0001397911-20-000023 | 10-K | XBRL Viewer | LPL Financial Holdings INC

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Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Entity Information [Line Items]
Title of 12(b) Security	Common Stock — $0.001 par value per share
City Area Code	(800)
Entity Address, Address Line One	4707 Executive Drive,
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity File Number	001-34963
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 6.7
Entity Common Stock, Shares Outstanding		79,619,485
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Entity Tax Identification Number	20-3717839
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
Local Phone Number	877-7210
Trading Symbol	LPLA
Security Exchange Name	NASDAQ
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders are incorporated by reference into Part III.

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Commission	$ 1,892,407	$ 1,919,694	$ 1,670,824
Advisory	1,982,869	1,793,493	1,409,247
Asset-based	1,165,979	972,515	708,333
Transaction and fee	480,328	471,299	424,667
Interest income, net of interest expense	46,508	40,210	24,473
Other	56,765	(8,811)	43,937
Total net revenues	5,624,856	5,188,400	4,281,481
EXPENSES:
Commission and advisory	3,388,186	3,177,576	2,669,599
Compensation and benefits	556,128	506,650	456,918
Promotional	205,537	208,603	171,661
Depreciation and amortization	95,779	87,656	84,071
Amortization of intangible assets	65,334	60,252	38,293
Occupancy and equipment	136,163	115,598	97,332
Professional services	73,887	85,651	71,407
Brokerage, clearing, and exchange	64,445	63,154	57,047
Communications and data processing	49,859	46,322	44,941
Other	114,546	119,278	96,210
Total operating expenses	4,749,864	4,470,740	3,787,479
Non-operating interest expense and other	130,001	125,023	107,025
Loss on extinguishment of debt	(3,156)	0	(22,407)
INCOME BEFORE PROVISION FOR INCOME TAXES	741,835	592,637	364,570
PROVISION FOR INCOME TAXES	181,955	153,178	125,707
NET INCOME	$ 559,880	$ 439,459	$ 238,863
EARNINGS PER SHARE (Note 17)
Earnings per share, basic	$ 6.78	$ 4.99	$ 2.65
Earnings per share, diluted	$ 6.62	$ 4.85	$ 2.59
Weighted-average shares outstanding, basic	82,552	88,119	90,002
Weighted-average shares outstanding, diluted	84,624	90,619	92,115

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 0	$ 0	$ 187
Net income	559,880	439,459	238,863
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedges, net of tax expense of $0, $0, and $187 for the years ended December 31, 2019, 2018, and 2017, respectively	0	0	293
Reclassification adjustment for realized gain on cash flow hedges included in professional services in the consolidated statements of income, net of tax expense of $0, $0, and $406 for the years ended December 31, 2019, 2018, and 2017, respectively	0	0	(608)
Total other comprehensive income, net of tax	0	0	(315)
Total comprehensive income (loss)	$ 559,880	$ 439,459	$ 238,548

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 0	$ 0	$ 187
Tax expense (benefit) on adjustment for items reclassified to earnings	$ 0	$ 0	$ (406)

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 590,209	$ 511,096
Cash segregated under federal and other regulations	822,697	985,195
Restricted Cash and Cash Equivalents	58,872	65,828
Receivables from:
Clients, net	433,986	412,944
Product sponsors, broker-dealers and clearing organizations	177,654	166,793
Advisor loans, net	441,743	298,821
Others, net	298,790	248,711
Securities owned:
Trading — at fair value	46,447	29,267
Held-to-maturity	11,806	13,001
Securities borrowed	17,684	4,829
Fixed assets, net	533,044	461,418
Operating lease assets	102,477	0
Goodwill	1,503,648	1,490,247
Intangible assets, net	439,838	484,171
Other assets	401,343	305,147
Total assets	5,880,238	5,477,468
LIABILITIES:
Drafts payable	218,636	225,034
Payables to clients	1,058,873	950,946
Payables to broker-dealers and clearing organizations	92,002	76,180
Accrued commission and advisory expenses payable	174,330	164,211
Accounts payable and accrued liabilities	557,969	478,644
Income taxes payable	20,129	32,990
Unearned revenue	82,842	80,524
Securities sold, but not yet purchased — at fair value	176	169
Long-term borrowings, net	2,398,818	2,371,808
Operating lease liabilities	141,900	0
Finance lease liabilities	108,592	0
Leasehold financing and capital lease obligations	0	104,564
Deferred income taxes, net	2,098	18,325
Total liabilities	4,856,365	4,503,395
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 126,494,028 shares and 124,909,796 shares issued at December 31, 2019 and 2018, respectively	126	125
Additional paid-in capital	1,703,973	1,634,337
Treasury stock, at cost — 46,259,989 shares and 39,820,646 shares at December 31, 2019 and 2018, respectively	(2,234,793)	(1,730,535)
Retained earnings	1,554,567	1,070,146
Total stockholders' equity	1,023,873	974,073
Total liabilities and stockholders' equity	$ 5,880,238	$ 5,477,468

Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 388,355	$ 308,155
Finite-Lived Intangible Assets, Accumulated Amortization	544,653	479,319
Accumulated amortization, Debt issuance costs	$ 24,765	$ 19,525
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	126,494,028	124,909,796
Treasury stock, shares	46,259,989	39,820,646
Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss	$ 115	$ 640
Advisor Loans [Member]
Accounts Receivable, Allowance for Credit Loss	$ 3,974	$ 5,080

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2016	$ 820,995	$ 120	$ 1,445,256	$ (1,194,645)	$ 315	$ 569,949
BEGINNING BALANCE, shares at Dec. 31, 2016		119,918,000		30,621,000
Net income (loss) and other comprehensive income (loss), net of tax expense	238,548				(315)	238,863
Issuance of common stock to settle restricted stock units	(3,461)	$ 0	0	$ (3,461)
Issuance of common stock to settle restricted stock units, shares		366,000		84,000
Treasury stock purchases	(113,728)			$ (113,728)
Treasury stock purchases, shares				2,620,000
Cash dividends on common stock	(90,273)					(90,273)
Stock options exercises and other	84,405	$ 3	82,339	$ 2,266		(203)
Stock options exercises and other, shares		2,746,000		(63,000)
Share-based compensation	28,522		28,522
Share-based compensation, shares		0
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
ENDING BALANCE at Dec. 31, 2017	965,008	$ 123	1,556,117	$ (1,309,568)	0	718,336
ENDING BALANCE, shares at Dec. 31, 2017		123,030,000		33,262,000
Net income (loss) and other comprehensive income (loss), net of tax expense	439,459				0	439,459
Issuance of common stock to settle restricted stock units	(4,843)	$ 0	0	$ (4,843)
Issuance of common stock to settle restricted stock units, shares		369,000		75,000
Treasury stock purchases	(417,891)			$ (417,891)
Treasury stock purchases, shares				6,533,000
Cash dividends on common stock	(88,360)					(88,360)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		1,511,000		(49,000)
Stock options exercises and other	51,538	$ 2	49,058	$ 1,767		711
Share-based compensation	29,162		29,162
Share-based compensation, shares		0
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
ENDING BALANCE at Dec. 31, 2018	974,073	$ 125	1,634,337	$ (1,730,535)	0	1,070,146
ENDING BALANCE, shares at Dec. 31, 2018		124,910,000		39,821,000
Net income (loss) and other comprehensive income (loss), net of tax expense	559,880				0	559,880
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	5,724					5,724
Issuance of common stock to settle restricted stock units	(5,863)	$ 0	0	$ (5,863)
Issuance of common stock to settle restricted stock units, shares		366,000		75,000
Treasury stock purchases	$ (500,370)			$ (500,370)
Treasury stock purchases, shares	6,418,542			6,419,000
Cash dividends on common stock	$ (82,597)					(82,597)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		1,218,000		(55,000)
Stock options exercises and other	40,162	$ 1	36,772	$ 1,975		1,414
Share-based compensation	32,864		32,864
Share-based compensation, shares		0
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
ENDING BALANCE at Dec. 31, 2019	$ 1,023,873	$ 126	$ 1,703,973	$ (2,234,793)	$ 0	$ 1,554,567
ENDING BALANCE, shares at Dec. 31, 2019		126,494,000		46,260,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 559,880	$ 439,459	$ 238,863
Noncash items:
Depreciation and amortization	95,779	87,656	84,071
Amortization of intangible assets	65,334	60,252	38,293
Amortization of debt issuance costs	4,672	4,118	4,304
Share-based compensation	32,864	29,162	28,522
Provision for bad debts	6,698	6,113	2,789
Deferred income taxes	(18,615)	(1,754)	(9,391)
Loss on extinguishment of debt	3,156	0	22,407
Loan forgiveness	92,502	71,520	53,660
Other	(11,421)	5,447	(8,295)
Changes in operating assets and liabilities:
Receivables from clients	(20,602)	(68,888)	(1,916)
Receivables from product sponsors, broker-dealers, and clearing organizations	(7,180)	29,414	(21,085)
Advisor loans	(235,499)	(152,227)	(79,703)
Receivables from others	(52,365)	(20,894)	(32,618)
Securities owned	(16,848)	(13,741)	(5,276)
Securities borrowed	(12,855)	7,660	(6,930)
Operating leases	(1,446)	0	0
Other assets	(62,670)	(51,708)	(23,156)
Drafts payable	(6,398)	39,105	(12,910)
Payables to clients	107,927	(11,945)	99,126
Payables to broker-dealers and clearing organizations	15,822	21,918	(8,770)
Accrued commission and advisory expenses payable	8,462	17,116	18,619
Accounts payable and accrued liabilities	87,210	43,987	66,404
Income taxes receivable/payable	(12,861)	32,521	(4,138)
Unearned revenue	2,318	8,302	9,437
Securities sold, but not yet purchased	7	(1,013)	999
Net cash provided by operating activities	623,871	581,580	453,306
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(156,389)	(132,688)	(111,910)
Payments to Acquire Businesses, Net of Cash Acquired	25,853	27,928	160,321
Proceeds from disposal of fixed assets	0	0	12
Purchase of securities classified as held-to-maturity	(3,745)	(6,137)	(5,969)
Proceeds from maturity of securities classified as held-to-maturity	5,000	5,000	3,000
National Planning Holdings acquisition	0	0	(162,500)
Net cash used in investing activities	(180,987)	(161,753)	(437,688)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Lines of Credit	523,000	0	0
Repayments of Lines of Credit	(478,000)	0	0
Repayment of senior secured term loans	(411,250)	(15,000)	(2,405,360)
Proceeds from senior secured term loans and senior notes	400,000	0	2,611,593
Payment of debt issuance costs	(17,615)	0	(23,798)
Tax payments related to settlement of restricted stock units	(5,863)	(4,843)	(3,461)
Repurchase of common stock	(500,370)	(417,891)	(113,728)
Dividends on common stock	(82,597)	(88,360)	(90,273)
Proceeds from stock option exercises and other	40,162	51,538	84,405
Principal payment of finance leases and obligations	(692)	(8,807)	(7,949)
Net cash (used in) provided by financing activities	(533,225)	(483,363)	51,429
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(90,341)	(63,536)	67,047
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year	1,562,119	1,625,655	1,558,608
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year	1,471,778	1,562,119	1,625,655
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest Paid, Excluding Capitalized Interest, Operating Activities	126,949	123,623	92,650
Income taxes paid	213,339	122,215	139,200
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	13,736	20,634	16,096
Finance and capital lease obligations	0	0	3,906
Lease assets obtained in exchange for operating lease liabilities	108,879	0	0
Fixed assets obtained in exchange for finance lease liabilities	1,453	0	0
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	$ 0	$ 0	$ 5,040

Consolidated Statements of Cash Flows Cash, Cash Equivalents, and Restricted Cash Reconciliation - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 590,209	$ 511,096	$ 811,136
Cash segregated under federal and other regulations	822,697	985,195	763,831
Restricted cash	58,872	65,828	50,688
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 1,471,778	$ 1,562,119	$ 1,625,655	$ 1,558,608

Organization and Description of the Company	12 Months Ended
Organization and Description of the Company	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”), provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively, “advisors”) in the United States. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services, enabling its advisors to offer independent financial advice and brokerage services to retail investors (their “clients”). Description of Subsidiaries LPL Holdings, Inc. (“LPLH”), a Massachusetts holding corporation, owns 100% of the issued and outstanding common stock or other ownership interest in each of LPL Financial LLC (“LPL Financial”), AW Subsidiary, Inc., LPL Employee Services, LLC, Fortigent Holdings Company, Inc. and LPL Insurance Associates, Inc. (“LPLIA”), as well as a series captive insurance subsidiary (the “Captive Insurance Subsidiary”) that underwrites insurance for various legal and regulatory risks of the Company. LPLH is also the majority stockholder in PTC Holdings, Inc. (“PTCH”), and owns 100% of the issued and outstanding voting common stock. Each member of PTCH’s board of directors meets the direct equity ownership interest requirements that are required by the Office of the Comptroller of the Currency. LPL Financial, with primary offices in San Diego, California; Fort Mill, South Carolina; and Boston, Massachusetts, is a clearing broker-dealer and an investment adviser that principally transacts business as an agent for its advisors and financial institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. Fortigent Holdings Company, Inc. and its subsidiaries provide solutions and consulting services to registered investment advisers, banks, and trust companies serving high-net-worth clients. LPLIA operates as an insurance brokerage general agency that offers life and disability insurance products and services for LPL Financial advisors. AW Subsidiary, Inc. is a holding company for AdvisoryWorld, which offers technology products, including proposal generation, investment analytics and portfolio modeling, to both the Company’s advisors and external clients in the wealth management industry. PTCH is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account (“IRA”) custodial services for LPL Financial. LPL Employee Services, LLC is a holding company for Allen & Company of Florida, LLC (“Allen & Company”), a broker-dealer and registered investment adviser.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, intangible assets, allowance for doubtful accounts, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the consolidated financial statements and related disclosures. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.

Consolidation

These consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated.

Reportable Segment

Management has determined that the Company operates in one segment, given the similarities in economic characteristics between its operations and the common nature of its products and services, production and distribution process, and regulatory environment.

Revenue Recognition

Compensation and Benefits

The Company records compensation and benefits expense for all cash and deferred compensation, benefits, and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities.

Share-Based Compensation

Certain employees, officers, directors, advisors, and financial institutions of the Company participate in various long-term incentive plans that provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units. Stock options, warrants and restricted stock units generally vest in equal increments over a three-year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and deferred stock units generally vest over a one-year period, and performance stock units generally vest in full at the end of a three-year performance period.

The Company recognizes share-based compensation for equity awards granted to employees, officers, and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards, restricted stock units, and deferred stock units is equal to the closing price of the Company’s stock on the date of grant. The fair value of performance stock units is estimated using a Monte-Carlo simulation model on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period.

The Company recognizes share-based compensation for equity awards granted to advisors and financial institutions as commissions and advisory expense on the consolidated statements of income. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period.

The Company also makes assumptions regarding the number of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the vesting period. See Note 16. Share-Based Compensation, for additional information regarding share-based compensation for equity awards granted.

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the basic weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued.

Income Taxes

In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more-likely-than-not that such

deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities, and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions, and newly enacted statutory, judicial, and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition, or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax in the years utilized.

The Company recognizes the tax effects of a position in the consolidated financial statements only if it is more-likely-than-not to be sustained based solely on its technical merits; otherwise no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.

Cash and Cash Equivalents

Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company’s cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds, and U.S. government obligations.

Cash Segregated Under Federal and Other Regulations

The Company’s subsidiary, LPL Financial, is required to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. Held within this account is approximately $100,000 for the proprietary accounts of broker-dealers.

Restricted Cash

Restricted cash primarily represents cash held by and for use by the Captive Insurance Subsidiary.

Receivables from and Payables to Clients

Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. At December 31, 2019 and 2018, $1,014.7 million and $935.5 million, respectively, of the balance represent free credit balances that are held pending re-investment by the clients.

Receivables from clients are generally fully secured by securities held in the clients’ account. To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client or the client’s advisor and the Company’s historical experience in collecting on such transactions.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands):



	December 31,
	2019			2018		2017
Beginning balance — January 1	$	640		$	466	$	1,580
Provision for bad debts, net of recoveries	130			174		(15		)
Charge-offs	(655		)	—		(1,099		)
Ending balance — December 31	$	115		$	640	$	466

Advisor Loans

The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decisions to extend credit to advisors are generally based on the advisors’ credit history and their ability to generate future commissions. Certain loans made in connection with recruiting are forgivable over terms of up to ten years provided that the advisor remains licensed through LPL Financial. At December 31, 2019, $338.0 million of the advisor loan balance was forgivable. If an advisor terminates their arrangement with the Company prior to the forgivable loan term date, the remaining balance becomes due immediately. An allowance for uncollectible amounts is recorded using an analysis that takes into account the advisors’ registration status and the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts for advisor loans (in thousands):



	December 31,
	2019			2018			2017
Beginning balance — January 1	$	5,080		$	3,264		$	1,852
Provision for bad debts, net of recoveries	1,500			2,206			951
Charge-offs	(2,606		)	(390		)	(2,914		)
Reclassification from receivables from others	—			—			3,375
Ending balance — December 31	$	3,974		$	5,080		$	3,264

For the year ended December 31, 2017, the Company reclassified the provision for bad debt for advisor loans out of the provision for bad debt for receivables from others.

Receivables from Others

Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. Management maintains an allowance for uncollectible amounts using an aging analysis that takes into account the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands):



	December 31,
	2019			2018			2017
Beginning balance — January 1	$	8,099		$	6,115		$	12,851
Provision for bad debts, net of recoveries	3,671			3,733			1,853
Charge-offs	(1,478		)	(1,749		)	(5,214		)
Reclassification to advisor loans	—			—			(3,375		)
Ending balance — December 31	$	10,292		$	8,099		$	6,115

Securities Owned and Securities Sold, But Not Yet Purchased

Securities owned and securities sold, but not yet purchased include trading and held-to-maturity securities. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds, and municipal bonds) as trading securities, except for U.S. government notes held by PTC, which are classified as held-to-maturity securities. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and can change.

Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various

methods including comparison to prices received from additional pricing services, comparison to available quoted market prices, and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At December 31, 2019, the Company did not adjust prices received from the independent third-party pricing services.

Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If these estimates change, the Company may recognize additional losses. Both unrealized and realized gains and losses on trading securities are recognized in other revenue on a net basis in the consolidated statements of income.

Securities Borrowed

The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. Securities borrowed are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned, is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity.

As of December 31, 2019, the contract and collateral market values of borrowed securities were $17.7 million and $17.2 million, respectively. As of December 31, 2018, the contract and collateral market values of borrowed securities were $4.8 million and $5.0 million, respectively.

Fixed Assets

Internally developed software, leasehold improvements, computers and software, and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company charges software development costs to operations as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design, and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects or projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated.

Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. No impairment occurred for the years ended December 31, 2019, 2018, and 2017.

Acquisitions

When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income.

Accounting for business combinations requires the Company’s management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, liabilities assumed, and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data, and information obtained from the management of the acquired companies and are inherently uncertain. Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include, but are not limited to: (i) future expected cash flows from assets and advisor relationships; and (ii) discount rates.

Goodwill and Other Intangible Assets

Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill or other indefinite-lived intangible assets are quantitatively assessed for impairment, a two-step approach is applied. The Company first compares the estimated fair value of the reporting unit or indefinite-lived intangible asset to its carrying value. The second step, if necessary, measures the amount of such impairment by comparing the implied fair value of the asset to its carrying value. No impairment of goodwill or other indefinite-lived intangible assets was recognized for the years ended December 31, 2019, 2018, or 2017.

Intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 to 20 years. They are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value. There was no impairment of definite-lived intangible assets recognized for the years ended December 31, 2019, 2018, or 2017. See Note 9. Goodwill and Other Intangible Assets, for additional information regarding the Company’s goodwill and other intangible assets.

Debt Issuance Costs

Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability. Costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility.

Fair Value of Financial Instruments

The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness, which are carried at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 5. Fair Value Measurements, for additional information regarding the Company’s fair value measurements. As of December 31, 2019, the carrying amount and fair value of the Company’s indebtedness was approximately $2,415.0 million and $2,476.0 million, respectively. As of December 31, 2018, the carrying amount and fair value was approximately $2,381.3 million and $2,271.9 million, respectively.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated.

The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from the Company’s other subsidiaries and has cash reserves to cover losses. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, see Note 14. Commitments and Contingencies - “Legal & Regulatory Matters.”

Leases

Lease assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the lease commencement date. The Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. For additional information, see Note 12. Leases.

Prior to the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), the Company was involved in a build-to-suit lease arrangement in Fort Mill, South Carolina, under which it served as the construction agent on behalf of the landlord and bore substantially all of the risks and rewards of ownership. The Company was required to report the landlord’s costs of construction as a fixed asset during the construction period as if the Company owned such asset and an equal and off-setting leasehold financing obligation on the consolidated statements of financial condition. The construction was completed in October 2016 and it was determined that the asset did not qualify for sale-leaseback accounting treatment. As such, the Company accounted for this arrangement as a capital lease in which the asset was depreciated and the lease payments were recognized as a reduction of the financing obligation and interest expense over the lease term on the consolidated statements of income.

Recently Issued Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s recognition of credit losses but will impact the Company’s disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes or modifies certain current disclosures, and requires additional disclosures. The changes are meant to provide more relevant information regarding valuation techniques and inputs used to arrive at measures of fair value, uncertainty in the fair value measurements, and how changes in fair value measurements impact an entity’s performance and cash flows. Certain disclosures in ASU 2018-13 will need to be applied on a retrospective basis and others on a prospective basis. The Company adopted the provisions of this guidance on January 1, 2020. The adoption will not have a material impact on the Company’s related disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the accounting for costs to implement a cloud computing arrangement that is a service with the guidance on capitalizing costs for developing or obtaining internal-use software. The Company prospectively adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard also requires disclosures that

provide additional information on recorded lease arrangements. In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements, which provides an optional transition method that allows entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the provisions of this guidance, including the optional transition method, on January 1, 2019. Operating lease assets and corresponding lease liabilities were recognized on the Company’s consolidated statements of financial condition. There was no material impact to its consolidated statements of income. Refer to Note 12. Leases, for additional disclosure and significant accounting policies affecting leases.

In June 2018, the FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payments granted to non-employees. Consistent with the requirement for employee share-based payment awards, non-employee share-based payment awards within the scope of Topic 718 will be measured at grant-date fair value of the equity instruments. The Company adopted the provisions of this guidance on January 1, 2019 and no longer adjusts the fair value of advisor and financial institution equity awards in the consolidated statements of income.

Revenue (Notes)

12 Months Ended

Dec. 31, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

Revenues

Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenues on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the product or service before control is transferred to a customer. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred and discretion in establishing the price.

Commission Revenue

Commission revenue represents sales commissions generated by advisors for their clients’ purchases and sales of securities on exchanges and over-the-counter, as well as purchases of other investment products. The Company views the selling, distribution and marketing, or any combination thereof, of investment products to such clients as a single performance obligation to the product sponsors.

The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with the product sponsors. Advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis.

The following table presents total commission revenue disaggregated by investment product category (in thousands):



	Years Ended December 31,
	2019		2018		2017
Commission revenue
Annuities	$	1,000,806	$	999,689	$	853,963
Mutual funds	589,411		616,445		534,639
Fixed income	126,127		122,569		104,037
Equities	79,446		84,823		79,180
Other	96,617		96,168		99,005
Total commission revenue	$	1,892,407	$	1,919,694	$	1,670,824

The Company generates two types of commission revenue: sales-based commission revenue that is recognized at the point of sale on the trade date and trailing commission revenue that is recognized over time as earned. Sales-based commission revenue varies by investment product and is based on a percentage of an investment product’s current market value at the time of purchase. Trailing commission revenue is generally based on a percentage of the current market value of clients’ investment holdings in trail-eligible assets, and is recognized over the period during which services, such as ongoing support, are performed. As trailing commission revenue is based on the market value of clients’ investment holdings, the consideration is variable and an estimate of the

variable consideration is constrained due to dependence on unpredictable market impacts. The constraint is removed once the investment holdings value can be determined.

The following table presents sales-based and trailing commission revenues disaggregated by product category (in thousands):



	Years Ended December 31,
	2019		2018		2017
Commission revenue
Sales-based
Annuities	$	380,317	$	379,252	$	327,888
Mutual funds	146,695		141,597		134,327
Fixed income	102,391		98,091		80,919
Equities	79,446		84,823		79,180
Other	74,003		73,013		80,256
Total sales-based revenue	$	782,852	$	776,776	$	702,570
Trailing
Annuities	$	620,489	$	620,437	$	526,075
Mutual funds	442,716		474,848		400,312
Fixed income	23,736		24,478		23,118
Other	22,614		23,155		18,749
Total trailing revenue	$	1,109,555	$	1,142,918	$	968,254
Total commission revenue	$	1,892,407	$	1,919,694	$	1,670,824

Advisory Revenue

Advisory revenue represents fees charged to advisors’ clients’ accounts on the Company’s corporate advisory platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The advisory revenue generated from the Company’s corporate advisory platform is based on a percentage of the market value of the eligible assets in the clients’ advisory accounts. As such, the consideration for this revenue is variable and an estimate of the variable consideration is constrained due to dependence on unpredictable market impacts on client portfolio values. The constraint is removed once the portfolio value can be determined.

The Company provides advisory services to clients on its corporate advisory platform through the advisor. The Company is the principal in these arrangements and recognizes advisory revenue on a gross basis, as the Company is responsible for satisfying the performance obligations and has control over determining the fees.

Asset-Based Revenue

Asset-based revenue is comprised of fees from the Company’s client cash programs, which consist of fees from its money market programs and insured cash sweep vehicles, sponsorship programs, and recordkeeping.

Client Cash Revenue

Client cash revenues are generated based on advisors’ clients’ cash balances in insured sweep accounts and money market programs at various banks. The Company receives fees based on account type and invested balances for administration and recordkeeping. These fees are paid and recognized over time.

Sponsorship Programs

The Company receives fees from product sponsors, primarily mutual fund and annuity companies, for marketing support and sales force education and training efforts. Compensation for these performance obligations is either a fixed fee, a percentage of the average annual amount of product sponsor assets held in advisors’ clients’ accounts, a percentage of new sales, or some combination. As the value of product sponsor assets held in advisor’s clients’ accounts is susceptible to unpredictable market changes, this revenue includes variable consideration and is constrained until the date that the fees are determinable.

Recordkeeping

The Company generates this revenue by providing recordkeeping, account maintenance, reporting and other related services to product sponsors. This includes revenue from omnibus processing in which the Company establishes and maintains sub-account records for its clients to reflect the purchase, exchange and redemption of mutual fund shares, and consolidates clients’ trades within a mutual fund. Omnibus processing fees are paid to the Company by the mutual fund or its affiliates and are based on the value of mutual fund assets in accounts for which the Company provides omnibus processing services and the number of accounts in which the related mutual fund positions are held. Recordkeeping revenue also includes revenues from networking recordkeeping services. Networking revenues on brokerage assets are correlated to the number of positions or value of assets that the Company administers and are paid by mutual fund and annuity product manufacturers. These recordkeeping revenues are recognized over time as the Company fulfills its performance obligations. As recordkeeping fees are susceptible to unpredictable market changes that influence market value and fund positions, these revenues include variable consideration and are constrained until the date that the fees are determinable.

Depending on the contract, the Company is either principal or agent for recordkeeping revenue. In instances in which the Company is providing services to financial product manufacturers on behalf of third parties and does not have ultimate control of the service before transfer to the customer, the Company is considered to be an agent and reports revenues on a net basis. In other cases, where the Company uses a sub-contractor to provide services and is responsible for unperformed services, the Company is considered principal and reports revenues on a gross basis.

The following table sets forth asset-based revenue at a disaggregated level (in thousands):



	Years Ended December 31,
	2019		2018		2017
Asset-based revenue
Client cash	$	652,793	$	500,418	$	301,448
Sponsorship programs	251,899		224,726		193,190
Recordkeeping	261,287		247,371		213,695
Total asset-based revenue	$	1,165,979	$	972,515	$	708,333

Transaction and Fee Revenue

Transaction revenue primarily includes fees the Company charges to advisors and their clients for executing certain transactions in brokerage and fee-based advisory accounts. Transaction revenue is recognized at the point-in-time that a transaction is executed, which is generally the trade-date. Fee revenue may be generated from advisors or their clients. Fee revenues primarily include IRA custodian fees, contract and licensing fees, and other client account fees. In addition, the Company hosts certain advisor conferences that serve as training, education, sales, and marketing events, for which a fee is charged for attendance. Fee revenue is recognized when the Company satisfies its performance obligations. Recognition varies from point-in-time to over time depending on whether the service is provided once at an identifiable point-in-time or if the service is provided continually over the contract life.

The following table sets forth transaction and fee revenue disaggregated by recognition pattern (in thousands):



	Years Ended December 31,
	2019		2018		2017
Transaction and fee revenue
Point-in-time₍₁₎	$	215,234	$	221,265	$	187,655
Over time₍₂₎	265,094		250,034		237,012
Total transaction and fee revenue	$	480,328	$	471,299	$	424,667

____________________


(1)	Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and conference service fees.


(2)	Transaction and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and technology fees.

The Company is the principal and recognizes transaction and fee revenue on a gross basis as it is primarily responsible for delivering the respective services being provided, which is demonstrated by the Company’s ability to control the fee amounts charged to customers.

Interest Income, Net of Interest Expense

The Company earns interest income from client margin accounts and cash equivalents, less interest expense on related transactions. This revenue is not generated from contracts with customers. Interest expense incurred in connection with cash equivalents and client margin balances is completely offset by revenue on related transactions; therefore, the Company considers such interest to be an operating expense. Interest expense from operations for the years ended December 31, 2019, 2018, and 2017 was not material.

Other Revenue

Other revenue primarily includes unrealized gains and losses on assets held by the Company for its advisor non-qualified deferred compensation plan and model research portfolios, marketing allowances received from certain financial product manufacturers, primarily those who offer alternative investments, such as non-traded real estate investment trusts and business development companies, and other miscellaneous revenues. These revenues are not generated from contracts with customers.

Arrangements with Multiple Performance Obligations

The Company’s contracts with customers may include multiple performance obligations. Contracts with customers that include multiple performance obligations have performance obligations that follow the same revenue recognition pattern and are recorded in the same financial statement line item.

Unearned Revenue

The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. The increase in the unearned revenue balance for the year ended December 31, 2019 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $80.4 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2018.

The Company receives cash revenues for advisory services not yet performed and conferences not yet held. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.

Acquisitions (Notes)	12 Months Ended
Acquisitions (Notes)	Dec. 31, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On August 1, 2019, the Company acquired all of the outstanding equity interests of Allen & Company. Under the transaction structure, Allen & Company advisors and staff became employees of the Company, and Allen & Company will maintain its operations and brand. The Company paid approximately $24.9 million at closing and also agreed to a potential contingent payment of up to $10.0 million (“Contingent Payment”), payable approximately six months after the closing date based on the percentage of assets retained by Allen & Company advisors. The fair value of the Contingent Payment is included in accounts payable and accrued liabilities on the consolidated statements of financial condition. See Note 5. Fair Value Measurements, for additional information. On December 3, 2018, the Company acquired all of the outstanding common stock of AdvisoryWorld, to enhance the Company’s technology capabilities. The Company paid $28.1 million at the closing of the transaction and allocated the purchase price primarily to intangible assets and goodwill in the consolidated statements of financial condition. During 2017, the Company entered into an asset purchase agreement with National Planning Holdings, Inc. (“NPH”) and its four broker-dealer subsidiaries to acquire certain assets and rights, including business relationships with financial advisors. In accordance with ASC 805, Business Combinations, control transferred when the Company onboarded NPH advisors and client assets onto its platform, which occurred in two waves. The Company recorded intangible assets of $112.7 million in advisor relationships and $49.0 million in goodwill in the first quarter of 2018, following the completion of the second wave.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

There have been no transfers of assets or liabilities between these fair value measurement classifications during the years ended December 31, 2019 and 2018.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At December 31, 2019 and December 31, 2018, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis:

Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets.

Securities Owned and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasury obligations, mutual funds, certificates of deposit, and traded equity and debt securities.

The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices, and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For

certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At December 31, 2019 and December 31, 2018, the Company did not adjust prices received from the independent third-party pricing services.

Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; and (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data.

Accounts Payable and Accrued Liabilities — The Company’s accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs.

Level 3 Recurring Fair Value Measurements

The Company determines the fair value for its contingent consideration obligations using a scenario based approach whereby the Company assesses the expected retention percentage of the acquired assets under management. The contingent payment is estimated by applying a discount rate to the expected payment to calculate the fair value as of the valuation date. The Company’s management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management’s expectations.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	17,426	$	—	$	—	$	17,426
Securities owned — trading:
Money market funds	92		—		—		92
Mutual funds	25,202		—		—		25,202
Equity securities	556		—		—		556
Debt securities	—		151		—		151
U.S. treasury obligations	20,446		—		—		20,446
Total securities owned — trading	46,296		151		—		46,447
Other assets	267,740		10,393		—		278,133
Total assets at fair value	$	331,462	$	10,544	$	—	$	342,006
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	153	$	—	$	—	$	153
Debt securities	—		23		—		23
Total securities sold, but not yet purchased	153		23		—		176
Accounts payable and accrued liabilities	—		—		10,000		10,000
Total liabilities at fair value	$	153	$	23	$	10,000	$	10,176

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	26,657	$	—	$	—	$	26,657
Securities owned — trading:
Money market funds	194		—		—		194
Mutual funds	7,434		—		—		7,434
Equity securities	1,931		—		—		1,931
Debt securities	—		1		—		1
U.S. treasury obligations	19,707		—		—		19,707
Total securities owned — trading	29,266		1		—		29,267
Other assets	181,974		9,420		—		191,394
Total assets at fair value	$	237,897	$	9,421	$	—	$	247,318
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	163	$	—	$	—	$	163
Debt securities	—		6		—		6
Total securities sold, but not yet purchased	163		6		—		169
Total liabilities at fair value	$	163	$	6	$	—	$	169

- 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

Held-to-Maturity Securities

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

The Company holds certain investments in securities, primarily U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments to maturity. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield.

The amortized cost, gross unrealized gain (loss), and fair value of securities held-to-maturity were as follows (in thousands):



	December 31,
	2019		2018
Amortized cost	$	11,806	$	13,001
Gross unrealized gain (loss)	83		(56		)
Fair value	$	11,889	$	12,945

At December 31, 2019, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	5,074	$	6,732	$	—	$	11,806
U.S. government notes — at fair value	$	5,096	$	6,793	$	—	$	11,889

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2019

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from Product Sponsors, Broker-Dealers, and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from product sponsors, broker-dealers, and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands):



	December 31,
	2019		2018
Receivables:
Commissions receivable from product sponsors and others	$	138,258	$	135,161
Receivable from clearing organizations	28,140		20,281
Receivable from broker-dealers	1,020		2,065
Securities failed-to-deliver	10,236		9,286
Total receivables	$	177,654	$	166,793
Payables:
Payable to clearing organizations	$	15,264	$	24,818
Payable to broker-dealers	58,130		37,583
Securities failed-to-receive	18,608		13,779
Total payables	$	92,002	$	76,180

Fixed Assets

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Fixed Assets

The components of fixed assets were as follows at December 31, 2019 (in thousands):



	Gross Carrying Value		Accumulated Depreciation and Amortization			Net Carrying Value
Internally developed software	$	327,585	$	(187,494	)	$	140,091
Computers and software	171,099		(124,248		)	46,851
Buildings	107,895		(3,877		)	104,018
Leasehold improvements	83,543		(25,655		)	57,888
Furniture and equipment	79,970		(47,081		)	32,889
Land	4,678		—			4,678
Construction in progress₍₁₎	146,629		—			146,629
Total fixed assets	$	921,399	$	(388,355	)	$	533,044

____________________


(1)	Construction in progress includes internal software in development of $133.3 million at December 31, 2019.

The components of fixed assets were as follows at December 31, 2018 (in thousands):



	Gross Carrying Value		Accumulated Depreciation and Amortization			Net Carrying Value
Internally developed software	$	260,957	$	(147,330	)	$	113,627
Computers and software	147,163		(90,655		)	56,508
Buildings	105,939		(11,868		)	94,071
Leasehold improvements	83,339		(20,982		)	62,357
Furniture and equipment	73,955		(37,320		)	36,635
Land	4,678		—			4,678
Construction in progress₍₁₎	93,542		—			93,542
Total fixed assets	$	769,573	$	(308,155	)	$	461,418

____________________


(1)	Construction in progress includes internal software in development of $85.0 million at December 31, 2018.

Depreciation and amortization expense was $95.8 million, $87.7 million, and $84.1 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

A summary of the activity in goodwill is presented below (in thousands):



Balance at December 31, 2017	$	1,427,769
Goodwill acquired ₍₁₎	62,478
Balance at December 31, 2018	1,490,247
Goodwill acquired	13,401
Balance at December 31, 2019	$	1,503,648

____________________


(1)	Goodwill acquired during 2018 included $49.0 million from the NPH acquisition and $13.5 million from the AdvisoryWorld acquisition.

The components of intangible assets were as follows at December 31, 2019 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	6.1	$	651,642	$	(365,470	)	$	286,172
Product sponsor relationships	6.1	234,086		(161,435		)	72,651
Client relationships	8.7	42,234		(15,277		)	26,957
Technology	9.0	15,510		(1,551		)	13,959
Trade names	2.3	1,200		(920		)	280
Total definite-lived intangible assets		$	944,672	$	(544,653	)	$	400,019
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	439,838

The components of intangible assets were as follows at December 31, 2018 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	7.1	$	651,642	$	(316,153	)	$	335,489
Product sponsor relationships	7.1	234,086		(149,525		)	84,561
Client relationships	7.0	21,233		(12,841		)	8,392
Technology	10.0	15,510		—			15,510
Trade names	3.3	1,200		(800		)	400
Total definite-lived intangible assets		$	923,671	$	(479,319	)	$	444,352
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	484,171

Total amortization expense of intangible assets was $65.3 million, $60.3 million, and $38.3 million for the years ended December 31, 2019, 2018, and 2017, respectively. Future amortization expense is estimated as follows (in thousands):



2020	$	66,139
2021	65,982
2022	65,182
2023	61,086
2024	60,314
Thereafter	81,316
Total	$	400,019

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows (in thousands):



	December 31,
	2019		2018
Advisor deferred compensation plan liability	$	269,289	$	182,351
Accrued compensation	77,202		70,093
Deferred rent	—		40,772
Accounts payable	68,436		53,077
Other accrued liabilities	143,042		132,351
Total accounts payable and accrued liabilities	$	557,969	$	478,644

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

On November 12, 2019, LPLFH and LPLH entered into a fourth amendment agreement (the “Amendment”) to the Company’s amended and restated credit agreement (“Credit Agreement”), and repriced its senior secured Term Loan B facility (“Term Loan B”), increased the size of its senior secured revolving credit facility from $500.0 million to $750.0 million, extended the maturity dates applicable to its Term Loan B and its senior secured revolving credit facility, and made certain other changes to its credit agreement. Additionally, LPLH raised $400.0 million in aggregate principal amount of 4.625% senior unsecured notes which were issued at par (“2027 Notes”). The proceeds from the 2027 Notes were used to pay down the Term Loan B principal balance to $1,070.0 million. In connection with the execution of the Amendment, the Company incurred $13.5 million in costs which are capitalized as debt issuance costs in the consolidated statements of financial condition, and accelerated the recognition of $3.2 million of unamortized debt issuance costs as a loss on extinguishment of debt in the consolidated statements of income.

Issuance of 4.625% Senior Notes due 2027

The 2027 Notes are unsecured obligations, governed by an indenture, that will mature on November 15, 2027, and bear interest at the rate of 4.625% per year, with interest payable semi-annually, beginning on May 15, 2020. The Company may redeem all or part of the 2027 Notes at any time prior to November 15, 2022 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus a “make-whole” premium. Thereafter the Company may redeem all or part of the 2027 Notes at annually declining redemption premiums until November 15, 2024, at and after which date the redemption price will be equal to 100% of the principal amount redeemed plus any accrued and unpaid interest thereon.

Issuance of 5.75% Senior Notes due 2025

LPLH issued $500.0 million aggregate principal amount of 5.75% senior notes on March 10, 2017 (the “Original Notes”) and $400.0 million aggregate principal amount of 5.75% senior notes on September 21, 2017 (together with the Original Notes, the “2025 Notes”). The 2025 Notes are unsecured obligations, governed by an indenture, that will mature on September 15, 2025, and bear interest at the rate of 5.75% per year, with interest payable semi-annually, beginning September 15, 2017. The Company may redeem all or part of the 2025 Notes at any time prior to March 15, 2020 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus a “make-whole” premium. Thereafter the Company may redeem all or part of the 2025

Notes at annually declining redemption premiums until March 15, 2023, at and after which date the redemption price will be equal to 100% of the principal amount redeemed.

The Company’s outstanding borrowings were as follows (dollars in thousands):



	December 31, 2019						December 31, 2018
Long-Term Borrowings	Balance			Applicable Margin	Interest Rate		Balance			Applicable Margin	Interest Rate		Maturity
Revolving Credit Facility₍₁₎	$	45,000		ABR+25bps	5.00	%	$	—		LIBOR+125bps	—		11/12/2024
Senior Secured Term Loan B₍₂₎	1,070,000			LIBOR+175 bps	3.54	%	1,481,250			LIBOR+225 bps	4.73	%	11/12/2026
Senior Unsecured Notes₍₂₎₍₃₎	900,000			Fixed Rate	5.75	%	900,000			Fixed Rate	5.75	%	9/15/2025
Senior Unsecured Notes₍₂₎₍₄₎	400,000			Fixed Rate	4.63	%	—			—	—		11/15/2027
Total long-term borrowings	2,415,000						2,381,250
Plus: Unamortized Premium	8,583						10,083
Less: Unamortized Debt Issuance Cost	(24,765		)				(19,525		)
Net Carrying Value	$	2,398,818					$	2,371,808

____________________


(1)	The alternate base rate (ABR) was the effective PRIME rate on December 31, 2019, the date of the borrowing.


(2)	No leverage or interest coverage maintenance covenants.


(3)	The 2025 Notes were issued in two separate transactions; $500.0 million in original notes were issued in March 2017 at par; $400.0 million in additional notes were issued in September 2017 and priced at 103.0% of the aggregate principal amount.


(4)	The 2027 Notes were issued in November 2019 at par.

The Company is required to make quarterly payments on the Term Loan B facility equal to 0.25% of the aggregate principal amount of the loans under the Term Loan B facility.

Borrowings under the Term Loan B facility bear interest at a rate per annum of 175 basis points over the Eurodollar Rate or 75 basis points over the base rate (as defined in the Credit Agreement), and have no leverage or interest coverage maintenance covenants. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 125 to 175 basis points over the Eurodollar Rate or 25 to 75 basis points over the base rate, depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). The Eurodollar Rate option is the one-, two-, three-, or six-month LIBOR rate, as selected by LPLH, or, with the approval of the applicable lenders, twelve-month LIBOR rate or the LIBOR rate for another period acceptable to the Administrative Agent (including a shorter period). The LIBOR rate, on which the Eurodollar Rate is based, is expected to be discontinued by the end of 2021. The Credit Agreement permits LPLH to agree with the administrative agent for the Credit Agreement on a replacement benchmark rate subject to certain conditions (including that a majority of the lenders do not object to such replacement rate within a specified period of time following notice thereof from the administrative agent).

As of December 31, 2019, the Company had $3.7 million of irrevocable letters of credit, with an applicable interest rate margin of 1.25%, which were supported by the credit facility.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of December 31, 2019, the Company was in compliance with such covenants.

Broker-Dealer Credit Facility

On July 31, 2019, LPL Financial, the Company’s broker-dealer subsidiary, entered into a committed, unsecured revolving credit facility that matures on July 31, 2024 and allows for a maximum borrowing of up to $300.0 million (the “LPL Financial Credit Facility”). LPL Financial incurred approximately $1.5 million in debt issuance costs. Borrowings under the LPL Financial Credit Facility bear interest at a rate per annum ranging from 112.5 to 137.5 basis points over the Federal Funds Rate or Eurodollar Rate, depending on the Parent Leverage Ratio (each as defined in the credit agreement related to the LPL Financial Credit Facility). The credit agreement related to the LPL Financial Credit Facility subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants, and there were no borrowings outstanding on this credit facility, as of December 31, 2019.

Bank Loans Payable

The Company maintained three uncommitted lines of credit as of December 31, 2019. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $150.0 million limit and allows for both collateralized and uncollateralized borrowings. There were no balances outstanding as of December 31, 2019 or December 31, 2018.

The minimum calendar year payments and maturities of the long-term borrowings as of December 31, 2019 are as follows (in thousands):



2020	$	55,700
2021	10,700
2022	10,700
2023	10,700
2024	10,700
Thereafter	2,316,500
Total	$	2,415,000

Leases (Notes)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating Leases

Leases

Adoption of ASC Topic 842, Leases

On January 1, 2019, the Company adopted ASC Topic 842, Leases (“Topic 842”). Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting guidance, ASC Topic 840.

The Company previously recorded a build-to-suit related asset and liability for a lease in Fort Mill, South Carolina. The asset and liability were derecognized and reevaluated as a result of the adoption. The Fort Mill lease was determined to be a finance lease under Topic 842 and the changes in values from the derecognition and reevaluation were recorded to retained earnings under cumulative effect of accounting change in the consolidated statements of stockholders’ equity.

Lease Recognition

The Company determines if an arrangement is a lease or contains a lease at inception. The Company has operating and finance leases for corporate offices and equipment with remaining lease terms of 2 years to 17 years, some of which include options to extend the lease for up to 20 years. For leases with renewal options, the lease term is extended to reflect renewal options the Company is reasonably certain to exercise.

Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term.

Finance lease assets are included in fixed assets in the consolidated statements of financial condition and at December 31, 2019 were $107.4 million.

The components of lease expense were as follows (in thousands):



	Year Ended December 31,
	2019
Operating lease cost	$	17,610
Finance lease cost:
Amortization of right-of-use assets	$	4,786
Interest on lease liabilities	8,387
Total finance lease cost	$	13,173

Supplemental cash flow information related to leases was as follows (in thousands):



	Year Ended December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,117
Operating cash flows from finance leases	$	8,387
Financing cash flows from finance leases	$	692

Supplemental weighted-average information related to leases was as follows:



	December 31,
	2019
Weighted-average remaining lease term (years):
Finance leases	26.2
Operating leases	9.1
Weighted-average discount rate:
Finance leases	7.75	%
Operating leases	7.27	%

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



	Operating Leases		Finance Leases
2020	$	19,973	$	9,592
2021	20,553		9,735
2022	21,084		8,802
2023	20,706		8,576
2024	20,485		8,727
Thereafter	94,503		233,639
Total lease payments	197,304		279,071
Less imputed interest	55,404		170,479
Total	$	141,900	$	108,592

Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840 were as follows (in thousands):



2019	$	30,010
2020	30,731
2021	30,590
2022	31,238
2023	30,265
Thereafter	239,118
Total₍₁₎	$	391,952

____________________

(1)

Amounts above exclude $75.7 million related to non-lease commitments from the schedule included in Note 13. Commitments and Contingencies, in the Company’s audited consolidated financial statements and the related notes in the 2018 Annual Report on Form 10-K.

Finance Leases

Leases

Adoption of ASC Topic 842, Leases

Lease Recognition

Finance lease assets are included in fixed assets in the consolidated statements of financial condition and at December 31, 2019 were $107.4 million.

The components of lease expense were as follows (in thousands):



	Year Ended December 31,
	2019
Operating lease cost	$	17,610
Finance lease cost:
Amortization of right-of-use assets	$	4,786
Interest on lease liabilities	8,387
Total finance lease cost	$	13,173

Supplemental cash flow information related to leases was as follows (in thousands):



	Year Ended December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,117
Operating cash flows from finance leases	$	8,387
Financing cash flows from finance leases	$	692

Supplemental weighted-average information related to leases was as follows:



	December 31,
	2019
Weighted-average remaining lease term (years):
Finance leases	26.2
Operating leases	9.1
Weighted-average discount rate:
Finance leases	7.75	%
Operating leases	7.27	%

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



	Operating Leases		Finance Leases
2020	$	19,973	$	9,592
2021	20,553		9,735
2022	21,084		8,802
2023	20,706		8,576
2024	20,485		8,727
Thereafter	94,503		233,639
Total lease payments	197,304		279,071
Less imputed interest	55,404		170,479
Total	$	141,900	$	108,592

Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840 were as follows (in thousands):



2019	$	30,010
2020	30,731
2021	30,590
2022	31,238
2023	30,265
Thereafter	239,118
Total₍₁₎	$	391,952

____________________

(1)

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s provision for income taxes was as follows (in thousands):



	December 31,
	2019			2018			2017
Current provision:
Federal	$	156,378		$	120,211		$	117,745
State	44,192			34,721			17,353
Total current provision	200,570			154,932			135,098
Deferred benefit:
Federal	(13,971		)	(1,874		)	(8,951		)
State	(4,644		)	120			(440		)
Total deferred benefit	(18,615		)	(1,754		)	(9,391		)
Provision for income taxes	$	181,955		$	153,178		$	125,707

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates is set forth below:



	Years Ended December 31,
	2019		2018		2017
Federal statutory income tax rates	21.0	%	21.0	%	35.0	%
State income taxes, net of federal benefit	4.1		4.6		3.0
Non-deductible expenses	0.4		1.7		0.6
Share-based compensation	(1.4	)	(1.4	)	(0.9	)
Tax Cuts and Jobs Act of 2017	—		—		(2.4	)
Domestic production activities deduction	—		—		(0.9	)
Research & development credits	(0.3	)	(0.3	)	(0.4	)
Other	0.7		0.2		0.5
Effective income tax rates	24.5	%	25.8	%	34.5	%

The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes, settlement contingencies, tax credits and other permanent differences in tax deductibility of certain expenses. These items resulted in effective tax rates of 24.5%, 25.8%, and 34.5% for the years ended December 31, 2019, 2018, and 2017, respectively.

The decrease in the Company’s effective income tax rate in 2019 compared to 2018 was due to decreases in non-deductible expenses.

The decrease in the Company’s effective income tax rate in 2018 compared to 2017 was due to the tax benefit associated with the federal corporate income tax rate reduction from 35% to 21% under the Tax Cuts and Jobs Act of 2017.

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (H.R. 1), the tax reform bill (the "Tax Act"), was signed into law. The Tax Act provided a permanent reduction in the Company's federal corporate income tax rate from 35% to 21% effective January 1, 2018. During the quarter ended December 31, 2018, the Company finalized its accounting of the Tax Act pursuant to SEC Staff Accounting Bulletin No. 118. No significant impacts were recorded by the Company as a result of finalizing the accounting.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands):



	December 31,
	2019			2018
Deferred tax assets:
Accrued liabilities	$	82,105		$	58,265
Share-based compensation	14,823			16,832
State taxes	6,932			7,044
Operating lease liabilities	37,580			—
Finance lease liabilities	28,350			—
Deferred rent	—			32,376
Provision for bad debts	4,077			3,919
Forgivable loans	10,845			9,938
Captive insurance	1,773			1,968
Other	—			4,788
Total deferred tax assets	186,485			135,130
Deferred tax liabilities:
Amortization of intangible assets	(70,953		)	(77,037		)
Depreciation of fixed assets	(87,739		)	(76,418		)
Operating lease assets	(27,189		)	—
Other	(2,702		)	—
Total deferred tax liabilities	(188,583		)	(153,455		)
Deferred income taxes, net	$	(2,098	)	$	(18,325	)

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, including interest and penalties (in thousands):



	December 31,
	2019			2018			2017
Balance — Beginning of year	$	46,287		$	42,657		$	39,766
Increases for tax positions taken during the current year	9,314			10,042			7,815
Reductions as a result of a lapse of the applicable statute of limitations	(3,503		)	(6,412		)	(4,924		)
Balance — End of year	$	52,098		$	46,287		$	42,657

At December 31, 2019 and 2018, there were $46.1 million and $40.7 million, respectively, of unrecognized tax benefits that if recognized, would favorably affect the effective income tax rate in any future periods.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes within the consolidated statements of financial condition. At December 31, 2019 and 2018, the liability for unrecognized tax benefits included accrued interest of $6.4 million and $5.1 million, respectively, and penalties of $4.4 million and $4.3 million, respectively.

The Company and its subsidiaries file income tax returns in the federal jurisdiction, as well as most state jurisdictions, and are subject to routine examinations by the respective taxing authorities. The Company has concluded all federal income tax matters for years through 2011 and all state income tax matters for years through 2007.

The tax years of 2012 to 2018 remain open to examination in the federal jurisdiction. The tax years of 2008 to 2018 remain open to examination in the state jurisdictions. In the next 12 months, it is reasonably possible that the Company expects a reduction in unrecognized tax benefits of $3.7 million primarily related to the statute of limitations expiration in various state jurisdictions.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Service and Development Contracts

The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings.

Future minimum payments under service, development, and agency contracts, and other contractual obligations with initial terms greater than one year were as follows at December 31, 2019 (in thousands):



2020	$	45,272
2021	20,375
2022	9,499
2023	1,118
2024	516
Thereafter	502
Total	$	77,282

Guarantees

The Company occasionally enters into contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts.

LPL Financial provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions.

Loan Commitments

From time to time, LPL Financial makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no significant unfunded commitments at December 31, 2019.

Legal & Regulatory Matters

The Company is subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which has in the past and may in the future include fines, customer restitution and other remediation. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult. While the Company exercises significant and complex judgments to make certain estimates presented in its consolidated financial statements, there are particular uncertainties and complexities involved when assessing the potential outcomes of legal proceedings and regulatory matters. The Company’s assessment process considers a variety of factors and assumptions, which may include: the procedural status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts; potential opportunities for settlement and the status of any settlement discussions; as well as the potential for insurance coverage and indemnification, if available. The Company monitors these factors and assumptions for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss,

if those amounts can be reasonably determined. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated.

On May 1, 2018 the Company agreed to a settlement structure with the North American Securities Administrators Association that related to the Company’s historical compliance with certain state “blue sky” laws and resulted in aggregate fines of approximately $26.4 million, all of which were covered by the Captive Insurance Subsidiary’s loss reserves. As part of the settlement structure, the Company engaged independent third party consultants to conduct a historical review of securities transactions and an operational review of the Company’s systems for complying with blue sky securities registration requirements, each of which has been completed. The Company also agreed to offer customers remediation in the form of reimbursement for any actual losses, plus interest. As of the date of this annual report, customer remediation remains in process, although the cost is not expected to be material.

Third-Party Insurance

The Company maintains third-party insurance coverage for certain potential legal proceedings, including those involving certain client claims. With respect to such client claims, the estimated losses on many of the pending matters are less than the applicable deductibles of the insurance policies.

Self-Insurance

The Company has self-insurance for certain potential liabilities through the Captive Insurance Subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and other actuarial assumptions. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends, so there are particular complexities and uncertainties involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured. As of December 31, 2019 and 2018, these self-insurance liabilities are included in accounts payable and accrued liabilities in the consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the consolidated statements of income for the years ended December 31, 2019, 2018, and 2017.

Other Commitments

As of December 31, 2019, the Company had approximately $347.9 million of client margin loans that were collateralized with securities having a fair value of approximately $487.1 million that it can repledge, loan, or sell. Of these securities, approximately $71.8 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of December 31, 2019, there were no restrictions that materially limited the Company’s ability to repledge, loan, or sell the remaining $415.3 million of client collateral.

Trading securities on the consolidated statements of financial condition includes $5.5 million and $4.7 million pledged to the Options Clearing Corporation at December 31, 2019 and 2018, respectively, and $15.0 million and $14.9 million pledged to the National Securities Clearing Corporation at December 31, 2019 and December 31, 2018, respectively.

Stockholders' Equity Stockholders' Equity (Notes)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends

The payment, timing, and amount of any dividends are subject to approval by the Company’s board of directors (the “Board of Directors”) as well as certain limits under the Credit Agreement and indentures. Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data):



	2019				2018				2017
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	21.1	$	0.25	$	22.6	$	0.25	$	22.6
Second quarter	$	0.25	$	20.8	$	0.25	$	22.3	$	0.25	$	22.6
Third quarter	$	0.25	$	20.5	$	0.25	$	21.9	$	0.25	$	22.5
Fourth quarter	$	0.25	$	20.2	$	0.25	$	21.5	$	0.25	$	22.5

Share Repurchases

The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the consolidated statements of financial condition.

On November 13, 2018, the Board of Directors authorized an increase to the Company’s existing share repurchase program, enabling the Company to repurchase its issued and outstanding common stock from time to time. As of December 31, 2019, the Company had $499.8 million remaining under the existing share repurchase program. Future share repurchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company within the constraints of the Credit Agreement, the indentures, and the Company’s general working capital needs.

The Company had the following activity under its approved share repurchase programs (dollars in millions, except per share data):



	2019
	Total Number of Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost₍₁₎₍₂₎
First Quarter	1,747,116	$	71.57	$	125.0
Second Quarter	1,591,950	$	78.54	$	125.0
Third Quarter	1,668,305	$	78.09	$	130.3
Fourth Quarter	1,411,171	$	85.06	$	120.0
	6,418,542	$	77.96	$	500.4

____________________


(1)	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

(2)

Total may not foot due to rounding.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Certain employees, advisors, institutions, officers, and directors of the Company participate in various long-term incentive plans, which provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units.

In November 2010, the Company adopted the 2010 Omnibus Equity Incentive Plan (as amended and restated in May 2015, the “2010 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units, performance stock units, and other equity-based compensation.

Since its adoption, awards have been and are only made out of the 2010 Plan. As of December 31, 2019, there were 20,055,945 shares authorized for grant and 5,231,656 shares remaining available for future issuance.

Stock Options and Warrants

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted:



	Years Ended December 31,
	2019			2018			2017
Expected life (in years)	5.43			5.43			5.43
Expected stock price volatility	35.80		%	34.80		%	35.27		%
Expected dividend yield	1.49		%	1.71		%	2.61		%
Risk-free interest rate	2.47		%	2.66		%	2.14		%
Fair value of options	$	24.41		$	19.86		$	10.63

The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 31, 2019:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2018	3,588,067		$	35.38
Granted	422,397		$	77.53
Exercised	(1,209,299	)	$	30.38
Forfeited and Expired	(95,924	)	$	46.37
Outstanding — December 31, 2019	2,705,241		$	43.81	5.92	$	131,051
Exercisable — December 31, 2019	1,870,845		$	34.08	4.80	$	108,821
Exercisable and expected to vest — December 31, 2019	2,655,996		$	43.27	5.86	$	130,081

The following table summarizes information about outstanding stock options and warrants as of December 31, 2019:



	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$18.04 - $25.00	548,831	6.14	$	20.01	548,831	$	20.01
$25.01 - $35.00	616,939	2.17	$	31.06	616,939	$	31.06
$35.01 - $45.00	451,196	7.06	$	39.61	268,755	$	39.70
$45.01 - $65.00	336,062	4.78	$	48.76	336,062	$	48.76
$65.01 - $75.00	351,343	8.10	$	65.54	100,258	$	65.50
$75.01 - $80.00	400,870	9.16	$	77.53	—	$	—
	2,705,241	5.92	$	43.81	1,870,845	$	34.08

The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $9.8 million, $8.1 million, and $7.2 million during the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019, total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $7.9 million, which is expected to be recognized over a weighted-average period of 1.81 years.

Restricted Stock and Stock Units

The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the year ended December 31, 2019:



	Restricted Stock Awards				Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares			Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2018	7,057		$	70.26	910,720			$	52.38
Granted	9,366		$	81.99	290,797			$	82.04
Vested	(8,127	)	$	71.81	(365,567	)		$	44.84
Forfeited	—		$	—	(43,765	)		$	60.93
Nonvested — December 31, 2019	8,296		$	81.99	792,185		₍₁₎	$	66.28
Expected to vest — December 31, 2019	8,296		$	81.99	701,108			$	67.30

____________________


(1)	Includes 50,765 vested and undistributed deferred stock units.

The Company grants restricted stock awards and deferred stock units to its directors, restricted stock units to its employees and officers, and performance stock units to its officers. Restricted stock awards and stock units must vest or are subject to forfeiture; however, restricted stock awards are included in shares outstanding upon grant and have the same dividend and voting rights as the Company’s common stock. The Company recognized $18.2 million, $13.8 million, and $11.5 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019, total unrecognized compensation cost for restricted stock awards and stock units was $22.5 million, which is expected to be recognized over a weighted-average remaining period of 1.86 years.

The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $3.0 million, $6.1 million and $7.3 million related to the vesting of these awards during the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $4.4 million, which is expected to be recognized over a weighted-average remaining period of 2.08 years.

Earnings per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the years noted was as follows (in thousands, except per share data):



	Years Ended December 31,
	2019		2018		2017
Net income	$	559,880	$	439,459	$	238,863

Basic weighted-average number of shares outstanding	82,552		88,119		90,002
Dilutive common share equivalents	2,072		2,500		2,113
Diluted weighted-average number of shares outstanding	84,624		90,619		92,115

Basic earnings per share	$	6.78	$	4.99	$	2.65
Diluted earnings per share	$	6.62	$	4.85	$	2.59

The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the years ended December 31, 2019, 2018, and 2017, stock options, warrants, and stock units

representing common share equivalents of 407,059 shares, 391,632 shares, and 1,909,288 shares, respectively, were anti-dilutive.

Employee and Advisor Benefit Plans	12 Months Ended
Employee and Advisor Benefit Plans	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee and Advisor Benefit Plans	Employee and Advisor Benefit Plans The Company participates in a 401(k) defined contribution plan sponsored by LPL Financial. All employees meeting minimum age and length of service requirements are eligible to participate. The Company has an employer matching program whereby employer contributions are made to the 401(k) plan, and employees are eligible for matching contributions after completing six months of service. For eligible employees, the Company matches up to 75% of the first 8% of an employee’s designated deferral of their eligible compensation. The Company’s total cost related to the 401(k) plan was $16.2 million, $13.1 million, and $10.5 million for the years ended December 31, 2019, 2018, and 2017, respectively, which is classified as compensation and benefits expense in the consolidated statements of income. The Company established the 2012 Employee Stock Purchase Plan (the “ESPP”) as a benefit to enable eligible employees to purchase common stock of LPLFH at a discount from the market price through payroll deductions, subject to limitations. The ESPP provides for a 15% discount on the market value of the stock at the lower of the grant date price (first day of the offering period) and the purchase date price (last day of the offering period). The Company maintains a non-qualified deferred compensation plan for the purpose of attracting and retaining advisors who operate, for tax purposes, as independent contractors, by providing an opportunity for participating advisors to defer receipt of a portion of their gross commissions generated primarily from commissions earned on the sale of various products. The deferred compensation plan has been fully funded to date by participant contributions. Plan assets are invested in mutual funds, which are held by the Company in a Rabbi Trust. The liability for benefits accrued under the non-qualified deferred compensation plan totaled $269.3 million at December 31, 2019, which is included in accounts payable and accrued liabilities in the consolidated statements of financial condition. The cash values of the related trust assets was $264.1 million at December 31, 2019, which is measured at fair value and included in other assets in the consolidated statements of financial condition. Certain employees of the Company participate in a non-qualified deferred compensation plan that permits participants to defer portions of their compensation and earn interest on the deferred amounts. Plan assets are held by the Company in a Rabbi Trust and accounted for in the manner described above. As of December 31, 2019, the Company has recorded assets of $4.9 million and liabilities of $5.3 million, which are included in other assets and accounts payable and accrued liabilities, respectively, in the consolidated statements of financial condition.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the ordinary course of business, the Company has related party transactions with a beneficial owner of more than ten percent of the Company’s outstanding common stock. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within the Company’s local communities. During the years ended December 31, 2019, 2018, and 2017, the Company recognized revenue for services provided to these related parties of $4.1 million, $3.5 million, and $3.1 million, respectively. The Company incurred expenses for the services provided by these related parties of $3.2 million, $2.9 million, and $1.9 million, during the years ended December 31, 2019, 2018, and 2017, respectively. As of December 31, 2019 and 2018, receivables and payables to related parties were not material.

Net Capital and Regulatory Requirements	12 Months Ended
Net Capital and Regulatory Requirements	Dec. 31, 2019
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital. The net capital rules also provide that the broker-dealer’s capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and, as of December 31, 2019, had net capital of $109.7 million with a minimum net capital requirement of $9.3 million. The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts to PTC’s operations. As of December 31, 2019 and 2018, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2019
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract]
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor’s client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors’ clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally two business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when, as, and if issued securities. When, as, and if issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)



	2019
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	1,371,679	$	1,389,757	$	1,415,525	$	1,447,895
Net income	$	155,398	$	146,092	$	131,714	$	126,676
Basic earnings per share	$	1.84	$	1.75	$	1.61	$	1.57
Diluted earnings per share	$	1.79	$	1.71	$	1.57	$	1.53
Dividends declared per share	$	0.25	$	0.25	$	0.25	$	0.25



	2018
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	1,241,557	$	1,298,804	$	1,330,997	$	1,317,042
Net income	$	93,530	$	118,766	$	106,865	$	120,298
Basic earnings per share	$	1.04	$	1.33	$	1.22	$	1.40
Diluted earnings per share	$	1.01	$	1.30	$	1.19	$	1.36
Dividends declared per share	$	0.25	$	0.25	$	0.25	$	0.25

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On January 27, 2020, the Board of Directors declared a cash dividend of $0.25 per share on the Company’s outstanding common stock to be paid on March 31, 2020 to all stockholders of record on March 18, 2020.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, intangible assets, allowance for doubtful accounts, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the consolidated financial statements and related disclosures. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.
Consolidation	Consolidation These consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one segment, given the similarities in economic characteristics between its operations and the common nature of its products and services, production and distribution process, and regulatory environment.
Revenue Recognition	Revenue Recognition Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. For additional information, see Note 3. Revenues.
Compensation and Benefits	Compensation and Benefits The Company records compensation and benefits expense for all cash and deferred compensation, benefits, and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities.
Share-Based Compensation	Share-Based Compensation Certain employees, officers, directors, advisors, and financial institutions of the Company participate in various long-term incentive plans that provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units. Stock options, warrants and restricted stock units generally vest in equal increments over a three-year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and deferred stock units generally vest over a one-year period, and performance stock units generally vest in full at the end of a three-year performance period. The Company recognizes share-based compensation for equity awards granted to employees, officers, and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards, restricted stock units, and deferred stock units is equal to the closing price of the Company’s stock on the date of grant. The fair value of performance stock units is estimated using a Monte-Carlo simulation model on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company recognizes share-based compensation for equity awards granted to advisors and financial institutions as commissions and advisory expense on the consolidated statements of income. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company also makes assumptions regarding the number of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the vesting period. See Note 16. Share-Based Compensation, for additional information regarding share-based compensation for equity awards granted.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common shareholders by the basic weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued.
Income Taxes	Income Taxes In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more-likely-than-not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities, and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions, and newly enacted statutory, judicial, and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition, or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax in the years utilized. The Company recognizes the tax effects of a position in the consolidated financial statements only if it is more-likely-than-not to be sustained based solely on its technical merits; otherwise no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.
Cash and Cash Equivalents, Cash and Securities Segregated Under Federal and Other Regulations, Restricted Cash	Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company’s cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds, and U.S. government obligations. Cash Segregated Under Federal and Other Regulations The Company’s subsidiary, LPL Financial, is required to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. Held within this account is approximately $100,000 for the proprietary accounts of broker-dealers. Restricted Cash Restricted cash primarily represents cash held by and for use by the Captive Insurance Subsidiary.
Receivable From and Payables to Clients	Receivables from and Payables to Clients Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. At December 31, 2019 and 2018, $1,014.7 million and $935.5 million, respectively, of the balance represent free credit balances that are held pending re-investment by the clients. Receivables from clients are generally fully secured by securities held in the clients’ account. To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client or the client’s advisor and the Company’s historical experience in collecting on such transactions.
Advisor Loans	Advisor Loans The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decisions to extend credit to advisors are generally based on the advisors’ credit history and their ability to generate future commissions. Certain loans made in connection with recruiting are forgivable over terms of up to ten years provided that the advisor remains licensed through LPL Financial. At December 31, 2019, $338.0 million of the advisor loan balance was forgivable. If an advisor terminates their arrangement with the Company prior to the forgivable loan term date, the remaining balance becomes due immediately. An allowance for uncollectible amounts is recorded using an analysis that takes into account the advisors’ registration status and the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.
Receivables from Others	Receivables from Others Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. Management maintains an allowance for uncollectible amounts using an aging analysis that takes into account the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced
Securities Owned and Securities Sold, But Not Yet Purchased	Securities Owned and Securities Sold, But Not Yet Purchased Securities owned and securities sold, but not yet purchased include trading and held-to-maturity securities. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds, and municipal bonds) as trading securities, except for U.S. government notes held by PTC, which are classified as held-to-maturity securities. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and can change. Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices, and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At December 31, 2019, the Company did not adjust prices received from the independent third-party pricing services. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If these estimates change, the Company may recognize additional losses. Both unrealized and realized gains and losses on trading securities are recognized in other revenue on a net basis in the consolidated statements of income.
Securities Borrowed	Securities Borrowed The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. Securities borrowed are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned, is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity. As of December 31, 2019, the contract and collateral market values of borrowed securities were $17.7 million and $17.2 million, respectively. As of December 31, 2018, the contract and collateral market values of borrowed securities were $4.8 million and $5.0 million, respectively.
Fixed Assets	Fixed Assets Internally developed software, leasehold improvements, computers and software, and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company charges software development costs to operations as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design, and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects or projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated. Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. No impairment occurred for the years ended December 31, 2019, 2018, and 2017.
Acquisitions	Acquisitions When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income. Accounting for business combinations requires the Company’s management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, liabilities assumed, and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data, and information obtained from the management of the acquired companies and are inherently uncertain. Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include, but are not limited to: (i) future expected cash flows from assets and advisor relationships; and (ii) discount rates.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill or other indefinite-lived intangible assets are quantitatively assessed for impairment, a two-step approach is applied. The Company first compares the estimated fair value of the reporting unit or indefinite-lived intangible asset to its carrying value. The second step, if necessary, measures the amount of such impairment by comparing the implied fair value of the asset to its carrying value. No impairment of goodwill or other indefinite-lived intangible assets was recognized for the years ended December 31, 2019, 2018, or 2017. Intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 to 20 years. They are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value. There was no impairment of definite-lived intangible assets recognized for the years ended December 31, 2019, 2018, or 2017. See Note 9. Goodwill and Other Intangible Assets, for additional information regarding the Company’s goodwill and other intangible assets.
Debt Issuance Costs	Debt Issuance Costs Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability. Costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness, which are carried at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 5. Fair Value Measurements, for additional information regarding the Company’s fair value measurements. As of December 31, 2019, the carrying amount and fair value of the Company’s indebtedness was approximately $2,415.0 million and $2,476.0 million, respectively. As of December 31, 2018, the carrying amount and fair value was approximately $2,381.3 million and $2,271.9 million, respectively.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from the Company’s other subsidiaries and has cash reserves to cover losses. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, see Note 14. Commitments and Contingencies - “Legal & Regulatory Matters.”
Leases	Leases Lease assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the lease commencement date. The Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. For additional information, see Note 12. Leases. Prior to the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), the Company was involved in a build-to-suit lease arrangement in Fort Mill, South Carolina, under which it served as the construction agent on behalf of the landlord and bore substantially all of the risks and rewards of ownership. The Company was required to report the landlord’s costs of construction as a fixed asset during the construction period as if the Company owned such asset and an equal and off-setting leasehold financing obligation on the consolidated statements of financial condition. The construction was completed in October 2016 and it was determined that the asset did not qualify for sale-leaseback accounting treatment. As such, the Company accounted for this arrangement as a capital lease in which the asset was depreciated and the lease payments were recognized as a reduction of the financing obligation and interest expense over the lease term on the consolidated statements of income.
Recently Issued/Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s recognition of credit losses but will impact the Company’s disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes or modifies certain current disclosures, and requires additional disclosures. The changes are meant to provide more relevant information regarding valuation techniques and inputs used to arrive at measures of fair value, uncertainty in the fair value measurements, and how changes in fair value measurements impact an entity’s performance and cash flows. Certain disclosures in ASU 2018-13 will need to be applied on a retrospective basis and others on a prospective basis. The Company adopted the provisions of this guidance on January 1, 2020. The adoption will not have a material impact on the Company’s related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the accounting for costs to implement a cloud computing arrangement that is a service with the guidance on capitalizing costs for developing or obtaining internal-use software. The Company prospectively adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard also requires disclosures that provide additional information on recorded lease arrangements. In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements, which provides an optional transition method that allows entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the provisions of this guidance, including the optional transition method, on January 1, 2019. Operating lease assets and corresponding lease liabilities were recognized on the Company’s consolidated statements of financial condition. There was no material impact to its consolidated statements of income. Refer to Note 12. Leases, for additional disclosure and significant accounting policies affecting leases. In June 2018, the FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payments granted to non-employees. Consistent with the requirement for employee share-based payment awards, non-employee share-based payment awards within the scope of Topic 718 will be measured at grant-date fair value of the equity instruments. The Company adopted the provisions of this guidance on January 1, 2019 and no longer adjusts the fair value of advisor and financial institution equity awards in the consolidated statements of income.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Receivables from clients [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowances for uncollectible amounts due from clients/ advisor loans/ others

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands):



	December 31,
	2019			2018		2017
Beginning balance — January 1	$	640		$	466	$	1,580
Provision for bad debts, net of recoveries	130			174		(15		)
Charge-offs	(655		)	—		(1,099		)
Ending balance — December 31	$	115		$	640	$	466

Advisor Loans [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowances for uncollectible amounts due from clients/ advisor loans/ others

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts for advisor loans (in thousands):



	December 31,
	2019			2018			2017
Beginning balance — January 1	$	5,080		$	3,264		$	1,852
Provision for bad debts, net of recoveries	1,500			2,206			951
Charge-offs	(2,606		)	(390		)	(2,914		)
Reclassification from receivables from others	—			—			3,375
Ending balance — December 31	$	3,974		$	5,080		$	3,264

For the year ended December 31, 2017, the Company reclassified the provision for bad debt for advisor loans out of the provision for bad debt for receivables from others.

Receivables from others [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowances for uncollectible amounts due from clients/ advisor loans/ others

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands):



	December 31,
	2019			2018			2017
Beginning balance — January 1	$	8,099		$	6,115		$	12,851
Provision for bad debts, net of recoveries	3,671			3,733			1,853
Charge-offs	(1,478		)	(1,749		)	(5,214		)
Reclassification to advisor loans	—			—			(3,375		)
Ending balance — December 31	$	10,292		$	8,099		$	6,115

Revenue (Tables) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue - Reporting Category [Table Text Block]

The following table presents total commission revenue disaggregated by investment product category (in thousands):



	Years Ended December 31,
	2019		2018		2017
Commission revenue
Annuities	$	1,000,806	$	999,689	$	853,963
Mutual funds	589,411		616,445		534,639
Fixed income	126,127		122,569		104,037
Equities	79,446		84,823		79,180
Other	96,617		96,168		99,005
Total commission revenue	$	1,892,407	$	1,919,694	$	1,670,824

Disaggregation of Revenue - Reporting Category & Timing of Transfer of Good or Service [Table Text Block]

The following table presents sales-based and trailing commission revenues disaggregated by product category (in thousands):



	Years Ended December 31,
	2019		2018		2017
Commission revenue
Sales-based
Annuities	$	380,317	$	379,252	$	327,888
Mutual funds	146,695		141,597		134,327
Fixed income	102,391		98,091		80,919
Equities	79,446		84,823		79,180
Other	74,003		73,013		80,256
Total sales-based revenue	$	782,852	$	776,776	$	702,570
Trailing
Annuities	$	620,489	$	620,437	$	526,075
Mutual funds	442,716		474,848		400,312
Fixed income	23,736		24,478		23,118
Other	22,614		23,155		18,749
Total trailing revenue	$	1,109,555	$	1,142,918	$	968,254
Total commission revenue	$	1,892,407	$	1,919,694	$	1,670,824

Disaggregation of Revenue - Product and Service [Table Text Block]

The following table sets forth asset-based revenue at a disaggregated level (in thousands):



	Years Ended December 31,
	2019		2018		2017
Asset-based revenue
Client cash	$	652,793	$	500,418	$	301,448
Sponsorship programs	251,899		224,726		193,190
Recordkeeping	261,287		247,371		213,695
Total asset-based revenue	$	1,165,979	$	972,515	$	708,333

Disaggregation of Revenue - Timing of Transfer of Good or Service [Table Text Block]

The following table sets forth transaction and fee revenue disaggregated by recognition pattern (in thousands):



	Years Ended December 31,
	2019		2018		2017
Transaction and fee revenue
Point-in-time₍₁₎	$	215,234	$	221,265	$	187,655
Over time₍₂₎	265,094		250,034		237,012
Total transaction and fee revenue	$	480,328	$	471,299	$	424,667

____________________


(1)	Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and conference service fees.

(2)

Transaction and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and technology fees.

Revenues

$ 1,447,895

$ 1,415,525

$ 1,389,757

$ 1,371,679

$ 1,317,042

$ 1,330,997

$ 1,298,804

$ 1,241,557

$ 5,624,856

$ 5,188,400

$ 4,281,481

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Financial assets and financial liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	17,426	$	—	$	—	$	17,426
Securities owned — trading:
Money market funds	92		—		—		92
Mutual funds	25,202		—		—		25,202
Equity securities	556		—		—		556
Debt securities	—		151		—		151
U.S. treasury obligations	20,446		—		—		20,446
Total securities owned — trading	46,296		151		—		46,447
Other assets	267,740		10,393		—		278,133
Total assets at fair value	$	331,462	$	10,544	$	—	$	342,006
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	153	$	—	$	—	$	153
Debt securities	—		23		—		23
Total securities sold, but not yet purchased	153		23		—		176
Accounts payable and accrued liabilities	—		—		10,000		10,000
Total liabilities at fair value	$	153	$	23	$	10,000	$	10,176

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	26,657	$	—	$	—	$	26,657
Securities owned — trading:
Money market funds	194		—		—		194
Mutual funds	7,434		—		—		7,434
Equity securities	1,931		—		—		1,931
Debt securities	—		1		—		1
U.S. treasury obligations	19,707		—		—		19,707
Total securities owned — trading	29,266		1		—		29,267
Other assets	181,974		9,420		—		191,394
Total assets at fair value	$	237,897	$	9,421	$	—	$	247,318
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	163	$	—	$	—	$	163
Debt securities	—		6		—		6
Total securities sold, but not yet purchased	163		6		—		169
Total liabilities at fair value	$	163	$	6	$	—	$	169

Held-to-Maturity Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity

The amortized cost, gross unrealized gain (loss), and fair value of securities held-to-maturity were as follows (in thousands):



	December 31,
	2019		2018
Amortized cost	$	11,806	$	13,001
Gross unrealized gain (loss)	83		(56		)
Fair value	$	11,889	$	12,945

Maturities of securities held-to-maturity

At December 31, 2019, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	5,074	$	6,732	$	—	$	11,806
U.S. government notes — at fair value	$	5,096	$	6,793	$	—	$	11,889

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Tables)

12 Months Ended

Dec. 31, 2019

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from product sponsors, broker-dealers, and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands):



	December 31,
	2019		2018
Receivables:
Commissions receivable from product sponsors and others	$	138,258	$	135,161
Receivable from clearing organizations	28,140		20,281
Receivable from broker-dealers	1,020		2,065
Securities failed-to-deliver	10,236		9,286
Total receivables	$	177,654	$	166,793
Payables:
Payable to clearing organizations	$	15,264	$	24,818
Payable to broker-dealers	58,130		37,583
Securities failed-to-receive	18,608		13,779
Total payables	$	92,002	$	76,180

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

The components of fixed assets

The components of fixed assets were as follows at December 31, 2019 (in thousands):



	Gross Carrying Value		Accumulated Depreciation and Amortization			Net Carrying Value
Internally developed software	$	327,585	$	(187,494	)	$	140,091
Computers and software	171,099		(124,248		)	46,851
Buildings	107,895		(3,877		)	104,018
Leasehold improvements	83,543		(25,655		)	57,888
Furniture and equipment	79,970		(47,081		)	32,889
Land	4,678		—			4,678
Construction in progress₍₁₎	146,629		—			146,629
Total fixed assets	$	921,399	$	(388,355	)	$	533,044

____________________


(1)	Construction in progress includes internal software in development of $133.3 million at December 31, 2019.

The components of fixed assets were as follows at December 31, 2018 (in thousands):



	Gross Carrying Value		Accumulated Depreciation and Amortization			Net Carrying Value
Internally developed software	$	260,957	$	(147,330	)	$	113,627
Computers and software	147,163		(90,655		)	56,508
Buildings	105,939		(11,868		)	94,071
Leasehold improvements	83,339		(20,982		)	62,357
Furniture and equipment	73,955		(37,320		)	36,635
Land	4,678		—			4,678
Construction in progress₍₁₎	93,542		—			93,542
Total fixed assets	$	769,573	$	(308,155	)	$	461,418

____________________

(1)

Construction in progress includes internal software in development of $85.0 million at December 31, 2018.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of activity in goodwill

A summary of the activity in goodwill is presented below (in thousands):



Balance at December 31, 2017	$	1,427,769
Goodwill acquired ₍₁₎	62,478
Balance at December 31, 2018	1,490,247
Goodwill acquired	13,401
Balance at December 31, 2019	$	1,503,648

____________________


(1)	Goodwill acquired during 2018 included $49.0 million from the NPH acquisition and $13.5 million from the AdvisoryWorld acquisition.

Components of intangible assets

The components of intangible assets were as follows at December 31, 2019 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	6.1	$	651,642	$	(365,470	)	$	286,172
Product sponsor relationships	6.1	234,086		(161,435		)	72,651
Client relationships	8.7	42,234		(15,277		)	26,957
Technology	9.0	15,510		(1,551		)	13,959
Trade names	2.3	1,200		(920		)	280
Total definite-lived intangible assets		$	944,672	$	(544,653	)	$	400,019
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	439,838

The components of intangible assets were as follows at December 31, 2018 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	7.1	$	651,642	$	(316,153	)	$	335,489
Product sponsor relationships	7.1	234,086		(149,525		)	84,561
Client relationships	7.0	21,233		(12,841		)	8,392
Technology	10.0	15,510		—			15,510
Trade names	3.3	1,200		(800		)	400
Total definite-lived intangible assets		$	923,671	$	(479,319	)	$	444,352
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	484,171

Amortization expense



2020	$	66,139
2021	65,982
2022	65,182
2023	61,086
2024	60,314
Thereafter	81,316
Total	$	400,019

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Summary of accounts payable and accrued liabilities

Accounts payable and accrued liabilities were as follows (in thousands):



	December 31,
	2019		2018
Advisor deferred compensation plan liability	$	269,289	$	182,351
Accrued compensation	77,202		70,093
Deferred rent	—		40,772
Accounts payable	68,436		53,077
Other accrued liabilities	143,042		132,351
Total accounts payable and accrued liabilities	$	557,969	$	478,644

Debt (Tables)

12 Months Ended

Sep. 21, 2017

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt Instrument, Redemption Price, Percentage

103.00%

Outstanding borrowings

The Company’s outstanding borrowings were as follows (dollars in thousands):



	December 31, 2019						December 31, 2018
Long-Term Borrowings	Balance			Applicable Margin	Interest Rate		Balance			Applicable Margin	Interest Rate		Maturity
Revolving Credit Facility₍₁₎	$	45,000		ABR+25bps	5.00	%	$	—		LIBOR+125bps	—		11/12/2024
Senior Secured Term Loan B₍₂₎	1,070,000			LIBOR+175 bps	3.54	%	1,481,250			LIBOR+225 bps	4.73	%	11/12/2026
Senior Unsecured Notes₍₂₎₍₃₎	900,000			Fixed Rate	5.75	%	900,000			Fixed Rate	5.75	%	9/15/2025
Senior Unsecured Notes₍₂₎₍₄₎	400,000			Fixed Rate	4.63	%	—			—	—		11/15/2027
Total long-term borrowings	2,415,000						2,381,250
Plus: Unamortized Premium	8,583						10,083
Less: Unamortized Debt Issuance Cost	(24,765		)				(19,525		)
Net Carrying Value	$	2,398,818					$	2,371,808

____________________


(1)	The alternate base rate (ABR) was the effective PRIME rate on December 31, 2019, the date of the borrowing.


(2)	No leverage or interest coverage maintenance covenants.


(3)	The 2025 Notes were issued in two separate transactions; $500.0 million in original notes were issued in March 2017 at par; $400.0 million in additional notes were issued in September 2017 and priced at 103.0% of the aggregate principal amount.


(4)	The 2027 Notes were issued in November 2019 at par.

Summary of minimum calendar year payments and maturities of the senior secured borrowings

The minimum calendar year payments and maturities of the long-term borrowings as of December 31, 2019 are as follows (in thousands):



2020	$	55,700
2021	10,700
2022	10,700
2023	10,700
2024	10,700
Thereafter	2,316,500
Total	$	2,415,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):



	Year Ended December 31,
	2019
Operating lease cost	$	17,610
Finance lease cost:
Amortization of right-of-use assets	$	4,786
Interest on lease liabilities	8,387
Total finance lease cost	$	13,173

Supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows (in thousands):



	Year Ended December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,117
Operating cash flows from finance leases	$	8,387
Financing cash flows from finance leases	$	692

Supplemental weighted-average information related to leases

Supplemental weighted-average information related to leases was as follows:



	December 31,
	2019
Weighted-average remaining lease term (years):
Finance leases	26.2
Operating leases	9.1
Weighted-average discount rate:
Finance leases	7.75	%
Operating leases	7.27	%

Maturities of Lease Liabilities - Finance Leases

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



	Operating Leases		Finance Leases
2020	$	19,973	$	9,592
2021	20,553		9,735
2022	21,084		8,802
2023	20,706		8,576
2024	20,485		8,727
Thereafter	94,503		233,639
Total lease payments	197,304		279,071
Less imputed interest	55,404		170,479
Total	$	141,900	$	108,592

Maturities of Lease Liabilities - Operating Leases

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



	Operating Leases		Finance Leases
2020	$	19,973	$	9,592
2021	20,553		9,735
2022	21,084		8,802
2023	20,706		8,576
2024	20,485		8,727
Thereafter	94,503		233,639
Total lease payments	197,304		279,071
Less imputed interest	55,404		170,479
Total	$	141,900	$	108,592

Maturities of Lease Liabilities under ASC Topic 840

Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840 were as follows (in thousands):



2019	$	30,010
2020	30,731
2021	30,590
2022	31,238
2023	30,265
Thereafter	239,118
Total₍₁₎	$	391,952

____________________

(1)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of provision for income taxes

The Company’s provision for income taxes was as follows (in thousands):



	December 31,
	2019			2018			2017
Current provision:
Federal	$	156,378		$	120,211		$	117,745
State	44,192			34,721			17,353
Total current provision	200,570			154,932			135,098
Deferred benefit:
Federal	(13,971		)	(1,874		)	(8,951		)
State	(4,644		)	120			(440		)
Total deferred benefit	(18,615		)	(1,754		)	(9,391		)
Provision for income taxes	$	181,955		$	153,178		$	125,707

Summary of effective income tax rate reconciliation

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates is set forth below:



	Years Ended December 31,
	2019		2018		2017
Federal statutory income tax rates	21.0	%	21.0	%	35.0	%
State income taxes, net of federal benefit	4.1		4.6		3.0
Non-deductible expenses	0.4		1.7		0.6
Share-based compensation	(1.4	)	(1.4	)	(0.9	)
Tax Cuts and Jobs Act of 2017	—		—		(2.4	)
Domestic production activities deduction	—		—		(0.9	)
Research & development credits	(0.3	)	(0.3	)	(0.4	)
Other	0.7		0.2		0.5
Effective income tax rates	24.5	%	25.8	%	34.5	%

Components of the net deferred income taxes

The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands):



	December 31,
	2019			2018
Deferred tax assets:
Accrued liabilities	$	82,105		$	58,265
Share-based compensation	14,823			16,832
State taxes	6,932			7,044
Operating lease liabilities	37,580			—
Finance lease liabilities	28,350			—
Deferred rent	—			32,376
Provision for bad debts	4,077			3,919
Forgivable loans	10,845			9,938
Captive insurance	1,773			1,968
Other	—			4,788
Total deferred tax assets	186,485			135,130
Deferred tax liabilities:
Amortization of intangible assets	(70,953		)	(77,037		)
Depreciation of fixed assets	(87,739		)	(76,418		)
Operating lease assets	(27,189		)	—
Other	(2,702		)	—
Total deferred tax liabilities	(188,583		)	(153,455		)
Deferred income taxes, net	$	(2,098	)	$	(18,325	)

Summary of gross unrecognized tax benefits including interest and penalties reconciliation

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, including interest and penalties (in thousands):



	December 31,
	2019			2018			2017
Balance — Beginning of year	$	46,287		$	42,657		$	39,766
Increases for tax positions taken during the current year	9,314			10,042			7,815
Reductions as a result of a lapse of the applicable statute of limitations	(3,503		)	(6,412		)	(4,924		)
Balance — End of year	$	52,098		$	46,287		$	42,657

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Future minimum payments



2020	$	45,272
2021	20,375
2022	9,499
2023	1,118
2024	516
Thereafter	502
Total	$	77,282

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity, Class of Treasury Stock [Line Items]

Cash dividend paid by quarter (total and per common share)

Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data):



	2019				2018				2017
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	21.1	$	0.25	$	22.6	$	0.25	$	22.6
Second quarter	$	0.25	$	20.8	$	0.25	$	22.3	$	0.25	$	22.6
Third quarter	$	0.25	$	20.5	$	0.25	$	21.9	$	0.25	$	22.5
Fourth quarter	$	0.25	$	20.2	$	0.25	$	21.5	$	0.25	$	22.5

Share Repurchase by quarter

The Company had the following activity under its approved share repurchase programs (dollars in millions, except per share data):



	2019
	Total Number of Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost₍₁₎₍₂₎
First Quarter	1,747,116	$	71.57	$	125.0
Second Quarter	1,591,950	$	78.54	$	125.0
Third Quarter	1,668,305	$	78.09	$	130.3
Fourth Quarter	1,411,171	$	85.06	$	120.0
	6,418,542	$	77.96	$	500.4

____________________


(1)	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

(2)

Total may not foot due to rounding.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Weighted-average assumptions used for calculating the fair value of its stock options and warrants with the Black-Scholes valuation model



	Years Ended December 31,
	2019			2018			2017
Expected life (in years)	5.43			5.43			5.43
Expected stock price volatility	35.80		%	34.80		%	35.27		%
Expected dividend yield	1.49		%	1.71		%	2.61		%
Risk-free interest rate	2.47		%	2.66		%	2.14		%
Fair value of options	$	24.41		$	19.86		$	10.63

Summary of the Company's activity in its stock option and warrant plans

The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 31, 2019:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2018	3,588,067		$	35.38
Granted	422,397		$	77.53
Exercised	(1,209,299	)	$	30.38
Forfeited and Expired	(95,924	)	$	46.37
Outstanding — December 31, 2019	2,705,241		$	43.81	5.92	$	131,051
Exercisable — December 31, 2019	1,870,845		$	34.08	4.80	$	108,821
Exercisable and expected to vest — December 31, 2019	2,655,996		$	43.27	5.86	$	130,081

Summary of information about outstanding stock options and warrants

The following table summarizes information about outstanding stock options and warrants as of December 31, 2019:



	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$18.04 - $25.00	548,831	6.14	$	20.01	548,831	$	20.01
$25.01 - $35.00	616,939	2.17	$	31.06	616,939	$	31.06
$35.01 - $45.00	451,196	7.06	$	39.61	268,755	$	39.70
$45.01 - $65.00	336,062	4.78	$	48.76	336,062	$	48.76
$65.01 - $75.00	351,343	8.10	$	65.54	100,258	$	65.50
$75.01 - $80.00	400,870	9.16	$	77.53	—	$	—
	2,705,241	5.92	$	43.81	1,870,845	$	34.08

Summary of the status of the Company's restricted stock



	Restricted Stock Awards				Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares			Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2018	7,057		$	70.26	910,720			$	52.38
Granted	9,366		$	81.99	290,797			$	82.04
Vested	(8,127	)	$	71.81	(365,567	)		$	44.84
Forfeited	—		$	—	(43,765	)		$	60.93
Nonvested — December 31, 2019	8,296		$	81.99	792,185		₍₁₎	$	66.28
Expected to vest — December 31, 2019	8,296		$	81.99	701,108			$	67.30

____________________

(1)

Includes 50,765 vested and undistributed deferred stock units.

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Basic and diluted earnings per share

The calculation of basic and diluted earnings per share for the years noted was as follows (in thousands, except per share data):



	Years Ended December 31,
	2019		2018		2017
Net income	$	559,880	$	439,459	$	238,863

Basic weighted-average number of shares outstanding	82,552		88,119		90,002
Dilutive common share equivalents	2,072		2,500		2,113
Diluted weighted-average number of shares outstanding	84,624		90,619		92,115

Basic earnings per share	$	6.78	$	4.99	$	2.65
Diluted earnings per share	$	6.62	$	4.85	$	2.59

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of selected quarterly financial data



	2019
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	1,371,679	$	1,389,757	$	1,415,525	$	1,447,895
Net income	$	155,398	$	146,092	$	131,714	$	126,676
Basic earnings per share	$	1.84	$	1.75	$	1.61	$	1.57
Diluted earnings per share	$	1.79	$	1.71	$	1.57	$	1.53
Dividends declared per share	$	0.25	$	0.25	$	0.25	$	0.25



	2018
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	1,241,557	$	1,298,804	$	1,330,997	$	1,317,042
Net income	$	93,530	$	118,766	$	106,865	$	120,298
Basic earnings per share	$	1.04	$	1.33	$	1.22	$	1.40
Diluted earnings per share	$	1.01	$	1.30	$	1.19	$	1.36
Dividends declared per share	$	0.25	$	0.25	$	0.25	$	0.25

Organization and Description of the Company (Details)	12 Months Ended
Organization and Description of the Company (Details)	Dec. 31, 2019
LPLH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Financial [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Number of states in which entity operates	50
Fortigent [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
IAG [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPLIA [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
PTCH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%

Summary of Significant Accounting Policies Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Number of Operating Segments	1

Summary of Significant Accounting Policies Share-Based Compensation (Details) - Minimum [Member]	12 Months Ended
	Dec. 31, 2019
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Restricted stock awards and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	1 year
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years

Summary of Significant Accounting Policies Cash and Cash Equivalents (Details)	12 Months Ended
	Dec. 31, 2019
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Cash Equivalent Maturity	90 days

Summary of Significant Accounting Policies Cash Segregated Under Federal and Other Regulations (Details)	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Proprietary Account of Broker-Dealer under SEC Act Rule 15c-3-3	$ 100,000

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Free credit balances held	$ 1,014,700	$ 935,500
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts, net of recoveries	6,698	6,113	$ 2,789
Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	640	466	1,580
Provision for bad debts, net of recoveries	130	174	(15)
Charge-offs, net of recoveries	655	0	1,099
Ending balance - December 31	$ 115	$ 640	$ 466

Summary of Significant Accounting Policies Receivables from Advisor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Forgivable Loans Amortization Period, Maximum	10 years	8 years	8 years
Forgivable Advisor Loans	$ 338,000
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts, net of recoveries	6,698	$ 6,113	$ 2,789
Advisor Loans [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	5,080	3,264	1,852
Provision for bad debts, net of recoveries	1,500	2,206	951
Charge-offs, net of recoveries	(2,606)	(390)	(2,914)
Provision for Bad Debt Reclassification Adjustment	0	0	3,375
Ending balance - December 31	$ 3,974	$ 5,080	$ 3,264

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts, net of recoveries	$ 6,698	$ 6,113	$ 2,789
Receivables from others [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	8,099	6,115	12,851
Provision for bad debts, net of recoveries	3,671	3,733	1,853
Charge-offs, net of recoveries	(1,478)	(1,749)	(5,214)
Provision for Bad Debt Reclassification Adjustment	0	0	(3,375)
Ending balance - December 31	$ 10,292	$ 8,099	$ 6,115

Summary of Significant Accounting Policies Securities Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Securities borrowed, contract value	$ 17,684	$ 4,829
Securities borrowed, collateral market value	$ 17,200	$ 5,000

Summary of Significant Accounting Policies Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Tangible Asset Impairment Charges [Abstract]
Tangible Asset Impairment Charges	$ 0	$ 0	$ 0
Computers and software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computers and software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years

Summary of Significant Accounting Policies Acquisitions (Details)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Measurement Period of Acquisitions, Maximum	1 year

Summary of Significant Accounting Policies Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	0	0	0
Impairment of intangible assets, finite-lived	$ 0	$ 0	$ 0
Finite-Lived Intangible Assets [Line Items]
Forgivable Loans Amortization Period, Maximum	10 years	8 years	8 years
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	5 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	20 years

Summary of Significant Accounting Policies Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Borrowings	$ 2,415,000	$ 2,415,000	$ 2,381,250
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 2,476,000		$ 2,271,900

Revenue Commission Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 1,892,407	$ 1,919,694	$ 1,670,824
Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,000,806	999,689	853,963
Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	589,411	616,445	534,639
Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	126,127	122,569	104,037
Equity Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	79,446	84,823	79,180
Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	96,617	96,168	99,005
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	782,852	776,776	702,570
Transferred at Point in Time [Member] \| Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	380,317	379,252	327,888
Transferred at Point in Time [Member] \| Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	146,695	141,597	134,327
Transferred at Point in Time [Member] \| Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	102,391	98,091	80,919
Transferred at Point in Time [Member] \| Equity Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	79,446	84,823	79,180
Transferred at Point in Time [Member] \| Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	74,003	73,013	80,256
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,109,555	1,142,918	968,254
Transferred over Time [Member] \| Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	620,489	620,437	526,075
Transferred over Time [Member] \| Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	442,716	474,848	400,312
Transferred over Time [Member] \| Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	23,736	24,478	23,118
Transferred over Time [Member] \| Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 22,614	$ 23,155	$ 18,749

Revenue Asset-Based Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 1,165,979	$ 972,515	$ 708,333
Client Cash Revenue [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	652,793	500,418	301,448
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	251,899	224,726	193,190
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 261,287	$ 247,371	$ 213,695

Revenue Transaction and Fee Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
transaction and fee revenue	$ 480,328	$ 471,299	$ 424,667
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
transaction and fee revenue	215,234	221,265	187,655
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
transaction and fee revenue	$ 265,094	$ 250,034	$ 237,012

Revenue Unearned Revenue (Details Texturals) $ in Millions	12 Months Ended
Revenue Unearned Revenue (Details Texturals) $ in Millions	Dec. 31, 2019 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 80.4

Acquisitions (Details) - USD ($) $ in Thousands			3 Months Ended			12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Aug. 01, 2019	Dec. 03, 2018	Sep. 30, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2020
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						$ 25,853	$ 27,928	$ 160,321
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill acquired				$ 13,500	$ 49,000	$ 13,401	$ 62,478
Allen & Company of Florida LLC [Domain]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Aug. 01, 2019
Payments to Acquire Businesses, Net of Cash Acquired			$ 24,900
AdvisoryWorld [Domain]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Dec. 03, 2018
Payments to Acquire Businesses, Net of Cash Acquired				$ 28,100
National Planning Holdings (NPH) [Domain]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired					112,700
Goodwill acquired					$ 49,000
Forecast [Member] \| Allen & Company of Florida LLC [Domain]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High									$ 10,000

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Held-to-maturity Securities [Line Items]
Document Fiscal Year Focus	2019
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,806	$ 13,001
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	11,806	13,001
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	83
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss		(56)
U.S. government notes - at fair value, Total	11,889	$ 12,945
U.S. Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at fair value, Total	$ 11,889

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,806	$ 13,001
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	5,074
U.S. government notes - at amortized cost, After one but within five years	6,732
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	11,806	13,001
U.S. government notes - at fair value, Within one year	5,096
U.S. government notes - at fair value, After one but within five years	6,793
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	11,889	$ 12,945
Fair Value, Inputs, Level 1 [Member] \| U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at fair value, Total	$ 11,889

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables:
Commissions receivable from product sponsors and others	$ 138,258	$ 135,161
Receivable from clearing organizations	28,140	20,281
Receivable from broker-dealers	1,020	2,065
Securities failed-to-deliver	10,236	9,286
Total receivables	177,654	166,793
Payables:
Payable to clearing organizations	15,264	24,818
Payable to broker-dealers	58,130	37,583
Securities failed-to-receive	18,608	13,779
Total payables	$ 92,002	$ 76,180

Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 95,779	$ 87,656	$ 84,071
Total fixed assets	921,399	769,573
Accumulated depreciation and amortization	(388,355)	(308,155)
Fixed assets, net	533,044	461,418
Construction in Progress, Gross	133,300	85,000
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	327,585	260,957
Accumulated depreciation and amortization	(187,494)	(147,330)
Fixed assets, net	140,091	113,627
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	171,099	147,163
Accumulated depreciation and amortization	(124,248)	(90,655)
Fixed assets, net	46,851	56,508
Building [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	107,895	105,939
Accumulated depreciation and amortization	(3,877)	(11,868)
Fixed assets, net	104,018	94,071
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	83,543	83,339
Accumulated depreciation and amortization	(25,655)	(20,982)
Fixed assets, net	57,888	62,357
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	79,970	73,955
Accumulated depreciation and amortization	(47,081)	(37,320)
Fixed assets, net	32,889	36,635
Land [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	4,678	4,678
Accumulated depreciation and amortization	0	0
Fixed assets, net	4,678	4,678
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	146,629	93,542
Accumulated depreciation and amortization	0	0
Fixed assets, net	$ 146,629	$ 93,542

Fixed Assets (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
Fixed Assets (Details Textuals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 95,779	$ 87,656	$ 84,071
Lease assets obtained in exchange for operating lease liabilities	$ 0	$ 0	$ 3,906

Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 1,427,769	$ 1,490,247	$ 1,427,769
Goodwill acquired	$ 13,500	$ 49,000	13,401	62,478
Goodwill, ending balance	$ 1,490,247		$ 1,503,648	$ 1,490,247

Intangible Assets (Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Total intangible assets	$ 439,838	$ 484,171
Definite-lived intangible assets:
Gross Carrying Value	944,672	923,671
Accumulated Amortization	(544,653)	(479,319)
Net Carrying Value	400,019	444,352
Trademarks and Trade Names [Member]
Indefinite-lived intangible assets:
Net Carrying Value	$ 39,819	$ 39,819
Advisor and financial institution relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	6 years 1 month 6 days	7 years 1 month 6 days
Definite-lived intangible assets:
Gross Carrying Value	$ 651,642	$ 651,642
Accumulated Amortization	(365,470)	(316,153)
Net Carrying Value	$ 286,172	$ 335,489
Product sponsor relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	6 years 1 month 6 days	7 years 1 month 6 days
Definite-lived intangible assets:
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(161,435)	(149,525)
Net Carrying Value	$ 72,651	$ 84,561
Client relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	8 years 8 months 12 days	7 years
Definite-lived intangible assets:
Gross Carrying Value	$ 42,234	$ 21,233
Accumulated Amortization	(15,277)	(12,841)
Net Carrying Value	$ 26,957	$ 8,392
Technology-Based Intangible Assets [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	9 years	10 years
Definite-lived intangible assets:
Gross Carrying Value	$ 15,510	$ 15,510
Accumulated Amortization	(1,551)	0
Net Carrying Value	$ 13,959	$ 15,510
Trade names [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	2 years 3 months 18 days	3 years 3 months 18 days
Definite-lived intangible assets:
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(920)	(800)
Net Carrying Value	$ 280	$ 400

Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 13,500	$ 49,000	$ 13,401	$ 62,478
Total amortization expense of intangible assets			$ 65,334	$ 60,252	$ 38,293

Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Future amortization expense
Future expense within next 12 months	$ 66,139
Future expense in year two	65,982
Future expense in year three	65,182
Future expense in year four	61,086
Future expense in year five	60,314
Thereafter	81,316
Net Carrying Value	$ 400,019	$ 444,352

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Summary of accounts payable and accrued liabilities
Advisor deferred compensation plan liability	$ 269,289	$ 182,351
Accrued payroll	77,202	70,093
Deferred rent	0	40,772
Accounts payable	68,436	53,077
Other accrued liabilities	143,042	132,351
Total accounts payable and accrued liabilities	$ 557,969	$ 478,644

Debt (Credit Agreement Outstanding Balance) (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 21, 2017	Mar. 10, 2017	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2019	Mar. 31, 2019
Long-term Debt, Current and Noncurrent [Abstract]
Balance					$ 2,371,808		$ 2,398,818
Total Borrowings					2,381,250		2,415,000		$ 2,415,000
Debt Instrument, Unamortized Premium					10,083		8,583
Gain (Loss) on Extinguishment of Debt			$ 3,200	$ (3,156)	0	$ (22,407)
Deferred Finance Costs, Net					$ 19,525		24,765
Debt Instrument, Redemption Price, Percentage	103.00%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate			3.54%	3.54%	4.73%
Total Borrowings					$ 1,481,250		1,070,000
Debt Instrument, Amortization Payment, Percentage		0.25%
Unsecured Debt [Member] \| Additional Senior Unsecured Notes due 2025 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total Borrowings	$ 400,000
Unsecured Debt [Member] \| Senior Notes Due 2025 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total Borrowings		$ 500,000			$ 900,000		900,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			5.75%	5.75%	5.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total Borrowings							400,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.63%	4.63%				4.625%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.25%
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate			5.00%	5.00%	0.00%
Total Borrowings					$ 0		$ 45,000

Debt (Future Payments and Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Future payments due in next 12 months	$ 55,700
Future payments due in year two	10,700
Future payments due in year three	10,700
Future payments due in year four	10,700
Future payments due in year five	10,700
Thereafter	2,316,500
Total Borrowings	$ 2,415,000	$ 2,415,000	$ 2,381,250

Debt (Credit Agreement Textuals) (Details) - USD ($)	12 Months Ended
Debt (Credit Agreement Textuals) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2019	Nov. 12, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 21, 2017	Mar. 10, 2017
Debt Instrument [Line Items]
Debt Issuance Costs, Gross		$ 13,500,000
Number Of Uncommitted Lines Of Credit	3
Uncommitted lines of credit, unspecified limit	2
Long-term Debt, Gross		2,415,000,000				$ 2,415,000,000	$ 2,381,250,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of credit, amount outstanding		3,700,000
Applicable interest rate margin	1.25%
Line of credit, maximum borrowing capacity				$ 750,000,000.0				$ 500,000,000.0
Long-term Debt, Gross		45,000,000					0
Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Line of Credit					$ 0
Line of credit, maximum borrowing capacity		150,000,000.0
Additional Senior Unsecured Notes due 2025 [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross								$ 400,000,000.0
Senior Notes Due 2025 [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		900,000,000					$ 900,000,000		$ 500,000,000.0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.75%						5.75%
Fourth Amendment Agreement Term Loan B [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		1,070,000,000.0					$ 1,481,250,000
Senior Notes Due 2027 [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		400,000,000.0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.63%		4.625%
LPL Financial LLC [Domain] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Gross		1,500,000
Long-term Line of Credit					$ 0
Line of credit, maximum borrowing capacity		$ 300,000,000.0

Leases Components of Lease Expense (Details) $ in Thousands	12 Months Ended
Leases Components of Lease Expense (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Lease Cost
Operating lease cost	$ 17,610
Amortization of right-of-use assets	4,786
Interest on lease liabilities	8,387
Total finance lease cost	$ 13,173

Leases Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating Lease, Payments	$ 19,117
Finance Lease, Interest Payment on Liability	8,387
Finance Lease, Principal Payments	$ 692

Leases Supplemental Weighted-Average Information Related to Leases (Details)	Dec. 31, 2019
Weighted Average Remaining Lease Term [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	26 years 2 months 12 days
Operating Lease, Weighted Average Remaining Lease Term	9 years 1 month 6 days
Weighted Average Discount Rate [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent	7.75%
Operating Lease, Weighted Average Discount Rate, Percent	7.27%

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Leases
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 19,973
Lessee, Operating Lease, Liability, Payments, Due Year Two	20,553
Lessee, Operating Lease, Liability, Payments, Due Year Three	21,084
Lessee, Operating Lease, Liability, Payments, Due Year Four	20,706
Lessee, Operating Lease, Liability, Payments, Due Year Five	20,485
Lessee, Operating Lease, Liability, Payments, Due after Year Five	94,503
Lessee, Operating Lease, Liability, Payments, Due	197,304
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	55,404
Operating lease liabilities	141,900	$ 0
Finance Leases
Finance Lease, Liability, Payments, Remainder of Fiscal Year	9,592
Finance Lease, Liability, Payments, Due Year Two	9,735
Finance Lease, Liability, Payments, Due Year Three	8,802
Finance Lease, Liability, Payments, Due Year Four	8,576
Finance Lease, Liability, Payments, Due Year Five	8,727
Finance Lease, Liability, Payments, Due after Year Five	233,639
Finance Lease, Liability, Payment, Due	279,071
Finance Lease, Liability, Undiscounted Excess Amount	170,479
Finance lease labilities	$ 108,592	0
Leases under Topic 840
Operating Leases, Future Minimum Payments Due, Next Twelve Months		30,010
Operating Leases, Future Minimum Payments, Due in Two Years		30,731
Operating Leases, Future Minimum Payments, Due in Three Years		30,590
Operating Leases, Future Minimum Payments, Due in Four Years		31,238
Operating Leases, Future Minimum Payments, Due in Five Years		30,265
Operating Leases, Future Minimum Payments, Due Thereafter		239,118
Operating Leases, Future Minimum Payments Due		391,952
Other Commitment, Non-Lease Commitment		$ 75,700

Leases Remaining terms (Details) $ in Millions	12 Months Ended
Leases Remaining terms (Details) $ in Millions	Dec. 31, 2019 USD ($)
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease And Finance Lease, Remaining Lease Term	2 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease And Finance Lease, Remaining Lease Term	17 years
Lessee, Operating Lease And Finance Lease, Renewal Term	20 years
Property, Plant and Equipment [Member]
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset	$ 107.4

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current provision:
Federal	$ 156,378	$ 120,211	$ 117,745
State	44,192	34,721	17,353
Total current provision	200,570	154,932	135,098
Deferred benefit:
Federal	(13,971)	(1,874)	(8,951)
State	(4,644)	120	(440)
Total deferred benefit	(18,615)	(1,754)	(9,391)
Provision for income taxes	$ 181,955	$ 153,178	$ 125,707

Income Taxes (Reconciliation to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of company's effective income tax rate reconciliation
Federal statutory income tax rates	21.00%	21.00%	35.00%
State income taxes, net of federal benefit	4.10%	4.60%	3.00%
Non-deductible expenses	0.40%	1.70%	0.60%
Share-based compensation	(1.40%)	(1.40%)	(0.90%)
Business energy tax credit	0.00%	0.00%	(2.40%)
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent	0.00%	0.00%	(0.90%)
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent	(0.30%)	(0.30%)	(0.40%)
Other	0.70%	0.20%	0.50%
Effective income tax rates	24.50%	25.80%	34.50%

Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Accrued liabilities	$ 82,105	$ 58,265
Share-based compensation	14,823	16,832
State taxes	6,932	7,044
Deferred Tax Assets, Operating Lease Liabilities	37,580	0
Deferred Tax Assets, Finance Lease Liabilities	28,350	0
Deferred rent	0	32,376
Provision for bad debts	4,077	3,919
Deferred Tax Assets, Tax Deferred Expense, Forgivable Loans	10,845	9,938
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance	1,773	1,968
Other	0	4,788
Total deferred tax assets	186,485	135,130
Deferred tax liabilities:
Amortization of intangible assets	(70,953)	(77,037)
Depreciation of fixed assets	(87,739)	(76,418)
Deferred Tax Liabilities, Operating Lease Assets	27,189	0
Other	(2,702)	0
Total deferred tax liabilities	(188,583)	(153,455)
Deferred income taxes, net	$ (2,098)	$ (18,325)

Income Taxes (Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of gross unrecognized tax benefits including interest and penalties reconciliation
Balance - Beginning of year	$ 46,287	$ 42,657	$ 39,766
Increases for tax positions related to the current year	9,314	10,042	7,815
Reductions as a result of a lapse of the applicable statute of limitations	(3,503)	(6,412)	(4,924)
Balance - End of year	$ 52,098	$ 46,287	$ 42,657

Income Taxes (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, net of the federal benefit on state issues, favorable income tax rate effect	$ 46.1	$ 40.7
Unrecognized tax benefits, interest accrued	6.4	5.1
Unrecognized tax benefits, penalties accrued	4.4	$ 4.3
Reduction in unrecognized tax benefits related to the statute of limitations	$ 3.7

Commitments and Contingencies (Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Contractual Obligations, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Due in next 12 months	$ 45,272
Due in second year	20,375
Due in third year	9,499
Due in fourth year	1,118
Due in fifth year	516
Due after fifth year	502
Total	$ 77,282

Commitments and Contingencies (Legal) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Litigation Loss Payment	$ 26.4

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 347.9
Collateral security	487.1
Amount pledged with client-owned securities	71.8
Remaining collateral securities that can be sold, re-pledged or loaned	415.3
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading securities pledged to clearing organizations	15.0	$ 14.9
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading securities pledged to clearing organizations	$ 5.5	$ 4.7

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Dividend paid per share of common stock	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends, Common Stock, Cash	$ 20,200	$ 20,500	$ 20,800	$ 21,100	$ 21,500	$ 21,900	$ 22,300	$ 22,600	$ 22,500	$ 22,500	$ 22,600	$ 22,600	$ 82,597	$ 88,360	$ 90,273

Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 499,800				$ 499,800
Treasury stock purchases, shares	1,411,171	1,668,305	1,591,950	1,747,116	6,418,542
Treasury Stock Acquired, Average Cost Per Share	$ 85.06	$ 78.09	$ 78.54	$ 71.57	$ 77.96
Treasury Stock, Value, Acquired, Cost Method	$ 120,000	$ 130,300	$ 125,000	$ 125,000	$ 500,370	$ 417,891	$ 113,728
Commission Fee Paid Per Repurchased Share					$ 0.02

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Employees and officers [Member] - Stock options and warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	5 years 5 months 4 days	5 years 5 months 4 days	5 years 5 months 4 days
Expected stock price volatility	35.80%	34.80%	35.27%
Expected dividend yield	1.49%	1.71%	2.61%
Risk-free interest rate	2.47%	2.66%	2.14%
Fair value of options	$ 24.41	$ 19.86	$ 10.63

Share-Based Compensation Stock Option and Warrant Activity (Details) - Stock options and warrants [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance \| shares	3,588,067
Number of Shares, Granted \| shares	422,397
Number of Shares, Exercised \| shares	(1,209,299)
Number of Shares, Forfeited \| shares	(95,924)
Number of Shares Outstanding, Ending Balance \| shares	2,705,241
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 35.38
Weighted-Average Exercise Price, Granted \| $ / shares	77.53
Weighted-Average Exercise Price, Exercised \| $ / shares	30.38
Weighted-Average Exercise Price, Forfeited and Expired \| $ / shares	46.37
Weighted-Average Exercise Price, Outstanding, Ending Balance \| $ / shares	$ 43.81
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number \| shares	1,870,845
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 34.08
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value \| $	$ 108,821
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	5 years 11 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value \| $	$ 131,051
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number \| shares	2,655,996
Weighted-Average Exercise Price, Exercisable and expected to vest (in dollars per share) \| $ / shares	$ 43.27
Weighted-Average Remaining Contractual Term for Options Exercisable and Expected to Vest	5 years 10 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value \| $	$ 130,081

Share-Based Compensation Outstanding Stock Options and Warrants (Details) - Stock options and warrants [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	2,705,241
Weighted-Average Remaining Life, Outstanding	5 years 11 months 1 day
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 43.81
Number of Shares, Exercisable \| shares	1,870,845
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 34.08
$18.04 - $25.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	548,831
Weighted-Average Remaining Life, Outstanding	6 years 1 month 20 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 20.01
Number of Shares, Exercisable \| shares	548,831
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 20.01
$25.01 - $35.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	616,939
Weighted-Average Remaining Life, Outstanding	2 years 2 months 1 day
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 31.06
Number of Shares, Exercisable \| shares	616,939
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 31.06
$35.01 - $45.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	451,196
Weighted-Average Remaining Life, Outstanding	7 years 21 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 39.61
Number of Shares, Exercisable \| shares	268,755
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 39.70
$45.01 - $65.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	336,062
Weighted-Average Remaining Life, Outstanding	4 years 9 months 10 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 48.76
Number of Shares, Exercisable \| shares	336,062
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 48.76
$65.01 - $75.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	351,343
Weighted-Average Remaining Life, Outstanding	8 years 1 month 6 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 65.54
Number of Shares, Exercisable \| shares	100,258
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 65.50
$75.01 - $80.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	400,870
Weighted-Average Remaining Life, Outstanding	9 years 1 month 28 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 77.53
Number of Shares, Exercisable \| shares	0
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 0

Share-Based Compensation Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock units vested and undistributed	50,765
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	7,057
Number of Shares, Granted	9,366
Number of Shares, Vested	(8,127)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	8,296
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 70.26
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	81.99
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	71.81
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 81.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	8,296
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 81.99
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	910,720
Number of Shares, Granted	290,797
Number of Shares, Vested	(365,567)
Number of Shares, Forfeited	(43,765)
Number of Shares, Ending Balance	792,185
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 52.38
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	82.04
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	44.84
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	60.93
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 66.28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	701,108
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 67.30

Share-Based Compensation (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Noncash Expense [Abstract]
Authorized shares	20,055,945
Remaining Shares Available for Grant	5,231,656
Employees and officers [Member] \| Stock options and warrants [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 9.8	$ 8.1	$ 7.2
Share based compensation cost unrecognized	$ 7.9
Non-vested compensation cost weighted-average period	1 year 9 months 21 days
Employees and officers [Member] \| Restricted Stock [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 18.2	13.8	11.5
Share based compensation cost unrecognized	$ 22.5
Non-vested compensation cost weighted-average period	1 year 10 months 9 days
Advisors and Financial Institutions [Member] \| Restricted Stock Units [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 3.0	$ 6.1	$ 7.3
Share based compensation cost unrecognized	$ 4.4
Non-vested compensation cost weighted-average period	2 years 29 days
Minimum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 126,676	$ 131,714	$ 146,092	$ 155,398	$ 120,298	$ 106,865	$ 118,766	$ 93,530	$ 559,880	$ 439,459	$ 238,863
Basic weighted average number of shares outstanding									82,552	88,119	90,002
Dilutive common share equivalents									2,072	2,500	2,113
Diluted weighted average number of shares outstanding									84,624	90,619	92,115
Basic earnings per share	$ 1.57	$ 1.61	$ 1.75	$ 1.84	$ 1.40	$ 1.22	$ 1.33	$ 1.04	$ 6.78	$ 4.99	$ 2.65
Diluted earnings per share	$ 1.53	$ 1.57	$ 1.71	$ 1.79	$ 1.36	$ 1.19	$ 1.30	$ 1.01	$ 6.62	$ 4.85	$ 2.59

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Earnings per Share (Details Textuals) - shares	12 Months Ended
Earnings per Share (Details Textuals) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	407,059	391,632	1,909,288

Employee and Advisor Benefit Plans (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee and Advisor Benefit Plans [Abstract]
Percentage of eligible compensation matched by employer	75.00%
Percentage of employee compensation eligible for match	8.00%
Total contribution cost recognized	$ 16,200	$ 13,100	$ 10,500
Employee stock purchase plan purchase price discount	15.00%
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Arrangement with Individual, Recorded Liability	$ 269,289	$ 182,351
Deferred Compensation Arrangement with Individual, Contributions by Employer	264,100
Deferred Compensation Arrangement, Rabbi Trust, Employer Contribution	4,900
Deferred Compensation Arrangement, Rabbi Trust, Recorded Liability	$ 5,300

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	10.00%
Related party revenues	$ 4.1	$ 3.5	$ 3.1
Related party expenses	$ 3.2	$ 2.9	$ 1.9

Net Capital and Regulatory Requirements (Details) $ in Millions	Dec. 31, 2019 USD ($)
Brokers and Dealers [Abstract]
Broker-Dealer, Net Capital	$ 109.7
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 9.3

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 1,447,895	$ 1,415,525	$ 1,389,757	$ 1,371,679	$ 1,317,042	$ 1,330,997	$ 1,298,804	$ 1,241,557	$ 5,624,856	$ 5,188,400	$ 4,281,481
Net income	$ 126,676	$ 131,714	$ 146,092	$ 155,398	$ 120,298	$ 106,865	$ 118,766	$ 93,530	$ 559,880	$ 439,459	$ 238,863
Basic earnings per share	$ 1.57	$ 1.61	$ 1.75	$ 1.84	$ 1.40	$ 1.22	$ 1.33	$ 1.04	$ 6.78	$ 4.99	$ 2.65
Diluted earnings per share	1.53	1.57	1.71	1.79	1.36	1.19	1.30	1.01	$ 6.62	$ 4.85	$ 2.59
Dividends declared per share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Subsequent Event (Details) - Subsequent Event [Member] - $ / shares	Mar. 31, 2020	Mar. 18, 2020	Jan. 27, 2020
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jan. 27, 2020
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Mar. 31, 2020
Dividends Payable, Date of Record		Mar. 18, 2020

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 46,447	$ 29,267
Securities sold, but not yet purchased	176	169
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	17,426	26,657
Securities owned — trading	46,447	29,267
Other assets	278,133	191,394
Assets, Fair Value Disclosure	342,006	247,318
Securities sold, but not yet purchased	176	169
Accounts payable and accrued liabilities	10,000
Total liabilities at fair value	10,176	169
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	17,426	26,657
Securities owned — trading	46,296	29,266
Other assets	267,740	181,974
Assets, Fair Value Disclosure	331,462	237,897
Securities sold, but not yet purchased	153	163
Accounts payable and accrued liabilities	0
Total liabilities at fair value	153	163
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	151	1
Other assets	10,393	9,420
Assets, Fair Value Disclosure	10,544	9,421
Securities sold, but not yet purchased	23	6
Accounts payable and accrued liabilities	0
Total liabilities at fair value	23	6
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Assets, Fair Value Disclosure	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities	10,000
Total liabilities at fair value	10,000	0
Equity Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	153	163
Equity Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	153	163
Equity Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	23	6
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	23	6
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Money Market Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	92	194
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	92	194
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	25,202	7,434
Mutual Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	25,202	7,434
Mutual Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	556	1,931
Equity Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	556	1,931
Equity Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	151	1
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	151	1
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	20,446	19,707
U.S. Treasury Obligations [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	20,446	19,707
U.S. Treasury Obligations [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0