0001397911-20-000195 | 10-Q | XBRL Viewer | LPL Financial Holdings INC

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Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2020	Oct. 27, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	001-34963
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3717839
Entity Address, Address Line One	4707 Executive Drive,
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(800)
Local Phone Number	877-7210
Title of 12(b) Security	Common Stock - par value $0.001 per share
Trading Symbol	LPLA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,288,558
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES:
Commission	$ 472,643	$ 474,993	$ 1,403,540	$ 1,415,487
Advisory	586,941	514,363	1,689,338	1,449,610
Asset-based	253,551	292,140	786,124	877,054
Transaction and fee	119,747	121,222	376,321	362,037
Interest income, net of interest expense	6,623	11,531	22,705	35,542
Other	20,796	1,276	12,329	37,231
Total net revenues	1,460,301	1,415,525	4,290,357	4,176,961
EXPENSES:
Commission and advisory	936,766	856,635	2,667,408	2,494,355
Compensation and benefits	151,271	138,300	441,393	407,000
Promotional	57,970	61,715	159,908	154,487
Depreciation and amortization	27,548	24,062	81,082	70,116
Amortization of intangible assets	16,829	16,286	50,088	48,703
Occupancy and equipment	41,874	34,417	124,486	100,843
Professional services	12,301	17,666	40,526	56,115
Brokerage, clearing and exchange	17,834	16,380	53,423	48,518
Communications and data processing	12,547	12,535	37,743	37,394
Other	24,852	27,599	73,274	83,977
Total operating expenses	1,299,792	1,205,595	3,729,331	3,501,508
Non-operating interest expense and other	25,179	31,944	80,786	98,617
INCOME BEFORE PROVISION FOR INCOME TAXES	135,330	177,986	480,240	576,836
PROVISION FOR INCOME TAXES	31,541	46,272	119,148	143,632
NET INCOME	$ 103,789	$ 131,714	$ 361,092	$ 433,204
EARNINGS PER SHARE (Note 13)
Earnings per share, basic	$ 1.31	$ 1.61	$ 4.56	$ 5.20
Earnings per share, diluted	$ 1.29	$ 1.57	$ 4.48	$ 5.07
Weighted-average shares outstanding, basic	79,176	81,833	79,207	83,315
Weighted-average shares outstanding, diluted	80,550	83,844	80,612	85,421

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 800,799	$ 590,209
Cash segregated under federal and other regulations	667,121	822,697
Restricted cash	75,295	58,872
Receivables from:
Clients, net of allowance of $399 at September 30, 2020 and $115 at December 31, 2019	424,131	433,986
Product sponsors, broker-dealers and clearing organizations	205,508	177,654
Advisor loans, net of allowance of $6,324 at September 30, 2020 and $3,974 at December 31, 2019	509,124	441,743
Others, net of allowance of $3,246 at September 30, 2020 and $10,292 at December 31, 2019	306,952	298,790
Securities owned:
Trading — at fair value	28,215	46,447
Held-to-maturity — at amortized cost	13,058	11,806
Securities borrowed	23,510	17,684
Fixed assets, net of accumulated depreciation and amortization of $467,659 at September 30, 2020 and $388,355 at December 31, 2019	570,592	533,044
Operating lease assets	99,565	102,477
Goodwill	1,503,648	1,503,648
Intangible assets, net of accumulated amortization of $594,741 at September 30, 2020 and $544,653 at December 31, 2019	409,427	439,838
Deferred Income Tax Assets, Net	744	0
Other assets	453,038	401,343
Total assets	6,090,727	5,880,238
LIABILITIES:
Drafts payable	176,916	218,636
Payables to clients	1,153,014	1,058,873
Payables to broker-dealers and clearing organizations	84,405	92,002
Accrued commission and advisory expenses payable	175,278	174,330
Accounts payable and accrued liabilities	586,432	557,969
Income taxes payable	14,619	20,129
Unearned revenue	99,694	82,842
Securities sold, but not yet purchased — at fair value	337	176
Long-term and other borrowings, net	2,347,517	2,398,818
Operating lease liabilities	137,569	141,900
Finance lease liabilities	107,498	108,592
Deferred income taxes, net	0	2,098
Total liabilities	4,883,279	4,856,365
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 127,409,741 shares issued at September 30, 2020 and 126,494,028 shares issued at December 31, 2019	127	126
Additional paid-in capital	1,748,310	1,703,973
Treasury stock, at cost — 48,134,535 shares at September 30, 2020 and 46,259,989 shares at December 31, 2019	(2,391,449)	(2,234,793)
Retained earnings	1,850,460	1,554,567
Total stockholders' equity	1,207,448	1,023,873
Total liabilities and stockholders' equity	$ 6,090,727	$ 5,880,238

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accumulated depreciation and amortization, Fixed assets	$ 467,659	$ 388,355
Accumulated amortization, Intangible assets	$ 594,741	$ 544,653
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	127,409,741	126,494,028
Treasury stock, shares	48,134,535	46,259,989
Receivables from clients [Member]
Allowances on receivables	$ 399	$ 115
Receivables from others [Member]
Allowances on receivables	3,246	10,292
Advisor Loans [Member]
Allowances on receivables	$ 6,324	$ 3,974

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings
BEGINNING BALANCE at Dec. 31, 2018	$ 974,073	$ 125	$ 1,634,337	$ (1,730,535)	$ 0	$ 1,070,146
BEGINNING BALANCE (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018							$ 5,724	$ 5,724
BEGINNING BALANCE, shares at Dec. 31, 2018		124,910		39,821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	433,204				0	433,204
Issuance of common stock to settle restricted stock units, net	(5,366)	$ 0	0	$ (5,366)
Issuance of common stock to settle restricted stock units, net, shares		238		70
Treasury stock purchases	(380,341)			$ (380,341)
Treasury stock purchases, shares				5,007
Cash dividends on common stock	(62,391)					(62,391)
Stock option exercises and other	30,060	$ 1	27,697	$ 1,428		934
Stock option exercises and other, shares		1,039		(40)
Share-based compensation	24,987		24,987
ENDING BALANCE at Sep. 30, 2019	1,019,950	$ 126	1,687,021	$ (2,114,814)	0	1,447,617
ENDING BALANCE, shares at Sep. 30, 2019		126,187		44,858
BEGINNING BALANCE at Jun. 30, 2019	1,025,117	$ 126	1,673,155	$ (1,984,223)	0	1,336,059
BEGINNING BALANCE, shares at Jun. 30, 2019		125,971		43,193
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	131,714				0	131,714
Issuance of common stock to settle restricted stock units, net	(759)	$ 0	0	$ (759)
Issuance of common stock to settle restricted stock units, net, shares		26		10
Treasury stock purchases	(130,274)			$ (130,274)
Treasury stock purchases, shares				1,668
Cash dividends on common stock	(20,485)					(20,485)
Stock option exercises and other	6,713	$ 0	5,942	$ 442		329
Stock option exercises and other, shares		190		(13)
Share-based compensation	7,924		7,924
ENDING BALANCE at Sep. 30, 2019	1,019,950	$ 126	1,687,021	$ (2,114,814)	0	1,447,617
ENDING BALANCE, shares at Sep. 30, 2019		126,187		44,858
BEGINNING BALANCE at Dec. 31, 2019	1,023,873	$ 126	1,703,973	$ (2,234,793)	0	1,554,567
BEGINNING BALANCE (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019							$ (7,317)	$ (7,317)
BEGINNING BALANCE, shares at Dec. 31, 2019		126,494		46,260
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	361,092				0	361,092
Issuance of common stock to settle restricted stock units, net	(8,909)	$ 0	0	$ (8,909)
Issuance of common stock to settle restricted stock units, net, shares		401		128
Treasury stock purchases	(150,036)			$ (150,036)
Treasury stock purchases, shares				1,810
Cash dividends on common stock	(59,267)					(59,267)
Stock option exercises and other	22,194	$ 1	18,519	$ 2,289		1,385
Stock option exercises and other, shares		515		(63)
Share-based compensation	25,818		25,818
ENDING BALANCE at Sep. 30, 2020	1,207,448	$ 127	1,748,310	$ (2,391,449)	0	1,850,460
ENDING BALANCE, shares at Sep. 30, 2020		127,410		48,135
BEGINNING BALANCE at Jun. 30, 2020	1,107,506	$ 127	1,733,334	$ (2,391,961)	0	1,766,006
BEGINNING BALANCE, shares at Jun. 30, 2020		127,239		48,155
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	103,789				0	103,789
Issuance of common stock to settle restricted stock units, net	(372)	$ 0	0	$ (372)
Issuance of common stock to settle restricted stock units, net, shares		11		4
Cash dividends on common stock	(19,809)					(19,809)
Stock option exercises and other	8,495	$ 0	7,137	$ 884		474
Stock option exercises and other, shares		160		(24)
Share-based compensation	7,839		7,839
ENDING BALANCE at Sep. 30, 2020	$ 1,207,448	$ 127	$ 1,748,310	$ (2,391,449)	$ 0	$ 1,850,460
ENDING BALANCE, shares at Sep. 30, 2020		127,410		48,135

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 361,092	$ 433,204
Noncash items:
Depreciation and amortization	81,082	70,116
Amortization of intangible assets	50,088	48,703
Amortization of debt issuance costs	4,040	3,372
Share-based compensation	25,818	24,987
Provision for bad debts	4,193	5,723
Deferred income tax provision	(316)	92
Loan forgiveness	84,678	67,306
Other	(8,860)	(6,291)
Changes in operating assets and liabilities:
Receivables from clients	9,571	(6,121)
Receivables from product sponsors, broker-dealers and clearing organizations	(27,854)	(677)
Advisor loans	(158,382)	(167,391)
Receivables from others	(11,470)	(22,571)
Securities owned	16,883	(2,802)
Securities borrowed	(5,826)	(5,402)
Operating leases	(1,419)	(942)
Other assets	(56,990)	(33,222)
Drafts payable	(41,720)	(83,611)
Payables to clients	94,141	168,629
Payables to broker-dealers and clearing organizations	(7,597)	9,161
Accrued commission and advisory expenses payable	948	(3,764)
Accounts payable and accrued liabilities	40,064	32,598
Income taxes receivable/payable	(5,510)	(25,844)
Unearned revenue	16,852	4,479
Securities sold, but not yet purchased	161	37
Net cash provided by operating activities	463,667	509,769
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(111,961)	(104,250)
Payments to Acquire Businesses, Net of Cash Acquired	(18,899)	(24,884)
Purchase of securities classified as held-to-maturity	(5,082)	(3,745)
Proceeds from maturity of securities classified as held-to-maturity	3,850	3,750
Net cash used in investing activities	(132,092)	(129,129)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	1,271,000	8,000
Repayments of revolving credit facility	(1,316,000)	(8,000)
Repayment of senior secured term loans	8,025	11,250
Payment of contingent consideration	(10,000)	0
Payments of debt issuance costs	0	(4,140)
Tax payments related to settlement of restricted stock units	(8,909)	(5,365)
Repurchase of common stock	(150,036)	(380,342)
Dividends on common stock	(59,267)	(62,391)
Proceeds from stock option exercises and other	22,194	30,060
Principal payment of finance leases and obligations	(1,095)	(648)
Net cash used in financing activities	(260,138)	(434,076)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	71,437	(53,436)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	1,471,778	1,562,119
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	1,543,215	1,508,683
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	89,719	111,900
Income taxes paid	125,110	169,303
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	16,466	14,669
Lease asset obtained in exchange for operating lease liabilities	$ 3,447	$ 108,539

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 800,799	$ 590,209	$ 929,536
Cash segregated under federal and other regulations	667,121	822,697	526,741
Restricted cash	75,295	58,872	52,406
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 1,543,215	$ 1,471,778	$ 1,508,683	$ 1,562,119

Organization and Description of the Company	9 Months Ended
Organization and Description of the Company	Sep. 30, 2020
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 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 (“RIAs”), 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”), an RIA.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed 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. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.

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

The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, and cash flows in conformity with GAAP. Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2019, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).

See below for significant accounting polices updated on January 1, 2020. A summary of other significant accounting policies are included in Note 2. Summary of Significant Accounting Policies, in the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2019.

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.

Receivables from clients are generally fully secured by securities held in the clients’ accounts. 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):



	September 30, 2020
Beginning balance — January 1	$	115
Impact of ASU 2016-13 adoption	—
Provision for bad debts	284
Charge-offs, net of recoveries	—
Ending balance — September 30	$	399

Advisor Loans

The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances and other loans. The decision to extend credit to an advisor is generally based on the advisor’s credit history and their ability to generate future commissions. Loans made in connection with recruiting can be either repayable or forgivable over terms generally up to ten years provided that the advisor remains licensed through LPL Financial. Forgivable loans are not repaid in cash and are amortized over the term of the loan. If an advisor terminates their arrangement with the Company prior to the loan maturity date, the remaining balance becomes repayable immediately. An allowance for uncollectible amounts is recorded at the inception of repayable loans and upon advisor termination for forgivable loans using estimates and assumptions based on historical lifetime loss experience and expectations of future loss rates based on current facts.

Advisor repayable loans totaled $120.0 million and advisor forgivable loans that have become repayable upon advisor termination totaled $2.4 million as of September 30, 2020. Included in the table below is a $1.2 million allowance for advisor forgivable loans that have become repayable.

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



	September 30, 2020
Beginning balance — January 1	$	3,974
Impact of ASU 2016-13 adoption	6,227
Provision for bad debts	1,250
Charge-offs, net of recoveries	(5,127		)
Ending balance — September 30	$	6,324

Receivables from Others

Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. An allowance for uncollectible amounts is recorded at inception using estimates and assumptions based on historical experience, current facts and other factors. 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):



	September 30, 2020
Beginning balance — January 1	$	10,292
Impact of ASU 2016-13 adoption	3,617
Provision for bad debts	2,598
Charge-offs, net of recoveries	(13,261		)
Ending balance — September 30	$	3,246

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 September 30, 2020, the carrying amount and fair value of the Company’s indebtedness was approximately $2,362.0 million and $2,381.0 million, respectively. As of December 31, 2019, the carrying amount and fair value was approximately $2,415.0 million and $2,476.0 million, respectively.

Recently Issued Accounting Pronouncements

There are no recently issued accounting pronouncements that would materially impact the Company’s consolidated financial statements and related disclosures.

Recently Adopted 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 using the modified retrospective method for all financial assets measured at amortized cost and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326, while prior period

amounts continue to be reported in accordance with previously applicable GAAP. The adoption had no material impact on the Company’s recognition of credit losses.

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 had no 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 unaudited condensed consolidated financial statements.

Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Commission revenue
Annuities	$	250,823	$	252,433	$	714,122	$	756,557
Mutual funds	146,788		148,672		436,744		438,714
Fixed income	16,731		24,950		64,319		73,749
Equities	30,283		20,149		95,689		58,213
Other	28,018		28,789		92,666		88,254
Total commission revenue	$	472,643	$	474,993	$	1,403,540	$	1,415,487

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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Commission revenue
Sales-based
Annuities	$	81,475	$	95,236	$	238,287	$	294,176
Mutual funds	33,871		36,358		109,121		109,084
Fixed income	16,731		24,950		64,319		73,749
Equities	30,283		20,149		95,689		58,213
Other	17,997		17,649		60,844		53,650
Total sales-based revenue	$	180,357	$	194,342	$	568,260	$	588,872
Trailing
Annuities	$	169,348	$	157,197	$	475,835	$	462,381
Mutual funds	112,917		112,314		327,623		329,630
Other	10,021		11,140		31,822		34,604
Total trailing revenue	$	292,286	$	280,651	$	835,280	$	826,615
Total commission revenue	$	472,643	$	474,993	$	1,403,540	$	1,415,487

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 consists 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 advisors’ 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 revenue from fees it collects for 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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Asset-based revenue
Client cash	$	108,705	$	162,517	$	376,369	$	497,471
Sponsorship programs	70,641		62,861		198,975		187,417
Recordkeeping	74,205		66,762		210,780		192,166
Total asset-based revenue	$	253,551	$	292,140	$	786,124	$	877,054

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 the Company collects a fee 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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Transaction and fee revenue
Point-in-time₍₁₎	$	52,444	$	57,038	$	170,388	$	163,934
Over time₍₂₎	67,303		64,184		205,933		198,103
Total transaction and fee revenue	$	119,747	$	121,222	$	376,321	$	362,037

_______________________________


(1)	Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees and technology 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 three and nine months ended September 30, 2020 and 2019 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 nine months ended September 30, 2020 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $82.4 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2019.

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Acquisitions Acquisitions	9 Months Ended
Acquisitions Acquisitions	Sep. 30, 2020
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, payable approximately six months after the closing date based on the percentage of assets retained by Allen & Company advisors. In February 2020, the Company paid the full $10.0 million, which had previously been recorded as an obligation within accounts payable and accrued liabilities. On August 18, 2020, the Company paid a combined $18.4 million to acquire certain assets from E.K. Riley Investments, LLC and Lucia Securities, LLC, two unrelated broker-dealers and RIAs. The assets included the firms’ business relationships with their advisors. Both transactions have the potential for future contingent payments.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

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 nine months ended September 30, 2020.

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 September 30, 2020 and December 31, 2019, 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 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 September 30, 2020, 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 September 30, 2020 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	5,381	$	—	$	—	$	5,381
Securities owned — trading:
Money market funds	136		—		—		136
Mutual funds	8,096		—		—		8,096
Equity securities	471		—		—		471
Debt securities	—		20		—		20
U.S. treasury obligations	19,492		—		—		19,492
Total securities owned — trading	28,195		20		—		28,215
Other assets	315,287		9,345		—		324,632
Total assets at fair value	$	348,863	$	9,365	$	—	$	358,228
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	153	$	—	$	—	$	153
Debt securities	—		184		—		184
Total securities sold, but not yet purchased	153		184		—		337
Total liabilities at fair value	$	153	$	184	$	—	$	337

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

- 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

9 Months Ended

Sep. 30, 2020

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 and fair value of held-to-maturity securities were as follows (in thousands):



	September 30, 2020		December 31, 2019
Amortized cost	$	13,058	$	11,806
Gross unrealized gain	211		83
Fair value	$	13,269	$	11,889

At September 30, 2020, the held-to-maturity securities 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	$	4,987	$	8,071	$	—	$	13,058
U.S. government notes — at fair value	$	5,050	$	8,219	$	—	$	13,269

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

During the three months ended September 30, 2020, the Company recorded $18.9 million in intangible assets in connection with the asset acquisitions of E.K Riley and Lucia Securities. There have been no changes to goodwill since December 31, 2019.

The components of intangible assets were as follows at September 30, 2020 (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	5.6	$	670,542	$	(402,391	)	$	268,151
Product sponsor relationships	5.4	234,086		(170,368		)	63,718
Client relationships	7.9	43,011		(18,258		)	24,753
Technology	8.3	15,510		(2,714		)	12,796
Trade names	1.6	1,200		(1,010		)	190
Total definite-lived intangible assets		$	964,349	$	(594,741	)	$	369,608
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	409,427

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

Total amortization expense of intangible assets was $16.8 million and $16.3 million for the three months ended September 30, 2020 and 2019, respectively, and $50.1 million and $48.7 million for the nine months ended September 30, 2020 and 2019, respectively. Future amortization expense is estimated as follows (in thousands):



2020 - remainder	$	17,551
2021	68,149
2022	67,350
2023	63,253
2024	62,482
Thereafter	90,823
Total	$	369,608

Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowings

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



	September 30, 2020						December 31, 2019
Long-Term Borrowings	Balance			Applicable Margin	Interest Rate		Balance			Applicable Margin	Interest rate		Maturity
Senior Secured Term Loan B₍₁₎	$	1,061,975		LIBOR+175 bps	1.90	%	$	1,070,000		LIBOR+175 bps	3.54	%	11/12/2026
Senior Unsecured Notes₍₁₎₍₂₎	900,000			Fixed Rate	5.75	%	900,000			Fixed Rate	5.75	%	9/15/2025
Senior Unsecured Notes₍₁₎₍₃₎	400,000			Fixed Rate	4.63	%	400,000			Fixed Rate	4.63	%	11/15/2027
Total long-term borrowings	2,361,975						2,370,000
Plus: Unamortized Premium	7,458						8,583
Less: Unamortized Debt Issuance Cost	(21,916		)				(24,765		)
Net Carrying Value	$	2,347,517					$	2,353,818
Other Borrowings
Revolving Credit Facility₍₄₎	$	—		ABR+25bps	—	%	$	45,000		ABR+25bps	5.00	%	11/12/2024
Broker-Dealer Revolving Credit Facility	—			FFR+125bps	—	%	—			FFR+125bps	—	%	7/31/2024
Total borrowings	$	2,347,517					$	2,398,818

_______________________________


(1)	No leverage or interest coverage maintenance covenants.


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


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


(4)	The alternate base rate (ABR) was the PRIME rate, and reflects the interest rate incurred on the senior secured revolving credit facility on the outstanding balance as of December 31, 2019.

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.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2020, the Company was in compliance with such covenants.

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.

Term Loan B and Revolving Credit 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 December 31, 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).

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.

Broker-Dealer Revolving 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 as of September 30, 2020.

Bank Loans Payable

The Company maintained four uncommitted lines of credit as of September 30, 2020. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The other two lines have a total limit of $150.0 million, one of which allows for collateralized borrowings while the other allows for uncollateralized borrowings. There were no balances outstanding as of September 30, 2020 or December 31, 2019.

Letters of Credit

As of September 30, 2020, the Company had $0.2 million of irrevocable letters of credit, with an applicable interest rate margin of 1.25%, which were supported by the credit facility.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Leases

Leases

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 16 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 unaudited condensed consolidated statements of financial condition and at September 30, 2020 were $103.5 million.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	4,681	$	4,366	$	13,888	$	13,219
Finance lease cost:
Amortization of right-of-use assets	$	1,286	$	1,164	$	3,857	$	3,493
Interest on lease liabilities	2,106		2,095		6,317		6,279
Total finance lease cost	$	3,392	$	3,259	$	10,174	$	9,772

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



	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,140	$	14,270
Operating cash flows from finance leases	$	6,317	$	6,279
Financing cash flows from finance leases	$	1,095	$	648

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



	September 30, 2020		December 31, 2019
Weighted-average remaining lease term (years):
Finance leases	25.6		26.2
Operating leases	8.3		9.1
Weighted-average discount rate:
Finance leases	7.80	%	7.75	%
Operating leases	7.16	%	7.27	%

Maturities of lease liabilities as of September 30, 2020 were as follows (in thousands):



	Operating Leases		Finance Leases
2020 - remainder	$	5,228	$	2,181
2021	21,309		9,735
2022	21,840		8,802
2023	21,462		8,576
2024	21,241		8,727
Thereafter	94,566		233,639
Total lease payments	185,646		271,660
Less imputed interest	48,077		164,162
Total	$	137,569	$	107,498

Finance Leases

Leases

Finance lease assets are included in fixed assets in the unaudited condensed consolidated statements of financial condition and at September 30, 2020 were $103.5 million.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	4,681	$	4,366	$	13,888	$	13,219
Finance lease cost:
Amortization of right-of-use assets	$	1,286	$	1,164	$	3,857	$	3,493
Interest on lease liabilities	2,106		2,095		6,317		6,279
Total finance lease cost	$	3,392	$	3,259	$	10,174	$	9,772

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



	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,140	$	14,270
Operating cash flows from finance leases	$	6,317	$	6,279
Financing cash flows from finance leases	$	1,095	$	648

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



	September 30, 2020		December 31, 2019
Weighted-average remaining lease term (years):
Finance leases	25.6		26.2
Operating leases	8.3		9.1
Weighted-average discount rate:
Finance leases	7.80	%	7.75	%
Operating leases	7.16	%	7.27	%

Maturities of lease liabilities as of September 30, 2020 were as follows (in thousands):



	Operating Leases		Finance Leases
2020 - remainder	$	5,228	$	2,181
2021	21,309		9,735
2022	21,840		8,802
2023	21,462		8,576
2024	21,241		8,727
Thereafter	94,566		233,639
Total lease payments	185,646		271,660
Less imputed interest	48,077		164,162
Total	$	137,569	$	107,498

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. 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 loan commitments at September 30, 2020. Legal and 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 Quarterly Report on Form 10-Q, customer remediation is substantially complete and 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 September 30, 2020, these self-insurance liabilities are included in accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2020. Other Commitments As of September 30, 2020, the Company had approximately $366.4 million of client margin loans that were collateralized with securities having a fair value of approximately $513.0 million that it can repledge, loan or sell. Of these securities, approximately $63.2 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2020, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $449.8 million of client collateral. Securities owned, trading on the unaudited condensed consolidated statements of financial condition includes $4.5 million and $5.5 million pledged to the Options Clearing Corporation at September 30, 2020 and December 31, 2019, respectively, and $15.0 million pledged to the National Securities Clearing Corporation at both September 30, 2020 and December 31, 2019.

Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

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):



	2020				2019
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	19.7	$	0.25	$	21.1
Second quarter	$	0.25	$	19.7	$	0.25	$	20.8
Third quarter	$	0.25	$	19.8	$	0.25	$	20.5

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 unaudited condensed consolidated statements of financial condition. As of September 30, 2020, the Company was authorized to purchase up to an additional $349.8 million of shares pursuant to share repurchase programs approved by the Board of Directors. During the first quarter of 2020, the Company repurchased 1.8 million shares of common stock at a weighted-average price of $82.91 for a total of $150.0 million. The Company suspended share repurchases in mid-March 2020 in light of the business and financial uncertainties created by the COVID-19 pandemic.

Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stockholders' Equity

Share-Based Compensation

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 September 30, 2020, the 2010 Plan had 20,055,945 shares authorized for grant and 3,500,405 shares remaining available for future issuance.

Stock Options and Warrants

The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2020:



	Number of Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2019	2,705,241		$	43.81
Granted	—		$	—
Exercised	(504,608	)	$	36.59
Forfeited and Expired	(30,835	)	$	64.25
Outstanding — September 30, 2020	2,169,798		$	45.20	5.42	$	68,611
Exercisable — September 30, 2020	1,807,885		$	39.48	4.88	$	67,338
Exercisable and expected to vest — September 30, 2020	2,153,403		$	44.96	5.39	$	68,581

The following table summarizes information about outstanding stock options and warrants as of September 30, 2020:



	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	420,544	$	19.85	5.41	420,544	$	19.85
$25.01 - $35.00	436,840	$	30.73	1.50	436,840	$	30.73
$35.01 - $45.00	388,200	$	39.63	6.37	388,200	$	39.63
$45.01 - $65.00	245,321	$	48.89	4.04	245,321	$	48.89
$65.01 - $75.00	309,818	$	65.52	7.35	195,190	$	65.50
$75.01 - $80.00	369,075	$	77.53	8.36	121,790	$	77.53
	2,169,798	$	45.20	5.42	1,807,885	$	39.48

The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $1.0 million and $2.2 million during the three months ended September 30, 2020 and 2019, respectively, and $3.4 million and $7.4 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $3.9 million, which is expected to be recognized over a weighted-average period of 1.23 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 nine months ended September 30, 2020:



	Restricted Stock Awards				Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Units			Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2019	8,296		$	81.99	792,185			$	66.28
Granted	9,865		$	64.74	556,998			$	76.96
Vested	(12,601	)	$	76.10	(401,240	)		$	54.90
Forfeited	—		$	—	(23,041	)		$	75.57
Nonvested — September 30, 2020	5,560		$	64.74	924,902		₍₁₎	$	77.42
Expected to vest — September 30, 2020	5,560		$	64.74	817,196			$	78.88

_______________________________


(1)	Includes 52,923 vested and undistributed deferred stock units.

The Company grants restricted stock awards and deferred stock units to its directors and restricted stock units and performance stock units to its employees and 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 $6.0 million and $4.7 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the three months ended September 30, 2020 and 2019, respectively, and $19.0 million and $13.9 million during the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, total unrecognized compensation cost for restricted stock awards and stock units was $38.7 million, which is expected to be recognized over a weighted-average remaining period of 2.06 years.

The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $0.4 million and $0.5 million related to the vesting of these awards during the three months ended September 30, 2020 and 2019, respectively, and $1.7 million and $2.3 million during the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $5.4 million, which is expected to be recognized over a weighted-average remaining period of 2.36 years.

Earnings per Share

9 Months Ended

Sep. 30, 2020

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 periods noted was as follows (in thousands, except per share data):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	103,789	$	131,714	$	361,092	$	433,204

Basic weighted-average number of shares outstanding	79,176		81,833		79,207		83,315
Dilutive common share equivalents	1,374		2,011		1,405		2,106
Diluted weighted-average number of shares outstanding	80,550		83,844		80,612		85,421

Basic earnings per share	$	1.31	$	1.61	$	4.56	$	5.20
Diluted earnings per share	$	1.29	$	1.57	$	4.48	$	5.07

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended September 30, 2020 and 2019, stock options, warrants and stock units representing common share equivalents of 391,011 shares and 422,680 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2020 and 2019, stock options, warrants and stock units representing common share equivalents of 510,774 shares and 596,354 shares, respectively, were anti-dilutive.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 23.3% and 26.0% for the three months ended September 30, 2020 and 2019, respectively, and 24.8% and 24.9% for the nine months ended September 30, 2020 and 2019, respectively. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2020
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. The Company recognized revenue for services provided to these related parties of $1.2 million during each of the three months ended September 30, 2020 and 2019, and $3.4 million and $3.0 million during the nine months ended September 30, 2020 and 2019, respectively. The Company incurred expenses for the services provided by these related parties of $1.2 million and $0.5 million during the three months ended September 30, 2020 and 2019, respectively, and $2.1 million and $1.3 million during the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and 2019, receivables from and payables to related parties were not material.

Net Capital and Regulatory Requirements	9 Months Ended
Net Capital and Regulatory Requirements	Sep. 30, 2020
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 the Financial Industry Regulatory Authority 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 September 30, 2020, had net capital of $129.4 million with a minimum net capital requirement of $10.7 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 on PTC’s operations. As of September 30, 2020 and December 31, 2019, 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	9 Months Ended
	Sep. 30, 2020
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 unaudited condensed 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.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On October 26, 2020, the Company acquired Blaze Portfolio Systems LLC, a Chicago-based financial technology firm. The Company paid approximately $12 million at closing and agreed to a potential contingent payment of up to $5 million. On October 28, 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 November 30, 2020 to all stockholders of record on November 12, 2020.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed 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. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, and cash flows in conformity with GAAP. Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2019, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). See below for significant accounting polices updated on January 1, 2020. A summary of other significant accounting policies are included in Note 2. Summary of Significant Accounting Policies, in the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2019.
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. Receivables from clients are generally fully secured by securities held in the clients’ accounts. 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 decision to extend credit to an advisor is generally based on the advisor’s credit history and their ability to generate future commissions. Loans made in connection with recruiting can be either repayable or forgivable over terms generally up to ten years provided that the advisor remains licensed through LPL Financial. Forgivable loans are not repaid in cash and are amortized over the term of the loan. If an advisor terminates their arrangement with the Company prior to the loan maturity date, the remaining balance becomes repayable immediately. An allowance for uncollectible amounts is recorded at the inception of repayable loans and upon advisor termination for forgivable loans using estimates and assumptions based on historical lifetime loss experience and expectations of future loss rates based on current facts. Advisor repayable loans totaled $120.0 million and advisor forgivable loans that have become repayable upon advisor termination totaled $2.4 million as of September 30, 2020. Included in the table below is a $1.2 million allowance for advisor forgivable loans that have become repayable.
Receivables from Others	Receivables from Others Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. An allowance for uncollectible amounts is recorded at inception using estimates and assumptions based on historical experience, current facts and other factors. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.
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 September 30, 2020, the carrying amount and fair value of the Company’s indebtedness was approximately $2,362.0 million and $2,381.0 million, respectively. As of December 31, 2019, the carrying amount and fair value was approximately $2,415.0 million and $2,476.0 million, respectively.
Recently Issued & Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s consolidated financial statements and related disclosures. Recently Adopted 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 using the modified retrospective method for all financial assets measured at amortized cost and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption had no material impact on the Company’s recognition of credit losses. 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 had no 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 unaudited condensed consolidated financial statements.

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Receivables from clients [Member]

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

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

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



	September 30, 2020
Beginning balance — January 1	$	115
Impact of ASU 2016-13 adoption	—
Provision for bad debts	284
Charge-offs, net of recoveries	—
Ending balance — September 30	$	399

Advisor Loans [Member]

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

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

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



	September 30, 2020
Beginning balance — January 1	$	3,974
Impact of ASU 2016-13 adoption	6,227
Provision for bad debts	1,250
Charge-offs, net of recoveries	(5,127		)
Ending balance — September 30	$	6,324

Receivables from others [Member]

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

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

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



	September 30, 2020
Beginning balance — January 1	$	10,292
Impact of ASU 2016-13 adoption	3,617
Provision for bad debts	2,598
Charge-offs, net of recoveries	(13,261		)
Ending balance — September 30	$	3,246

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Commission revenue
Annuities	$	250,823	$	252,433	$	714,122	$	756,557
Mutual funds	146,788		148,672		436,744		438,714
Fixed income	16,731		24,950		64,319		73,749
Equities	30,283		20,149		95,689		58,213
Other	28,018		28,789		92,666		88,254
Total commission revenue	$	472,643	$	474,993	$	1,403,540	$	1,415,487

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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Commission revenue
Sales-based
Annuities	$	81,475	$	95,236	$	238,287	$	294,176
Mutual funds	33,871		36,358		109,121		109,084
Fixed income	16,731		24,950		64,319		73,749
Equities	30,283		20,149		95,689		58,213
Other	17,997		17,649		60,844		53,650
Total sales-based revenue	$	180,357	$	194,342	$	568,260	$	588,872
Trailing
Annuities	$	169,348	$	157,197	$	475,835	$	462,381
Mutual funds	112,917		112,314		327,623		329,630
Other	10,021		11,140		31,822		34,604
Total trailing revenue	$	292,286	$	280,651	$	835,280	$	826,615
Total commission revenue	$	472,643	$	474,993	$	1,403,540	$	1,415,487

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

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Asset-based revenue
Client cash	$	108,705	$	162,517	$	376,369	$	497,471
Sponsorship programs	70,641		62,861		198,975		187,417
Recordkeeping	74,205		66,762		210,780		192,166
Total asset-based revenue	$	253,551	$	292,140	$	786,124	$	877,054

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):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Transaction and fee revenue
Point-in-time₍₁₎	$	52,444	$	57,038	$	170,388	$	163,934
Over time₍₂₎	67,303		64,184		205,933		198,103
Total transaction and fee revenue	$	119,747	$	121,222	$	376,321	$	362,037

_______________________________


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

(2)

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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	5,381	$	—	$	—	$	5,381
Securities owned — trading:
Money market funds	136		—		—		136
Mutual funds	8,096		—		—		8,096
Equity securities	471		—		—		471
Debt securities	—		20		—		20
U.S. treasury obligations	19,492		—		—		19,492
Total securities owned — trading	28,195		20		—		28,215
Other assets	315,287		9,345		—		324,632
Total assets at fair value	$	348,863	$	9,365	$	—	$	358,228
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	153	$	—	$	—	$	153
Debt securities	—		184		—		184
Total securities sold, but not yet purchased	153		184		—		337
Total liabilities at fair value	$	153	$	184	$	—	$	337

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

Held-to-Maturity Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

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

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



	September 30, 2020		December 31, 2019
Amortized cost	$	13,058	$	11,806
Gross unrealized gain	211		83
Fair value	$	13,269	$	11,889

Maturities of securities held-to-maturity

At September 30, 2020, the held-to-maturity securities 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	$	4,987	$	8,071	$	—	$	13,058
U.S. government notes — at fair value	$	5,050	$	8,219	$	—	$	13,269

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill [Line Items]

Components of intangible assets

The components of intangible assets were as follows at September 30, 2020 (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	5.6	$	670,542	$	(402,391	)	$	268,151
Product sponsor relationships	5.4	234,086		(170,368		)	63,718
Client relationships	7.9	43,011		(18,258		)	24,753
Technology	8.3	15,510		(2,714		)	12,796
Trade names	1.6	1,200		(1,010		)	190
Total definite-lived intangible assets		$	964,349	$	(594,741	)	$	369,608
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	409,427

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

Amortization expense



2020 - remainder	$	17,551
2021	68,149
2022	67,350
2023	63,253
2024	62,482
Thereafter	90,823
Total	$	369,608

Outstanding Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Outstanding borrowings

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



	September 30, 2020						December 31, 2019
Long-Term Borrowings	Balance			Applicable Margin	Interest Rate		Balance			Applicable Margin	Interest rate		Maturity
Senior Secured Term Loan B₍₁₎	$	1,061,975		LIBOR+175 bps	1.90	%	$	1,070,000		LIBOR+175 bps	3.54	%	11/12/2026
Senior Unsecured Notes₍₁₎₍₂₎	900,000			Fixed Rate	5.75	%	900,000			Fixed Rate	5.75	%	9/15/2025
Senior Unsecured Notes₍₁₎₍₃₎	400,000			Fixed Rate	4.63	%	400,000			Fixed Rate	4.63	%	11/15/2027
Total long-term borrowings	2,361,975						2,370,000
Plus: Unamortized Premium	7,458						8,583
Less: Unamortized Debt Issuance Cost	(21,916		)				(24,765		)
Net Carrying Value	$	2,347,517					$	2,353,818
Other Borrowings
Revolving Credit Facility₍₄₎	$	—		ABR+25bps	—	%	$	45,000		ABR+25bps	5.00	%	11/12/2024
Broker-Dealer Revolving Credit Facility	—			FFR+125bps	—	%	—			FFR+125bps	—	%	7/31/2024
Total borrowings	$	2,347,517					$	2,398,818

_______________________________


(1)	No leverage or interest coverage maintenance covenants.


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


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


(4)	The alternate base rate (ABR) was the PRIME rate, and reflects the interest rate incurred on the senior secured revolving credit facility on the outstanding balance as of December 31, 2019.

- 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
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Components of Lease Expense

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	4,681	$	4,366	$	13,888	$	13,219
Finance lease cost:
Amortization of right-of-use assets	$	1,286	$	1,164	$	3,857	$	3,493
Interest on lease liabilities	2,106		2,095		6,317		6,279
Total finance lease cost	$	3,392	$	3,259	$	10,174	$	9,772

Schedule of Supplemental Cash Flow information related to leases

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



	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,140	$	14,270
Operating cash flows from finance leases	$	6,317	$	6,279
Financing cash flows from finance leases	$	1,095	$	648

Schedule of Supplemental weighted-average information related to leases

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



	September 30, 2020		December 31, 2019
Weighted-average remaining lease term (years):
Finance leases	25.6		26.2
Operating leases	8.3		9.1
Weighted-average discount rate:
Finance leases	7.80	%	7.75	%
Operating leases	7.16	%	7.27	%

Schedule of Maturities of Lease Liabilities - Operating Leases

Maturities of lease liabilities as of September 30, 2020 were as follows (in thousands):



	Operating Leases		Finance Leases
2020 - remainder	$	5,228	$	2,181
2021	21,309		9,735
2022	21,840		8,802
2023	21,462		8,576
2024	21,241		8,727
Thereafter	94,566		233,639
Total lease payments	185,646		271,660
Less imputed interest	48,077		164,162
Total	$	137,569	$	107,498

Schedule of Maturities of Lease Liabilities - Finance Leases

Maturities of lease liabilities as of September 30, 2020 were as follows (in thousands):



	Operating Leases		Finance Leases
2020 - remainder	$	5,228	$	2,181
2021	21,309		9,735
2022	21,840		8,802
2023	21,462		8,576
2024	21,241		8,727
Thereafter	94,566		233,639
Total lease payments	185,646		271,660
Less imputed interest	48,077		164,162
Total	$	137,569	$	107,498

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Class of Stock [Line Items]

Dividends Declared [Table Text Block]

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):



	2020				2019
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	19.7	$	0.25	$	21.1
Second quarter	$	0.25	$	19.7	$	0.25	$	20.8
Third quarter	$	0.25	$	19.8	$	0.25	$	20.5

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2020:



	Number of Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2019	2,705,241		$	43.81
Granted	—		$	—
Exercised	(504,608	)	$	36.59
Forfeited and Expired	(30,835	)	$	64.25
Outstanding — September 30, 2020	2,169,798		$	45.20	5.42	$	68,611
Exercisable — September 30, 2020	1,807,885		$	39.48	4.88	$	67,338
Exercisable and expected to vest — September 30, 2020	2,153,403		$	44.96	5.39	$	68,581

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants as of September 30, 2020:



	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	420,544	$	19.85	5.41	420,544	$	19.85
$25.01 - $35.00	436,840	$	30.73	1.50	436,840	$	30.73
$35.01 - $45.00	388,200	$	39.63	6.37	388,200	$	39.63
$45.01 - $65.00	245,321	$	48.89	4.04	245,321	$	48.89
$65.01 - $75.00	309,818	$	65.52	7.35	195,190	$	65.50
$75.01 - $80.00	369,075	$	77.53	8.36	121,790	$	77.53
	2,169,798	$	45.20	5.42	1,807,885	$	39.48

Summary of restricted stock awards and restricted stock units activity



	Restricted Stock Awards				Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Units			Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2019	8,296		$	81.99	792,185			$	66.28
Granted	9,865		$	64.74	556,998			$	76.96
Vested	(12,601	)	$	76.10	(401,240	)		$	54.90
Forfeited	—		$	—	(23,041	)		$	75.57
Nonvested — September 30, 2020	5,560		$	64.74	924,902		₍₁₎	$	77.42
Expected to vest — September 30, 2020	5,560		$	64.74	817,196			$	78.88

_______________________________

(1)

Includes 52,923 vested and undistributed deferred stock units.

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	103,789	$	131,714	$	361,092	$	433,204

Basic weighted-average number of shares outstanding	79,176		81,833		79,207		83,315
Dilutive common share equivalents	1,374		2,011		1,405		2,106
Diluted weighted-average number of shares outstanding	80,550		83,844		80,612		85,421

Basic earnings per share	$	1.31	$	1.61	$	4.56	$	5.20
Diluted earnings per share	$	1.29	$	1.57	$	4.48	$	5.07

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	9 Months Ended
	Sep. 30, 2020
LPL Financial LLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%
Number of States in which Entity Operates	50
PTC Holdings Inc. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts	$ 4,193	$ 5,723
Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	115
Provision for bad debts	284
Charge-offs, net of recoveries	0
Ending balance	399
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member] \| Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 0

Summary of Significant Accounting Policies Receivables from Advisor (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts	$ 4,193	$ 5,723
Advisor Loans Term, Maximum	10 years
Advisor Repayable Loan	$ 120,000
Repayable Advisor Forgivable Loans	2,400
Allowance for Repayable Advisor Forgivable Loans	(1,200)
Advisor Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance - January 1	3,974
Provision for bad debts	1,250
Charge-offs, net of recoveries	(5,127)
Ending balance	6,324
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member] \| Advisor Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance - January 1	$ 6,227

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts	$ 4,193	$ 5,723
Receivables from others [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance - January 1	10,292
Provision for bad debts	2,598
Charge-offs, net of recoveries	(13,261)
Ending balance	3,246
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member] \| Receivables from others [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance - January 1	$ 3,617

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,362.0	$ 2,415.0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$ 2,381.0	$ 2,476.0

Revenue Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Document Fiscal Year Focus			2020
Brokerage Commissions Revenue	$ 472,643	$ 474,993	$ 1,403,540	$ 1,415,487
Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	250,823	252,433	714,122	756,557
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	146,788	148,672	436,744	438,714
Equities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	30,283	20,149	95,689	58,213
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	16,731	24,950	64,319	73,749
Other [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 28,018	$ 28,789	$ 92,666	$ 88,254

Revenue Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Document Fiscal Year Focus			2020
Brokerage Commissions Revenue	$ 472,643	$ 474,993	$ 1,403,540	$ 1,415,487
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	180,357	194,342	568,260	588,872
Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	292,286	280,651	835,280	826,615
Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	250,823	252,433	714,122	756,557
Annuities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	81,475	95,236	238,287	294,176
Annuities [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	169,348	157,197	475,835	462,381
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	146,788	148,672	436,744	438,714
Mutual Funds [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	33,871	36,358	109,121	109,084
Mutual Funds [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	112,917	112,314	327,623	329,630
Equities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	30,283	20,149	95,689	58,213
Equities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	30,283	20,149	95,689	58,213
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	16,731	24,950	64,319	73,749
Fixed Income [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	16,731	24,950	64,319	73,749
Other [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	28,018	28,789	92,666	88,254
Other [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	17,997	17,649	60,844	53,650
Other [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 10,021	$ 11,140	$ 31,822	$ 34,604

Revenue Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Document Fiscal Year Focus			2020
Asset Based Fees	$ 253,551	$ 292,140	$ 786,124	$ 877,054
Client Cash Revenue [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	108,705	162,517	376,369	497,471
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	70,641	62,861	198,975	187,417
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 74,205	$ 66,762	$ 210,780	$ 192,166

Revenue Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Document Fiscal Year Focus			2020
Transaction And Other Fees	$ 119,747	$ 121,222	$ 376,321	$ 362,037
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	52,444	57,038	170,388	163,934
Over time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 67,303	$ 64,184	$ 205,933	$ 198,103

Revenue Unearned Revenue Recognized (Details) $ in Millions	9 Months Ended
Revenue Unearned Revenue Recognized (Details) $ in Millions	Sep. 30, 2020 USD ($)
Unearned Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 82.4

Acquisitions (Details) - USD ($) $ in Thousands			3 Months Ended			9 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Aug. 18, 2020	Aug. 01, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 31, 2020
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						$ 18,899	$ 24,884
Payment for Contingent Consideration Liability, Financing Activities						$ 10,000	$ 0
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
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								$ 10,000
Payment for Contingent Consideration Liability, Financing Activities				$ 10,000
E.K. Riley Investments, LLC and Lucia Securities, LLC [Domain]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Aug. 18, 2020
Payments to Acquire Businesses, Net of Cash Acquired			$ 18,400

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,058	$ 11,806
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	13,058	11,806
Gross unrealized gain	211	83
U.S. government notes - at fair value, Total	$ 13,269	$ 11,889

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,058	$ 11,806
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,987
U.S. government notes - at amortized cost, After one but within five years	8,071
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	13,058	11,806
U.S. government notes - at fair value, Within one year	5,050
U.S. government notes - at fair value, After one but within five years	8,219
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	$ 13,269	$ 11,889

Goodwill and Other Intangible Assets Goodwill (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, ending balance	$ 1,503,648

Goodwill and Other Intangible Assets Intangible Assets (Components) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Gross Carrying Value	$ 964,349	$ 944,672
Accumulated Amortization	(594,741)	(544,653)
Net Carrying Value	369,608	400,019
Indefinite-lived Intangible Assets
Total intangible assets	409,427	439,838
Trademarks and Trade Names [Member]
Indefinite-lived Intangible Assets
Net Carrying Value	$ 39,819	$ 39,819
Advisor And Financial Institution Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	5 years 7 months 6 days	6 years 1 month 6 days
Gross Carrying Value	$ 670,542	$ 651,642
Accumulated Amortization	(402,391)	(365,470)
Net Carrying Value	$ 268,151	$ 286,172
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	5 years 4 months 24 days	6 years 1 month 6 days
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(170,368)	(161,435)
Net Carrying Value	$ 63,718	$ 72,651
Client Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	7 years 10 months 24 days	8 years 8 months 12 days
Gross Carrying Value	$ 43,011	$ 42,234
Accumulated Amortization	(18,258)	(15,277)
Net Carrying Value	$ 24,753	$ 26,957
Technology [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	8 years 3 months 18 days	9 years
Gross Carrying Value	$ 15,510	$ 15,510
Accumulated Amortization	(2,714)	(1,551)
Net Carrying Value	$ 12,796	$ 13,959
Trade Names [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	1 year 7 months 6 days	2 years 3 months 18 days
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(1,010)	(920)
Net Carrying Value	$ 190	$ 280

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Details Textures) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived Intangible Assets Acquired	$ 18,900
Total amortization expense of intangible assets	$ 16,829	$ 16,286	$ 50,088	$ 48,703

Goodwill and Other Intangible Assets Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Future amortization expense
Remainder of Fiscal Year	$ 17,551
Due Year One	68,149
Due Year Two	67,350
Due Year Three	63,253
Due Year Four	62,482
Due after Year Four	90,823
Net Carrying Value	$ 369,608	$ 400,019

Borrowings (Credit Agreement Outstanding) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Nov. 12, 2019	Sep. 21, 2017	Mar. 10, 2017
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 2,370,000	$ 2,361,975
Debt Instrument, Unamortized Premium		8,583	7,458
Less Unamortized Debt Issuance Cost		(24,765)	(21,916)
Long-Term Senior Debt, Net		2,353,818	2,347,517
RevolvingCreditFacilityLPLH		45,000	0
Long-term and other borrowings, net		2,398,818	2,347,517
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 1,070,000	1,061,975
Applicable interest rate margin (as percent)	1.75%	1.75%
Variable Interest Rate (as percent)	1.90%	3.54%
Unsecured Debt [Member] \| Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 900,000	900,000
Fixed Interest Rate (as percent)	5.75%	5.75%				5.75%	5.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 400,000	400,000
Fixed Interest Rate (as percent)	4.63%	4.63%		4.625%	4.625%
Revolving Credit Facility [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)	0.25%	0.25%
Variable Interest Rate (as percent)	0.00%	5.00%
LPL Financial LLC [Domain]
Borrowings [Line Items]
RevolvingCreditFacilityLPLF		$ 0	$ 0
LPL Financial LLC [Domain] \| Revolving Credit Facility [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)	1.25%	1.25%
Variable Interest Rate (as percent)	0.00%	0.00%

Borrowings (Credit Agreement Textuals) (Details) - USD ($) $ in Millions					9 Months Ended	12 Months Ended
	Nov. 12, 2019	Jul. 31, 2019	Sep. 21, 2017	Mar. 10, 2017	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020
Borrowings [Line Items]
Long-term Debt, Gross						$ 2,415.0	$ 2,362.0
Debt Issuance Costs, Gross	$ 13.5
Gain (Loss) on Extinguishment of Debt	$ (3.2)
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt term	5 years
Debt Instrument, Basis Spread on Variable Rate					0.25%	0.25%
Line of credit, maximum borrowing capacity	$ 750.0		$ 500.0
Revolving Credit Facility [Member] \| LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt term		5 years
Debt Instrument, Basis Spread on Variable Rate					1.25%	1.25%
Line of credit, maximum borrowing capacity		$ 300.0
Revolving Credit Facility [Member] \| Minimum [Member] \| LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.125%
Revolving Credit Facility [Member] \| Maximum [Member] \| LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.375%
Revolving Credit Facility [Member] \| Eurodollar Rate [Member] \| Minimum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.25%
Revolving Credit Facility [Member] \| Eurodollar Rate [Member] \| Maximum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.75%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.25%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.75%
Revolving Credit Facility [Member] \| Prime Rate [Member]
Borrowings [Line Items]
Debt Instrument, Description of Variable Rate Basis					Prime Rate
Revolving Credit Facility [Member] \| Federal Funds Rate [Domain] \| LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt Instrument, Description of Variable Rate Basis					Federal Fund Rate (FFR)
Line of Credit [Member]
Borrowings [Line Items]
Line of credit, maximum borrowing capacity							$ 150.0
Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Debt term	8 years
Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Debt term	7 years
Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Debt term			8 years
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.75%	1.75%
Long-term Debt, Gross	$ 1,070.0
Amortization payment (as percent)				0.25%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| Eurodollar Rate [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.75%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Borrowings [Line Items]
Debt Instrument, Description of Variable Rate Basis					London Interbank Offered Rate (LIBOR)
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| Base Rate [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Long-term Debt, Gross	$ 400.0
Fixed Interest Rate (as percent)	4.625%				4.63%	4.63%		4.625%
Unsecured Debt [Member] \| Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-term Debt, Gross				$ 500.0
Fixed Interest Rate (as percent)			5.75%	5.75%	5.75%	5.75%
Unsecured Debt [Member] \| Additional Senior Unsecured Notes due 2025 [Member]
Borrowings [Line Items]
Long-term Debt, Gross			$ 400.0
Debt Instrument, Redemption Price, Percentage			103.00%

Borrowings Broker-Dealer Revolving Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Nov. 12, 2019	Jul. 31, 2019	Sep. 21, 2017
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%	0.25%
Line of credit, maximum borrowing capacity			$ 750.0		$ 500.0
LPL Financial LLC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%	1.25%
Line of credit, maximum borrowing capacity				$ 300.0
Debt Issuance Costs, Line of Credit Arrangements, Gross				$ 1.5
Minimum [Member] \| LPL Financial LLC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.125%
Maximum [Member] \| LPL Financial LLC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.375%

Borrowings Line of Credit (Bank Loans Payable Textuals) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Total number of uncommitted lines of credit	4
Number of uncommitted lines of credit with an unspecified limit	2
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 150.0
Line of credit, amount outstanding	$ 0.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Borrowings Letters of Credit (Details) - Letter of Credit [Member] $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	$ 0.2
Debt Instrument, Basis Spread on Variable Rate	1.25%

Leases Narrative (Details) $ in Millions	9 Months Ended
Leases Narrative (Details) $ in Millions	Sep. 30, 2020 USD ($)
Minimum [Member]
Lease Description [Line Items]
Remaining lease terms (in years)	2 years
Maximum [Member]
Lease Description [Line Items]
Remaining lease terms (in years)	16 years
Options to extend leases (in years)	20 years
Fixed Assets
Lease Description [Line Items]
Finance lease assets	$ 103.5

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lease Cost
Operating lease cost	$ 4,681	$ 4,366	$ 13,888	$ 13,219
Amortization of right-of-use assets	1,286	1,164	3,857	3,493
Interest on lease liabilities	2,106	2,095	6,317	6,279
Total finance lease cost	$ 3,392	$ 3,259	$ 10,174	$ 9,772

Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating Lease, Payments	$ 16,140	$ 14,270
Finance Lease, Interest Payment on Liability	6,317	6,279
Finance Lease, Principal Payments	$ 1,095	$ 648

Leases Supplemental Weighted-Average Information Related to Leases (Details)	Sep. 30, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	25 years 7 months 6 days	26 years 2 months 12 days
Operating Lease, Weighted Average Remaining Lease Term	8 years 3 months 18 days	9 years 1 month 6 days
Weighted Average Discount Rate [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent	7.80%	7.75%
Operating Lease, Weighted Average Discount Rate, Percent	7.16%	7.27%

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of Fiscal Year	$ 5,228
Due Year One	21,309
Due Year Two	21,840
Due Year Three	21,462
Due Year Four	21,241
Due after Year Four	94,566
Total lease payments	185,646
Less imputed interest	48,077
Operating lease liabilities	137,569	$ 141,900
Finance Leases
Remainder of Fiscal Year	2,181
Due Year One	9,735
Due Year Two	8,802
Due Year Three	8,576
Due Year Four	8,727
Due after Year Four	233,639
Total lease payments	271,660
Less imputed interest	164,162
Finance lease liabilities	$ 107,498	$ 108,592

Commitments and Contingencies Commitments and Contingencies (Legal) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 26.4

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Brokers and Dealers [Abstract]
Collateral securities	$ 366.4
Collateral security (Fair value)	513.0
Amount pledged with client-owned securities	63.2
Remaining collateral securities that can be re-pledged, loaned, or sold	449.8
Options Clearing Corporation [Member]
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	4.5	$ 5.5
National Securities Clearing Corporation [Member]
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	$ 15.0	$ 15.0

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends, Common Stock [Abstract]
Cash dividends on common stock	$ 19,809	$ 19,700	$ 19,700	$ 20,485	$ 20,800	$ 21,100	$ 59,267	$ 62,391

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Amount Remaining			$ 349,800
Equity, Class of Treasury Stock [Line Items]
Shares Purchased	1.8
Weighted-Average Price Paid Per Share	$ 82.91
Total Cost	$ 150,000	$ 130,274	$ 150,036	$ 380,341

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based compensation:
Authorized shares	20,055,945		20,055,945
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	3,500,405		3,500,405
Employees, officers and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 6.0	$ 4.7	$ 19.0	$ 13.9
Share-based compensation cost unrecognized	38.7		$ 38.7
Non-vested compensation cost weighted-average period			2 years 21 days
Employees, officers and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense	1.0	2.2	$ 3.4	7.4
Share-based compensation cost unrecognized	3.9		$ 3.9
Non-vested compensation cost weighted-average period			1 year 2 months 23 days
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	0.4	$ 0.5	$ 1.7	$ 2.3
Share-based compensation cost unrecognized	$ 5.4		$ 5.4
Non-vested compensation cost weighted-average period			2 years 4 months 9 days

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance	2,169,798
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	2,705,241
Number of Shares, Granted	0
Number of Shares, Exercised	(504,608)
Number of Shares, Forfeited	(30,835)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighed-Average Exercise Price, Beginning Balance	$ 43.81
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised	36.59
Weighted-Average Exercise Price, Forfeited	64.25
Weighed-Average Exercise Price, Ending Balance	$ 45.20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance	1,807,885
Weighted-Average Exercise Price, Exercisable	$ 39.48
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 10 months 17 days
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 67,338
Weighted-Average Remaining Contractual Term, Options Outstanding	5 years 5 months 1 day
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 68,611
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest	2,153,403
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 44.96
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	5 years 4 months 20 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 68,581

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	2,169,798
Number of shares, Exercisable \| shares	1,807,885
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	5 years 5 months 1 day
Weighted-average exercise price, Outstanding \| $ / shares	$ 45.20
Weighted-average exercise price, Exercisable \| $ / shares	$ 39.48
$19.85 - $25.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	420,544
Weighted-average remaining life (years), Outstanding	5 years 4 months 28 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 19.85
Number of shares, Exercisable \| shares	420,544
Weighted-average exercise price, Exercisable \| $ / shares	$ 19.85
$25.01 - $35.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	436,840
Weighted-average remaining life (years), Outstanding	1 year 6 months
Weighted-average exercise price, Outstanding \| $ / shares	$ 30.73
Number of shares, Exercisable \| shares	436,840
Weighted-average exercise price, Exercisable \| $ / shares	$ 30.73
$35.01 - $45.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	388,200
Weighted-average remaining life (years), Outstanding	6 years 4 months 13 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 39.63
Number of shares, Exercisable \| shares	388,200
Weighted-average exercise price, Exercisable \| $ / shares	$ 39.63
$45.01 - $65.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	245,321
Weighted-average remaining life (years), Outstanding	4 years 14 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 48.89
Number of shares, Exercisable \| shares	245,321
Weighted-average exercise price, Exercisable \| $ / shares	$ 48.89
$65.01 - $75.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	309,818
Weighted-average remaining life (years), Outstanding	7 years 4 months 6 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 65.52
Number of shares, Exercisable \| shares	195,190
Weighted-average exercise price, Exercisable \| $ / shares	$ 65.50
$75.01 - $80.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	369,075
Weighted-average remaining life (years), Outstanding	8 years 4 months 9 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 77.53
Number of shares, Exercisable \| shares	121,790
Weighted-average exercise price, Exercisable \| $ / shares	$ 77.53

Restricted Stock Activity (Details)	9 Months Ended
Restricted Stock Activity (Details)	Sep. 30, 2020 $ / 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	52,923
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	8,296
Number of Shares, Granted	9,865
Number of Shares, Vested	(12,601)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	5,560
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	$ 81.99
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	64.74
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	76.10
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 64.74
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	5,560
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 64.74
Restricted stock units (RSUs) [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	792,185
Number of Shares, Granted	556,998
Number of Shares, Vested	(401,240)
Number of Shares, Forfeited	(23,041)
Number of Shares, Ending Balance	924,902
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	$ 66.28
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	76.96
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	54.90
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	75.57
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 77.42
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	817,196
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 78.88

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 103,789	$ 131,714	$ 361,092	$ 433,204
Basic weighted-average number of shares outstanding	79,176	81,833	79,207	83,315
Dilutive common share equivalents	1,374	2,011	1,405	2,106
Diluted weighted-average number of shares outstanding	80,550	83,844	80,612	85,421
Basic earnings per share	$ 1.31	$ 1.61	$ 4.56	$ 5.20
Diluted earnings per share	$ 1.29	$ 1.57	$ 4.48	$ 5.07

- Definition

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

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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.

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

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+ Details

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		9 Months Ended
Earnings per Share (Textuals) (Details) - shares	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	391,011	422,680	510,774	596,354

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			21.00%
Effective income tax rate	23.30%	26.00%	24.80%	24.90%

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company			10.00%
Revenue from related party transactions	$ 1.2	$ 1.2	$ 3.4	$ 3.0
Related party transactions expenses	$ 1.2	$ 0.5	$ 2.1	$ 1.3

Net Capital and Regulatory Requirements (Details) $ in Millions	Sep. 30, 2020 USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Broker-Dealer, Net Capital	$ 129.4
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 10.7

Subsequent Events Subsequent Events - Dividend Declared (Details) - Subsequent Event [Member] - $ / shares	Nov. 30, 2020	Nov. 12, 2020	Oct. 29, 2020
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Oct. 28, 2020
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Nov. 30, 2020
Dividends Payable, Date of Record		Nov. 12, 2020

Subsequent Events Subsequent Events - Business Acquisitions (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 26, 2020	Sep. 30, 2020	Sep. 30, 2019	Apr. 26, 2023
Subsequent Event [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 18,899	$ 24,884
Blaze Portfolio Systems LLC [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition	Oct. 26, 2020
Payments to Acquire Businesses, Net of Cash Acquired	$ 12,000
Forecast [Member] \| Blaze Portfolio Systems LLC [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High				$ 5,000

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 28,215	$ 46,447
Securities sold, but not yet purchased	337	176
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,381	17,426
Securities owned — trading	28,215	46,447
Other assets	324,632	278,133
Total assets at fair value	358,228	342,006
Securities sold, but not yet purchased	337	176
Accounts payable and accrued liabilities		10,000
Total liabilities at fair value	337	10,176
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	5,381	17,426
Securities owned — trading	28,195	46,296
Other assets	315,287	267,740
Total assets at fair value	348,863	331,462
Securities sold, but not yet purchased	153	153
Accounts payable and accrued liabilities		0
Total liabilities at fair value	153	153
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	20	151
Other assets	9,345	10,393
Total assets at fair value	9,365	10,544
Securities sold, but not yet purchased	184	23
Accounts payable and accrued liabilities		0
Total liabilities at fair value	184	23
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
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities		10,000
Total liabilities at fair value	0	10,000
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	153
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	153
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	184	23
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	184	23
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	136	92
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	136	92
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	8,096	25,202
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	8,096	25,202
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	471	556
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	471	556
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	20	151
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	20	151
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	19,492	20,446
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	19,492	20,446
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