Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	WETF
Entity Registrant Name	WisdomTree Investments, Inc.
Entity Central Index Key	0000880631
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		137,731,285
Entity Public Float			$ 1,163,237,847

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 54,193	$ 92,722
Securities owned, at fair value	66,294	58,907
Securities held-to-maturity	1,000	3,994
Accounts receivable	21,309	17,668
Income taxes receivable	6,978
Prepaid expenses	3,550	3,346
Other current assets	1,007	555
Total current assets	154,331	177,192
Fixed assets, net	10,693	11,748
Note receivable	18,748
Securities held-to-maturity	20,299	18,502
Deferred tax asset, net	1,050	9,826
Investments, carried at cost	35,187	20,000
Goodwill	1,799	1,799
Intangible assets	12,085	9,953
Other noncurrent assets	793	747
Total assets	254,985	249,767
Current liabilities:
Fund management and administration payable	20,099	13,584
Compensation and benefits payable	28,053	14,652
Income taxes payable		4,700
Acquisition payable	0	3,537
Securities sold, but not yet purchased, at fair value	950	1,248
Accounts payable and other liabilities	8,246	5,806
Total current liabilities:	57,348	43,527
Deferred rent payable	4,686	4,896
Total liabilities	62,034	48,423
Commitments and Contingencies (Note 9)
Stockholders' equity:
Preferred stock, par value $0.01; 2,000 shares authorized:
Common stock, par value $0.01; 250,000 shares authorized; issued and outstanding: 136,996 and 136,475 at December 31, 2017 and December 31, 2016, respectively	1,370	1,365
Additional paid-in capital	216,006	224,739
Accumulated other comprehensive income/(loss)	291	(44)
Accumulated deficit	(24,716)	(24,716)
Total stockholders' equity	192,951	201,344
Total liabilities and stockholders' equity	$ 254,985	$ 249,767

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	136,996,000	136,475,000
Common stock, shares outstanding	136,996,000	136,475,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Advisory fees	$ 227,775	$ 218,465	$ 297,944
Settlement gain (Note 9)	6,909
Other income	2,715	981	998
Total revenues	237,399	219,446	298,942
Expenses:
Compensation and benefits	81,493	63,263	73,228
Fund management and administration	42,144	41,083	42,782
Marketing and advertising	14,402	15,643	13,371
Sales and business development	13,811	12,537	9,189
Professional and consulting fees	10,086	6,692	7,067
Occupancy, communications and equipment	5,415	5,211	4,299
Depreciation and amortization	1,395	1,305	1,006
Third-party sharing arrangements	3,393	2,827	2,443
Goodwill impairment		1,676
Acquisition payment		6,738	2,185
Other	7,068	6,909	6,187
Total expenses	179,207	163,884	161,757
Income before taxes	58,192	55,562	137,185
Income tax expense	30,993	29,407	57,133
Net income	$ 27,199	$ 26,155	$ 80,052
Net income per share - basic	$ 0.20	$ 0.19	$ 0.58
Net income per share - diluted	$ 0.20	$ 0.19	$ 0.58
Weighted-average common shares - basic	134,614	134,401	137,242
Weighted-average common shares - diluted	136,003	135,539	138,825
Cash dividends declared per common share	$ 0.32	$ 0.32	$ 0.57

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 27,199	$ 26,155	$ 80,052
Other comprehensive income/(loss)
Unrealized losses on available-for-sale securities, net of tax	(314)	(163)
Foreign currency translation adjustment	649	245	(73)
Other comprehensive income/(loss)	335	82	(73)
Comprehensive income	$ 27,534	$ 26,237	$ 79,979

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2014	$ 184,285	$ 1,350	$ 209,216	$ (53)	$ (26,228)
Balance, shares at Dec. 31, 2014		134,959,000
Restricted stock issued, net		$ 9	(9)
Restricted stock issued net, shares		861,000
Shares repurchased	(24,116)	$ (12)	(24,104)
Shares repurchased, shares		(1,190,000)
Exercise of stock options, net	$ 4,520	$ 37	4,483
Exercise of stock options net, shares	3,785,473	3,785,000
Stock-based compensation	$ 10,900		10,900
Tax benefit from stock option exercised and vested restricted shares	57,474		57,474
Other comprehensive income (loss)	(73)			(73)
Dividends	(78,540)				(78,540)
Net income	80,052				80,052
Balance at Dec. 31, 2015	234,502	$ 1,384	257,960	(126)	(24,716)
Balance, shares at Dec. 31, 2015		138,415,000
Restricted stock issued, net		$ 16	(16)
Restricted stock issued net, shares		1,662,000
Shares repurchased	(39,379)	$ (37)	(39,342)
Shares repurchased, shares		(3,778,000)
Exercise of stock options, net	$ 195	$ 2	193
Exercise of stock options net, shares	176,350	176,000
Stock-based compensation	$ 14,892		14,892
Tax benefit from stock option exercised and vested restricted shares	8,557		8,557
Other comprehensive income (loss)	82			82
Dividends	(43,660)		(17,505)		(26,155)
Net income	26,155				26,155
Balance at Dec. 31, 2016	$ 201,344	$ 1,365	224,739	(44)	(24,716)
Balance, shares at Dec. 31, 2016	136,475,000	136,475,000
Restricted stock issued, net		$ 10	(10)
Restricted stock issued net, shares		1,022,000
Shares repurchased	$ (7,891)	$ (7)	(7,884)
Shares repurchased, shares		(698,000)
Exercise of stock options, net	532	$ 2	530
Exercise of stock options net, shares		197,000
Stock-based compensation	14,717		14,717
Tax benefit from stock option exercised and vested restricted shares	492		492
Other comprehensive income (loss)	335			335
Dividends	(43,777)		(16,578)		(27,199)
Net income	27,199				27,199
Balance at Dec. 31, 2017	$ 192,951	$ 1,370	$ 216,006	$ 291	$ (24,716)
Balance, shares at Dec. 31, 2017	136,996,000	136,996,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 27,199	$ 26,155	$ 80,052
Adjustments to reconcile net income to net cash provided by operating activities:
Settlement gain	(6,909)
Deferred income taxes	8,838	12,900	53,018
Stock-based compensation	14,717	14,892	10,900
Depreciation and amortization	1,395	1,305	1,006
Realized losses on securities available-for-sale	1,132
Goodwill impairment		1,676
Other	(211)	(278)	(79)
Changes in operating assets and liabilities:
Securities owned, at fair value	(135)	(1,556)
Accounts receivable	(3,532)	9,778	(9,321)
Income taxes receivable/payable	(11,211)	1,687	2,974
Prepaid expenses	(204)	(719)	(1,069)
Other assets	(408)	(307)	(795)
Acquisition payable	(3,547)	(384)	2,185
Fund management and administration payable	6,203	9,636	2,978
Compensation and benefits payable	13,126	(13,089)	13,286
Securities sold, but not yet purchased, at fair value	(299)	1,249
Accounts payable and other liabilities	2,354	(8,034)	(24)
Net cash provided by operating activities	48,508	54,911	155,111
Cash flows from investing activities:
Purchase of fixed assets	(295)	(1,070)	(2,616)
Purchase of securities held-to-maturity	(3,009)	(15,502)	(14,467)
Purchase of securities available-for-sale	(99,848)	(63,619)
Purchase of investments	(8,278)	(20,000)
Funding of AdvisorEngine note receivable, net of original issue discount (Note 6)	(18,748)
Acquisition of the right to manage Questrade's ETFs (Note 18)	(2,132)
Proceeds from held-to-maturity securities maturing or called prior to maturity	4,194	16,742	4,764
Proceeds from sales and maturities of securities available-for-sale	91,095	6,002
Acquisition less cash acquired		(11,818)
Net cash used in investing activities	(37,021)	(89,265)	(12,319)
Cash flows from financing activities:
Dividends paid	(43,777)	(43,660)	(78,540)
Shares repurchased	(7,891)	(39,379)	(24,116)
Proceeds from exercise of stock options	532	195	4,520
Net cash used in financing activities	(51,136)	(82,844)	(98,136)
Increase/(decrease) in cash flow due to changes in foreign exchange rate	1,120	(150)	130
Net (decrease)/increase in cash and cash equivalents	(38,529)	(117,348)	44,786
Cash and cash equivalents-beginning of year	92,722	210,070	165,284
Cash and cash equivalents-end of year	54,193	92,722	210,070
Supplemental disclosure of cash flow information:
Cash paid for taxes	$ 33,113	$ 14,990	$ 1,262

Organization and Description of Business

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Organization and Description of Business

1. Organization and Description of Business

WisdomTree Investments, Inc., through its global subsidiaries (collectively, “WisdomTree” or the “Company”), is an exchange traded product (“ETP”) sponsor and asset manager headquartered in New York. WisdomTree offers ETPs covering equity, fixed income, currency, alternative and commodity asset classes. The Company has the following wholly-owned operating subsidiaries:

•

WisdomTree Asset Management, Inc. (“WTAM”) is a New York based investment adviser registered with the SEC providing investment advisory and other management services to the WisdomTree Trust (“WTT”) and WisdomTree exchange traded funds (“ETFs”).

•

Boost Management Limited (“BML”) is a Jersey based management company providing investment and other management services to Boost Issuer PLC (“BI”) and Boost ETPs.

•

WisdomTree Europe Limited (“WisdomTree Europe”) is a U.K. based company registered with the Financial Conduct Authority providing management and other services to BML and WisdomTree Management Limited.

•

WisdomTree Management Limited (“WTML”) is an Ireland based management company providing investment and other management services to WisdomTree Issuer plc (“WTI”) and WisdomTree UCITS ETFs.

•

WisdomTree Japan Inc. (“WTJ”) is a Japan based company that is registered with Japan’s Ministry of Finance and serves the institutional market selling U.S. listed WisdomTree ETFs in Japan.

•

WisdomTree Commodity Services, LLC (“WTCS”) is a New York based company that serves as the managing owner and commodity pool operator of the WisdomTree Continuous Commodity Index Fund. WTCS is registered with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).

•

WisdomTree Asset Management Canada, Inc. (“WTAMC”) is a Canada based investment fund manager registered with the Ontario Securities Commission providing fund management services to locally-listed WisdomTree ETFs.

The WisdomTree ETFs are issued in the U.S. by WTT. WTT, a non-consolidated third-party, is a Delaware statutory trust registered with the SEC as an open-end management investment company. The Company has licensed to WTT the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. The Boost ETPs are issued by BI. BI, a non-consolidated third-party, is a public limited company domiciled in Ireland. The WisdomTree UCITS ETFs are issued by WTI. WTI, a non-consolidated third-party, is a public limited company domiciled in Ireland.

The Board of Trustees and Board of Directors of WTT, BI and WTI, respectively, are separate from the Board of Directors of the Company. The respective Trustees and Directors of WTT, BI and WTI, as applicable, are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs, Boost ETPs and the WisdomTree UCITS ETFs for the benefit of the WisdomTree ETF, Boost ETP and the WisdomTree UCITS ETF shareholders, respectively, and have contracted with the Company to provide for general management and administration services. The Company, in turn, has contracted with third parties to provide the majority of these administration services. In addition, certain officers of the Company provide general management services for WTT, BI and WTI.

Pending Acquisition of ETFS

On November 13, 2017, the Company entered into a Share Sale Agreement with ETF Securities Limited (“ETF Securities”), pursuant to which it agreed to acquire ETF Securities’ European exchange-traded commodity, currency and short-and-leveraged business (“ETFS”) by purchasing the entire issued share capital of a subsidiary into which ETF Securities will have transferred ETFS prior to completion of the acquisition.

Pursuant to the Share Sale Agreement, the Company will acquire ETFS for a purchase price, subject to customary adjustments for working capital, consisting of $253.0 million in cash (including $53.0 million from cash on hand), 15,250,000 shares of common stock and 14,750 shares of a new class of Series A Non-Voting Convertible Preferred Stock that is convertible, subject to certain restrictions, into an aggregate of 14,750,000 shares of our common stock.

The Company has secured commitments for senior secured debt financing of $250.0 million from Credit Suisse Securities (USA) LLC in support of the acquisition, which will be comprised of a $50.0 million revolving credit facility and a $200.0 million term loan facility. Interest under the credit facilities will accrue at a rate per annum of up to LIBOR plus 2.00% (commencing at LIBOR plus 1.75%) or up to ABR plus 1.00% (commencing at ABR plus 0.75%), subject to step-downs based on our ratio of debt to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). Commitment fees on any undrawn portion of the revolving credit facility will begin at 0.50% and also will be subject to step-downs based on the Company’s ratio of debt to EBITDA. The revolving credit facility will provide for borrowings denominated in U.S. dollars, Euros and British Pounds. The term of the facilities will be three years from the date of completion of the acquisition. The credit agreement governing the facilities will include a leverage test. Entering into the credit agreement is subject to customary closing conditions, including, among others, completion of the acquisition.

Completion of the acquisition is subject to customary closing conditions, including, among others, obtaining regulatory approvals and the Company and ETF Securities entering into an Investor Rights Agreement, pursuant to which, among other things, ETF Securities will be subject to lock-up, standstill and voting restrictions, and will receive certain registration rights with respect to the common stock, including the Series A Non-Voting Convertible Preferred Stock, it will receive in the transaction. The Share Sale Agreement will terminate if the conditions to complete the acquisition are not satisfied on or prior to May 13, 2018, subject to the parties agreeing to extend such date.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries.

All intercompany accounts and transactions have been eliminated in consolidation.

Consolidation

The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company reassesses its initial evaluation of whether an entity is a VIE when certain reconsideration events occur.

Segment and Geographic Information

The Company operates as an ETP sponsor and asset manager providing investment advisory services in the U.S., Europe, Canada and Japan. These activities are reported in the Company’s U.S. Business and International Business reportable segments. The U.S. Business segment includes the results of the Company’s U.S. operations and Japan sales office, which primarily engages in selling U.S. listed ETFs to Japanese institutional clients. The results of the Company’s European and Canadian operations are reported as the International Business segment.

Revenues are primarily derived in the U.S. and the vast majority of the Company’s AUM is currently located in the U.S.

Foreign Currency Translation

Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive Income as a component of other comprehensive income.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates.

Revenue Recognition

The Company earns investment advisory fees from its ETPs, as well as licensing fees from third parties. ETP advisory fees are based on a percentage of the ETPs’ average daily net assets and recognized over the period the related service is provided. Licensing fees are based on a percentage of the average monthly net assets and recognized over the period the related service is provided.

Depreciation and Amortization

Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows:


Equipment			5 years
Furniture and fixtures			15 years

Leasehold improvements are amortized over the term of their respective leases or service lives of the improvements, whichever is shorter. Fixed assets are recorded at cost less accumulated depreciation and amortization.

Occupancy

The Company accounts for its office lease facilities as operating leases, which may include free rent periods and escalation clauses. The Company expenses the lease payments associated with operating leases on a straight-line basis over the lease term.

Marketing and Advertising

Advertising costs, including media advertising and production costs, are expensed when incurred.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are customer and other obligations due under normal trade terms. An allowance for doubtful accounts is not provided since, in the opinion of management, all accounts receivable recorded are deemed current and collectible.

Impairment of Long-Lived Assets

The Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable.

Earnings per Share

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Share-based payment awards that do not contain such rights are not deemed participating securities and are included in diluted shares outstanding (if dilutive) under the treasury stock method. Diluted EPS reflects the reduction in earnings per share assuming dilutive options or other dilutive contracts to issue common stock were exercised or converted into common stock. Diluted EPS is calculated under both the treasury stock method and two-class method. The calculation that results in the most dilutive EPS amount for the common stock is reported in the Company’s consolidated financial statements.

Note Receivable

Note receivable is accounted for on an amortized cost basis, net of original issue discount. Interest income is accrued over the term of the note using the effective interest method. The Company performs a review for the impairment of the note receivable on a quarterly basis and provides for an allowance for credit losses if all or a portion of the note is determined to be uncollectible.

Securities Owned and Securities Sold, but not yet Purchased (at fair value)

Securities owned and securities sold, but not yet purchased are securities classified as either trading or available-for-sale (“AFS”). These securities are recorded on their trade date and are measured at fair value. The Company classifies these financial instruments based primarily on the Company’s intent to hold or sell the security. Changes in the fair value of securities classified as trading are reported in other income in the period the change occurs. Unrealized gains and losses of securities classified as AFS are included in other comprehensive income. Once sold, amounts reclassified out of accumulated other comprehensive income and into earnings are determined using the specific identification method. AFS securities are assessed for impairment on a quarterly basis.

Securities Held-to-Maturity

The Company accounts for certain of its investments as held-to-maturity on a trade date basis, which are recorded at amortized cost. For held-to-maturity investments, the Company has the intent and ability to hold investments to maturity and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. On a quarterly basis, the Company reviews its portfolio of investments for impairment. If a decline in fair value is deemed to be other-than-temporary, the security is written down to its fair value through earnings.

Investments, Carried at Cost

The Company accounts for equity securities and other instruments that do not have a readily determinable fair value as cost method investments to the extent such investments are not subject to consolidation or the equity method. Income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment.

Cost method investments held by the Company are assessed for impairment on a quarterly basis.

Goodwill

Goodwill is the excess of the fair value of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests its goodwill for impairment at least annually and at the time of a triggering event requiring re-evaluation, if one were to occur, in accordance with Accounting Standards Update (“ASU”) 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The Company early adopted the revised guidance for the impairment tests performed after January 1, 2017. Under the revised guidance, goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component.

For impairment testing purposes, goodwill has been allocated to the Company’s U.S. Business reporting unit (See Note 18). The Company has designated April 30^th as its annual goodwill impairment testing date. When performing its goodwill impairment test, the Company considers a qualitative assessment, when appropriate, and the income approach, market approach and its market capitalization when determining the fair value of its reporting units.

Intangible Assets

Indefinite-lived intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values.

Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts.

The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The Company has designated November 30^th as its annual impairment testing date for its indefinite-lived intangible assets.

Stock-Based Awards

Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Forfeitures are recognized when they occur.

Income Taxes

The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are adjusted by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized.

In order to recognize and measure any unrecognized tax benefits, management evaluates and determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. The Company records interest expense and penalties related to tax expenses as income tax expense.

Non-income based taxes are recorded as part of other liabilities and other expenses.

Third-Party Sharing Arrangements

The Company pays a percentage of its advisory fee revenues based on incremental growth in AUM, subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third-party customer platforms.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which is a new comprehensive revenue recognition standard on the financial reporting requirements for revenue from contracts entered into with customers. In July 2015, the FASB deferred this ASU’s effective date by one year, to interim and annual periods beginning after December 15, 2017. The deferral allows early adoption at the original effective date. During 2016, the FASB issued ASU 2016-08, which clarifies principal versus agent considerations, ASU 2016-10, which clarifies identifying performance obligations and the licensing implementation guidance, and ASU 2016-12, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. ASU 2014-09 allows for the use of either the retrospective or modified retrospective adoption method. The guidance in ASU 2014-09, and the related amendments, is effective for the Company beginning on January 1, 2018. The Company will adopt this standard on that date under the modified retrospective method and has determined the standard will not have a material impact on its historical pattern of recognizing revenue for advisory fees and licensing fees in the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments (ASU 2016-13). The main objective of the standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in the standard replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard is applicable to loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, loan commitments and certain other off-balance sheet credit exposures, debt securities (including those held-to-maturity) and other financial assets measured at fair value through other comprehensive income, and beneficial interests in securitized financial assets. Accordingly, the new methodology will be utilized when assessing the Company’s financial instruments for impairment. ASU 2016-13 is effective for years beginning after December 15, 2019, including interim periods within those fiscal years under a modified retrospective approach. Early adoption is permitted for periods beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption was permitted. The Company adopted this standard prospectively on January 1, 2017. The adoption of the standard increased volatility reported in income tax expense as income tax windfalls and shortfalls associated with the vesting of stock-based compensation is now recorded in income tax expense, rather than additional paid-incapital, when applicable. Adoption of this revised guidance resulted in the Company recognizing approximately $1,035 of additional income tax expense for tax shortfalls related to stock-based compensation vesting that occurred during the year ended December 31, 2017 (See Note 16).

In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02), which requires lessees to include most leases on the balance sheet. ASU 2016-02 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2018 and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and expects, at a minimum, that its implementation will result in a gross-up on the consolidated balance sheets upon recognition of right-of-use assets and lease liabilities associated with the future minimum payments required under operating leases as disclosed in Note 9.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). The main objective of the standard is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments in the update make targeted improvements to generally accepted accounting principles. These include requiring equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Available-for-sale classification for equity investments with readily determinable fair values will no longer be permissible. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The update also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is not permitted for the updates currently applicable to the Company. The Company’s equity investments with readily determinable fair values are all currently measured at fair value with changes in fair value recognized in net income. Upon adoption, the Company will apply the amendments in this update when assessing the carrying value of its investments, held at cost.

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	3. Cash and Cash Equivalents Cash and cash equivalents of approximately $24,103 and $56,484 at December 31, 2017 and December 31, 2016, respectively, were held at one financial institution. At December 31, 2017 and December 31, 2016, cash equivalents were approximately $26,548 and $55,619, respectively.

Securities Owned and Securities Sold, but not yet Purchased (and Fair Value Measurement)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Securities Owned and Securities Sold, but not yet Purchased (and Fair Value Measurement)

4. Securities Owned and Securities Sold, but not yet Purchased (and Fair Value Measurement)

Securities owned and securities sold, but not yet purchased are measured at fair value. The fair value of securities is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the transparency of inputs as follows:



Level 1	-	Quoted prices for identical instruments in active markets.

Level 2	-	Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3	-	Instruments whose significant drivers are unobservable.

The availability of observable inputs can vary from product to product and is effected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair Valuation Methodology

Cash and Cash Equivalents (Note 3) – These financial assets represent cash in banks or cash invested in highly liquid investments with original maturities less than 90 days. These investments are valued at par, which approximates fair value, and are considered Level 1.

Note Receivable (Note 6) – The note receivable is an unsecured promissory note issued to AdvisorEngine Inc. which is carried at $18,748 representing amortized cost, net of original issue discount. The carrying amount of the note receivable at December 31, 2017 approximates fair value, as the implied discount rate of the note is similar to observable high yield credit spreads. The note receivable is classified as Level 2 within the fair value hierarchy.

Securities Held-to-Maturity (Note 5) – These securities are Federal agency debt instruments which are instruments that are generally traded in active, quoted and highly liquid markets and are therefore classified as Level 1 within the fair value hierarchy.

Securities Owned/Sold But Not Yet Purchased – These securities consist of securities classified as trading and AFS, as follows:


	December 31,
	2017		2016
Securities Owned
Trading securities	$	1,691	$	1,556
Available-for-sale securities		64,603		57,351

Total	$	66,294	$	58,907

Securities Sold, but not yet Purchased
Trading securities	$	950	$	1,248
Available-for-sale securities		—		—

Total	$	950	$	1,248

Trading securities are investments in ETFs. These instruments are generally traded in active, quoted and highly liquid markets and are therefore classified as Level 1 in the fair value hierarchy. AFS securities are investments in short-term investment grade corporate bonds and are classified as Level 2. Fair value is generally derived from observable bids for these Level 2 financial instruments.

AFS Securities

The following table summarizes unrealized gains, losses and fair value of the AFS securities:


	December 31,
	2017			2016
Cost	$	65,237		$	57,615
Gross unrealized gains in other comprehensive income		—			—
Gross unrealized losses in other comprehensive income		(634	)		(264	)

Fair value	$	64,603		$	57,351

All of the Company’s AFS securities are due within one year. The Company assesses the AFS securities for other-than-temporary impairment on a quarterly basis. No AFS securities were determined to be other-than-temporarily impaired for the years ending December 31, 2017 and 2016.

During the years ended December 31, 2017 and 2016, the Company received $91,095 and $6,002, respectively, of proceeds from the sale and maturity of available-for-sale securities and recognized gross realized losses of $1,132 and $0, respectively. These losses have been reclassified out of accumulated other comprehensive income and into the Consolidated Statements of Operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Securities Held-to-Maturity

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

Securities Held-to-Maturity

5. Securities Held-to-Maturity

The following table is a summary of the Company’s securities held-to-maturity:


	December 31,
	2017		2016
Federal agency debt instruments	$	21,299	$	22,496

The following table summarizes unrealized gains, losses, and fair value of securities held-to-maturity:


	December 31,
	2017			2016
Cost/amortized cost	$	21,299		$	22,496
Gross unrealized gains		9			13
Gross unrealized losses		(1,257	)		(1,353	)

Fair value	$	20,051		$	21,156

The Company assesses these securities for other-than-temporary impairment on a quarterly basis. No securities were determined to be other-than-temporarily impaired for the years ending December 31, 2017 and 2016. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be at maturity.

The following table sets forth the maturity profile of the securities held-to-maturity; however, these securities may be called prior to maturity date:


	December 31,
	2017		2016
Due within one year	$	1,000	$	3,994
Due one year through five years		11		1,023
Due five years through ten years		6,027		4,031
Due over ten years		14,261		13,448

Total	$	21,299	$	22,496

Note Receivable

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Note Receivable

6. Note Receivable

On December 29, 2017, the Company committed to provide up to $30,000 in additional working capital to AdvisorEngine pursuant to an unsecured promissory note (of which $22,000 is currently funded) (See Note 7). The majority of the funds were used by AdvisorEngine to acquire CRM Software, Inc., known as Junxure, a comprehensive client relationship management software and technology provider for financial advisors.

All principal amounts under the note bear interest from the date such amounts are advanced until repaid at a rate of 5% per annum, provided that immediately upon the occurrence and during the continuance of an event of default (as defined), interest will be increased to 10% per annum. All accrued and unpaid interest is treated as paid-in-kind (“PIK”) by capitalizing such amount and adding it to the principal amount of the original note. AdvisorEngine has the option to prepay the note, in whole or in part, at any time without premium or penalty. All borrowings under the promissory note mature on December 29, 2021.

In connection with providing funding to AdvisorEngine for the acquisition of Junxure, the Company secured an option to purchase the remaining equity interests in AdvisorEngine. The option was ascribed a fair value of $3,278 (See Note 7) which gave rise to original issue discount reducing the carrying value of the note.

The following is a summary of the outstanding note receivable balance at December 31, 2017:


	2017
Note receivable (face value)	$	22,000
Less: Original issue discount, unamortized		(3,278	)
Plus: Note issuance costs		26
Plus: PIK interest		—

Total note receivable, net	$	18,748

Commitment remaining	$	8,000

The Company determined that an allowance for credit loss was not necessary at December 31, 2017 as the note receivable was recently issued and no adverse events or circumstances have occurred which may indicate that its carrying amount may not be recoverable. The carrying value of the note receivable at December 31, 2017 approximates fair value as the implied discount rate of the note is similar to observable high yield credit spreads.

The Company’s remaining commitment to provide working capital to AdvisorEngine is $8,000 at December 31, 2017 pursuant to the terms of the note. The additional funding is scheduled to be provided on June 30, 2018 and September 30, 2018 in the amounts of $5,000 and $3,000, respectively, if no event of default (as defined) has occurred and is continuing.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Investments, Carried at Cost

12 Months Ended

Dec. 31, 2017

Investments Schedule [Abstract]

Investments, Carried at Cost

7. Investments, Carried at Cost

The following table sets forth the Company’s investments, carried at cost:


	December 31, 2017		December 31, 2016
AdvisorEngine – Preferred stock	$	25,000	$	20,000
AdvisorEngine – Option		3,278		—
Thesys.		6,909		—

Total	$	35,187	$	20,000

AdvisorEngine

Preferred Stock

On November 18, 2016, the Company made a $20,000 strategic investment in AdvisorEngine, an end-to-end wealth management platform which enables individual customization of investment philosophies. The Company and AdvisorEngine also entered into an agreement whereby the Company’s asset allocation models are made available through AdvisorEngine’s open architecture platform and the Company actively introduces the platform to its distribution network. In consideration of its investment, the Company received 11,811,856 shares of Series A convertible preferred shares (“Series A Preferred”).

The Series A Preferred is convertible into common stock at the option of the Company and contains various rights and protections including a non-cumulative 6.0% dividend, payable if and when declared by the board of directors, and a liquidation preference that is senior to all other holders of capital stock of AdvisorEngine.

On April 27, 2017, the Company invested an additional $5,000 in AdvisorEngine to help facilitate AdvisorEngine’s acquisition of Kredible Technologies, Inc., a technology enabled, research-driven practice management firm designed to help advisors acquire new clients, and to continue to fuel AdvisorEngine’s growth, leadership and innovation in the advisor solutions space. The Company received 2,646,062 shares of Series A-1 convertible preferred stock which has substantially the same terms as the Series A Preferred.

The Company’s aggregate equity ownership interest in AdvisorEngine is approximately 47% (or 41% on a fully-diluted basis). The investment is accounted for under the cost method of accounting as it is not considered to be in-substance common stock and is assessed for impairment on a quarterly basis. No impairment existed at December 31, 2017 or 2016.

Option

On December 29, 2017, the Company secured an option to purchase the remaining equity interests in AdvisorEngine, in connection with its commitment to provide up to $30,000 of additional working capital (See Note 6). The option is for a period of approximately one year and is exercisable at a price derived from an agreed-upon enterprise valuation of AdvisorEngine. If exercised, closing of the acquisition would occur no later than January 15, 2019. The fair value of the option was determined to be $3,278, using a Monte Carlo simulation which was predominantly based on unobservable inputs and is therefore classified as Level 3. The enterprise value was derived from unobservable inputs including from a weighted average cost of capital (“WACC”) of 27% and an option volatility of 40%. An increase in the WACC would reduce AdvisorEngine’s enterprise value which would reduce the fair value of the option, whereas an increase in the option volatility would increase the fair value of the option.

The option is not accounted for as a derivative as it cannot be net settled and is not readily convertible to cash. Therefore, the option is accounted for under the cost method of accounting and is assessed for impairment on a quarterly basis. No impairment existed at December 31, 2017.

Thesys

On June 20, 2017, the Company was issued 7,797,533 newly authorized shares of Series Y preferred stock (“Series Y Preferred”) of Thesys in connection with the resolution of a dispute related to the Company’s ownership stake in Thesys (See Note 9). The Series Y Preferred represents current ownership of 18.9% of Thesys on a fully diluted basis (excluding certain reserved shares). In addition, the Company was issued a warrant to purchase 3,898,766 shares of Series Y Preferred.

The Series Y Preferred ranks pari passu in priority with Thesys’s current preferred stockholders, has a liquidation preference of $0.231 per share, contains various rights and protections and is convertible into common stock at the option of the Company. The warrant is exercisable for five years after closing, at varying exercise prices that increase over time and set at multiples of a pre-determined Thesys valuation (or new valuation if Thesys completes a qualified financing, as defined, within two years). If a claim is brought against Thesys or the Company relating to the settlement, the warrant will be exercisable for 100% of the number of shares of Series Y Preferred issued to the Company at closing.

The Company recorded the Series Y Preferred at its fair value of $6,909. The fair value was derived from an enterprise valuation of Thesys prepared as of April 30, 2017. The Thesys enterprise valuation was determined through a combination of a market approach (Guideline Public Company Method) and income approach (discounted cash flow analyses) applied to its business lines. These approaches are predominantly based on unobservable inputs and therefore the valuation is classified as Level 3. The table below presents the ranges and weighted averages of significant unobservable inputs used in these approaches to determine the enterprise value of Thesys.


Market Approach⁽¹⁾		Range (Weighted Average)
Revenue multiple		0.9x

Income Approach⁽¹⁾		Range (Weighted Average)
Weighted average cost of capital (“WACC”)		11.5% – 14.5% (12.6%)

⁽¹⁾	The approach and inputs selected varied, based upon the Thesys business line being valued.

An increase in the revenue multiple would result in a higher enterprise value, whereas an increase in the WACC would reduce fair value.

The Series Y Preferred is not considered to be in-substance common stock and is therefore accounted for under the cost method of accounting and is assessed for impairment on a quarterly basis. The fair value of the warrant was determined to be insignificant. The warrant is not accounted for as a derivative as it cannot be net settled and is not readily convertible to cash.

Fixed Assets

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Fixed Assets

8. Fixed Assets

The following table summarizes fixed assets:


	December 31,
	2017			2016
Equipment	$	1,879		$	1,739
Furniture and fixtures		2,449			2,393
Leasehold improvements		11,037			10,877
Less: Accumulated depreciation and amortization		(4,672	)		(3,261	)

Total	$	10,693		$	11,748

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Contractual Obligations

The Company has entered into obligations under operating leases with initial non-cancelable terms in excess of one year for office space, telephone, and data services. Expenses recorded under these agreements for the years ended December 31, 2017, 2016, and 2015 were approximately $4,355, $4,293 and $3,447, respectively.

Future minimum lease payments with respect to non-cancelable operating leases at December 31, 2017 are approximately as follows:


2018	$	4,011
2019		3,564
2020		3,299
2021		2,955
2022 and thereafter		21,300

Total	$	35,129

AdvisorEngine

At December 31, 2017, the Company has a commitment to provide $8,000 of additional working capital to AdvisorEngine which is scheduled to be provided on June 30, 2018 and September 30, 2018 in the amounts of $5,000 and $3,000, respectively, if no event of default (as defined) has occurred and is continuing (See Note 6).

Letter of Credit

The Company collateralized its U.S. office lease through a standby letter of credit totaling $1,384. The collateral is included in cash and cash equivalents on the Company’s Consolidated Balance Sheets.

Settlement – Thesys

A few years ago, a dispute arose related to the Company’s ownership stake in Thesys. In March 2015, the Company was named a party in a lawsuit in the Delaware Court of Chancery pursuant to which a stockholder of Thesys sought to have the shares held by the Company invalidated. In August 2016, the court dismissed the claims brought against the Company and Thesys (as a nominal defendant), but the number of shares of Thesys owned by the Company remained in dispute. On June 20, 2017, the Company, Thesys and certain material stockholders of Thesys reached an agreement related to the dispute, pursuant to which (i) the litigation was dismissed; (ii) the parties released and agreed not to sue each other with respect to the related claims in the lawsuit; (iii) Thesys agreed to indemnify the Company against any such claims; (iv) the Company exchanged its current shares in Thesys for new shares of Thesys stock and a warrant in accordance with the terms of an equity exchange agreement as described below; and (v) the Company and Thesys entered into a stockholders agreement providing for certain rights and obligations of the Company and Thesys as described below.

Pursuant to the equity exchange agreement, the Company was issued shares of newly authorized preferred stock reflecting ownership of 19.99% of Thesys on a fully diluted basis (excluding certain reserved shares). The shares of preferred stock rank pari passu in priority with Thesys’s current preferred stockholders. In addition, Thesys issued the Company a warrant to purchase up to an additional 50% of the number of shares of preferred stock issued to the Company at closing, exercisable for five years after the closing, at varying exercise prices that increase over time and set at multiples of a pre-determined Thesys valuation (or a new valuation if Thesys completes a qualified financing, as defined, within two years). If a claim is brought against Thesys or the Company relating to the settlement, the warrant will be exercisable for 100% of the number of shares of preferred stock issued to the Company at closing. Pursuant to the stockholders agreement, the Company has the right to appoint one of five directors to Thesys’s board of directors, as well as additional customary rights, including (i) consent rights on certain transactions (e.g., related-party transactions and certain changes to organizational documents); (ii) pre-emptive rights on future issuances of shares, subject to customary carve-outs; (iii) information rights; and (iv) registration rights.

During the year ended December 31, 2017, the Company recorded a pre-tax gain of $6,909 representing the fair value of the Thesys preferred stock it received in connection with this settlement. The fair value of the warrant was determined to be insignificant. This amount has been recorded as settlement gain on the Consolidated Statements of Operations.

Contingencies

The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company is not currently party to any litigation that is expected to have a material adverse impact on its business, financial position, results of operations or cash flows.

Variable Interest Entity

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

10. Variable Interest Entity

VIEs are entities with any of the following characteristics: (i) the entity does not have enough equity to finance its activities without additional financial support, (ii) the equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with non-substantive voting rights.

The Company reassesses its initial evaluation of whether an entity is a VIE when certain reconsideration events occur. A reassessment was performed of AdvisorEngine in connection with the Company’s commitment to provide it with up to $30,000 of additional working capital, which occurred on December 29, 2017 (See Note 6). In connection with this assessment, the Company determined that AdvisorEngine had the characteristics of a VIE.

Consolidation of a VIE is required for the party deemed to be the primary beneficiary, if any. The primary beneficiary is the party who has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company is not the primary beneficiary of AdvisorEngine as it does not have the power to direct the activities that most significantly impact AdvisorEngine’s economic performance. Such power is conveyed through AdvisorEngine’s Board of Directors and the Company does not have control over the board.

The following table presents information about the Company’s variable interests in AdvisorEngine (a non-consolidated VIE):


	December 31, 2017
Carrying Amount—Assets
Preferred stock	$	25,000
Note receivable—unsecured		18,748
Option		3,278

Total carrying amount—Assets	$	47,026

Maximum exposure to loss	$	55,026

The Company has a remaining commitment to provide working capital to AdvisorEngine of $8,000 at December 31, 2017 pursuant to the terms of the unsecured promissory note (See Note 6). The additional funding is scheduled to be provided on June 30, 2018 and September 30, 2018 in the amounts of $5,000 and $3,000, respectively, if no event of default (as defined) has occurred or is continuing.

Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions

12. Related Party Transactions

The Company’s revenues are derived primarily from investment advisory agreements with related parties. Under these agreements, the Company has licensed to related parties the use of certain of its own indexes for the U.S. and Canadian WisdomTree ETFs and WisdomTree UCITS ETFs. The Board of Trustees and Board of Directors of the related parties are primarily responsible for overseeing the management and affairs of the U.S. and Canadian WisdomTree ETFs, Boost ETPs and WisdomTree UCITS ETFs for the benefit of their shareholders and have contracted with the Company to provide for general management and administration services. The Company is also responsible for certain expenses of the related parties, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses, which is included in fund management and administration on the Company’s Consolidated Statements of Operations. In exchange, the Company receives fees based on a percentage of the ETF average daily net assets. The advisory agreements may be terminated by the related parties upon notice. Certain officers of the Company also provide general management oversight of the related parties; however, these officers have no material decision making responsibilities and primarily implement the decisions of the Board of Trustees and Board of Directors of the related parties.

The following table summarizes accounts receivable from related parties which are included as a component of Accounts receivable on the Company’s Consolidated Balance Sheets:


	December 31,
	2017		2016
Receivable from WTT	$	19,433	$	16,506
Receivable from BI and WTI		979		645
Receivable from WTCS		97		158
Receivable from WTAMC		87		40

Total	$	20,596	$	17,349

The following table summarizes revenues from advisory services provided to related parties:


	Year Ended December 31,
	2017		2016		2015
Advisory services provided to WTT	$	215,513	$	209,199	$	293,788
Advisory services provided to BI and WTI		10,288		7,251		4,156
Advisory services provided to WTCS		1,508		1,867		—
Advisory services provided to WTAMC		466		148		—

Total	$	227,775	$	218,465	$	297,944

The Company also has investments in certain WisdomTree ETFs of approximately $1,691 and $1,300 at December 31, 2017 and December 31, 2016, respectively. For the years ended December 31, 2017 and 2016, the Company recorded a gain from these investments of approximately $26 and loss of $12, respectively, within other income in the Consolidated Statements of Operations.

Stock-Based Awards

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Awards

13. Stock-Based Awards

The Company grants equity awards to employees and directors which include restricted stock awards, restricted stock units and stock options. Stock options may be issued for terms of ten years and may vest after at least one year and have an exercise price equal to the Company’s stock price on the grant date. Restricted stock awards and restricted stock units are generally valued based on the Company’s stock price on the grant date. The Company estimates the fair value for stock options (when granted) using the Black-Scholes option pricing model. All restricted stock awards, restricted stock units and stock option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions.

On June 20, 2016, the Company’s stockholders approved a new equity award plan under which the Company can issue up to 10,000,000 shares of common stock (less one share for every share granted under prior plans since March 31, 2016 and inclusive of shares available under the prior plans as of March 31, 2016) in the form of stock options and other stock-based awards. The Company also has issued from time to time stock-based awards outside a plan.

For the years ended December 31, 2017, 2016 and 2015, total stock-based compensation expense was $14,717, $14,892 and $10,900, respectively, and the related tax benefit recognized in the Consolidated Statements of Operations was $5,402, $5,324 and $4,149, respectively. Stock-based compensation expense for the year ended December 31, 2017 included $525 as a result of a modification to accelerate vesting of certain awards on December 29, 2017 made to 20 employees, which were originally scheduled to vest in January 2018.

The actual tax benefit realized for the tax deductions for share-based compensation was $7,684, $12,877 and $67,532 for the years ended December 31, 2017, 2016 and 2015, respectively.

A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:


	December 31, 2017
	Unrecognized Stock- Based Compensation		Average Remaining Vesting Period
Employees and directors	$	16,715		1.70

Stock Options

A summary of option activity is as follows:


	Options			Weighted-Average Exercise Price
Outstanding January 1, 2015		5,330,070		$	1.61
Granted		—			—
Forfeitures/expirations		—			—
Exercised		(3,785,473	)		1.19

Outstanding at December 31, 2015		1,544,597		$	2.62
Granted		—			—
Forfeitures/expirations		—			—
Exercised		(176,350	)		1.11

Outstanding at December 31, 2016		1,368,247		$	2.82


	Options			Weighted-Average Exercise Price
Granted		—			—
Forfeitures/expirations		—			—
Exercised		(209,419	)		3.17

Outstanding at December 31, 2017⁽¹⁾		1,158,828		$	2.75

⁽¹⁾	Expire on dates ranging from August 24, 2018 to November 15, 2021.

The total intrinsic value of options exercised for the years ended December 31, 2017, 2016 and 2015 was $1,643, $1,794 and $76,329, respectively. Cash received from option exercise for the years ended December 31, 2017, 2016 and 2015 was $532, $195 and $4,520, respectively.

The following table summarizes information on stock options outstanding at December 31, 2017:


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Shares		Weighted- Average Remaining Life (Years)		Weighted- Average Exercise Price		Shares		Weighted- Average Remaining Life (Years)		Weighted- Average Exercise Price
$0.70 – $0.70		415,000		1.1	$	0.70		415,000		1.1	$	0.70
$1.07 – $1.07		50,865		0.3		1.07		50,865		0.3		1.07
$2.15 – $2.26		312,426		1.5		2.21		312,426		1.5		2.21
$5.05 – $5.05		250,000		3.1		5.05		250,000		3.1		5.05
$6.36 – $6.82		73,037		3.4		6.46		73,037		3.4		6.46
$7.01 – $8.51		57,500		3.8		7.32		57,500		3.8		7.32

		1,158,828		1.9	$	2.75		1,158,828		1.9	$	2.75

At December 31, 2017, outstanding options for 1,158,828 shares (all of which were exercisable) had a remaining average contractual term of 1.9 years and an intrinsic value of $11,352.

Restricted Stock and Restricted Stock Units

The Company grants restricted stock awards and restricted stock units to employees and directors. All such awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards and restricted stock units generally vest over three years.

A summary of restricted stock activity is as follows:


	Restricted Stock Awards					Restricted Stock Units
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Unvested Balance at January 1, 2015		1,513,939		$	11.22		—		$	—
Granted		886,413			19.72		—			—
Vested		(753,917	)		10.05		—			—
Forfeited		(25,709	)		17.30		—			—

Unvested Balance at December 31, 2015		1,620,726		$	16.32		—		$	—
Granted		1,687,553			11.19		—			—
Vested		(846,386	)		13.98		—			—
Forfeited		(25,439	)		16.17		—			—

Unvested Balance at December 31, 2016		2,436,454		$	13.58		—		$	—
Granted		1,068,550			10.51		7,231			10.49
Vested		(1,641,870	)		13.64		—			—
Forfeited		(46,468	)		12.36		(1,553	)		10.83

Unvested Balance at December 31, 2017		1,816,666		$	11.75		5,678		$	10.40

The aggregate fair value of awards that vested during the years ending December 31, 2017, 2016 and 2015 was $18,285, $9,842 and $13,362, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Employee Benefit Plans

14. Employee Benefit Plans

The Company has a 401(k) savings plan covering all eligible employees in which the Company can make discretionary contributions from its profits. The amounts included in the table below are recorded in compensation expense in the Consolidated Statements of Operations.

A summary of discretionary contributions made by the Company is as follows:


Year Ended December 31,
2017		2016		2015
$	1,013	$	934	$	763

Earnings Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

15. Earnings Per Share

The following is a reconciliation of the basic and diluted earnings per share computation:


	Year Ended December 31,
	2017		2016		2015
Net income	$	27,199	$	26,155	$	80,052


	(shares in thousands)
Shares of common stock and common stock equivalents:
Weighted average common shares used in basic computation		134,614		134,401		137,242
Dilutive effect of common stock equivalents		1,389		1,138		1,583

Weighted average common shares used in dilutive computation		136,003		135,539		138,825

Basic earnings per share	$	0.20	$	0.19	$	0.58
Diluted earnings per share	$	0.20	$	0.19	$	0.58

In the table above, unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating basic EPS.

Diluted earnings per share is calculated under both the treasury stock and two-class method and reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock (if dilutive). The calculation that results in the most dilutive earnings per share amount for common stock is reported in the Company’s consolidated financial statements. The Company excluded 1,593,000 and 996,000 common stock equivalents from its computation of diluted earnings per share for the years ended December 31, 2017 and 2016, respectively, as they were determined to be anti-dilutive. There were no anti-dilutive common stock equivalents excluded from the calculation of diluted earnings per share for the year ended December 31, 2015.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2017, 2016 and 2015 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows:


	Year Ended December 31,
	2017		2016		2015
Current:
Federal	$	19,007	$	14,515	$	1,598
State and local		2,708		1,425		2,431
Foreign		440		567		210

	$	22,155	$	16,507	$	4,239

Deferred:
Federal	$	7,947	$	10,629	$	46,784
State and local		1,105		2,296		6,233


	Year Ended December 31,
	2017			2016			2015
Foreign		(214	)		(25	)		(123	)

	$	8,838		$	12,900		$	52,894

Income tax expense from operations	$	30,993		$	29,407		$	57,133

A reconciliation of the statutory federal income tax rate and the Company’s effective rate is as follows:


	December 31,
	2017			2016			2015
Federal statutory rate		35.0	%		35.0	%		35.0	%
Change in valuation allowance—International		9.2	%		8.2	%		0.9	%
Blended state income tax rate, net of federal benefit		3.8	%		4.2	%		4.1	%
Non-deductible transaction costs		2.7	%		—			—
Stock-based compensation tax shortfalls		1.8	%		—			—
Re-measurement of net deferred tax assets – Rate change		0.8	%		—			—
Acquisition expense		—			4.1	%		0.6	%
Goodwill impairment		—			1.2	%		—
Other differences, net		—			0.2	%		1.0	%

Effective rate		53.3	%		52.9	%		41.6	%

Net Operating Losses – U.S.

The Company’s pre-tax federal net operating losses for tax purposes (“NOLs”) at December 31, 2017 was $3,671 which expire in 2024. The net operating loss carryforwards have been reduced by the impact of annual limitations described in the Internal Revenue Code Section 382 that arose as a result of an ownership change.

Net Operating Losses – International

The Company’s European and Canadian subsidiaries generated NOLs outside the U.S. These tax effected NOLs were $3,841, $4,551 and $2,051 at December 31, 2017, 2016 and 2015, respectively. The Company established a full valuation allowance related to these NOLs as it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized.

Deferred Tax Assets (“DTAs”)

A summary of the components of the Company’s deferred tax assets at December 31, 2017 and 2016 are as follows:


	December 31,
	2017			2016
Deferred tax assets:
NOLs – Foreign	$	3,841		$	4,551
Stock-based compensation		1,474			5,382
Deferred rent liability		1,257			2,024
NOLs – U.S.		909			1,611
Accrued expenses		526			4,552
Unrealized losses		72			101
Other		416			227

Deferred tax assets		8,495			18,448

Deferred tax liabilities:
Unrealized gains		1,718			—
Fixed assets		1,498			2,405
Goodwill and intangible assets		388			301
Incentive compensation		—			1,365

Deferred tax liabilities		3,604			4,071

Total deferred tax assets less deferred tax liabilities		4,891			14,377
Less: valuation allowance		(3,841	)		(4,551	)

Deferred tax assets, net	$	1,050		$	9,826

U.S. Tax Reform

On December 22, 2017, the Tax Cuts and Jobs Act, or the TCJA, was enacted, which was the most comprehensive tax reform in more than 30 years. The sweeping modifications to the Internal Revenue Code include a significant reduction in the federal income tax rate (from 35% to 21%), change certain tax deductions including a disallowance for all executive compensation paid in excess of $1 million, create a territorial tax system with a one-time transition tax on previously deferred foreign earnings and require minimum taxes to be paid on future foreign earnings.

ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances (including the effects of the one-time transition tax) to be recognized in the period in which the legislation is enacted. The remeasurement of our net DTAs using a statutory federal and state and local tax rate of approximately 25% resulted in a charge of $489. The one-time transition tax was not material as our international subsidiaries historically have generated losses. The Company’s accounting for the income tax effects of the TCJA is complete based on currently available guidance and interpretations.

Uncertain Tax Positions

The Company determined that it has no unrecognized tax benefits, or related interest and penalties, as of December 31, 2017 and 2016 as defined within ASC 740.

Income Tax Examinations

The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. The Company is not currently under audit in any income tax jurisdictions.

Tax returns filed with each jurisdiction generally remain open to examination under the normal three-year statute of limitations. As of December 31, 2017, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for years before 2014.

Shares Repurchased	12 Months Ended
Shares Repurchased	Dec. 31, 2017
Equity [Abstract]
Shares Repurchased	17. Shares Repurchased On October 29, 2014, the Company’s Board of Directors authorized a three-year share repurchase program of up to $100,000. On April 27, 2016, the Board of Directors approved a $60,000 increase to the Company’s share repurchase program and extended the term through April 27, 2019. Included under this program are purchases to offset future equity grants made under the Company’s equity plans and are made in open market or privately negotiated transactions. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing and actual number of shares repurchased depends on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program may be suspended or terminated at any time without prior notice. Shares repurchased under this program are returned to the status of authorized and unissued on the Company’s books and records. If the Company’s pending acquisition of ETFS is ultimately completed, its ability to freely repurchase shares of its common stock will be restricted. Under the terms of the credit agreement governing the credit facilities the Company plans to use to partially finance the acquisition of ETFS, share repurchases only will be permitted to the extent the Company complies with a leverage test and no event of default (as defined in the credit agreement) has occurred and is continuing at the time the share repurchase is made. However, the Company’s ability to purchase shares of its common stock withheld pursuant to the terms of equity awards granted to employees to satisfy tax withholding obligations will not be restricted. During the years ended December 31, 2017, 2016 and 2015, the Company repurchased 697,664 shares, 3,778,932 shares and 1,190,356 shares of its common stock, respectively, under this program for an aggregate cost of $7,891, $39,379 and $24,116, respectively. Shares repurchased under this program were returned to the status of authorized and unissued on the Company’s books and records. As of December 31, 2017, $88,614 remains under this program for future purchases.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

18. Goodwill and Intangible Assets

Goodwill

Goodwill has been allocated to the Company’s U.S. Business reporting unit and is deductible for tax purposes. The Company has designated April 30^th as its annual goodwill impairment testing date. The following table summarizes the goodwill activity during the period:


	U.S. Business Reporting Unit
Balance at January 1, 2017	$	1,799
Increases/(decreases)		—

Balance at December 31, 2017	$	1,799

Goodwill was tested for impairment on April 30, 2017. The fair value of the reporting unit exceeded its carrying value and therefore no impairment was recognized.

Intangible Assets (Indefinite-Lived)


	Advisory Contracts (Questrade AUM)		GCC Advisory Agreement		Total
Balance at January 1, 2017	$	—	$	9,953	$	9,953
Increases		2,132		—		2,132
Decreases		—		—		—

Total	$	2,132	$	9,953	$	12,085

Questrade ETFs

During the fourth quarter of 2017, the Company acquired a suite of eight Canadian listed ETFs from Questrade (the “Questrade ETFs”) with approximately CAD $99,108 (USD $77,403) in AUM at closing. The purchase price was CAD $2,675 (USD $2,132), all of which was allocated to the Company’s right to manage AUM in the form of advisory contracts. Most of the Questrade ETFs were merged into the Company’s existing Canadian listed ETFs. The intangible assets (which are deductible for tax purposes) were determined to have an indefinite useful life. The Company has designated November 30^th as its annual impairment testing date for these intangible assets.

WisdomTree Continuous Commodity Index Fund

As part of the GreenHaven acquisition which occurred on January 1, 2016, the Company identified an intangible asset valued at $9,953 related to its customary advisory agreement with the GreenHaven Commodities ETF (renamed the WisdomTree Continuous Commodity Index Fund, or “GCC”). This intangible asset (which is deductible for tax purposes) was determined to have an indefinite useful life. The Company has designated November 30^th as its annual impairment testing date for this indefinite-lived intangible asset.

During the fourth quarter of 2017, the Company performed its indefinite-lived intangible asset impairment test related to its customary advisory agreement with the WisdomTree Continuous Commodity Index Fund, or GCC. The results of this analysis identified no indicators of impairment to be recognized based upon a qualitative assessment.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Segment Reporting

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Reporting

19. Segment Reporting

The Company operates as an ETP sponsor and asset manager providing investment advisory services in the U.S., Europe, Canada and Japan. These activities are reported in the Company’s U.S. Business and International Business reportable segments. The U.S. Business segment includes the results of the Company’s U.S. operations and Japan sales office. The results of the Company’s European and Canadian operations are reported as the International Business segment.

Information concerning these reportable segments are as follows:


	Year Ended December 31,
	2017		2016		2015
*Revenues (U.S. Business segment)*
Advisory fees	$	217,021	$	211,066	$	293,788
Settlement gain		6,909		—		—
Other income		2,949		1,424		931

Total revenues (U.S. Business segment)	$	226,879	$	212,490	$	294,719


*Revenues (International Business segment)*
Advisory fees	$	10,754		$	7,399		$	4,156
Other (loss)/income		(234	)		(443	)		67

Total revenues (International Business segment)	$	10,520		$	6,956		$	4,223

Total revenues	$	237,399		$	219,446		$	298,942

Income/(loss) before taxes
U.S. Business segment	$	70,537		$	74,721		$	146,335
International Business segment		(12,345	)		(19,159	)		(9,150	)

Total income before taxes	$	58,192		$	55,562		$	137,185

Assets are not reported by segment as such information is not utilized by the chief operating decision maker. The vast majority of the Company’s assets are located in the U.S.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

All intercompany accounts and transactions have been eliminated in consolidation.

Consolidation

Consolidation

The Company reassesses its initial evaluation of whether an entity is a VIE when certain reconsideration events occur.

Segment and Geographic Information

Segment and Geographic Information

Revenues are primarily derived in the U.S. and the vast majority of the Company’s AUM is currently located in the U.S.

Foreign Currency Translation

Foreign Currency Translation

Use of Estimates

Use of Estimates

Revenue Recognition

Revenue Recognition

Depreciation and Amortization

Depreciation and Amortization

Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows:


Equipment			5 years
Furniture and fixtures			15 years

Occupancy

Occupancy

Marketing and Advertising

Marketing and Advertising

Advertising costs, including media advertising and production costs, are expensed when incurred.

Cash and Cash Equivalents

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Earnings per Share

Earnings per Share

Note Receivable

Note Receivable

Securities Owned and Securities Sold, but not yet Purchased (at fair value)

Securities Owned and Securities Sold, but not yet Purchased (at fair value)

Securities Held-to-Maturity

Securities Held-to-Maturity

Investments, Carried at Cost

Investments, Carried at Cost

Cost method investments held by the Company are assessed for impairment on a quarterly basis.

Goodwill

Goodwill

Intangible Assets

Intangible Assets

Stock-Based Awards

Stock-Based Awards

Income Taxes

Income Taxes

Non-income based taxes are recorded as part of other liabilities and other expenses.

Third Party Sharing Arrangements

Third-Party Sharing Arrangements

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Jun. 20, 2017 USD ($)
Convertible Preferred Stock [Member] \| Thesys Group, Inc [Member] \| Series Y Preferred Stock [Member]
Fair value of preferred stock	$ 6,909

Acquisition Payable	12 Months Ended
Acquisition Payable	Dec. 31, 2017
Text Block [Abstract]
Acquisition Payable	11. Acquisition Payable In April 2014, the Company acquired a 75% majority stake in its European business. Under the terms of the agreement, the remaining 25% was to be acquired on or about March 31, 2018. In May 2016, the Company accelerated the buyout of the remaining minority interest. Acquisition payment expense recognized during the year ended December 31, 2016 was $6,738, of which $5,993 was recorded in connection with the acceleration of the buyout. The remaining acquisition payable recorded on the Consolidated Balance Sheets was $0 and $3,537 at December 31, 2017 and 2016, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events The Company has evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. There were no events requiring disclosure.