Average |
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December 31, 2016 |
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December 31, 2015 |
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Estimated Useful Life (years) |
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Gross Carrying Amount |
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Accumulated Amortization |
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Gross Carrying Amount |
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Accumulated Amortization |
Technology |
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7.9 |
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$ |
25,563 |
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$ |
15,754 |
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$ |
25,563 |
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$ |
12,488 |
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Relationships with financial advisors |
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15.5 |
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117,995 |
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40,505 |
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110,671 |
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32,028 |
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Vendor relationships |
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7 |
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3,613 |
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3,613 |
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3,613 |
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3,613 |
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Covenants not-to-compete |
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3.9 |
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6,421 |
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4,638 |
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6,035 |
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3,347 |
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Customer accounts |
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8.3 |
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2,029 |
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1,971 |
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2,029 |
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1,765 |
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Trade names |
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7.7 |
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16,910 |
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10,017 |
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16,910 |
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7,790 |
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Renewal revenue |
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7.9 |
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41,381 |
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12,481 |
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41,381 |
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7,263 |
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Relationships with investment banking clients |
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4 |
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2,586 |
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2,586 |
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2,586 |
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2,586 |
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Leases |
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6 |
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861 |
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861 |
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861 |
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861 |
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Referral agreement |
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6.6 |
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124 |
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119 |
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124 |
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101 |
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Other |
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6 |
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67 |
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67 |
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67 |
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67 |
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Total |
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$ |
217,550 |
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$ |
92,612 |
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$ |
209,840 |
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$ |
71,909 |
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Aggregate amortization expense amounted to $20,703, $20,650 and $14,056 for the years ended December 31, 2016, 2015 and 2014, respectively. The weighted-average amortization period for total amortizable intangibles at December 31, 2016 is 9.83 years. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
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2017 |
$ |
20,703 |
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2018 |
19,918 |
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2019 |
16,444 |
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2020 |
14,857 |
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2021 |
10,144 |
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Thereafter |
42,872 |
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$ |
124,938 |
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