0001397911-21-000029 | 10-K | XBRL Viewer | LPL Financial Holdings INC

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Feb. 16, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
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 — $0.001 par value per share
Trading Symbol	LPLA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6.2
Entity Common Stock, Shares Outstanding		79,680,099
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders are incorporated by reference into Part III.
Entity Central Index Key	0001397911
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES:
Advisory	$ 2,327,519	$ 1,982,869	$ 1,793,493
Commission	1,906,560	1,892,407	1,919,694
Asset-based	1,044,517	1,165,979	972,515
Transaction and fee	506,071	480,328	471,299
Interest income, net of interest expense	29,412	46,508	40,210
Other	57,561	56,765	(8,811)
Total net revenues	5,871,640	5,624,856	5,188,400
EXPENSES:
Commission and advisory	3,697,147	3,388,186	3,177,576
Compensation and benefits	609,257	556,128	506,650
Promotional	208,250	205,537	208,603
Depreciation and amortization	109,732	95,779	87,656
Amortization of intangible assets	67,358	65,334	60,252
Occupancy and equipment	166,389	136,163	115,598
Professional services	57,067	73,887	85,651
Brokerage, clearing, and exchange	71,185	64,445	63,154
Communications and data processing	52,399	49,859	46,322
Other	101,018	114,546	119,278
Total operating expenses	5,139,802	4,749,864	4,470,740
Non-operating interest expense and other	105,765	130,001	125,023
Loss on extinguishment of debt	0	(3,156)	0
INCOME BEFORE PROVISION FOR INCOME TAXES	626,073	741,835	592,637
PROVISION FOR INCOME TAXES	153,433	181,955	153,178
NET INCOME	$ 472,640	$ 559,880	$ 439,459
EARNINGS PER SHARE (Note 17)
Earnings per share, basic	$ 5.96	$ 6.78	$ 4.99
Earnings per share, diluted	$ 5.86	$ 6.62	$ 4.85
Weighted-average shares outstanding, basic	79,244	82,552	88,119
Weighted-average shares outstanding, diluted	80,702	84,624	90,619

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 808,612	$ 590,209
Cash segregated under federal and other regulations	923,158	822,697
Restricted cash	67,264	58,872
Receivables from:
Clients, net	405,106	433,986
Product sponsors, broker-dealers and clearing organizations	233,192	177,654
Advisor loans, net	547,372	441,743
Others, net	306,640	298,790
Securities owned:
Trading — at fair value	29,252	46,447
Held-to-maturity — at amortized cost	13,235	11,806
Securities borrowed	30,130	17,684
Fixed assets, net	582,868	533,044
Operating lease assets	101,921	102,477
Goodwill	1,513,866	1,503,648
Intangible assets, net	397,486	439,838
Deferred income taxes, net	24,112	0
Other assets	539,357	401,343
Total assets	6,523,571	5,880,238
LIABILITIES:
Drafts payable	178,403	218,636
Payables to clients	1,356,083	1,058,873
Payables to broker-dealers and clearing organizations	89,743	92,002
Accrued advisory and commission expenses payable	187,040	174,330
Accounts payable and accrued liabilities	681,554	557,969
Income taxes payable	28,145	20,129
Unearned revenue	95,328	82,842
Securities sold, but not yet purchased — at fair value	206	176
Long-term and other borrowings, net	2,345,414	2,398,818
Operating lease liabilities	139,377	141,900
Finance lease liabilities	107,424	108,592
Deferred income taxes, net	0	2,098
Total liabilities	$ 5,208,717	$ 4,856,365
STOCKHOLDERS' EQUITY:
Common stock, par value	$ 0.001
Common stock, shares authorized	600,000,000
Common stock, shares issued	127,585,764	126,494,028
Common stock, $0.001 par value; 600,000,000 shares authorized; 127,585,764 shares and 126,494,028 shares issued at December 31, 2020 and 2019, respectively	$ 127	$ 126
Additional paid-in capital	$ 1,762,770	$ 1,703,973
Treasury stock, shares	48,115,037	46,259,989
Treasury stock, at cost — 48,115,037 shares and 46,259,989 shares at December 31, 2020 and 2019, respectively	$ (2,391,062)	$ (2,234,793)
Retained earnings	1,943,019	1,554,567
Total stockholders’ equity	1,314,854	1,023,873
Total liabilities and stockholders’ equity	$ 6,523,571	$ 5,880,238

Consolidated Statements of Financial Condition (Parentheticals) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001
Common stock, shares authorized	600,000,000
Common stock, shares issued	127,585,764	126,494,028
Treasury stock, shares	48,115,037	46,259,989

Consolidated Statements of Stockholders' Equity - 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, 2017	$ 965,008	$ 123	$ 1,556,117	$ (1,309,568)	$ 0	$ 718,336
BEGINNING BALANCE, shares at Dec. 31, 2017		123,030		33,262
Net income (loss) and other comprehensive income (loss), net of tax expense	439,459				0	439,459
Issuance of common stock to settle restricted stock units	(4,843)	$ 0	0	$ (4,843)
Issuance of common stock to settle restricted stock units, shares		369		75
Treasury stock purchases	(417,891)			$ (417,891)
Treasury stock purchases, shares				6,533
Cash dividends on common stock	(88,360)					(88,360)
Stock options exercises and other	51,538	$ 2	49,058	$ 1,767		711
Stock options exercises and other, shares		1,511		(49)
Share-based compensation	29,162		29,162
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
Share-based compensation, shares		0
ENDING BALANCE at Dec. 31, 2018	974,073	$ 125	1,634,337	$ (1,730,535)	0	1,070,146	$ 5,724	$ 5,724
ENDING BALANCE, shares at Dec. 31, 2018		124,910		39,821
Net income (loss) and other comprehensive income (loss), net of tax expense	559,880				0	559,880
Issuance of common stock to settle restricted stock units	(5,863)	$ 0	0	$ (5,863)
Issuance of common stock to settle restricted stock units, shares		366		75
Treasury stock purchases	(500,370)			$ (500,370)
Treasury stock purchases, shares				6,419
Cash dividends on common stock	(82,597)					(82,597)
Stock options exercises and other	40,162	$ 1	36,772	$ 1,975		1,414
Stock options exercises and other, shares		1,218		(55)
Share-based compensation	32,864		32,864
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
Share-based compensation, shares		0
ENDING BALANCE at Dec. 31, 2019	1,023,873	$ 126	1,703,973	$ (2,234,793)	0	1,554,567	$ (7,317)	$ (7,317)
ENDING BALANCE, shares at Dec. 31, 2019		126,494		46,260
Net income (loss) and other comprehensive income (loss), net of tax expense	472,640				0	472,640
Issuance of common stock to settle restricted stock units	(9,420)	$ 0	0	$ (9,420)
Issuance of common stock to settle restricted stock units, shares		417		134
Treasury stock purchases	(150,036)			$ (150,036)
Treasury stock purchases, shares				1,810
Cash dividends on common stock	(79,097)					(79,097)
Stock options exercises and other	30,236	$ 1	24,822	$ 3,187		2,226
Stock options exercises and other, shares		675		(89)
Share-based compensation	33,975		33,975
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
Share-based compensation, shares		0
ENDING BALANCE at Dec. 31, 2020	$ 1,314,854	$ 127	$ 1,762,770	$ (2,391,062)	$ 0	$ 1,943,019
ENDING BALANCE, shares at Dec. 31, 2020		127,586		48,115

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 472,640	$ 559,880	$ 439,459
Noncash items:
Depreciation and amortization	109,732	95,779	87,656
Amortization of intangible assets	67,358	65,334	60,252
Amortization of debt issuance costs	5,384	4,672	4,118
Share-based compensation	33,975	32,864	29,162
Provision for bad debts	5,824	6,698	6,113
Deferred income taxes	(23,684)	(18,615)	(1,754)
Loss on extinguishment of debt	0	3,156	0
Loan forgiveness	113,126	92,502	71,520
Other	(12,673)	(11,421)	5,447
Changes in operating assets and liabilities:
Receivables from clients	28,475	(20,602)	(68,888)
Receivables from product sponsors, broker-dealers and clearing organizations	(55,538)	(7,180)	29,414
Advisor loans	(225,518)	(235,499)	(152,227)
Receivables from others	(11,090)	(52,365)	(20,894)
Securities owned	16,072	(16,848)	(13,741)
Securities borrowed	(12,446)	(12,855)	7,660
Operating leases	(1,967)	(1,446)	0
Other assets	(103,925)	(62,670)	(51,708)
Drafts payable	(40,233)	(6,398)	39,105
Payables to clients	297,210	107,927	(11,945)
Payables to broker-dealers and clearing organizations	(2,259)	15,822	21,918
Accrued advisory and commission expenses payable	12,710	8,462	17,116
Accounts payable and accrued liabilities	96,521	87,210	43,987
Income taxes receivable/payable	8,016	(12,861)	32,521
Unearned revenue	12,201	2,318	8,302
Securities sold, but not yet purchased	30	7	(1,013)
Net cash provided by operating activities	789,941	623,871	581,580
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(155,532)	(156,389)	(132,688)
Acquisitions, net of cash acquired	(30,556)	(25,853)	(27,928)
Purchase of securities classified as held-to-maturity	(6,511)	(3,745)	(6,137)
Proceeds from maturity of securities classified as held-to-maturity	5,100	5,000	5,000
Net cash used in investing activities	(187,499)	(180,987)	(161,753)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	1,806,000	523,000	0
Repayments of revolving credit facilities	(1,851,000)	(478,000)	0
Repayment of senior secured term loans	(10,700)	(411,250)	(15,000)
Proceeds from senior secured term loans and senior notes	0	400,000	0
Payment of debt issuance costs	0	(17,615)	0
Payment of contingent consideration	10,000	0	0
Tax payments related to settlement of restricted stock units	(9,420)	(5,863)	(4,843)
Repurchase of common stock	(150,036)	(500,370)	(417,891)
Dividends on common stock	(79,097)	(82,597)	(88,360)
Proceeds from stock option exercises and other	30,236	40,162	51,538
Principal payment of finance leases and obligations	(1,169)	(692)	(8,807)
Net cash (used in) financing activities	(275,186)	(533,225)	(483,363)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	327,256	(90,341)	(63,536)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year	1,471,778	1,562,119	1,625,655
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year	1,799,034	1,471,778	1,562,119
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	106,879	126,949	123,623
Income taxes paid	169,237	213,339	122,215
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	12,186	13,736	20,634
Lease assets obtained in exchange for operating lease liabilities	7,968	108,879	0
Fixed assets obtained in exchange for finance lease liabilities	$ 0	$ 1,453	$ 0

Consolidated Statements of Cash Flows Cash, Cash Equivalents, and Restricted Cash Reconciliation - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 808,612	$ 590,209	$ 511,096
Cash segregated under federal and other regulations	923,158	822,697	985,195
Restricted cash	67,264	58,872	65,828
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 1,799,034	$ 1,471,778	$ 1,562,119	$ 1,625,655

Organization and Description of the Company	12 Months Ended
Organization and Description of the Company	Dec. 31, 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”). The Company’s most significant, wholly owned subsidiaries are described below: •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 and Blaze Portfolio Systems LLC (“Blaze”). AdvisoryWorld 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. Blaze offers a trading and rebalancing platform to both the Company’s advisors and external clients. •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

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Consolidation

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

Reportable Segment

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

Revenue Recognition

Revenues are recognized when control of the promised service is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. For additional information, see Note 3 - Revenues.

Compensation and Benefits

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

Share-Based Compensation

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

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

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

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

Earnings Per Share

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

Income Taxes

In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company needs to estimate current tax obligations and to

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

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

Cash and Cash Equivalents

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

Cash Segregated Under Federal and Other Regulations

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

Restricted Cash

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

Receivables from and Payables to Clients

Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances.

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):


	December 31,
	2020		2019		2018
Beginning balance — January 1	$	115	$	640	$	466
Impact of ASU 2016-13 adoption	—		—		—
Provision for bad debts	432		130		174
Charge-offs, net of recoveries	(27)		(655)		—
Ending balance — December 31	$	520	$	115	$	640

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 revenues. 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 $128.2 million and advisor forgivable loans that have become repayable upon advisor termination totaled $3.0 million as of December 31, 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):


	December 31,
	2020		2019		2018
Beginning balance — January 1	$	3,974	$	5,080	$	3,264
Impact of ASU 2016-13 adoption	6,227		—		—
Provision for bad debts	1,694		1,500		2,206
Charge-offs, net of recoveries	(5,132)		(2,606)		(390)

Ending balance — December 31	$	6,763	$	3,974	$	5,080

Receivables from Others

Receivables from others primarily consist of accrued fees from product sponsors and other fees 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):


	December 31,
	2020		2019		2018
Beginning balance — January 1	$	10,292	$	8,099	$	6,115
Impact of ASU 2016-13 adoption	3,617		—		—
Provision for bad debts	3,559		3,671		3,733
Charge-offs, net of recoveries	(14,367)		(1,478)		(1,749)

Ending balance — December 31	$	3,101	$	10,292	$	8,099

Securities Owned and Securities Sold, But Not Yet Purchased

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

Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates.

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

Securities Borrowed

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

As of December 31, 2020, the contract and collateral market values of borrowed securities were $30.1 million and $29.1 million, respectively. As of December 31, 2019, the contract and collateral market values of borrowed securities were $17.7 million and $17.2 million, respectively.

Fixed Assets

Internally developed software, leasehold improvements, computers and software and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for

capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects or projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated.

Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. No impairment occurred for the years ended December 31, 2020, 2019 or 2018.

Acquisitions

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

Accounting for business combinations requires the Company’s management to make significant estimates and assumptions with respect to intangible assets, liabilities assumed and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data and information obtained from the management of the acquired companies.

The Company also enters into asset acquisitions for single identifiable assets. Accounting for asset acquisitions requires the Company’s management to make significant estimates and assumptions with respect to the useful life of the asset purchased. These assumptions are based in part on historical experience and market data.

Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include, but are not limited to: (i) future expected cash flows; and (ii) discount rates.

Goodwill and Other Intangible Assets

Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. An impairment loss will be recognized if a reporting unit’s carrying amount exceeds its fair value, to the extent that it does not exceed the total carrying amount of goodwill. No impairment of goodwill or other indefinite-lived intangible assets was recognized for the years ended December 31, 2020, 2019 or 2018.

Intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 to 20 years. They are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value. There was no impairment of definite-lived intangible assets recognized for the years ended December 31, 2020, 2019 or 2018. See Note 9 - Goodwill and Other Intangible Assets, for additional information regarding the Company’s goodwill and other intangible assets.

Debt Issuance Costs

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

Fair Value of Financial Instruments

The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness, which are carried at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 5 - Fair Value Measurements, for additional information regarding the Company’s fair value measurements. As of December 31, 2020, the carrying amount and fair value of the Company’s indebtedness was approximately $2,359.3 million and $2,402.4 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.

Commitments and Contingencies

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

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

Leases

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

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 consolidated financial statements.

Revenue (Notes)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues [Text Block]

REVENUES

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

Advisory

Advisory revenues represent 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. These revenues are recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The advisory revenues generated from the Company’s corporate advisory platform are based on a percentage of the market value of the eligible assets in the clients’ advisory accounts. As such, the consideration for these revenues are 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 revenues on a gross basis, as the Company is responsible for satisfying the performance obligations and has control over determining the fees.

Commission

Commission revenues represent 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 revenues, 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 revenues disaggregated by investment product category (in thousands):


	Years Ended December 31,
	2020		2019		2018
Commission revenues
Annuities	$	976,357	$	1,000,806	$	999,689
Mutual funds	590,074		589,411		616,445
Fixed income	88,714		102,391		98,091
Equities	126,920		79,446		84,823
Other	124,495		120,353		120,646
Total commission revenues	$	1,906,560	$	1,892,407	$	1,919,694

The Company generates two types of commission revenues: sales-based commissions that are recognized at the point of sale on the trade date and trailing commissions that are recognized over time as earned. Sales-based commission revenues vary by investment product and are based on a percentage of an investment product’s current market value at the time of purchase. Trailing commission revenues are generally based on a percentage of the current market value of clients’ investment holdings in trail-eligible assets, and are recognized over the period during which services, such as ongoing support, are performed. As trailing commission revenues are based on the market value of clients’ investment holdings, the consideration is variable and an estimate of the variable consideration is constrained due to dependence on unpredictable market impacts. The constraint is removed once the investment holdings value can be determined.

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


	Years Ended December 31,
	2020		2019		2018
Commission revenues
Sales-based
Annuities	$	327,412	$	380,317	$	379,252
Mutual funds	145,836		146,695		141,597
Fixed income	88,714		102,391		98,091
Equities	126,920		79,446		84,823
Other	81,882		74,003		73,013
Total sales-based revenues	$	770,764	$	782,852	$	776,776
Trailing
Annuities	$	648,945	$	620,489	$	620,437
Mutual funds	444,238		442,716		474,848

Other	42,613		46,350		47,633
Total trailing revenues	$	1,135,796	$	1,109,555	$	1,142,918
Total commission revenues	$	1,906,560	$	1,892,407	$	1,919,694

Asset-Based

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

Client Cash Revenues

Client cash revenues are generated based on advisors’ clients’ cash balances in insured bank sweep accounts and money market programs. 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, these revenues include variable consideration and are constrained until the date that the fees are determinable.

Recordkeeping

The Company generates revenues from fees it collects for providing recordkeeping, account maintenance, reporting and other related services to product sponsors. This includes revenues 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 revenues also include 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 revenues. 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 revenues at a disaggregated level (in thousands):


	Years Ended December 31,
	2020		2019		2018
Asset-based revenues
Client cash	$	481,388	$	652,793	$	500,418
Sponsorship programs	272,935		251,899		224,726
Recordkeeping	290,194		261,287		247,371
Total asset-based revenues	$	1,044,517	$	1,165,979	$	972,515

Transaction and Fee

Transaction revenues primarily include fees the Company charges to advisors and their clients for executing certain transactions in brokerage and fee-based advisory accounts. Transaction revenues are recognized at the point-in-time that a transaction is executed, which is generally the trade date. Fee revenues 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 revenues are 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 revenues disaggregated by recognition pattern (in thousands):


	Years Ended December 31,
	2020		2019		2018
Transaction and fee revenues
Point-in-time(1)	$	228,744	$	215,234	$	221,265
Over time(2)	277,327		265,094		250,034
Total transaction and fee revenues	$	506,071	$	480,328	$	471,299

____________________

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

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

The Company is the principal and recognizes transaction and fee revenues 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, net of interest expense. Interest expense from operations for the years ended December 31, 2020, 2019 and 2018 was not material.

Other

Other revenues primarily include 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.

Unearned Revenue

The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. The increase in the unearned revenue balance for the year ended December 31, 2020 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $82.8 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
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-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
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-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
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-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 (Notes)	12 Months Ended
Acquisitions (Notes)	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On December 2, 2020, the Company entered into an agreement with Macquarie Management Holdings, Inc.(“Macquarie”) to acquire the wealth management business of Waddell & Reed Financial, Inc. (“Waddell & Reed”) for $300.0 million upon completion of Macquarie’s acquisition of all of the issued and outstanding common shares of Waddell & Reed. The transaction is expected to close in the middle of 2021, subject to satisfaction of closing conditions. On October 26, 2020, the Company acquired Blaze Portfolio Systems LLC, a technology company that provides an advisor-facing trading and portfolio rebalancing platform. The Company paid $11.6 million at closing and agreed to a potential contingent payment of up to $4.0 million. On August 18, 2020, the Company acquired business relationships with advisors from E.K. Riley Investments, LLC (“E.K. Riley”) and Lucia Securities, LLC (“Lucia”), two unrelated broker-dealers and RIAs, for a combined $18.4 million. Both transactions have potential contingent payments. On August 1, 2019, the Company acquired Allen & Company, and under the transaction structure Allen & Company advisors and staff became employees of the Company. The Company paid approximately $24.9 million at closing and made an additional contingent payment of $10.0 million in February 2020. On December 3, 2018, the Company acquired AdvisoryWorld, a technology company that provides proposal generation, investment analytics and portfolio modeling capabilities in the wealth management industry, for $28.1 million.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

There have been no transfers of assets or liabilities between these fair value measurement classifications during the years ended December 31, 2020 and 2019.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At December 31, 2020 and 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 December 31, 2020 and 2019, 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 number of future transactions. The contingent payment is estimated by applying a discount rate to the expected payment to calculate the fair value as of the valuation date. The Company’s management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management’s expectations.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands):


	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	6,205	$	—	$	—	$	6,205
Securities owned — trading:
Money market funds	125		—		—		125
Mutual funds	9,137		—		—		9,137
Equity securities	492		—		—		492

U.S. treasury obligations	19,498		—		—		19,498

Total securities owned — trading	29,252		—		—		29,252
Other assets	371,202		8,953		—		380,155
Total assets at fair value	$	406,659	$	8,953	$	—	$	415,612
Liabilities
Securities sold, but not yet purchased:

Equity securities	$	203	$	—	$	—	$	203
Debt securities	—		3		—		3

Total securities sold, but not yet purchased	203		3		—		206
Accounts payable and accrued liabilities	—		—		3,228		3,228
Total liabilities at fair value	$	203	$	3	$	3,228	$	3,434

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

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

HELD-TO-MATURITY SECURITIES

The Company holds 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):


	December 31,
	2020		2019
Amortized cost	$	13,235	$	11,806
Gross unrealized gain	159		83
Fair value	$	13,394	$	11,889

At December 31, 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	$	4,995	$	8,240	$	—	$	13,235
U.S. government notes — at fair value	$	5,048	$	8,346	$	—	$	13,394

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

12 Months Ended

Dec. 31, 2020

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

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

RECEIVABLES FROM PRODUCT SPONSORS, BROKER-DEALERS AND CLEARING ORGANIZATIONS AND PAYABLES TO BROKER-DEALERS AND CLEARING ORGANIZATIONS

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


	December 31,
	2020		2019
Receivables:
Commissions receivable from product sponsors and others	$	135,991	$	138,258
Receivables from clearing organizations	89,794		28,140
Receivables from broker-dealers	2,550		1,020
Securities failed-to-deliver	4,857		10,236
Total receivables	$	233,192	$	177,654
Payables:
Payables to clearing organizations	$	19,117	$	15,264
Payables to broker-dealers	50,528		58,130
Securities failed-to-receive	20,098		18,608

Total payables	$	89,743	$	92,002

Fixed Assets

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Fixed Assets

FIXED ASSETS

The components of fixed assets were as follows at December 31, 2020 (in thousands):


	Gross Carrying Value		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	418,018	$	(241,390)	$	176,628
Computers and software	195,800		(151,792)		44,008
Buildings	107,895		(7,753)		100,142
Leasehold improvements	88,135		(31,202)		56,933

Furniture and equipment	83,365		(57,860)		25,505
Land	4,678		—		4,678
Construction in progress(1)	174,974		—		174,974
Total fixed assets	$	1,072,865	$	(489,997)	$	582,868

____________________

(1) Construction in progress includes internal software in development of $161.3 million at December 31, 2020.

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


	Gross Carrying Value		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	327,585	$	(187,494)	$	140,091
Computers and software	171,099		(124,248)		46,851
Buildings	107,895		(3,877)		104,018
Leasehold improvements	83,543		(25,655)		57,888

Furniture and equipment	79,970		(47,081)		32,889
Land	4,678		—		4,678
Construction in progress(1)	146,629		—		146,629
Total fixed assets	$	921,399	$	(388,355)	$	533,044

____________________

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

Depreciation and amortization was $109.7 million, $95.8 million and $87.7 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

For the year ended December 31, 2020, the Company recorded $10.2 million in goodwill in connection with the acquisition of Blaze and $18.9 million in advisor relationships, $1.4 million in client relationships, and $3.5 million in technology in connection with the acquisitions of Blaze, E.K. Riley and Lucia.

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


Balance at December 31, 2018	$	1,490,247
Goodwill acquired	13,401
Balance at December 31, 2019	1,503,648
Goodwill acquired	10,218
Balance at December 31, 2020	$	1,513,866

The components of intangible assets were as follows at December 31, 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	5.4	$	670,542	$	(415,169)	$	255,373
Product sponsor relationships	5.1	234,086		(173,345)		60,741
Client relationships	7.9	44,810		(19,237)		25,573
Technology	7.3	19,040		(3,220)		15,820
Trade names	1.3	1,200		(1,040)		160
Total definite-lived intangible assets		$	969,678	$	(612,011)	$	357,667
Indefinite-lived intangible assets:
Trademark and trade name						39,819
Total intangible assets						$	397,486

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 of intangible assets was $67.4 million, $65.3 million and $60.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization is estimated as follows (in thousands):


2021	$	69,090
2022	68,290
2023	64,194
2024	63,422
2025	55,049
Thereafter	37,622
Total	$	357,667

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

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


	December 31,
	2020		2019
Advisor deferred compensation plan liability	$	372,395	$	269,289
Accrued compensation	104,069		77,202

Accounts payable	60,984		68,436
Other accrued liabilities	144,106		143,042
Total accounts payable and accrued liabilities	$	681,554	$	557,969

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

LONG-TERM AND OTHER BORROWINGS

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


	December 31, 2020					December 31, 2019
Long-Term Borrowings	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Senior Secured Term Loan B(1)	$	1,059,300	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	2,359,300					2,370,000
Plus: Unamortized Premium	7,083					8,583
Less: Unamortized Debt Issuance Cost	(20,969)					(24,765)
Net Carrying Value	$	2,345,414				$	2,353,818
Other Borrowings
Revolving Credit Facility(4)	$	—	ABR+25 bps	—		$	45,000	ABR+25 bps	5.00	%	11/12/2024
Broker-Dealer Revolving Credit Facility	—		FFR+125 bps	—		—		FFR+125 bps	—		7/31/2024
Total borrowings	$	2,345,414				$	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 balances as of December 31, 2019.

2019 Credit Agreement Amendment

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 to $750.0 million and extended the maturity dates applicable to its Term Loan B and its senior secured revolving credit facility. 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 December 31, 2020, the Company was in compliance with such covenants.

Issuance of 2027 Senior Notes

LPLH raised $400.0 million in aggregate principal amount of 4.625% senior notes on November 12, 2019, which were issued at par (“2027 Notes”). 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. 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 2025 Senior Notes

LPLH issued $500.0 million aggregate principal amount of 5.75% senior notes on March 10, 2017 and $400.0 million aggregate principal amount of 5.75% senior notes on September 21, 2017 (together, 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. 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

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. 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 June 30, 2023. 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.

Revolving Credit Facility

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).

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. LPL Financial incurred approximately $1.5 million in debt issuance costs. Borrowings 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 broker-dealer credit agreement). The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of December 31, 2020.

The minimum calendar year payments and maturities of the long-term borrowings as of December 31, 2020 were as follows (in thousands):


2021	$	10,700
2022	10,700
2023	10,700
2024	10,700
2025	910,700
Thereafter	1,405,800
Total	$	2,359,300

Other External Lines of Credit

LPL Financial maintained six uncommitted lines of credit as of December 31, 2020. Two of the lines have unspecified limits, which are primarily dependent on their ability to provide sufficient collateral. The other four lines have a total limit of $275.0 million, one of which allows for collateralized borrowings while the other three allow for uncollateralized borrowings. There were no balances outstanding as of December 31, 2020 or December 31, 2019.

Leases

12 Months Ended

Dec. 31, 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 1 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 consolidated statements of financial condition and at December 31, 2020 were $102.2 million.

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


	Years Ended December 31,
	2020		2019
Operating lease cost	$	18,757	$	17,610
Finance lease cost:
Amortization of right-of-use assets	$	5,141	$	4,786
Interest on lease liabilities	8,423		8,387
Total finance lease cost	$	13,564	$	13,173

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


	Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	21,368	$	19,117
Operating cash flows from finance leases	$	8,423	$	8,387
Financing cash flows from finance leases	$	1,169	$	692

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


	December 31,
	2020		2019
Weighted-average remaining lease term (years):
Finance leases	25.3		26.2
Operating leases	7.9		9.1
Weighted-average discount rate:
Finance leases	7.82	%	7.75	%
Operating leases	7.07	%	7.27	%

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	22,025	$	9,735
2022	22,577		8,802
2023	22,222		8,577
2024	22,024		8,727
2025	21,724		8,879
Thereafter	75,333		224,760
Total lease payments	185,905		269,480
Less imputed interest	46,528		162,056
Total	$	139,377	$	107,424

Finance Leases

LEASES

Finance lease assets are included in fixed assets in the consolidated statements of financial condition and at December 31, 2020 were $102.2 million.

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


	Years Ended December 31,
	2020		2019
Operating lease cost	$	18,757	$	17,610
Finance lease cost:
Amortization of right-of-use assets	$	5,141	$	4,786
Interest on lease liabilities	8,423		8,387
Total finance lease cost	$	13,564	$	13,173

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


	Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	21,368	$	19,117
Operating cash flows from finance leases	$	8,423	$	8,387
Financing cash flows from finance leases	$	1,169	$	692

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


	December 31,
	2020		2019
Weighted-average remaining lease term (years):
Finance leases	25.3		26.2
Operating leases	7.9		9.1
Weighted-average discount rate:
Finance leases	7.82	%	7.75	%
Operating leases	7.07	%	7.27	%

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	22,025	$	9,735
2022	22,577		8,802
2023	22,222		8,577
2024	22,024		8,727
2025	21,724		8,879
Thereafter	75,333		224,760
Total lease payments	185,905		269,480
Less imputed interest	46,528		162,056
Total	$	139,377	$	107,424

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	December 31,
	2020		2019		2018
Current provision:
Federal	$	137,360	$	156,378	$	120,211
State	39,757		44,192		34,721
Total current provision	177,117		200,570		154,932
Deferred expense (benefit):
Federal	(17,991)		(13,971)		(1,874)
State	(5,693)		(4,644)		120
Total deferred benefit	(23,684)		(18,615)		(1,754)
Provision for income taxes	$	153,433	$	181,955	$	153,178

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


	Years Ended December 31,
	2020		2019		2018
Federal statutory income tax rates	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	4.4		4.1		4.6
Non-deductible expenses	0.3		0.4		1.7
Share-based compensation	(1.0)		(1.4)		(1.4)






Research & development credits	(0.3)		(0.3)		(0.3)
Other	0.1		0.7		0.2
Effective income tax rates	24.5	%	24.5	%	25.8	%

The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes, settlement contingencies, tax credits and other permanent differences in tax deductibility of certain expenses. These items resulted in effective tax rates of 24.5%, 24.5% and 25.8% for the years ended December 31, 2020, 2019 and 2018, respectively.

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

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

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


	December 31,
	2020		2019
Deferred tax assets:
Accrued liabilities	$	120,638	$	82,105
Share-based compensation	15,890		14,823
State taxes	5,537		6,932
Operating lease liabilities	37,632		37,580
Finance lease liabilities	28,519		28,350

Provision for bad debts	2,810		4,077

Forgivable loans	13,158		10,845
Other	2,024		1,773
Total deferred tax assets	226,208		186,485
Deferred tax liabilities:
Amortization of intangible assets	(64,907)		(70,953)
Depreciation of fixed assets	(97,612)		(87,739)
Operating lease assets	(27,681)		(27,189)
Other	(11,896)		(2,702)
Total deferred tax liabilities	(202,096)		(188,583)
Deferred income taxes, net	$	24,112	$	(2,098)

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


	December 31,
	2020		2019		2018
Balance — Beginning of year	$	52,098	$	46,287	$	42,657
Increases for tax positions taken during the current year	8,053		9,314		10,042
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions	(5,716)		(3,503)		(6,412)
Balance — End of year	$	54,435	$	52,098	$	46,287

At December 31, 2020 and 2019, there were $48.1 million and $46.1 million, respectively, of unrecognized tax benefits that if recognized, would favorably affect the effective income tax rate in any future periods.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes within the consolidated statements of financial condition. At December 31, 2020 and 2019, the liability for unrecognized tax benefits included accrued interest of $7.3 million and $6.4 million, respectively, and penalties of $4.4 million.

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

The tax years of 2012 to 2019 remain open to examination in the federal jurisdiction. The tax years of 2008 to 2019 remain open to examination in the state jurisdictions. In the next 12 months, it is reasonably possible that the Company may realize a reduction in unrecognized tax benefits of $2.7 million primarily related to the statute of limitations expiration in various state jurisdictions.

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 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.

Future minimum payments under service, development and agency contracts, and other contractual obligations with initial terms greater than one year were as follows at December 31, 2020 (in thousands):


2021	$	47,187
2022	33,338
2023	11,417
2024	7,733
2025	5,525
Thereafter	328
Total	$	105,528

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 December 31, 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, the majority 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. The Company also agreed to offer customers remediation in the form of reimbursement for any actual losses, plus interest, and these costs were not material.

Third-Party Insurance

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

Self-Insurance

The Company has self-insurance for certain potential liabilities through the Captive Insurance Subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and other actuarial assumptions. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends, so there are particular complexities and uncertainties involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured. As of December 31, 2020 and 2019, these self-insurance liabilities were $51.5 million and $40.1 million, respectively, and are included in accounts payable and accrued liabilities in the consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the consolidated statements of income for the years ended December 31, 2020, 2019 and 2018.

Other Commitments

As of December 31, 2020, the Company had approximately $338.5 million of client margin loans that were collateralized with securities having a fair value of approximately $473.9 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $69.9 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of December 31, 2020, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $404.0 million of client collateral.

Securities owned, trading, on the consolidated statements of financial condition includes $4.5 million and $5.5 million pledged to the Options Clearing Corporation at December 31, 2020 and 2019, respectively, and $15.0 million pledged to the National Securities Clearing Corporation at December 31, 2020 and 2019.

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Dividends

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


	2020				2019				2018
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	19.7	$	0.25	$	21.1	$	0.25	$	22.6
Second quarter	$	0.25	$	19.7	$	0.25	$	20.8	$	0.25	$	22.3
Third quarter	$	0.25	$	19.8	$	0.25	$	20.5	$	0.25	$	21.9
Fourth quarter	$	0.25	$	19.8	$	0.25	$	20.2	$	0.25	$	21.5

Share Repurchases

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

On November 13, 2018, the Board of Directors authorized an increase to the Company’s existing share repurchase program, enabling the Company to repurchase its issued and outstanding common stock from time to time. As of December 31, 2020, the Company had $349.8 million remaining under the existing share repurchase program. Future share repurchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company within the constraints of the Credit Agreement, the indentures, and the Company’s general working capital needs. 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 early 2020 in light of the business and financial uncertainties created by the COVID-19 pandemic.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

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

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

As of December 31, 2020, there were 20,055,945 shares authorized for grant and 3,531,003 shares remaining available for future issuance.

Stock Options and Warrants

The Company did not grant stock options or warrants during the year ended December 31, 2020. The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted:


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

The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 31, 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	(664,644)	$	37.24
Forfeited and Expired	(40,214)	$	64.47
Outstanding — December 31, 2020	2,000,383	$	45.57	5.28	$	117,315
Exercisable — December 31, 2020	1,651,036	$	39.61	4.74	$	106,676
Exercisable and expected to vest — December 31, 2020	1,989,975	$	45.41	5.27	$	117,026

The following table summarizes information about outstanding stock options and warrants as of December 31, 2020:


	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	409,909	5.09	$	19.85	409,909	$	19.85
$25.01 - $35.00	346,442	1.39	$	30.31	346,442	$	30.31
$35.01 - $45.00	372,146	6.07	$	39.64	372,146	$	39.64
$45.01 - $65.00	216,835	3.73	$	48.89	216,835	$	48.89
$65.01 - $75.00	300,689	6.97	$	65.52	190,759	$	65.50
$75.01 - $80.00	354,362	8.01	$	77.53	114,945	$	77.53
	2,000,383	5.28	$	45.57	1,651,036	$	39.61

The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $4.4 million, $9.8 million and $8.1 million during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $2.8 million, which is expected to be recognized over a weighted-average period of 1.07 years.

Restricted Stock and Stock Units

The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, for the year ended December 31, 2020:


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2019	8,296	$	81.99	792,185		$	66.40
Granted	9,865	$	64.74	567,335		$	77.32
Vested	(12,601)	$	76.10	(417,227)		$	55.29
Forfeited	—	$	—	(37,848)		$	77.62
Nonvested — December 31, 2020	5,560	$	64.74	904,445	(1)	$	77.90
Expected to vest — December 31, 2020	5,560	$	64.74	806,479		$	79.38

____________________

(1) Includes 53,055 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 $25.1 million, $18.2 million and $13.8 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, total unrecognized compensation cost for restricted stock awards and stock units was $32.7 million, which is expected to be recognized over a weighted-average remaining period of 1.92 years.

The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $2.3 million, $3.0 million and $6.1 million related to the vesting of these awards during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $4.7 million, which is expected to be recognized over a weighted-average remaining period of 2.18 years.

Earnings per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

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


	Years Ended December 31,
	2020		2019		2018
Net income	$	472,640	$	559,880	$	439,459

Basic weighted-average number of shares outstanding	79,244		82,552		88,119
Dilutive common share equivalents	1,458		2,072		2,500
Diluted weighted-average number of shares outstanding	80,702		84,624		90,619

Basic earnings per share	$	5.96	$	6.78	$	4.99
Diluted earnings per share	$	5.86	$	6.62	$	4.85

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the years ended December 31, 2020, 2019 and 2018, stock options, warrants and stock units representing common share equivalents of 376,598 shares, 407,059 shares and 391,632 shares, respectively, were anti-dilutive.

Employee and Advisor Benefit Plans	12 Months Ended
Employee and Advisor Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee and Advisor Benefit Plans	EMPLOYEE AND ADVISOR BENEFIT PLANS The Company participates in a 401(k) defined contribution plan sponsored by LPL Financial. All employees meeting minimum age and length of service requirements are eligible to participate. The Company has an employer matching program whereby employer contributions are made to the 401(k) plan, and employees are eligible for matching contributions after completing six months of service. For eligible employees, the Company matches up to 75% of the first 8% of an employee’s designated deferral of their eligible compensation. The Company’s total cost related to the 401(k) plan was $18.8 million, $16.2 million and $13.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, which is classified as compensation and benefits expense in the consolidated statements of income. The Company established the 2012 Employee Stock Purchase Plan (the “ESPP”) as a benefit to enable eligible employees to purchase common stock of LPLFH at a discount from the market price through payroll deductions, subject to limitations. The ESPP provides for a 15% discount on the market value of the stock at the lower of the grant date price (first day of the offering period) and the purchase date price (last day of the offering period). The Company maintains a non-qualified deferred compensation plan for the purpose of attracting and retaining advisors who operate, for tax purposes, as independent contractors, by providing an opportunity for participating advisors to defer receipt of a portion of their gross commissions generated primarily from commissions earned on the sale of various products. The deferred compensation plan has been fully funded to date by participant contributions. Plan assets are invested in mutual funds, which are held by the Company in a Rabbi Trust. The liability for benefits accrued under the non-qualified deferred compensation plan totaled $372.4 million at December 31, 2020, which is included in accounts payable and accrued liabilities in the consolidated statements of financial condition. The cash values of the related trust assets was $361.1 million at December 31, 2020, which is measured at fair value and included in other assets in the consolidated statements of financial condition. Certain employees of the Company participate in a non-qualified deferred compensation plan that permits participants to defer portions of their compensation and earn interest on the deferred amounts. Plan assets are held by the Company in a Rabbi Trust and accounted for in the manner described above. As of December 31, 2020, the Company has recorded assets of $10.1 million and liabilities of $10.1 million, which are included in other assets and accounts payable and accrued liabilities, respectively, in the consolidated statements of financial condition.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has related party transactions with beneficial owners 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 revenues for services provided to these related parties of $4.8 million, $4.1 million and $3.5 million, during the years ended December 31, 2020, 2019 and 2018, respectively. The Company incurred expenses for the services provided by these related parties of $3.8 million, $3.2 million and $2.9 million, during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, receivables from and payables to related parties were not material.

Net Capital and Regulatory Requirements	12 Months Ended
Net Capital and Regulatory Requirements	Dec. 31, 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 the resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and, as of December 31, 2020, had net capital of $119.0 million with a minimum net capital requirement of $11.1 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 December 31, 2020 and 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	12 Months Ended
	Dec. 31, 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-issued securities. When-issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENT On February 1, 2021, the Board of Directors declared a cash dividend of $0.25 per share on the Company’s outstanding common stock to be paid on March 30, 2021 to all stockholders of record on March 16, 2021.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, intangible assets, allowance for doubtful accounts, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the consolidated financial statements and related disclosures. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.
Consolidation	Consolidation These consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one segment, given the similarities in economic characteristics between its operations and the common nature of its products and services, production and distribution process and regulatory environment.
Revenue Recognition	Revenue Recognition Revenues are recognized when control of the promised service is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. For additional information, see Note 3 - Revenues.
Compensation and Benefits	Compensation and Benefits The Company records compensation and benefits expense for all cash and deferred compensation, benefits and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities.
Share-Based Compensation	Share-Based Compensation Certain employees, officers, directors, advisors and financial institutions of the Company participate in various long-term incentive plans that provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units. Stock options, warrants and restricted stock units generally vest in equal increments over a three-year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and deferred stock units generally vest over a one-year period, and performance stock units generally vest in full at the end of a three-year performance period. The Company recognizes share-based compensation for equity awards granted to employees, officers and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards, restricted stock units and deferred stock units is equal to the closing price of the Company’s stock on the date of grant. The fair value of performance stock units is estimated using a Monte-Carlo simulation model on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company recognizes share-based compensation for equity awards granted to advisors and financial institutions as advisory and commission expense on the consolidated statements of income. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company also makes assumptions regarding the number of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the vesting period. See Note 16 - Share-Based Compensation, for additional information regarding share-based compensation for equity awards granted.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the basic weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued.
Income Taxes	Income Taxes In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company needs to estimate current tax obligations and to assess temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. These temporary differences result in deferred tax assets and liabilities. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more likely than not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions, and newly enacted statutory, judicial and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax in the years utilized. The Company recognizes the tax effects of a position in the consolidated financial statements only if it is more likely than not to be sustained based solely on its technical merits; otherwise no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.
Cash and Cash Equivalents, Cash and Securities Segregated Under Federal and Other Regulations, Restricted Cash	Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company’s cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds and U.S. government obligations. Cash Segregated Under Federal and Other Regulations The Company’s subsidiary, LPL Financial, is required to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. Held within this account is approximately $100,000 for the proprietary accounts of broker-dealers. Restricted Cash Restricted cash primarily represents cash held by and for use by the Captive Insurance Subsidiary.
Receivable From and Payables to Clients	Receivables from and Payables to Clients Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. 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 revenues. 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 $128.2 million and advisor forgivable loans that have become repayable upon advisor termination totaled $3.0 million as of December 31, 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 other fees 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.
Securities Owned and Securities Sold, But Not Yet Purchased	Securities Owned and Securities Sold, But Not Yet Purchased Securities owned and securities sold, but not yet purchased include trading and held-to-maturity securities. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds and municipal bonds) as trading securities, except for U.S. government notes held by PTC, which are classified as held-to-maturity securities. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and may change. Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If these estimates change, the Company may recognize additional losses. Both unrealized and realized gains and losses on trading securities are recognized in other revenues on a net basis in the consolidated statements of income.
Securities Borrowed	Securities Borrowed The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. Securities borrowed are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned, is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity. As of December 31, 2020, the contract and collateral market values of borrowed securities were $30.1 million and $29.1 million, respectively. As of December 31, 2019, the contract and collateral market values of borrowed securities were $17.7 million and $17.2 million, respectively.
Fixed Assets	Fixed Assets Internally developed software, leasehold improvements, computers and software and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects or projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated. Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. No impairment occurred for the years ended December 31, 2020, 2019 or 2018.
Acquisitions	Acquisitions When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income. Accounting for business combinations requires the Company’s management to make significant estimates and assumptions with respect to intangible assets, liabilities assumed and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data and information obtained from the management of the acquired companies. The Company also enters into asset acquisitions for single identifiable assets. Accounting for asset acquisitions requires the Company’s management to make significant estimates and assumptions with respect to the useful life of the asset purchased. These assumptions are based in part on historical experience and market data. Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include, but are not limited to: (i) future expected cash flows; and (ii) discount rates.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. An impairment loss will be recognized if a reporting unit’s carrying amount exceeds its fair value, to the extent that it does not exceed the total carrying amount of goodwill. No impairment of goodwill or other indefinite-lived intangible assets was recognized for the years ended December 31, 2020, 2019 or 2018. Intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 to 20 years. They are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value. There was no impairment of definite-lived intangible assets recognized for the years ended December 31, 2020, 2019 or 2018. See Note 9 - Goodwill and Other Intangible Assets, for additional information regarding the Company’s goodwill and other intangible assets.
Debt Issuance Costs	Debt Issuance Costs Debt issuance and amendment costs are capitalized and amortized as additional interest expense over the expected term of the related debt agreement. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability. Costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness, which are carried at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 5 - Fair Value Measurements, for additional information regarding the Company’s fair value measurements. As of December 31, 2020, the carrying amount and fair value of the Company’s indebtedness was approximately $2,359.3 million and $2,402.4 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.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability for loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from the Company’s other subsidiaries and has cash reserves to cover losses. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, see Note 14 - Commitments and Contingencies - “Legal & Regulatory Matters.”
Leases	Leases Lease assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the lease commencement date. The Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. For additional information, see Note 12 - Leases.
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 consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Receivables from clients [Member]

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

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

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


	December 31,
	2020		2019		2018
Beginning balance — January 1	$	115	$	640	$	466
Impact of ASU 2016-13 adoption	—		—		—
Provision for bad debts	432		130		174
Charge-offs, net of recoveries	(27)		(655)		—
Ending balance — December 31	$	520	$	115	$	640

Advisor Loans [Member]

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

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

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


	December 31,
	2020		2019		2018
Beginning balance — January 1	$	3,974	$	5,080	$	3,264
Impact of ASU 2016-13 adoption	6,227		—		—
Provision for bad debts	1,694		1,500		2,206
Charge-offs, net of recoveries	(5,132)		(2,606)		(390)

Ending balance — December 31	$	6,763	$	3,974	$	5,080

Receivables from others [Member]

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

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

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


	December 31,
	2020		2019		2018
Beginning balance — January 1	$	10,292	$	8,099	$	6,115
Impact of ASU 2016-13 adoption	3,617		—		—
Provision for bad debts	3,559		3,671		3,733
Charge-offs, net of recoveries	(14,367)		(1,478)		(1,749)

Ending balance — December 31	$	3,101	$	10,292	$	8,099

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue - Reporting Category [Table Text Block]

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


	Years Ended December 31,
	2020		2019		2018
Commission revenues
Annuities	$	976,357	$	1,000,806	$	999,689
Mutual funds	590,074		589,411		616,445
Fixed income	88,714		102,391		98,091
Equities	126,920		79,446		84,823
Other	124,495		120,353		120,646
Total commission revenues	$	1,906,560	$	1,892,407	$	1,919,694

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

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


	Years Ended December 31,
	2020		2019		2018
Commission revenues
Sales-based
Annuities	$	327,412	$	380,317	$	379,252
Mutual funds	145,836		146,695		141,597
Fixed income	88,714		102,391		98,091
Equities	126,920		79,446		84,823
Other	81,882		74,003		73,013
Total sales-based revenues	$	770,764	$	782,852	$	776,776
Trailing
Annuities	$	648,945	$	620,489	$	620,437
Mutual funds	444,238		442,716		474,848

Other	42,613		46,350		47,633
Total trailing revenues	$	1,135,796	$	1,109,555	$	1,142,918
Total commission revenues	$	1,906,560	$	1,892,407	$	1,919,694

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

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


	Years Ended December 31,
	2020		2019		2018
Asset-based revenues
Client cash	$	481,388	$	652,793	$	500,418
Sponsorship programs	272,935		251,899		224,726
Recordkeeping	290,194		261,287		247,371
Total asset-based revenues	$	1,044,517	$	1,165,979	$	972,515

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

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


	Years Ended December 31,
	2020		2019		2018
Transaction and fee revenues
Point-in-time(1)	$	228,744	$	215,234	$	221,265
Over time(2)	277,327		265,094		250,034
Total transaction and fee revenues	$	506,071	$	480,328	$	471,299

____________________

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

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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 (in thousands):


	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	6,205	$	—	$	—	$	6,205
Securities owned — trading:
Money market funds	125		—		—		125
Mutual funds	9,137		—		—		9,137
Equity securities	492		—		—		492

U.S. treasury obligations	19,498		—		—		19,498

Total securities owned — trading	29,252		—		—		29,252
Other assets	371,202		8,953		—		380,155
Total assets at fair value	$	406,659	$	8,953	$	—	$	415,612
Liabilities
Securities sold, but not yet purchased:

Equity securities	$	203	$	—	$	—	$	203
Debt securities	—		3		—		3

Total securities sold, but not yet purchased	203		3		—		206
Accounts payable and accrued liabilities	—		—		3,228		3,228
Total liabilities at fair value	$	203	$	3	$	3,228	$	3,434

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)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

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

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


	December 31,
	2020		2019
Amortized cost	$	13,235	$	11,806
Gross unrealized gain	159		83
Fair value	$	13,394	$	11,889

Maturities of securities held-to-maturity

At December 31, 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	$	4,995	$	8,240	$	—	$	13,235
U.S. government notes — at fair value	$	5,048	$	8,346	$	—	$	13,394

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

12 Months Ended

Dec. 31, 2020

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

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

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


	December 31,
	2020		2019
Receivables:
Commissions receivable from product sponsors and others	$	135,991	$	138,258
Receivables from clearing organizations	89,794		28,140
Receivables from broker-dealers	2,550		1,020
Securities failed-to-deliver	4,857		10,236
Total receivables	$	233,192	$	177,654
Payables:
Payables to clearing organizations	$	19,117	$	15,264
Payables to broker-dealers	50,528		58,130
Securities failed-to-receive	20,098		18,608

Total payables	$	89,743	$	92,002

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

The components of fixed assets

The components of fixed assets were as follows at December 31, 2020 (in thousands):


	Gross Carrying Value		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	418,018	$	(241,390)	$	176,628
Computers and software	195,800		(151,792)		44,008
Buildings	107,895		(7,753)		100,142
Leasehold improvements	88,135		(31,202)		56,933

Furniture and equipment	83,365		(57,860)		25,505
Land	4,678		—		4,678
Construction in progress(1)	174,974		—		174,974
Total fixed assets	$	1,072,865	$	(489,997)	$	582,868

____________________

(1) Construction in progress includes internal software in development of $161.3 million at December 31, 2020.

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


	Gross Carrying Value		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	327,585	$	(187,494)	$	140,091
Computers and software	171,099		(124,248)		46,851
Buildings	107,895		(3,877)		104,018
Leasehold improvements	83,543		(25,655)		57,888

Furniture and equipment	79,970		(47,081)		32,889
Land	4,678		—		4,678
Construction in progress(1)	146,629		—		146,629
Total fixed assets	$	921,399	$	(388,355)	$	533,044

____________________

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

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of activity in goodwill

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


Balance at December 31, 2018	$	1,490,247
Goodwill acquired	13,401
Balance at December 31, 2019	1,503,648
Goodwill acquired	10,218
Balance at December 31, 2020	$	1,513,866

Components of intangible assets

The components of intangible assets were as follows at December 31, 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	5.4	$	670,542	$	(415,169)	$	255,373
Product sponsor relationships	5.1	234,086		(173,345)		60,741
Client relationships	7.9	44,810		(19,237)		25,573
Technology	7.3	19,040		(3,220)		15,820
Trade names	1.3	1,200		(1,040)		160
Total definite-lived intangible assets		$	969,678	$	(612,011)	$	357,667
Indefinite-lived intangible assets:
Trademark and trade name						39,819
Total intangible assets						$	397,486

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


2021	$	69,090
2022	68,290
2023	64,194
2024	63,422
2025	55,049
Thereafter	37,622
Total	$	357,667

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Summary of accounts payable and accrued liabilities

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


	December 31,
	2020		2019
Advisor deferred compensation plan liability	$	372,395	$	269,289
Accrued compensation	104,069		77,202

Accounts payable	60,984		68,436
Other accrued liabilities	144,106		143,042
Total accounts payable and accrued liabilities	$	681,554	$	557,969

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Outstanding borrowings

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


	December 31, 2020					December 31, 2019
Long-Term Borrowings	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Senior Secured Term Loan B(1)	$	1,059,300	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	2,359,300					2,370,000
Plus: Unamortized Premium	7,083					8,583
Less: Unamortized Debt Issuance Cost	(20,969)					(24,765)
Net Carrying Value	$	2,345,414				$	2,353,818
Other Borrowings
Revolving Credit Facility(4)	$	—	ABR+25 bps	—		$	45,000	ABR+25 bps	5.00	%	11/12/2024
Broker-Dealer Revolving Credit Facility	—		FFR+125 bps	—		—		FFR+125 bps	—		7/31/2024
Total borrowings	$	2,345,414				$	2,398,818

_______________________________

(1)No leverage or interest coverage maintenance covenants.

(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 balances as of December 31, 2019.

Schedule of Maturities of Long-term Debt [Table Text Block]

The minimum calendar year payments and maturities of the long-term borrowings as of December 31, 2020 were as follows (in thousands):


2021	$	10,700
2022	10,700
2023	10,700
2024	10,700
2025	910,700
Thereafter	1,405,800
Total	$	2,359,300

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Expense

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


	Years Ended December 31,
	2020		2019
Operating lease cost	$	18,757	$	17,610
Finance lease cost:
Amortization of right-of-use assets	$	5,141	$	4,786
Interest on lease liabilities	8,423		8,387
Total finance lease cost	$	13,564	$	13,173

Supplemental cash flow information related to leases

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


	Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	21,368	$	19,117
Operating cash flows from finance leases	$	8,423	$	8,387
Financing cash flows from finance leases	$	1,169	$	692

Supplemental weighted-average information related to leases

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


	December 31,
	2020		2019
Weighted-average remaining lease term (years):
Finance leases	25.3		26.2
Operating leases	7.9		9.1
Weighted-average discount rate:
Finance leases	7.82	%	7.75	%
Operating leases	7.07	%	7.27	%

Maturities of Lease Liabilities - Finance Leases

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	22,025	$	9,735
2022	22,577		8,802
2023	22,222		8,577
2024	22,024		8,727
2025	21,724		8,879
Thereafter	75,333		224,760
Total lease payments	185,905		269,480
Less imputed interest	46,528		162,056
Total	$	139,377	$	107,424

Maturities of Lease Liabilities - Operating Leases

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Finance Leases
2021	$	22,025	$	9,735
2022	22,577		8,802
2023	22,222		8,577
2024	22,024		8,727
2025	21,724		8,879
Thereafter	75,333		224,760
Total lease payments	185,905		269,480
Less imputed interest	46,528		162,056
Total	$	139,377	$	107,424

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of provision for income taxes

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


	December 31,
	2020		2019		2018
Current provision:
Federal	$	137,360	$	156,378	$	120,211
State	39,757		44,192		34,721
Total current provision	177,117		200,570		154,932
Deferred expense (benefit):
Federal	(17,991)		(13,971)		(1,874)
State	(5,693)		(4,644)		120
Total deferred benefit	(23,684)		(18,615)		(1,754)
Provision for income taxes	$	153,433	$	181,955	$	153,178

Summary of effective income tax rate reconciliation

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


	Years Ended December 31,
	2020		2019		2018
Federal statutory income tax rates	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	4.4		4.1		4.6
Non-deductible expenses	0.3		0.4		1.7
Share-based compensation	(1.0)		(1.4)		(1.4)






Research & development credits	(0.3)		(0.3)		(0.3)
Other	0.1		0.7		0.2
Effective income tax rates	24.5	%	24.5	%	25.8	%

Components of the net deferred income taxes

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


	December 31,
	2020		2019
Deferred tax assets:
Accrued liabilities	$	120,638	$	82,105
Share-based compensation	15,890		14,823
State taxes	5,537		6,932
Operating lease liabilities	37,632		37,580
Finance lease liabilities	28,519		28,350

Provision for bad debts	2,810		4,077

Forgivable loans	13,158		10,845
Other	2,024		1,773
Total deferred tax assets	226,208		186,485
Deferred tax liabilities:
Amortization of intangible assets	(64,907)		(70,953)
Depreciation of fixed assets	(97,612)		(87,739)
Operating lease assets	(27,681)		(27,189)
Other	(11,896)		(2,702)
Total deferred tax liabilities	(202,096)		(188,583)
Deferred income taxes, net	$	24,112	$	(2,098)

Summary of gross unrecognized tax benefits including interest and penalties reconciliation

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


	December 31,
	2020		2019		2018
Balance — Beginning of year	$	52,098	$	46,287	$	42,657
Increases for tax positions taken during the current year	8,053		9,314		10,042
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions	(5,716)		(3,503)		(6,412)
Balance — End of year	$	54,435	$	52,098	$	46,287

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Future minimum payments


2021	$	47,187
2022	33,338
2023	11,417
2024	7,733
2025	5,525
Thereafter	328
Total	$	105,528

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

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

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


	2020				2019				2018
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	19.7	$	0.25	$	21.1	$	0.25	$	22.6
Second quarter	$	0.25	$	19.7	$	0.25	$	20.8	$	0.25	$	22.3
Third quarter	$	0.25	$	19.8	$	0.25	$	20.5	$	0.25	$	21.9
Fourth quarter	$	0.25	$	19.8	$	0.25	$	20.2	$	0.25	$	21.5

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

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

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


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

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

The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 31, 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	(664,644)	$	37.24
Forfeited and Expired	(40,214)	$	64.47
Outstanding — December 31, 2020	2,000,383	$	45.57	5.28	$	117,315
Exercisable — December 31, 2020	1,651,036	$	39.61	4.74	$	106,676
Exercisable and expected to vest — December 31, 2020	1,989,975	$	45.41	5.27	$	117,026

Summary of information about outstanding stock options and warrants

The following table summarizes information about outstanding stock options and warrants as of December 31, 2020:


	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	409,909	5.09	$	19.85	409,909	$	19.85
$25.01 - $35.00	346,442	1.39	$	30.31	346,442	$	30.31
$35.01 - $45.00	372,146	6.07	$	39.64	372,146	$	39.64
$45.01 - $65.00	216,835	3.73	$	48.89	216,835	$	48.89
$65.01 - $75.00	300,689	6.97	$	65.52	190,759	$	65.50
$75.01 - $80.00	354,362	8.01	$	77.53	114,945	$	77.53
	2,000,383	5.28	$	45.57	1,651,036	$	39.61

Summary of the status of the Company's restricted stock


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2019	8,296	$	81.99	792,185		$	66.40
Granted	9,865	$	64.74	567,335		$	77.32
Vested	(12,601)	$	76.10	(417,227)		$	55.29
Forfeited	—	$	—	(37,848)		$	77.62
Nonvested — December 31, 2020	5,560	$	64.74	904,445	(1)	$	77.90
Expected to vest — December 31, 2020	5,560	$	64.74	806,479		$	79.38

____________________

(1) Includes 53,055 vested and undistributed deferred stock units.

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Basic and diluted earnings per share

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


	Years Ended December 31,
	2020		2019		2018
Net income	$	472,640	$	559,880	$	439,459

Basic weighted-average number of shares outstanding	79,244		82,552		88,119
Dilutive common share equivalents	1,458		2,072		2,500
Diluted weighted-average number of shares outstanding	80,702		84,624		90,619

Basic earnings per share	$	5.96	$	6.78	$	4.99
Diluted earnings per share	$	5.86	$	6.62	$	4.85

Organization and Description of the Company (Details)	12 Months Ended
Organization and Description of the Company (Details)	Dec. 31, 2020
LPL Financial [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Number of states in which entity operates	50
AW Subsidiary Inc. [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Employee Services, LLC [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Fortigent [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPLIA [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Captive Insurance Subsidiary [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
PTCH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%

Summary of Significant Accounting Policies Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Number of Operating Segments	1

Summary of Significant Accounting Policies Share-Based Compensation (Details) - Minimum [Member]	12 Months Ended
	Dec. 31, 2020
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Restricted stock awards and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	1 year
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years

Summary of Significant Accounting Policies Cash and Cash Equivalents (Details)	12 Months Ended
	Dec. 31, 2020
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Cash Equivalent Maturity	90 days

Summary of Significant Accounting Policies Cash Segregated Under Federal and Other Regulations (Details)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Proprietary Account of Broker-Dealer under SEC Act Rule 15c-3-3	$ 100,000

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts	$ 5,824	$ 6,698	$ 6,113
Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	115	640	466
Provision for bad debts	432	130	174
Charge-offs, net of recoveries	27	655	0
Ending balance - December 31	520	115	640
Receivables from clients [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 0	0	0
Ending balance - December 31		$ 0	$ 0

Summary of Significant Accounting Policies Receivables from Advisor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts	$ 5,824	$ 6,698	$ 6,113
Advisor Loans Term, Maximum	10 years
Advisor Repayable Loan	$ 128,200
Repayable Advisor Forgivable Loans	3,000
Allowance for Advisor Forgivable Loans that become repayable	1,200
Advisor Loans [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	3,974	5,080	3,264
Provision for bad debts	1,694	1,500	2,206
Charge-offs, net of recoveries	(5,132)	(2,606)	(390)
Ending balance - December 31	6,763	3,974	5,080
Advisor Loans [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 6,227	0	0
Ending balance - December 31		$ 6,227	$ 0

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts	$ 5,824	$ 6,698	$ 6,113
Receivables from others [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	10,292	8,099	6,115
Provision for bad debts	3,559	3,671	3,733
Charge-offs, net of recoveries	(14,367)	(1,478)	(1,749)
Ending balance - December 31	3,101	10,292	8,099
Receivables from others [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 3,617	0	0
Ending balance - December 31		$ 3,617	$ 0

Summary of Significant Accounting Policies Securities Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Securities borrowed, contract value	$ 30,130	$ 17,684
Securities borrowed, collateral market value	$ 29,100	$ 17,200

Summary of Significant Accounting Policies Fixed Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tangible Asset Impairment Charges [Abstract]
Tangible Asset Impairment Charges	$ 0	$ 0	$ 0
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years

Summary of Significant Accounting Policies Acquisitions (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Measurement Period of Acquisitions, Maximum	1 year

Summary of Significant Accounting Policies Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	0	0	0
Impairment of intangible assets, finite-lived	$ 0	$ 0	$ 0
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	5 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	20 years

Summary of Significant Accounting Policies Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Borrowings	$ 2,359,300	$ 2,415,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 2,402,400	$ 2,476,000

Revenue Commission Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Commission Revenues	$ 1,906,560	$ 1,892,407	$ 1,919,694
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	976,357	1,000,806	999,689
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	590,074	589,411	616,445
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	88,714	102,391	98,091
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	126,920	79,446	84,823
Other [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	124,495	120,353	120,646
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	770,764	782,852	776,776
Transferred at Point in Time [Member] \| Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	327,412	380,317	379,252
Transferred at Point in Time [Member] \| Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	145,836	146,695	141,597
Transferred at Point in Time [Member] \| Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	88,714	102,391	98,091
Transferred at Point in Time [Member] \| Equities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	126,920	79,446	84,823
Transferred at Point in Time [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	81,882	74,003	73,013
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	1,135,796	1,109,555	1,142,918
Transferred over Time [Member] \| Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	648,945	620,489	620,437
Transferred over Time [Member] \| Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	444,238	442,716	474,848
Transferred over Time [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	$ 42,613	$ 46,350	$ 47,633

Revenue Asset-Based Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	$ 1,044,517	$ 1,165,979	$ 972,515
Client Cash [Member]
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	481,388	652,793	500,418
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	272,935	251,899	224,726
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	$ 290,194	$ 261,287	$ 247,371

Revenue Transaction and Fee Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Transaction and fee revenues	$ 506,071	$ 480,328	$ 471,299
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Transaction and fee revenues	228,744	215,234	221,265
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Transaction and fee revenues	$ 277,327	$ 265,094	$ 250,034

Revenue Unearned Revenue (Details Texturals) $ in Millions	12 Months Ended
Revenue Unearned Revenue (Details Texturals) $ in Millions	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Revenue Recognized	$ 82.8

Acquisitions (Details) - USD ($) $ in Thousands						12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Dec. 02, 2020	Oct. 26, 2020	Aug. 18, 2020	Aug. 01, 2019	Dec. 03, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Payment of contingent consideration						$ 10,000	$ 0	$ 0
Waddell & Reed Financial, Inc. [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Dec. 02, 2020
Payments to Acquire Businesses, Gross						300,000
Blaze Portfolio Systems LLC [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Oct. 26, 2020
Payments to Acquire Businesses, Gross						11,600
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High						4,000
E.K. Riley Investments, LLC and Lucia Securities, LLC [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition			Aug. 18, 2020
Payments to Acquire Businesses, Gross						18,400
Allen & Company of Florida LLC [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition				Aug. 01, 2019
Payments to Acquire Businesses, Gross							$ 24,900
Payment of contingent consideration						$ 10,000
AdvisoryWorld [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition					Dec. 03, 2018
Payments to Acquire Businesses, Gross								$ 28,100

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,235	$ 11,806
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	13,235	11,806
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	159	83
U.S. government notes - at fair value, Total	$ 13,394	$ 11,889

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,235	$ 11,806
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,995
U.S. government notes - at amortized cost, After one but within five years	8,240
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	13,235	11,806
U.S. government notes - at fair value, Within one year	5,048
U.S. government notes - at fair value, After one but within five years	8,346
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	$ 13,394	$ 11,889

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Receivables:
Commissions receivable from product sponsors and others	$ 135,991	$ 138,258
Receivables from clearing organizations	89,794	28,140
Receivables from broker-dealers	2,550	1,020
Securities failed-to-deliver	4,857	10,236
Total receivables	233,192	177,654
Payables:
Payables to clearing organizations	19,117	15,264
Payables to broker-dealers	50,528	58,130
Securities failed-to-receive	20,098	18,608
Total payables	$ 89,743	$ 92,002

Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 1,072,865	$ 921,399
Accumulated depreciation and amortization	(489,997)	(388,355)
Fixed assets, net	582,868	533,044
Construction in Progress, Gross	161,300	133,300
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	418,018	327,585
Accumulated depreciation and amortization	(241,390)	(187,494)
Fixed assets, net	176,628	140,091
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	195,800	171,099
Accumulated depreciation and amortization	(151,792)	(124,248)
Fixed assets, net	44,008	46,851
Building [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	107,895	107,895
Accumulated depreciation and amortization	(7,753)	(3,877)
Fixed assets, net	100,142	104,018
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	88,135	83,543
Accumulated depreciation and amortization	(31,202)	(25,655)
Fixed assets, net	56,933	57,888
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	83,365	79,970
Accumulated depreciation and amortization	(57,860)	(47,081)
Fixed assets, net	25,505	32,889
Land [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	4,678	4,678
Accumulated depreciation and amortization	0	0
Fixed assets, net	4,678	4,678
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	174,974	146,629
Accumulated depreciation and amortization	0	0
Fixed assets, net	$ 174,974	$ 146,629

Fixed Assets (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
Fixed Assets (Details Textuals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 109,732	$ 95,779	$ 87,656

Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,503,648	$ 1,490,247
Goodwill acquired	10,218	13,401
Goodwill, ending balance	$ 1,513,866	$ 1,503,648

Intangible Assets (Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets [Line Items]
Total intangible assets	$ 397,486	$ 439,838
Definite-lived intangible assets:
Gross Carrying Value	969,678	944,672
Accumulated Amortization	(612,011)	(544,653)
Net Carrying Value	357,667	400,019
Trademarks and Trade Names [Member]
Indefinite-lived intangible assets:
Net Carrying Value	$ 39,819	$ 39,819
Advisor and financial institution relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	5 years 4 months 24 days	6 years 1 month 6 days
Definite-lived intangible assets:
Gross Carrying Value	$ 670,542	$ 651,642
Accumulated Amortization	(415,169)	(365,470)
Net Carrying Value	$ 255,373	$ 286,172
Product sponsor relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	5 years 1 month 6 days	6 years 1 month 6 days
Definite-lived intangible assets:
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(173,345)	(161,435)
Net Carrying Value	$ 60,741	$ 72,651
Client relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years 10 months 24 days	8 years 8 months 12 days
Definite-lived intangible assets:
Gross Carrying Value	$ 44,810	$ 42,234
Accumulated Amortization	(19,237)	(15,277)
Net Carrying Value	$ 25,573	$ 26,957
Technology [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years 3 months 18 days	9 years
Definite-lived intangible assets:
Gross Carrying Value	$ 19,040	$ 15,510
Accumulated Amortization	(3,220)	(1,551)
Net Carrying Value	$ 15,820	$ 13,959
Trade names [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	1 year 3 months 18 days	2 years 3 months 18 days
Definite-lived intangible assets:
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(1,040)	(920)
Net Carrying Value	$ 160	$ 280

Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future amortization expense
Future expense in year one	$ 69,090
Future expense in year two	68,290
Future expense in year three	64,194
Future expense in year four	63,422
Future expense in year five	55,049
Thereafter	37,622
Net Carrying Value	$ 357,667	$ 400,019

Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 10,218	$ 13,401
Total amortization expense of intangible assets	67,358	$ 65,334	$ 60,252
Advisor And Financial Institution Relationships [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets acquired during the period	18,900
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	18,900
Client relationships [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets acquired during the period	1,400
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	1,400
Technology [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets acquired during the period	3,500
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 3,500

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of accounts payable and accrued liabilities
Advisor deferred compensation plan liability	$ 372,395	$ 269,289
Accrued compensation	104,069	77,202
Accounts payable	60,984	68,436
Other accrued liabilities	144,106	143,042
Total accounts payable and accrued liabilities	$ 681,554	$ 557,969

Borrowings (Credit Agreement Outstanding Balance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 2,359,300	$ 2,370,000
Debt Instrument, Unamortized Premium	7,083	8,583
Less Unamortized Debt Issuance Cost	20,969	24,765
Long-Term Senior Debt, Net	2,345,414	2,353,818
RevolvingCreditFacilityLPLH	0	45,000
Long-term and other borrowings, net	2,345,414	2,398,818
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 1,059,300	$ 1,070,000
Variable Interest Rate		3.54%	1.90%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| Eurodollar [Member]
Borrowings [Line Items]
Applicable interest rate margin	1.75%	1.75%
Unsecured Debt [Member] \| Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 900,000	$ 900,000
Fixed Interest Rate		5.75%	5.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000
Fixed Interest Rate		4.63%	4.63%	4.625%
Revolving Credit Facility [Member]
Borrowings [Line Items]
Applicable interest rate margin	0.25%	0.25%
Variable Interest Rate		5.00%	0.00%
LPL Financial LLC [Domain]
Borrowings [Line Items]
RevolvingCreditFacilityLPLF	$ 0	$ 0
LPL Financial LLC [Domain] \| Revolving Credit Facility [Member]
Borrowings [Line Items]
Variable Interest Rate			0.00%
LPL Financial [Member] \| Revolving Credit Facility [Member]
Borrowings [Line Items]
Applicable interest rate margin	1.25%	1.25%

Borrowings (Credit Agreement Textuals) (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 12, 2019	Sep. 21, 2017	Mar. 10, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2020
Borrowings [Line Items]
Long-term Debt, Gross				$ 2,359,300	$ 2,415,000
Debt Issuance Costs, Gross	$ 13,500
Gain (Loss) on Extinguishment of Debt	3,200			$ 0	$ (3,156)	$ 0
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.25%	0.25%
Revolving Credit Facility [Member] \| LPL Financial [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.25%	1.25%
Revolving Credit Facility [Member] \| Eurodollar [Member] \| Minimum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.25%
Revolving Credit Facility [Member] \| Eurodollar [Member] \| Minimum [Member] \| LPL Financial [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.375%
Revolving Credit Facility [Member] \| Eurodollar [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] \| Federal Funds Rate [Member] \| Minimum [Member] \| LPL Financial [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.125%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Amortization Payment (Percentage)			0.25%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| Eurodollar [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.75%	1.75%
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	$ 400,000
Fixed Interest Rate					4.63%		4.63%	4.625%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member] \| Debt Instrument, Redemption, Period One [Member]
Borrowings [Line Items]
Redemption price percentage				100.00%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member] \| Debt Instrument, Redemption, Period Two [Member]
Borrowings [Line Items]
Redemption price percentage				100.00%
Unsecured Debt [Member] \| Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-term Debt, Gross			$ 500,000
Fixed Interest Rate					5.75%		5.75%
Unsecured Debt [Member] \| Additional Senior Unsecured Notes due 2025 [Member]
Borrowings [Line Items]
Long-term Debt, Gross		$ 400,000
Redemption price percentage		103.00%

Borrowings Broker-Dealer Revolving Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Nov. 12, 2019	Jul. 31, 2019
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%	0.25%
Line of Credit Facility, Maximum Borrowing Capacity			$ 750.0
LPL Financial [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%	1.25%
Line of Credit Facility, Maximum Borrowing Capacity				$ 300.0
Debt Issuance Costs, Line of Credit Arrangements, Gross				$ 1.5

Borrowings Line of Credit (Bank Loans Payable Textural) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Number Of Uncommitted Lines Of Credit	6
Uncommitted lines of credit, unspecified limit	2
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 275.0
Line of Credit, Outstanding Balance	$ 0.0	$ 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)	12 Months Ended
Borrowings Letters of Credit (Details)	Dec. 31, 2020	Dec. 31, 2019
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%	0.25%

Borrowings (Future Payments and Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Future payments due in year one	$ 10,700
Future payments due in year two	10,700
Future payments due in year three	10,700
Future payments due in year four	10,700
Future payments due in year five	910,700
Thereafter	1,405,800
Total	$ 2,359,300	$ 2,415,000

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lease Cost
Operating lease cost	$ 18,757	$ 17,610
Amortization of right-of-use assets	5,141	4,786
Interest on lease liabilities	8,423	8,387
Total finance lease cost	$ 13,564	$ 13,173

Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Payments	$ 21,368	$ 19,117
Finance Lease, Interest Payment on Liability	8,423	8,387
Finance Lease, Principal Payments	$ 1,169	$ 692

Leases Supplemental Weighted-Average Information Related to Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	25 years 3 months 18 days	26 years 2 months 12 days
Operating Lease, Weighted Average Remaining Lease Term	7 years 10 months 24 days	9 years 1 month 6 days
Weighted Average Discount Rate [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent	7.82%	7.75%
Operating Lease, Weighted Average Discount Rate, Percent	7.07%	7.27%

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 22,025
Lessee, Operating Lease, Liability, to be Paid, Year Two	22,577
Lessee, Operating Lease, Liability, to be Paid, Year Three	22,222
Lessee, Operating Lease, Liability, to be Paid, Year Four	22,024
Lessee, Operating Lease, Liability, to be Paid, Year Five	21,724
Lessee, Operating Lease, Liability, to be Paid, after Year Five	75,333
Lessee, Operating Lease, Liability, to be Paid	185,905
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	46,528
Operating lease liabilities	139,377	$ 141,900
Finance Leases
Finance Lease, Liability, to be Paid, Year One	9,735
Finance Lease, Liability, to be Paid, Year Two	8,802
Finance Lease, Liability, to be Paid, Year Three	8,577
Finance Lease, Liability, to be Paid, Year Four	8,727
Finance Lease, Liability, to be Paid, Year Five	8,879
Finance Lease, Liability, to be Paid, after Year Five	224,760
Finance Lease, Liability, Payment, Due	269,480
Finance Lease, Liability, Undiscounted Excess Amount	162,056
Finance lease labilities	$ 107,424	$ 108,592

Leases Remaining terms (Details) $ in Millions	12 Months Ended
Leases Remaining terms (Details) $ in Millions	Dec. 31, 2020 USD ($)
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease And Finance Lease, Remaining Lease Term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease And Finance Lease, Remaining Lease Term	16 years
Lessee, Operating Lease And Finance Lease, Renewal Term	20 years
Property, Plant and Equipment [Member]
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 102.2

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current provision:
Federal	$ 137,360	$ 156,378	$ 120,211
State	39,757	44,192	34,721
Total current provision	177,117	200,570	154,932
Deferred benefit:
Federal	(17,991)	(13,971)	(1,874)
State	(5,693)	(4,644)	120
Total deferred benefit	(23,684)	(18,615)	(1,754)
Provision for income taxes	$ 153,433	$ 181,955	$ 153,178

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Reconciliation to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of company's effective income tax rate reconciliation
Federal statutory income tax rates	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	4.40%	4.10%	4.60%
Non-deductible expenses	0.30%	0.40%	1.70%
Share-based compensation	(1.00%)	(1.40%)	(1.40%)
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent	(0.30%)	(0.30%)	(0.30%)
Other	0.10%	0.70%	0.20%
Effective income tax rates	24.50%	24.50%	25.80%

Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued liabilities	$ 120,638	$ 82,105
Share-based compensation	15,890	14,823
State taxes	5,537	6,932
Operating Lease Liabilities	37,632	37,580
Finance Lease Liabilities	28,519	28,350
Provision for bad debts	2,810	4,077
Forgivable Loans	13,158	10,845
Other	2,024	1,773
Total deferred tax assets	226,208	186,485
Deferred tax liabilities:
Amortization of intangible assets	(64,907)	(70,953)
Depreciation of fixed assets	(97,612)	(87,739)
Operating Lease Assets	27,681	27,189
Other	(11,896)	(2,702)
Total deferred tax liabilities	(202,096)	(188,583)
Deferred income taxes, net		$ (2,098)
Deferred income taxes, net	$ 24,112

Income Taxes (Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of gross unrecognized tax benefits including interest and penalties reconciliation
Balance - Beginning of year	$ 52,098	$ 46,287	$ 42,657
Increases for tax positions related to the current year	8,053	9,314	10,042
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions	(5,716)	(3,503)	(6,412)
Balance - End of year	$ 54,435	$ 52,098	$ 46,287

Income Taxes (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, net of the federal benefit on state issues, favorable income tax rate effect	$ 48.1	$ 46.1
Unrecognized tax benefits, interest accrued	7.3	6.4
Unrecognized tax benefits, penalties accrued	4.4	$ 4.4
Reduction in unrecognized tax benefits related to the statute of limitations	$ 2.7

Commitments and Contingencies (Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Contractual Obligations, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Due in first year	$ 47,187
Due in second year	33,338
Due in third year	11,417
Due in fourth year	7,733
Due in fifth year	5,525
Due after fifth year	328
Total	$ 105,528

Commitments and Contingencies (Legal) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Litigation Loss Payment	$ 26.4
Self insurance	$ 51.5	$ 40.1

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 338.5
Collateral security	473.9
Amount pledged with client-owned securities	69.9
Remaining collateral securities that can be sold, re-pledged or loaned	404.0
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading securities pledged to clearing organizations	15.0	$ 15.0
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading securities pledged to clearing organizations	$ 4.5	$ 5.5

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Dividend paid per share of common stock	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends, Common Stock, Cash	$ 19,800	$ 19,800	$ 19,700	$ 19,700	$ 20,200	$ 20,500	$ 20,800	$ 21,100	$ 21,500	$ 21,900	$ 22,300	$ 22,600	$ 79,097	$ 82,597	$ 88,360

Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 349,800
Treasury stock purchases, shares	1.8
Treasury Stock Acquired, Average Cost Per Share	$ 82.91
Treasury Stock, Value, Acquired, Cost Method	$ 150,000	$ 150,036	$ 500,370	$ 417,891

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

Share-Based Compensation Stock Option and Warrant Activity (Details) - Stock options and warrants [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance \| shares	2,705,241
Number of Shares, Granted \| shares	0
Number of Shares, Exercised \| shares	(664,644)
Number of Shares, Forfeited \| shares	(40,214)
Number of Shares Outstanding, Ending Balance \| shares	2,000,383
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 43.81
Weighted-Average Exercise Price, Granted \| $ / shares	0
Weighted-Average Exercise Price, Exercised \| $ / shares	37.24
Weighted-Average Exercise Price, Forfeited and Expired \| $ / shares	64.47
Weighted-Average Exercise Price, Outstanding, Ending Balance \| $ / shares	$ 45.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number \| shares	1,651,036
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 39.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 8 months 26 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value \| $	$ 106,676
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	5 years 3 months 10 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value \| $	$ 117,315
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number \| shares	1,989,975
Weighted-Average Exercise Price, Exercisable and expected to vest (in dollars per share) \| $ / shares	$ 45.41
Weighted-Average Remaining Contractual Term for Options Exercisable and Expected to Vest	5 years 3 months 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value \| $	$ 117,026

Share-Based Compensation Outstanding Stock Options and Warrants (Details) - Stock options and warrants [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	2,000,383
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	5 years 3 months 10 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 45.57
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	1,651,036
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 39.61
Range One [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	19.85
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 25.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	409,909
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	5 years 1 month 2 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 19.85
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	409,909
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 19.85
Range Two [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	25.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 35.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	346,442
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	1 year 4 months 20 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 30.31
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	346,442
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 30.31
Range Three [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	35.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 45.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	372,146
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	6 years 25 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 39.64
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	372,146
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 39.64
Range Four [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	45.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 65.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	216,835
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	3 years 8 months 23 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 48.89
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	216,835
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 48.89
Range Five [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	65.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 75.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	300,689
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	6 years 11 months 19 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 65.52
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	190,759
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 65.50
75.01
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	75.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 80.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	354,362
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	8 years 3 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 77.53
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	114,945
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 77.53

Share-Based Compensation Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
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		53,055
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	$ 81.99
Weighted-Average Grant-Date Fair Value, Granted	64.74
Weighted-Average Grant-Date Fair Value, Vested	76.10
Weighted-Average Grant-Date Fair Value, Forfeited	0
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 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	$ 64.74
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	792,185
Number of Shares, Granted	567,335
Number of Shares, Vested	(417,227)
Number of Shares, Forfeited	(37,848)
Number of Shares, Ending Balance	904,445
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	$ 66.40
Weighted-Average Grant-Date Fair Value, Granted	77.32
Weighted-Average Grant-Date Fair Value, Vested	55.29
Weighted-Average Grant-Date Fair Value, Forfeited	77.62
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 77.90
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	806,479
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 79.38

Share-Based Compensation (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]
Authorized shares	20,055,945
Remaining Shares Available for Grant	3,531,003
Employees and officers [Member] \| Stock options and warrants [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 4.4	$ 9.8	$ 8.1
Share based compensation cost unrecognized	$ 2.8
Non-vested compensation cost weighted-average period	1 year 25 days
Employees and officers [Member] \| Restricted Stock [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 25.1	18.2	13.8
Share based compensation cost unrecognized	$ 32.7
Non-vested compensation cost weighted-average period	1 year 11 months 1 day
Advisors and Financial Institutions [Member] \| Restricted Stock Units [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 2.3	$ 3.0	$ 6.1
Share based compensation cost unrecognized	$ 4.7
Non-vested compensation cost weighted-average period	2 years 2 months 4 days
Minimum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 472,640	$ 559,880	$ 439,459
Basic weighted average number of shares outstanding	79,244	82,552	88,119
Dilutive common share equivalents	1,458	2,072	2,500
Diluted weighted average number of shares outstanding	80,702	84,624	90,619
Basic earnings per share	$ 5.96	$ 6.78	$ 4.99
Diluted earnings per share	$ 5.86	$ 6.62	$ 4.85

- 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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+ Details

Earnings per Share (Details Textuals) - shares	12 Months Ended
Earnings per Share (Details Textuals) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	376,598	407,059	391,632

Employee and Advisor Benefit Plans (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee and Advisor Benefit Plans [Abstract]
Percentage of eligible compensation matched by employer	75.00%
Percentage of employee compensation eligible for match	8.00%
Total contribution cost recognized	$ 18,800	$ 16,200	$ 13,100
Employee stock purchase plan purchase price discount	15.00%
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Arrangement with Individual, Recorded Liability	$ 372,395	$ 269,289
Deferred Compensation Arrangement with Individual, Contributions by Employer	361,100
Deferred Compensation Arrangement, Rabbi Trust, Employer Contribution	10,100
Deferred Compensation Arrangement, Rabbi Trust, Recorded Liability	$ 10,100

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	10.00%
Related party revenues	$ 4.8	$ 4.1	$ 3.5
Related party expenses	$ 3.8	$ 3.2	$ 2.9

Net Capital and Regulatory Requirements (Details) $ in Millions	Dec. 31, 2020 USD ($)
Brokers and Dealers [Abstract]
Broker-Dealer, Net Capital	$ 119.0
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 11.1

Subsequent Event (Details) - Subsequent Event [Member]	Feb. 01, 2021 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Feb. 01, 2021
Dividends Payable, Amount Per Share	$ 0.25
Dividends Payable, Date to be Paid	Mar. 30, 2021
Dividends Payable, Date of Record	Mar. 16, 2021

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 29,252	$ 46,447
Securities sold, but not yet purchased	206	176
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6,205	17,426
Securities owned — trading	29,252	46,447
Other assets	380,155	278,133
Total assets at fair value	415,612	342,006
Securities sold, but not yet purchased	206	176
Accounts payable and accrued liabilities	3,228	10,000
Total liabilities at fair value	3,434	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	6,205	17,426
Securities owned — trading	29,252	46,296
Other assets	371,202	267,740
Total assets at fair value	406,659	331,462
Securities sold, but not yet purchased	203	153
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	203	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	0	151
Other assets	8,953	10,393
Total assets at fair value	8,953	10,544
Securities sold, but not yet purchased	3	23
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	3	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	3,228	10,000
Total liabilities at fair value	3,228	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	203	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	203	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	3	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	3	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	125	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	125	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	9,137	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	9,137	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	492	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	492	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		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
Debt Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading		151
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
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	19,498	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	19,498	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