0001397911-22-000122 | 10-Q | XBRL Viewer | LPL Financial Holdings INC

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Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the condensed consolidated financial statements and related disclosures. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2021, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Condensed Consolidated Financial Statement Presentation Changes The Company reclassified certain financial statement line items in the consolidated statements of income included in its Annual Report on Form 10-K for the year ended December 31, 2021 to more closely align with industry practice and the Company’s business and to better serve financial statement users. Prior period amounts in the condensed consolidated statements of income have been reclassified to conform to this presentation as follows: • The Company has disaggregated the activity previously reported in the Transaction and fee line item in Total revenue into its Service and fee and Transaction components; and • The Company has included Interest expense on borrowings and Loss on extinguishment of debt in Total expense. Previously, these amounts were presented after Total operating expense. These changes did not impact total net income for the three and six months ended June 30, 2021. The Company also updated the condensed consolidated statement of cash flows for the six months ended June 30, 2021 to conform to changes made to the presentation of the statements of financial condition during the year ended December 31, 2021. See Note 2 - Summary of Significant Accounting Policies in the Company’s 2021 Annual Report on Form 10-K for additional information. In addition, during the year ended December 31, 2021, the Company concluded that it is acting in a principal capacity for fractional shares held in customer brokerage accounts resulting from the dividend reinvestment program (“DRIP”) that the Company offers. The Company concluded that it should account for these shares as a secured borrowing with underlying financial assets pledged as collateral. The Company corrected its condensed consolidated statement of cash flows for the six months ended June 30, 2021 to reflect the changes in the condensed consolidated statement of financial condition related to this activity in the prior period. As a result, the Company corrected the condensed consolidated statement of cash flows to reflect an increase in the change in other assets line item and an offsetting increase in the change in other liabilities line item of $18.2 million for the six months ended June 30, 2021. This adjustment did not have an impact on earnings, earnings per share, or net cash provided by operating activities in the prior period. The Company has evaluated the impact of the error on previously issued condensed consolidated financial statements and determined, based on consideration of quantitative and qualitative factors, that the impact of the error is immaterial. Related Party Transactions In the ordinary course of business, the Company has related party transactions with beneficial owners of more than five percent of the Company’s outstanding common stock. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to LPL Financial Charitable Foundation Inc., a charitable organization that provides volunteer and financial support within the Company’s local communities. The Company recognized revenue for services provided to these related parties of $1.4 million and $1.5 million during the three months ended June 30, 2022 and 2021, respectively, and $3.0 million and $2.9 million during the six months ended June 30, 2022 and 2021, respectively. The Company incurred expense for the services provided by these related parties of $0.4 million during both the three months ended June 30, 2022 and 2021, and $2.3 million and $0.8 million during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022 and December 31, 2021, receivables from and payables to related parties were not material. Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the six months ended June 30, 2022 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Commitments and Contingencies (Legal) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Self Insurance Reserve	$ 73,700	$ 67,200
Self Insurance, Transfers and Adjustments	$ 11,700

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Service and Development Contracts The Company is party to certain long-term contracts for systems and services that enable back-office trade processing and clearing for its product and service offerings. Guarantees The Company occasionally enters into contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts. LPL Financial provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and could exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions. Loan Commitments From time to time, LPL Financial makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no significant unfunded loan commitments at June 30, 2022 or December 31, 2021. 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 condensed 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; or the potential opportunities for settlement and the status of any settlement discussions. 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. 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 actuarial assumptions and estimates. 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 June 30, 2022 and December 31, 2021, these self-insurance liabilities were $73.7 million and $67.2 million, respectively, and are included in Accounts payable and accrued liabilities in the condensed consolidated statements of financial condition. The increase in self-insurance liabilities during the six months ended June 30, 2022 was driven by $18.2 million of additional reserves for claims that had been incurred but not reported, which were partially offset by $11.7 million of payments made during the period. Self-insurance related charges are included in Other expense in the condensed consolidated statements of income. Other Commitments As of June 30, 2022, the Company had approximately $523.6 million of client margin loans that were collateralized with securities having a fair value of approximately $733.1 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $65.1 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of June 30, 2022, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $668.0 million of client collateral. Investment securities on the condensed consolidated statements of financial condition include $4.5 million and $4.6 million of trading securities pledged to the Options Clearing Corporation at June 30, 2022 and December 31, 2021, respectively, and $20.0 million and $15.0 million of trading securities pledged to the National Securities Clearing Corporation at June 30, 2022 and December 31, 2021, respectively.

Goodwill and Other Intangible Assets (Details Textures) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Total amortization expense of intangible assets		$ 21,168	$ 19,925	$ 42,364	$ 37,356
Goodwill		1,642,468		1,642,468		$ 1,642,443
Waddell & Reed Financial, Inc.
Business Acquisition [Line Items]
Weighted-Average Life Remaining (in years)	9 years
Payments to Acquire Businesses, Gross	$ 300,000
Goodwill		128,600		128,600
Finite-lived intangible assets acquired		$ 122,700		$ 122,700

Earnings per Share (Textuals) (Details) - shares	6 Months Ended
Earnings per Share (Textuals) (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	2,001	2,604

Net Capital and Regulatory Requirements (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Net Capital and Regulatory Requirements [Line Items]
Broker-Dealer, Net Capital	$ 156,900
Broker-Dealer, Excess Net Capital, Alternative Standard	141,500
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 15,400

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company			5.00%
Revenue from related party transactions	$ 1,400	$ 1,500	$ 3,000	$ 2,900
Related party transactions expenses	$ 400		$ 2,300	$ 800

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the condensed consolidated financial statements and related disclosures. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2021, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).
Recently Issued & Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the six months ended June 30, 2022 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Other Assert and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Other Assets And Other Liabilities [Abstract]

Schedule of other assets and other liabilities

The components of other assets and other liabilities were as follows (thousands):


	June 30, 2022		December 31, 2021
Other assets:
Deferred compensation	$	446,381	$	499,548
Prepaid assets	119,846		115,018
Fractional shares — investment(1)	102,834		114,574
Operating lease assets	97,656		95,075
Debt issuance costs, net	6,378		7,303
Deferred income taxes, net	5,953		5,648
Other	50,814		49,822
Total other assets	$	829,862	$	886,988

Other liabilities:
Deferred compensation	$	446,356	$	499,245
Unearned revenue(2)	166,862		160,926
Operating lease liabilities	131,986		130,304
Finance lease liabilities	105,777		106,067
Fractional shares — repurchase obligation(1)	102,834		114,574
Other	1,122		7,160
Total other liabilities	$	954,937	$	1,018,276

_______________________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program.

(2)See Note 3 - Revenue for further information.

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Assets, not measured at fair value
Cash and cash equivalents	$ 700,395	$ 495,246	$ 906,720
Cash segregated under federal and other regulations	863,500	1,496,463	741,432
Restricted cash	89,833	80,655	$ 78,648
Receivables from clients, net	695,405	578,889
Receivables from brokers, dealers and clearing organizations	71,555	102,503
Advisor loans, net	1,035,158	963,869
Other receivables, net	600,906	581,483
Investment securities - held-to-maturity securities	12,318	9,918
Other assets	829,862	886,988
Liabilities, not measured at fair value
Payables to clients	1,498,374	1,712,224
Payables to broker-dealers and clearing organizations	154,909	170,119
Corporate debt and other borrowings, net	2,720,747	2,814,044
Financial instruments not measured at fair value
Assets, not measured at fair value
Cash and cash equivalents	628,079	483,190
Cash segregated under federal and other regulations	863,500	1,496,463
Restricted cash	89,833	80,655
Receivables from clients, net	695,405	578,889
Receivables from brokers, dealers and clearing organizations	71,555	102,503
Advisor loans, net	231,249	191,242
Other receivables, net	600,906	581,483
Investment securities - held-to-maturity securities	12,318	9,918
Other assets	19,187	14,553
Liabilities, not measured at fair value
Payables to clients	1,498,374	1,712,224
Payables to broker-dealers and clearing organizations	154,909	170,119
Corporate debt and other borrowings, net	2,720,747	2,814,044
Financial instruments not measured at fair value \| Other Investments
Assets, not measured at fair value
Other assets	4,645	4,595
Financial instruments not measured at fair value \| Securities borrowed
Assets, not measured at fair value
Other assets	6,155	9,958
Financial instruments not measured at fair value \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	8,387
Financial instruments not measured at fair value \| Total Fair Value
Assets, not measured at fair value
Cash and cash equivalents	628,079	483,190
Cash segregated under federal and other regulations	863,500	1,496,463
Restricted cash	89,833	80,655
Receivables from clients, net	695,405	578,889
Receivables from brokers, dealers and clearing organizations	71,555	102,503
Advisor loans, net	199,898	176,864
Other receivables, net	600,906	581,483
Investment securities - held-to-maturity securities	12,059	9,915
Other assets	19,187	14,553
Liabilities, not measured at fair value
Payables to clients	1,498,374	1,712,224
Payables to broker-dealers and clearing organizations	154,909	170,119
Corporate debt and other borrowings, net	2,515,982	2,885,536
Financial instruments not measured at fair value \| Total Fair Value \| Other Investments
Assets, not measured at fair value
Other assets	4,645	4,595
Financial instruments not measured at fair value \| Total Fair Value \| Securities borrowed
Assets, not measured at fair value
Other assets	6,155	9,958
Financial instruments not measured at fair value \| Total Fair Value \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	8,387
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member]
Assets, not measured at fair value
Cash and cash equivalents	628,079	483,190
Cash segregated under federal and other regulations	863,500	1,496,463
Restricted cash	89,833	80,655
Receivables from clients, net	0	0
Receivables from brokers, dealers and clearing organizations	0	0
Advisor loans, net	0	0
Other receivables, net	0	0
Investment securities - held-to-maturity securities	0	0
Other assets	8,387	0
Liabilities, not measured at fair value
Payables to clients	0	0
Payables to broker-dealers and clearing organizations	0	0
Corporate debt and other borrowings, net	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member] \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	8,387
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member]
Assets, not measured at fair value
Cash and cash equivalents	0	0
Cash segregated under federal and other regulations	0	0
Restricted cash	0	0
Receivables from clients, net	695,405	578,889
Receivables from brokers, dealers and clearing organizations	71,555	102,503
Advisor loans, net	0	0
Other receivables, net	600,906	581,483
Investment securities - held-to-maturity securities	12,059	9,915
Other assets	10,800	14,553
Liabilities, not measured at fair value
Payables to clients	1,498,374	1,712,224
Payables to broker-dealers and clearing organizations	154,909	170,119
Corporate debt and other borrowings, net	2,515,982	2,885,536
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	4,645	4,595
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	6,155	9,958
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member]
Assets, not measured at fair value
Cash and cash equivalents	0	0
Cash segregated under federal and other regulations	0	0
Restricted cash	0	0
Receivables from clients, net	0	0
Receivables from brokers, dealers and clearing organizations	0	0
Advisor loans, net	199,898	176,864
Other receivables, net	0	0
Investment securities - held-to-maturity securities	0	0
Other assets	0	0
Liabilities, not measured at fair value
Payables to clients	0	0
Payables to broker-dealers and clearing organizations	0	0
Corporate debt and other borrowings, net	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	$ 0	$ 0

Organization and Description of the Company	6 Months Ended
Organization and Description of the Company	Jun. 30, 2022
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 personalized 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” or “Parent”), a Massachusetts holding corporation, is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding common stock of all of LPLFH’s indirect subsidiaries, including a captive insurance subsidiary (the “Captive Insurance Subsidiary”) that underwrites insurance for various legal and regulatory risks of the Company. •LPL Financial LLC (“LPL Financial”), with primary offices in San Diego, California; Fort Mill, South Carolina; Boston, Massachusetts; and Austin, Texas, is a clearing broker-dealer and an investment advisor 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 advisors (“RIAs”), banks and trust companies serving high-net-worth clients. •LPL Insurance Associates, Inc. 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 provides an advisor-facing trading and portfolio rebalancing platform. •PTC Holdings, Inc. (“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. 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 (“OCC”). •LPL Employee Services, LLC and its subsidiary, Allen & Company of Florida, LLC, provide primary support for the Company’s employee advisor affiliation model.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue - Reporting Category [Table Text Block]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Commission revenue
Annuities	$	311,263	$	305,100	$	610,997	$	585,876
Mutual funds	168,234		195,688		357,761		368,838
Fixed income	29,013		34,862		54,218		67,024
Equities	29,909		30,517		64,542		69,428
Other	34,957		32,066		71,383		64,296
Total commission revenue	$	573,376	$	598,233	$	1,158,901	$	1,155,462

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Commission revenue
Sales-based
Annuities	$	129,371	$	112,619	$	236,104	$	208,158
Mutual funds	39,522		50,250		87,067		97,529
Fixed income	29,013		34,862		54,218		67,024
Equities	29,909		30,517		64,542		69,428
Other	24,678		21,348		50,893		43,730
Total sales-based revenue	252,493		249,596		492,824		485,869
Trailing
Annuities	181,892		192,481		374,893		377,718
Mutual funds	128,712		145,438		270,694		271,309

Other	10,279		10,718		20,490		20,566
Total trailing revenue	320,883		348,637		666,077		669,593
Total commission revenue	$	573,376	$	598,233	$	1,158,901	$	1,155,462

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

The following table sets forth asset-based revenue disaggregated by product category (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Asset-based revenue
Client cash	$	154,700	$	90,377	$	239,416	$	187,481
Sponsorship programs	104,593		95,978		205,975		177,690
Recordkeeping	104,304		93,265		214,607		179,155
Total asset-based revenue	$	363,597	$	279,620	$	659,998	$	544,326

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Service and fee revenue
Point-in-time(1)	$	24,061	$	25,283	$	55,868	$	48,558
Over time(2)	88,741		74,190		169,746		147,739
Total service and fee revenue	$	112,802	$	99,473	$	225,614	$	196,297

_______________________________

(1)Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, confirmation fees and account fees.

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

Long-term and Other Borrowings (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term and Other Borrowings

The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands):


	June 30, 2022					December 31, 2021
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)	$	1,043,250	LIBOR+175 bps	2.81	%	$	1,048,600	LIBOR+175 bps	1.85	%	11/12/2026

2027 Senior Notes(1)	400,000		Fixed Rate	4.63	%	400,000		Fixed Rate	4.63	%	11/15/2027
2029 Senior Notes(1)	900,000		Fixed Rate	4.00	%	900,000		Fixed Rate	4.00	%	3/15/2029
2031 Senior Notes(1)	400,000		Fixed Rate	4.38	%	400,000		Fixed Rate	4.38	%	5/15/2031
Total Corporate Debt	2,743,250					2,748,600

Less: Unamortized Debt Issuance Cost	(22,503)					(24,556)
Corporate debt, net	$	2,720,747				$	2,724,044
Other Borrowings
Revolving Credit Facility(2)	—		LIBOR+125 bps	3.04	%	55,000		ABR+25 bps	3.50	%	3/15/2026
Unsecured, Uncommitted Lines of Credit	—		Broker Base Rate+75 bps	1.00	%	35,000		Broker Base Rate+75 bps	1.00	%	9/30/2022
Total other borrowings	$	—				$	90,000
Corporate Debt and Other Borrowings, Net	$	2,720,747				$	2,814,044

_______________________________

(1)No leverage or interest coverage maintenance covenants.

(2)Borrowings 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 (PRIME rate), depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement).

The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2022 (in millions):


Description	Borrower	Maturity Date	Outstanding		Available
Senior secured, revolving credit facility	LPL Holdings, Inc.	March 2026	$	—	$	1,000
Broker-dealer revolving credit facility(1)	LPL Financial LLC	July 2024	$	—	$	300

Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2022	$	—	$	75
Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2022	$	—	$	50
Unsecured, uncommitted lines of credit	LPL Financial LLC	None	$	—	$	75
Secured, uncommitted lines of credit	LPL Financial LLC	None	$	—	unspecified
Secured, uncommitted lines of credit	LPL Financial LLC	None	$	—	unspecified

_________________________

(1)On August 4, 2022, LPL Financial LLC entered into a committed senior unsecured revolving credit facility that matures on August 3, 2023 and allows for a maximum borrowing of $1.0 billion. This credit facility replaced the $300.0 million committed senior unsecured revolving credit facility that was scheduled to mature on July 31, 2024.

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

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-Name Accounting Standards Codification
-Topic 505
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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+ Details

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	6 Months Ended
	Jun. 30, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%
Number of States in which Entity Operates	50

Revenue - Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Commission	$ 573,376	$ 598,233	$ 1,158,901	$ 1,155,462
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	252,493	249,596	492,824	485,869
Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	320,883	348,637	666,077	669,593
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	311,263	305,100	610,997	585,876
Annuities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	129,371	112,619	236,104	208,158
Annuities [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	181,892	192,481	374,893	377,718
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	168,234	195,688	357,761	368,838
Mutual Funds [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	39,522	50,250	87,067	97,529
Mutual Funds [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	128,712	145,438	270,694	271,309
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	29,013	34,862	54,218	67,024
Fixed Income [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	29,013	34,862	54,218	67,024
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	29,909	30,517	64,542	69,428
Equities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	29,909	30,517	64,542	69,428
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	34,957	32,066	71,383	64,296
Other [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	24,678	21,348	50,893	43,730
Other [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 10,279	$ 10,718	$ 20,490	$ 20,566

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 (in thousands):


June 30, 2022	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	72,316	$	—	$	—	$	72,316
Investment securities — trading:
U.S. treasury obligations	24,493		—		—		24,493
Mutual funds	9,820		—		—		9,820
Equity securities	876		—		—		876
Money market funds	126		—		—		126
Other	50		12		—		62
Total investment securities — trading	35,365		12		—		35,377
Other assets:
Deferred compensation plan	437,994		—		—		437,994
Other investments	—		8,458		—		8,458
Fractional shares — investment(1)	102,834		—		—		102,834
Total other assets:	540,828		8,458		—		549,286
Total assets at fair value	$	648,509	$	8,470	$	—	$	656,979
Liabilities
Accounts payable and accrued liabilities	$	—	$	—	$	3,690	$	3,690
Other liabilities:
Securities sold, but not yet purchased:
Mutual funds	541		—		—		541
Equity securities	208		—		—		208
Debt securities	—		62		—		62



Total securities sold, but not yet purchased	749		62		—		811
Fractional shares — repurchase obligation(1)	102,834		—		—		102,834
Total other liabilities	103,583		62		—		103,645
Total liabilities at fair value	$	103,583	$	62	$	3,690	$	107,335

____________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program.

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


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	12,056	$	—	$	—	$	12,056
Investment securities - trading:
U.S. treasury obligations	19,599		—		—		19,599
Mutual funds	19,112		—		—		19,112
Equity securities	440		—		—		440
Money market funds	123		—		—		123
Total investment securities — trading	39,274		—		—		39,274
Other assets:
Deferred compensation plan	499,548		—		—		499,548
Other investments	—		9,166		—		9,166
Fractional shares - investment(1)	114,574		—		—		114,574
Total other assets	614,122		9,166		—		623,288
Total assets at fair value	$	665,452	$	9,166	$	—	$	674,618
Liabilities
Accounts payable and accrued liabilities	$	—	$	—	$	3,530	$	3,530
Other liabilities:
Securities sold, but not yet purchased:

Equity securities	467		—		—		467
Debt securities	—		105		—		105



Total securities sold, but not yet purchased	467		105		—		572
Fractional shares - repurchase obligation(1)	114,574		—		—		114,574
Total other liabilities	115,041		105		—		115,146
Total liabilities at fair value	$	115,041	$	105	$	3,530	$	118,676

____________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program.

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands):


June 30, 2022	Carrying Value			Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	628,079		$	628,079	$	—	$	—	$	628,079
Cash segregated under federal or other regulations	863,500			863,500		—		—		863,500
Restricted cash	89,833			89,833		—		—		89,833
Receivables from clients, net	695,405			—		695,405		—		695,405
Receivables from brokers, dealers and clearing organizations	71,555			—		71,555		—		71,555
Advisor repayable loans, net(1)	231,249			—		—		199,898		199,898
Other receivables, net	600,906			—		600,906		—		600,906
Investment securities — held-to-maturity securities	12,318			—		12,059		—		12,059
Other assets:
Securities borrowed	6,155			—		6,155		—		6,155
Deferred compensation plan(2)	8,387			8,387		—		—		8,387
Other investments(3)	4,645			—		4,645		—		4,645
Total other assets	19,187			8,387		10,800		—		19,187
Liabilities
Client payables	$	1,498,374		$	—	$	1,498,374	$	—	$	1,498,374
Payables to brokers, dealers and clearing organizations	154,909			—		154,909		—		154,909
Corporate debt and other borrowings, net	2,720,747		2,720,747	—		2,515,982		—		2,515,982


December 31, 2021	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	483,190	$	483,190	$	—	$	—	$	483,190
Cash segregated under federal or other regulations	1,496,463		1,496,463		—		—		1,496,463
Restricted cash	80,655		80,655		—		—		80,655
Receivables from clients, net	578,889		—		578,889		—		578,889
Receivables from brokers, dealers and clearing organizations	102,503		—		102,503		—		102,503
Advisor repayable loans, net(1)	191,242		—		—		176,864		176,864
Other receivables, net	581,483		—		581,483		—		581,483
Investment securities - held-to-maturity securities	9,918		—		9,915		—		9,915
Other assets:
Securities borrowed	9,958		—		9,958		—		9,958
Other investments(3)	4,595		—		4,595		—		4,595
Total other assets	14,553		—		14,553		—		14,553
Liabilities
Client payables	$	1,712,224	$	—	$	1,712,224	$	—	$	1,712,224
Payables to brokers, dealers and clearing organizations	170,119		—		170,119		—		170,119
Corporate debt and other borrowings, net	2,814,044		—		2,885,536		—		2,885,536

____________________

(1)Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination.

(2)Includes cash balances awaiting investment or distribution to plan participants.

(3)Other investments include Depository Trust Company common shares and Federal Reserve stock.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Company’s Board of Directors declared a cash dividend of $0.25 per share on the Company’s outstanding common stock to be paid on August 31, 2022 to all stockholders of record on August 17, 2022.

Acquisitions (Details) - USD ($) $ in Thousands		6 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 19,913	$ 243,007
Goodwill		1,642,468		$ 1,642,443
Waddell & Reed Financial, Inc.
Business Acquisition [Line Items]
Goodwill		128,600
Finite-lived intangible assets acquired		122,700
Payments to Acquire Businesses, Gross	$ 300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents		$ 62,300

Revenue - Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Service and fee	$ 112,802	$ 99,473	$ 225,614	$ 196,297
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	24,061	25,283	55,868	48,558
Over time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	$ 88,741	$ 74,190	$ 169,746	$ 147,739

Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Gross Carrying Value	$ 1,127,301	$ 1,106,480
Accumulated Amortization	(733,635)	691,271
Net Carrying Value	393,666	415,209
Indefinite-lived Intangible Assets
Total intangible assets	433,485	455,028
Trademarks and Trade Names [Member]
Indefinite-lived Intangible Assets
Net Carrying Value	$ 39,819	$ 39,819
Advisor And Financial Institution Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	5 years 6 months	5 years 10 months 24 days
Gross Carrying Value	$ 806,372	$ 806,531
Accumulated Amortization	(509,294)	476,000
Net Carrying Value	$ 297,078	$ 330,531
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	3 years 8 months 12 days	4 years 1 month 6 days
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(191,210)	185,255
Net Carrying Value	$ 42,876	$ 48,831
Client Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	7 years 10 months 24 days	7 years 2 months 12 days
Gross Carrying Value	$ 66,603	$ 45,623
Accumulated Amortization	(25,306)	23,379
Net Carrying Value	$ 41,297	$ 22,244
Technology [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	5 years 10 months 24 days	6 years 4 months 24 days
Gross Carrying Value	$ 19,040	$ 19,040
Accumulated Amortization	(6,625)	5,477
Net Carrying Value	$ 12,415	$ 13,563
Trade Names [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	0 years	3 months 18 days
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(1,200)	1,160
Net Carrying Value	$ 0	$ 40

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	160,545	$	119,101	$	294,289	$	248,721

Basic weighted-average number of shares outstanding	79,947		80,063		79,961		79,880
Dilutive common share equivalents	1,463		1,665		1,532		1,728
Diluted weighted-average number of shares outstanding	81,410		81,728		81,493		81,608

Basic earnings per share	$	2.01	$	1.49	$	3.68	$	3.11
Diluted earnings per share	$	1.97	$	1.46	$	3.61	$	3.05

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 12,318	$ 9,918
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	5,545
U.S. government notes - at amortized cost, After one but within five years	6,773
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	12,318
U.S. government notes - at fair value, Within one year	5,483
U.S. government notes - at fair value, After one but within five years	6,576
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	12,059
US Government Agencies Debt Securities
Maturities of securities held-to-maturity
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10	0
U.S. government notes - at amortized cost, Total	12,318	$ 9,918
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	$ 0

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends, Common Stock [Abstract]
Cash dividends on common stock	$ 19,982	$ 20,000	$ 20,031	$ 20,000	$ 39,995	$ 40,011

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 294,289	$ 248,721
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93,907	72,203
Amortization of intangible assets	42,364	37,356
Amortization of debt issuance costs	2,977	2,750
Share-based compensation	27,661	23,717
Provision for bad debts	7,840	3,357
Deferred income taxes	(305)	(252)
Loss on extinguishment of debt	0	24,400
Loan forgiveness	88,069	62,920
Other	875	(4,341)
Changes in operating assets and liabilities:
Receivables from clients	(116,476)	(126,839)
Receivables from product sponsors, broker-dealers and clearing organizations	30,948	(17,166)
Advisor loans, net	(161,539)	(301,272)
Receivables from others	(20,325)	(82,414)
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	3,164	147
Operating leases	(899)	(979)
Other assets	(50,318)	(49,887)
Payables to clients	(213,850)	(50,894)
Payables to broker-dealers and clearing organizations	(15,210)	19,346
Accrued advisory and commission expenses payable	(22,688)	22,500
Accounts payable and accrued liabilities	71,813	(49,158)
Increase (Decrease) in Other Operating Liabilities	(64,733)	107,051
Net cash used in operating activities	(2,436)	(58,734)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(149,805)	(84,976)
Acquisitions, net of cash acquired	(19,913)	(243,007)
Purchase of securities classified as held-to-maturity	(4,919)	0
Proceeds from maturity of securities classified as held-to-maturity	2,500	2,500
Net cash used in investing activities	(172,137)	(325,483)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	465,000	695,000
Repayments of revolving credit facilities	(555,000)	(695,000)
Repayment of senior unsecured notes	0	(900,000)
Repayment of senior secured term loans	(5,350)	(5,350)
Proceeds from senior unsecured notes	0	1,300,000
Payments of debt issuance costs	0	(15,929)
Make-whole premium on redemption of senior unsecured notes	0	(25,875)
Payment of contingent consideration	0	(7,298)
Tax payments related to settlement of restricted stock units	(23,359)	(17,483)
Repurchase of common stock	(100,011)	0
Dividends on common stock	(39,995)	(40,011)
Proceeds from stock option exercises and other	14,942	25,114
Principal payment of finance leases and obligations	(290)	(1,185)
Net cash (used in) provided by financing activities	(244,063)	311,983
NET DECREASE IN CASH AND EQUIVALENTS, CASH SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	(418,636)	(72,234)
CASH AND EQUIVALENTS, CASH SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period	2,072,364	1,799,034
CASH AND EQUIVALENTS, CASH SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period	1,653,728	1,726,800
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	53,936	51,611
Income taxes paid	92,727	100,594
Cash paid for amounts included in the measurement of operating lease liabilities	12,052	10,910
Cash paid for amounts included in the measurement of finance lease liabilities	4,477	5,309
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	31,969	16,013
Lease asset obtained in exchange for operating lease liabilities	$ 7,837	$ 0

Long-term and Other Borrowings (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions	Jun. 30, 2022 USD ($)
Revolving Credit Facility [Member] \| Senior Secured, Revolving Credit Facility Due March 2026
Line of Credit Facility [Line Items]
Outstanding	$ 0
Available	1,000
Revolving Credit Facility [Member] \| Broker-Dealer, Revolving Credit Facility Due July 2024
Line of Credit Facility [Line Items]
Outstanding	0
Available	300
Secured Debt [Member] \| Secured, Uncommitted Lines of Credit, No Maturity, One
Line of Credit Facility [Line Items]
Outstanding	0
Secured Debt [Member] \| Secured, Uncommitted Lines of Credit, No Maturity, Two
Line of Credit Facility [Line Items]
Outstanding	0
Unsecured Debt [Member] \| Unsecured, Uncommitted Lines of Credit Due September 2021, One
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Unsecured Debt [Member] \| Unsecured, Uncommitted Lines of Credit Due September 2021, Two
Line of Credit Facility [Line Items]
Outstanding	0
Available	50
Unsecured Debt [Member] \| Unsecured, Uncommitted Lines of Credit, No Maturity
Line of Credit Facility [Line Items]
Outstanding	0
Available	$ 75

Net Capital and Regulatory Requirements	6 Months Ended
Net Capital and Regulatory Requirements	Jun. 30, 2022
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 Uniform 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 June 30, 2022, had net capital of $156.9 million, which was $141.5 million in excess of its minimum net capital requirement of $15.4 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 June 30, 2022 and December 31, 2021, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Share-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stockholders' Equity

SHARE-BASED COMPENSATION

In May 2021, the Company adopted the 2021 Omnibus Equity Incentive Plan (the “2021 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 to the Company’s employees, non-employee directors and other service providers. The 2021 Plan serves as the successor to the Company’s 2010 Omnibus Equity Incentive Plan (the “2010 Plan”). Following the adoption of the 2021 Plan, the Company is no longer making grants under the 2010 Plan, and the 2021 Plan is the only plan under which equity awards are granted. However, awards previously granted under the 2010 Plan will remain outstanding until vested, exercised or forfeited, as applicable.

There were 17,754,197 shares authorized for grant under the 2021 Plan and 13,777,931 shares remaining available for future issuance at June 30, 2022.

Stock Options and Warrants

The following table summarizes the Company’s stock option and warrant activity as of and for the six months ended June 30, 2022:


	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2021	1,204,420	$	45.65
Granted	—	$	—
Exercised	(295,318)	$	34.60
Forfeited and Expired	(1,433)	$	77.53
Outstanding — June 30, 2022	907,669	$	49.20	4.49	$	122,792
Exercisable — June 30, 2022	907,669	$	49.20	4.49	$	122,792
Exercisable and expected to vest — June 30, 2022	907,669	$	49.20	4.49	$	122,792

The following table summarizes information about outstanding stock options and warrants as of June 30, 2022:


	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	148,450	$	19.85	3.64	148,450	$	19.85
$25.01 - $35.00	93,510	$	29.09	0.49	93,510	$	29.09
$35.01 - $45.00	221,804	$	39.48	4.70	221,804	$	39.48
$45.01 - $65.00	76,442	$	48.95	2.31	76,442	$	48.95
$65.01 - $75.00	166,223	$	65.50	5.65	166,223	$	65.50
$75.01 - $80.00	201,240	$	77.53	6.62	201,240	$	77.53
	907,669	$	49.20	4.49	907,669	$	49.20

The Company has not granted stock options or warrants since 2019. The Company recognized no share-based compensation related to the vesting of stock options during the three months ended June 30, 2022, $0.7 million during the three months ended June 30, 2021, and $0.2 million and $1.5 million during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, there was no unrecognized compensation cost related to non-vested stock options as the remaining share-based compensation expense was recognized during the three months ended March 31, 2022.

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, as of and for the six months ended June 30, 2022:


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Units		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2021	1,051	$	156.54	915,907		$	111.10
Granted	1,864	$	173.78	357,658		$	187.16
Vested	(2,101)	$	165.16	(311,334)		$	104.31
Forfeited	—	$	—	(45,080)		$	141.01
Outstanding — June 30, 2022	814	$	173.78	917,151	(1)	$	141.59
Expected to vest — June 30, 2022	814	$	173.78	783,476		$	147.46

_______________________________

(1) Includes 82,080 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 $12.8 million and $9.9 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the three months ended June 30, 2022 and 2021, respectively, and $24.7 million and $20.1 million during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, total unrecognized compensation cost for restricted stock awards and stock units was $83.0 million, which is expected to be recognized over a weighted-average remaining period of 2.22 years.

The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $0.6 million related to the vesting of these awards during both the three months ended June 30, 2022 and 2021 and $1.2 million during both the six months ended June 30, 2022 and 2021. As of June 30, 2022, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $3.5 million, which is expected to be recognized over a weighted-average remaining period of 1.83 years.

Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other assets:
Deferred compensation	$ 446,381	$ 499,548
Fractional shares - investment	102,834	114,574
Prepaid assets	119,846	115,018
Operating lease assets	97,656	95,075
Debt issuance costs, net	6,378	7,303
Deferred Income Tax Assets, Net	5,953	5,648
Other	50,814	49,822
Total other assets	$ 829,862	$ 886,988
Operating lease assets [Extensible List]	Total other assets	Total other assets
Other liabilities:
Deferred compensation	$ 446,356	$ 499,245
Unearned revenue	166,862	160,926
Operating lease liabilities	131,986	130,304
Fractional shares - repurchase obligation	102,834	114,574
Finance lease liabilities	105,777	106,067
Other	1,122	7,160
Total other liabilities	$ 954,937	$ 1,018,276
Operating lease liabilities [Extensible List]	Total other liabilities	Total other liabilities
Finance lease liabilities [Extensible List]	Total other liabilities	Total other liabilities

Long-term and Other Borrowings (Long-Term Borrowings Outstanding) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	May 18, 2021	Mar. 15, 2021
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 2,743,250	$ 2,748,600
Less Unamortized Debt Issuance Cost	(22,503)	(24,556)
Long-Term Senior Debt, Net	2,720,747	2,724,044
Long-term Debt	2,720,747	2,814,044
Other Long-term Debt	0	90,000
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 1,043,250	$ 1,048,600
Variable Interest Rate (as percent)	2.81%	1.85%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)		1.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000
Fixed Interest Rate (as percent)	4.63%	4.63%
Unsecured Debt [Member] \| Senior Notes Due 2029
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 900,000	$ 900,000
Fixed Interest Rate (as percent)	4.00%	4.00%		4.00%
Unsecured Debt [Member] \| Senior Notes Due 2031
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000
Fixed Interest Rate (as percent)	4.38%	4.38%	4.375%
Line of Credit
Borrowings [Line Items]
Other Long-term Debt		$ 55,000
Revolving Credit Facility [Member] \| Line of Credit
Borrowings [Line Items]
Applicable interest rate margin (as percent)	1.25%	0.25%
Variable Interest Rate (as percent)	3.04%	3.50%
Other Long-term Debt	$ 0
Unsecured Debt [Member] \| Line of Credit
Borrowings [Line Items]
Applicable interest rate margin (as percent)	0.75%	0.75%
Variable Interest Rate (as percent)	1.00%	1.00%
Other Long-term Debt	$ 0	$ 35,000

Long-term and Other Borrowings - Revolving Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Mar. 15, 2021	Jul. 31, 2019
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 1,000.0	$ 300.0
Minimum [Member] \| Eurodollar Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Minimum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Minimum [Member] \| Federal Funds Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.125%
Maximum [Member] \| Eurodollar Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.375%
Maximum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 700,395	$ 495,246	$ 906,720
Cash segregated under federal and other regulations	863,500	1,496,463	741,432
Restricted cash	89,833	80,655	78,648
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 1,653,728	$ 2,072,364	$ 1,726,800	$ 1,799,034

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 or 2021.

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 June 30, 2022 and December 31, 2021, 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.

Trading Securities 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.

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 negotiable 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 June 30, 2022 and December 31, 2021, 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.

Fractional Shares — The Company’s investment in fractional shares held by customers is reflected in other assets while the related purchase obligation for such shares is reflected in other liabilities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its investment in fractional shares held by customers and the related repurchase obligation. 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. At June 30, 2022 and December 31, 2021, the Company did not adjust prices received from the independent third-party pricing services.

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 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.

Recurring Fair Value Measurements

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


June 30, 2022	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	72,316	$	—	$	—	$	72,316
Investment securities — trading:
U.S. treasury obligations	24,493		—		—		24,493
Mutual funds	9,820		—		—		9,820
Equity securities	876		—		—		876
Money market funds	126		—		—		126
Other	50		12		—		62
Total investment securities — trading	35,365		12		—		35,377
Other assets:
Deferred compensation plan	437,994		—		—		437,994
Other investments	—		8,458		—		8,458
Fractional shares — investment(1)	102,834		—		—		102,834
Total other assets:	540,828		8,458		—		549,286
Total assets at fair value	$	648,509	$	8,470	$	—	$	656,979
Liabilities
Accounts payable and accrued liabilities	$	—	$	—	$	3,690	$	3,690
Other liabilities:
Securities sold, but not yet purchased:
Mutual funds	541		—		—		541
Equity securities	208		—		—		208
Debt securities	—		62		—		62



Total securities sold, but not yet purchased	749		62		—		811
Fractional shares — repurchase obligation(1)	102,834		—		—		102,834
Total other liabilities	103,583		62		—		103,645
Total liabilities at fair value	$	103,583	$	62	$	3,690	$	107,335

____________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program.

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


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	12,056	$	—	$	—	$	12,056
Investment securities - trading:
U.S. treasury obligations	19,599		—		—		19,599
Mutual funds	19,112		—		—		19,112
Equity securities	440		—		—		440
Money market funds	123		—		—		123
Total investment securities — trading	39,274		—		—		39,274
Other assets:
Deferred compensation plan	499,548		—		—		499,548
Other investments	—		9,166		—		9,166
Fractional shares - investment(1)	114,574		—		—		114,574
Total other assets	614,122		9,166		—		623,288
Total assets at fair value	$	665,452	$	9,166	$	—	$	674,618
Liabilities
Accounts payable and accrued liabilities	$	—	$	—	$	3,530	$	3,530
Other liabilities:
Securities sold, but not yet purchased:

Equity securities	467		—		—		467
Debt securities	—		105		—		105



Total securities sold, but not yet purchased	467		105		—		572
Fractional shares - repurchase obligation(1)	114,574		—		—		114,574
Total other liabilities	115,041		105		—		115,146
Total liabilities at fair value	$	115,041	$	105	$	3,530	$	118,676

____________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program.

Fair Value of Financial Instruments Not Measured at Fair Value

The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands):


June 30, 2022	Carrying Value			Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	628,079		$	628,079	$	—	$	—	$	628,079
Cash segregated under federal or other regulations	863,500			863,500		—		—		863,500
Restricted cash	89,833			89,833		—		—		89,833
Receivables from clients, net	695,405			—		695,405		—		695,405
Receivables from brokers, dealers and clearing organizations	71,555			—		71,555		—		71,555
Advisor repayable loans, net(1)	231,249			—		—		199,898		199,898
Other receivables, net	600,906			—		600,906		—		600,906
Investment securities — held-to-maturity securities	12,318			—		12,059		—		12,059
Other assets:
Securities borrowed	6,155			—		6,155		—		6,155
Deferred compensation plan(2)	8,387			8,387		—		—		8,387
Other investments(3)	4,645			—		4,645		—		4,645
Total other assets	19,187			8,387		10,800		—		19,187
Liabilities
Client payables	$	1,498,374		$	—	$	1,498,374	$	—	$	1,498,374
Payables to brokers, dealers and clearing organizations	154,909			—		154,909		—		154,909
Corporate debt and other borrowings, net	2,720,747		2,720,747	—		2,515,982		—		2,515,982


December 31, 2021	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	483,190	$	483,190	$	—	$	—	$	483,190
Cash segregated under federal or other regulations	1,496,463		1,496,463		—		—		1,496,463
Restricted cash	80,655		80,655		—		—		80,655
Receivables from clients, net	578,889		—		578,889		—		578,889
Receivables from brokers, dealers and clearing organizations	102,503		—		102,503		—		102,503
Advisor repayable loans, net(1)	191,242		—		—		176,864		176,864
Other receivables, net	581,483		—		581,483		—		581,483
Investment securities - held-to-maturity securities	9,918		—		9,915		—		9,915
Other assets:
Securities borrowed	9,958		—		9,958		—		9,958
Other investments(3)	4,595		—		4,595		—		4,595
Total other assets	14,553		—		14,553		—		14,553
Liabilities
Client payables	$	1,712,224	$	—	$	1,712,224	$	—	$	1,712,224
Payables to brokers, dealers and clearing organizations	170,119		—		170,119		—		170,119
Corporate debt and other borrowings, net	2,814,044		—		2,885,536		—		2,885,536

____________________

(1)Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination.

(2)Includes cash balances awaiting investment or distribution to plan participants.

(3)Other investments include Depository Trust Company common shares and Federal Reserve stock.

- 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

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

REVENUE

Commission

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Commission revenue
Annuities	$	311,263	$	305,100	$	610,997	$	585,876
Mutual funds	168,234		195,688		357,761		368,838
Fixed income	29,013		34,862		54,218		67,024
Equities	29,909		30,517		64,542		69,428
Other	34,957		32,066		71,383		64,296
Total commission revenue	$	573,376	$	598,233	$	1,158,901	$	1,155,462

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Commission revenue
Sales-based
Annuities	$	129,371	$	112,619	$	236,104	$	208,158
Mutual funds	39,522		50,250		87,067		97,529
Fixed income	29,013		34,862		54,218		67,024
Equities	29,909		30,517		64,542		69,428
Other	24,678		21,348		50,893		43,730
Total sales-based revenue	252,493		249,596		492,824		485,869
Trailing
Annuities	181,892		192,481		374,893		377,718
Mutual funds	128,712		145,438		270,694		271,309

Other	10,279		10,718		20,490		20,566
Total trailing revenue	320,883		348,637		666,077		669,593
Total commission revenue	$	573,376	$	598,233	$	1,158,901	$	1,155,462

Asset-Based

The following table sets forth asset-based revenue disaggregated by product category (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Asset-based revenue
Client cash	$	154,700	$	90,377	$	239,416	$	187,481
Sponsorship programs	104,593		95,978		205,975		177,690
Recordkeeping	104,304		93,265		214,607		179,155
Total asset-based revenue	$	363,597	$	279,620	$	659,998	$	544,326

Service and Fee

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Service and fee revenue
Point-in-time(1)	$	24,061	$	25,283	$	55,868	$	48,558
Over time(2)	88,741		74,190		169,746		147,739
Total service and fee revenue	$	112,802	$	99,473	$	225,614	$	196,297

_______________________________

(1)Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, confirmation fees and account fees.

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

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 six months ended June 30, 2022 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $158.5 million of revenue recognized that was included in the unearned revenue balance as of December 31, 2021.

The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-term and Other Borrowings - Line of Credit (Bank Loans Payable Textuals) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Total number of uncommitted lines of credit	5
Number of uncommitted lines of credit with an unspecified limit	2
Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 200.0

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS’ EQUITY

Dividends

The payment, timing, and amount of any dividends are subject to approval by the Company’s Board of Directors as well as certain limits under the Credit Agreement and the indentures governing the Company’s senior unsecured notes (the “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):


	2022				2021
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	20.0	$	0.25	$	20.0
Second quarter	$	0.25	$	20.0	$	0.25	$	20.0

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 condensed consolidated statements of financial condition.

The Company resumed share repurchases in the third quarter of 2021, and during the six months ended June 30, 2022 repurchased 564,522 shares of common stock at a weighted-average price of $177.16 for a total of $100.0 million. As of June 30, 2022, the Company had $159.8 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock units vested and undistributed	82,080
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	1,051
Number of Shares, Granted	1,864
Number of Shares, Vested	(2,101)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	814
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 156.54
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	173.78
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	165.16
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 173.78
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	814
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 173.78
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	915,907
Number of Shares, Granted	357,658
Number of Shares, Vested	(311,334)
Number of Shares, Forfeited	(45,080)
Number of Shares, Ending Balance	917,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 111.10
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	187.16
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	104.31
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	141.01
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 141.59
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	783,476
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 147.46

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity as of and for the six months ended June 30, 2022:


	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2021	1,204,420	$	45.65
Granted	—	$	—
Exercised	(295,318)	$	34.60
Forfeited and Expired	(1,433)	$	77.53
Outstanding — June 30, 2022	907,669	$	49.20	4.49	$	122,792
Exercisable — June 30, 2022	907,669	$	49.20	4.49	$	122,792
Exercisable and expected to vest — June 30, 2022	907,669	$	49.20	4.49	$	122,792

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants as of June 30, 2022:


	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	148,450	$	19.85	3.64	148,450	$	19.85
$25.01 - $35.00	93,510	$	29.09	0.49	93,510	$	29.09
$35.01 - $45.00	221,804	$	39.48	4.70	221,804	$	39.48
$45.01 - $65.00	76,442	$	48.95	2.31	76,442	$	48.95
$65.01 - $75.00	166,223	$	65.50	5.65	166,223	$	65.50
$75.01 - $80.00	201,240	$	77.53	6.62	201,240	$	77.53
	907,669	$	49.20	4.49	907,669	$	49.20

Summary of restricted stock awards and restricted stock units activity


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Units		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2021	1,051	$	156.54	915,907		$	111.10
Granted	1,864	$	173.78	357,658		$	187.16
Vested	(2,101)	$	165.16	(311,334)		$	104.31
Forfeited	—	$	—	(45,080)		$	141.01
Outstanding — June 30, 2022	814	$	173.78	917,151	(1)	$	141.59
Expected to vest — June 30, 2022	814	$	173.78	783,476		$	147.46

_______________________________

(1) Includes 82,080 vested and undistributed deferred stock units.

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,642,443
Goodwill, ending balance	$ 1,642,468

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Dividends Declared [Table Text Block]

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


	2022				2021
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	20.0	$	0.25	$	20.0
Second quarter	$	0.25	$	20.0	$	0.25	$	20.0

Investment Securities - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Trading securities - at fair value:
Securities owned — trading	$ 35,377	$ 39,274
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	12,318	9,918
Short-term Investments	47,695	49,192
Money Market Funds [Member]
Trading securities - at fair value:
Securities owned — trading	126	123
Mutual funds
Trading securities - at fair value:
Securities owned — trading	9,820	19,112
Equity Securities [Member]
Trading securities - at fair value:
Securities owned — trading	876	440
U.S. treasury obligations [Member]
Trading securities - at fair value:
Securities owned — trading	24,493	19,599
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	12,318
US Government Agencies Debt Securities
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	12,318	9,918
Other Security Investments
Trading securities - at fair value:
Securities owned — trading	$ 62	$ 0

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2020	$ 1,314,854	$ 127	$ 1,762,770	$ (2,391,062)	$ 1,943,019
BEGINNING BALANCE, shares at Dec. 31, 2020		127,586,000		48,115,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on common stock	(20,000)
ENDING BALANCE at Mar. 31, 2021	1,434,321	$ 128	1,787,095	$ (2,406,221)	2,053,319
ENDING BALANCE, shares at Mar. 31, 2021		128,137,000		48,211,000
BEGINNING BALANCE at Dec. 31, 2020	1,314,854	$ 127	1,762,770	$ (2,391,062)	1,943,019
BEGINNING BALANCE, shares at Dec. 31, 2020		127,586,000		48,115,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	248,721				248,721
Issuance of common stock to settle restricted stock units	(17,483)			$ (17,483)
Issuance of common stock to settle restricted stock units, net, shares		363,000		130,000
Cash dividends on common stock	(40,011)				(40,011)
Stock option exercises and other	25,114	$ 1	21,648	$ 1,510	1,955
Stock option exercises and other, shares		482,000		(42,000)
Share-based compensation	23,717		23,717
ENDING BALANCE at Jun. 30, 2021	1,554,912	$ 128	1,808,135	$ (2,407,035)	2,153,684
ENDING BALANCE, shares at Jun. 30, 2021		128,431,000		48,203,000
BEGINNING BALANCE at Mar. 31, 2021	1,434,321	$ 128	1,787,095	$ (2,406,221)	2,053,319
BEGINNING BALANCE, shares at Mar. 31, 2021		128,137,000		48,211,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	119,101				119,101
Issuance of common stock to settle restricted stock units	(1,453)			$ (1,453)
Issuance of common stock to settle restricted stock units, net, shares		67,000		10,000
Cash dividends on common stock	(20,031)				(20,031)
Stock option exercises and other	11,233	$ 0	9,299	$ 639	1,295
Stock option exercises and other, shares		227,000		(18,000)
Share-based compensation	11,741		11,741
ENDING BALANCE at Jun. 30, 2021	1,554,912	$ 128	1,808,135	$ (2,407,035)	2,153,684
ENDING BALANCE, shares at Jun. 30, 2021		128,431,000		48,203,000
BEGINNING BALANCE at Dec. 31, 2021	1,670,533	$ 129	1,841,402	$ (2,498,600)	2,327,602
BEGINNING BALANCE, shares at Dec. 31, 2021		128,758,000		48,768,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on common stock	(20,000)
ENDING BALANCE at Mar. 31, 2022	1,735,006	$ 129	1,861,019	$ (2,569,035)	2,442,893
ENDING BALANCE, shares at Mar. 31, 2022		129,221,000		49,160,000
BEGINNING BALANCE at Dec. 31, 2021	1,670,533	$ 129	1,841,402	$ (2,498,600)	2,327,602
BEGINNING BALANCE, shares at Dec. 31, 2021		128,758,000		48,768,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	294,289				294,289
Issuance of common stock to settle restricted stock units	(23,359)			$ (23,359)
Issuance of common stock to settle restricted stock units, net, shares		311,000		128,000
Treasury stock purchases	$ (100,011)			$ (100,011)
Treasury stock purchases, shares	564,522			564,000
Cash dividends on common stock	$ (39,995)				(39,995)
Stock option exercises and other	14,942	$ 0	10,249	$ 1,172	3,521
Stock option exercises and other, shares		297,000		(32,000)
Share-based compensation	27,661		27,661
ENDING BALANCE at Jun. 30, 2022	1,844,060	$ 129	1,879,312	$ (2,620,798)	2,585,417
ENDING BALANCE, shares at Jun. 30, 2022		129,366,000		49,428,000
BEGINNING BALANCE at Mar. 31, 2022	1,735,006	$ 129	1,861,019	$ (2,569,035)	2,442,893
BEGINNING BALANCE, shares at Mar. 31, 2022		129,221,000		49,160,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	160,545				160,545
Issuance of common stock to settle restricted stock units	(2,397)			$ (2,397)
Issuance of common stock to settle restricted stock units, net, shares		32,000		13,000
Treasury stock purchases	(50,005)			$ (50,005)
Treasury stock purchases, shares				272,000
Cash dividends on common stock	(19,982)				(19,982)
Stock option exercises and other	6,575	$ 0	3,975	$ 639	1,961
Stock option exercises and other, shares		113,000		(17,000)
Share-based compensation	14,318		14,318
ENDING BALANCE at Jun. 30, 2022	$ 1,844,060	$ 129	$ 1,879,312	$ (2,620,798)	$ 2,585,417
ENDING BALANCE, shares at Jun. 30, 2022		129,366,000		49,428,000

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Components of intangible assets

The components of other intangibles, net were as follows at June 30, 2022 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and financial institution relationships	5.5	$	806,372	$	(509,294)	$	297,078
Product sponsor relationships	3.7	234,086		(191,210)		42,876
Client relationships	7.9	66,603		(25,306)		41,297
Technology	5.9	19,040		(6,625)		12,415
Trade names	0.0	1,200		(1,200)		—
Total definite-lived intangible assets, net		$	1,127,301	$	(733,635)	$	393,666
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	433,485

_______________________________

(1)Definite-lived intangibles, net includes the impact of immaterial acquisitions during the period presented that were made in the normal course of business.

The components of other intangibles, net were as follows at December 31, 2021 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net:
Advisor and financial institution relationships	5.9	$	806,531	$	(476,000)	$	330,531
Product sponsor relationships	4.1	234,086		(185,255)		48,831
Client relationships	7.2	45,623		(23,379)		22,244
Technology	6.4	19,040		(5,477)		13,563
Trade names	0.3	1,200		(1,160)		40
Total definite-lived intangibles, net		$	1,106,480	$	(691,271)	$	415,209
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	455,028

Amortization expense

Future amortization is estimated as follows (in thousands):


2022 - remainder	$	43,088
2023	81,852
2024	81,080
2025	72,707
2026	34,450
Thereafter	80,489
Total	$	393,666

Held-to-Maturity Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Maturities of securities held-to-maturity

At June 30, 2022, 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		After ten years		Total
U.S. government notes — at amortized cost	$	5,545	$	6,773	$	—	$	—	$	12,318
U.S. government notes — at fair value	$	5,483	$	6,576	$	—	$	—	$	12,059

Debt Securities, Trading, and Equity Securities, FV-NI

The following table summarizes investment securities (in thousands):


	June 30, 2022		December 31, 2021
Trading securities - at fair value:
U.S. treasury obligations	$	24,493	$	19,599
Mutual funds	9,820		19,112
Equity securities	876		440
Money market funds	126		123
Other	62		—

Total trading securities	$	35,377	$	39,274
Held-to-maturity securities - at amortized cost:
U.S. government notes	$	12,318	$	9,918
Total held-to-maturity securities	$	12,318	$	9,918
Total investment securities	$	47,695	$	49,192

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2022
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 may offer repayable loans to recruit or support the transition of an advisor to its platform. LPL Financial also offers forgivable loans for similar purposes that may convert to repayable loans upon advisor termination. LPL Financial may incur losses if advisors do not fulfill their obligations with respect to these loans. To mitigate this risk, LPL Financial monitors the performance and creditworthiness of the advisor prior to offering repayable loans. 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, which is 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 condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	129,365,714	128,758,086
Treasury stock, shares	49,427,892	48,768,145

Revenue - Unearned Revenue Recognized (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Unearned Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 158.5

Long-term and Other Borrowings

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term and Other Borrowings

CORPORATE DEBT AND OTHER BORROWINGS, NET

The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands):


	June 30, 2022					December 31, 2021
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)	$	1,043,250	LIBOR+175 bps	2.81	%	$	1,048,600	LIBOR+175 bps	1.85	%	11/12/2026

2027 Senior Notes(1)	400,000		Fixed Rate	4.63	%	400,000		Fixed Rate	4.63	%	11/15/2027
2029 Senior Notes(1)	900,000		Fixed Rate	4.00	%	900,000		Fixed Rate	4.00	%	3/15/2029
2031 Senior Notes(1)	400,000		Fixed Rate	4.38	%	400,000		Fixed Rate	4.38	%	5/15/2031
Total Corporate Debt	2,743,250					2,748,600

Less: Unamortized Debt Issuance Cost	(22,503)					(24,556)
Corporate debt, net	$	2,720,747				$	2,724,044
Other Borrowings
Revolving Credit Facility(2)	—		LIBOR+125 bps	3.04	%	55,000		ABR+25 bps	3.50	%	3/15/2026
Unsecured, Uncommitted Lines of Credit	—		Broker Base Rate+75 bps	1.00	%	35,000		Broker Base Rate+75 bps	1.00	%	9/30/2022
Total other borrowings	$	—				$	90,000
Corporate Debt and Other Borrowings, Net	$	2,720,747				$	2,814,044

_______________________________

(1)No leverage or interest coverage maintenance covenants.

The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2022 (in millions):


Description	Borrower	Maturity Date	Outstanding		Available
Senior secured, revolving credit facility	LPL Holdings, Inc.	March 2026	$	—	$	1,000
Broker-dealer revolving credit facility(1)	LPL Financial LLC	July 2024	$	—	$	300

Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2022	$	—	$	75
Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2022	$	—	$	50
Unsecured, uncommitted lines of credit	LPL Financial LLC	None	$	—	$	75
Secured, uncommitted lines of credit	LPL Financial LLC	None	$	—	unspecified
Secured, uncommitted lines of credit	LPL Financial LLC	None	$	—	unspecified

_________________________

Outstanding balances under our external lines of credit at December 31, 2021 were repaid in January 2022. There were no borrowings outstanding under the Company’s external lines of credit at June 30, 2022.

Issuance of 2031 Senior Notes

LPLH raised $400.0 million in aggregate principal amount of 4.375% senior notes on May 18, 2021, which were issued at par (“2031 Senior Notes”). The Company used the proceeds from the issuance to repay borrowings made under the senior secured revolving credit facility related to the Waddell & Reed Acquisition. In connection with the issuance of the 2031 Senior Notes, the Company incurred $3.8 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.

Issuance of 2029 Senior Notes

LPLH raised $900.0 million in aggregate principal amount of 4.00% senior notes on March 15, 2021, which were issued at par (“2029 Senior Notes”). The Company used the proceeds from the issuance of the 2029 Senior Notes, along with existing Corporate Cash available, to redeem its existing 5.75% senior unsecured notes due in 2025. In connection with this redemption, the Company recognized $24.4 million as a loss on extinguishment of debt on the condensed consolidated statement of income for the six months ended June 30, 2021. In connection with the issuance of the 2029 Senior Notes, the Company incurred $9.0 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.

Credit Agreement

On March 15, 2021, LPLFH and LPLH entered into a fifth amendment agreement (the “Amendment”) to the Company’s amended and restated credit agreement (“Credit Agreement”), which, among other things, increased the size of its senior secured revolving credit facility to $1.0 billion and extended its maturity date. In connection with the execution of the Amendment, the Company incurred $3.2 million in costs, which are capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of June 30, 2022, the Company was in compliance with such covenants.

Parent 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. 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 June 30, 2022.

Other External Lines of Credit

LPL Financial maintained five uncommitted lines of credit as of June 30, 2022. Two of the lines have unspecified limits, which are primarily dependent on LPL Financial’s ability to provide sufficient collateral. The other three lines have a total limit of $200.0 million, which allow for uncollateralized borrowings.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based compensation:
Authorized shares	17,754,197		17,754,197
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	13,777,931		13,777,931
Employees, officers and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 12.8	$ 9.9	$ 24.7	$ 20.1
Share-based compensation cost unrecognized	83.0		$ 83.0
Non-vested compensation cost weighted-average period			2 years 2 months 19 days
Employees, officers and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense	0.0	0.7	$ 0.2	1.5
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	0.6	$ 0.6	1.2	$ 1.2
Share-based compensation cost unrecognized	$ 3.5		$ 3.5
Non-vested compensation cost weighted-average period			1 year 9 months 29 days

Held-to-Maturity Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

INVESTMENT SECURITIES

The Company’s investment securities include debt and equity securities that the Company has classified as trading securities, which are carried at fair value, as well as investments in U.S. government notes, which are held by The Private Trust Company, N.A. to satisfy minimum capital requirements of the OCC. These securities are recorded at amortized cost and classified as held-to-maturity as the Company has both the intent and ability to hold these investments to maturity.

The following table summarizes investment securities (in thousands):


	June 30, 2022		December 31, 2021
Trading securities - at fair value:
U.S. treasury obligations	$	24,493	$	19,599
Mutual funds	9,820		19,112
Equity securities	876		440
Money market funds	126		123
Other	62		—

Total trading securities	$	35,377	$	39,274
Held-to-maturity securities - at amortized cost:
U.S. government notes	$	12,318	$	9,918
Total held-to-maturity securities	$	12,318	$	9,918
Total investment securities	$	47,695	$	49,192

At June 30, 2022, 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		After ten years		Total
U.S. government notes — at amortized cost	$	5,545	$	6,773	$	—	$	—	$	12,318
U.S. government notes — at fair value	$	5,483	$	6,576	$	—	$	—	$	12,059

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Advisory	$ 1,001,851	$ 846,313	$ 2,048,948	$ 1,568,359
Commission	573,376	598,233	1,158,901	1,155,462
Asset-based	363,597	279,620	659,998	544,326
Service and fee	112,802	99,473	225,614	196,297
Transaction and fee	44,416	37,627	91,142	81,747
Interest Income	10,121	6,914	17,866	13,432
Other	(67,276)	30,078	(97,889)	46,252
Total net revenues	2,038,887	1,898,258	4,104,580	3,605,875
EXPENSES:
Advisory and commission	1,304,422	1,273,202	2,678,556	2,382,101
Compensation and benefits	196,699	183,853	388,733	345,393
Promotional	78,027	64,349	165,029	118,530
Occupancy and equipment	55,906	41,452	107,018	85,036
Depreciation and amortization	48,453	36,704	93,907	72,203
Interest Expense, Debt	28,755	25,171	55,966	50,230
Brokerage, clearing and exchange	23,362	23,459	45,962	42,823
Amortization of intangible assets	21,168	19,925	42,364	37,356
Professional services	17,290	22,500	36,312	38,125
Communications and data processing	16,223	14,930	31,350	26,923
Other	36,261	31,064	73,683	55,964
Loss on extinguishment of debt	0	0	0	24,400
Costs and Expenses, Total	1,826,566	1,736,609	3,718,880	3,279,084
INCOME BEFORE PROVISION FOR INCOME TAXES	212,321	161,649	385,700	326,791
PROVISION FOR INCOME TAXES	51,776	42,548	91,411	78,070
NET INCOME	$ 160,545	$ 119,101	$ 294,289	$ 248,721
EARNINGS PER SHARE
Earnings per share, basic	$ 2.01	$ 1.49	$ 3.68	$ 3.11
Earnings per share, diluted	$ 1.97	$ 1.46	$ 3.61	$ 3.05
Weighted-average shares outstanding, basic	79,947	80,063	79,961	79,880
Weighted-average shares outstanding, diluted	81,410	81,728	81,493	81,608

Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Future amortization expense
Remainder of Fiscal Year	$ 43,088
Due Year One	81,852
Due Year Two	81,080
Due Year Three	72,707
Due Year Four	34,450
Due after Year Four	80,489
Net Carrying Value	$ 393,666	$ 415,209

Long-term and Other Borrowings (Credit Agreement Textuals) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 15, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	May 18, 2021	Jul. 31, 2019
Borrowings [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 0	$ 0	$ 0	$ (24,400)
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt Issuance Costs, Gross	$ 3,200
Line of credit, maximum borrowing capacity	1,000,000							$ 300,000
Unsecured Debt [Member] \| Senior Notes Due 2029
Borrowings [Line Items]
Long-term Debt, Gross	$ 900,000
Fixed Interest Rate (as percent)	4.00%	4.00%		4.00%		4.00%
Debt Issuance Costs, Gross	$ 9,000
Gain (Loss) on Extinguishment of Debt	$ (24,400)
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Fixed Interest Rate (as percent)		4.63%		4.63%		4.63%
Unsecured Debt [Member] \| Senior Notes Due 2031
Borrowings [Line Items]
Long-term Debt, Gross							$ 400,000
Fixed Interest Rate (as percent)		4.38%		4.38%		4.38%	4.375%
Debt Issuance Costs, Gross							$ 3,800

Summary of Significant Accounting Policies - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (Decrease) in Other Operating Liabilities			$ (64,733)	$ 107,051
Shareholder Percent Ownership in Company			5.00%
Revenue from Related Parties	$ 1,400	$ 1,500	$ 3,000	2,900
Related Party Transaction, Expenses from Transactions with Related Party	$ 400		$ 2,300	800
Revision of Prior Period, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (Decrease) in Other Operating Liabilities				$ 18,200

- Definition

+ References

+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Brokers and Dealers [Abstract]
Collateral securities	$ 523,600
Collateral security (Fair value)	733,100
Amount pledged with client-owned securities	65,100
Remaining collateral securities that can be re-pledged, loaned, or sold	668,000
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining collateral securities that can be re-pledged, loaned, or sold	668,000
Self Insurance, Claims Incurred	18,200
Self Insurance, Transfers and Adjustments	11,700
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	4,500		$ 4,600
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	$ 20,000	$ 15,000

Stockholdes' Equity (Share Repurchases) (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares
Stockholders' Equity Note [Abstract]
Amount Remaining	$ 159,800	$ 159,800
Treasury stock purchased	$ 50,005	$ 100,011
Shares Purchased \| shares		564,522
Weighted-Average Price Paid Per Share \| $ / shares		$ 177.16

Acquisitions	3 Months Ended
Acquisitions	Jun. 30, 2022
Business Combinations [Abstract]
Acquisitions	ACQUISITIONSOn April 30, 2021, the Company acquired the wealth management business of Waddell & Reed Financial, Inc. for $300.0 million in order to expand its addressable markets and complement organic growth (the “Waddell & Reed Acquisition”). The Company accounted for the acquisition under the acquisition method of accounting for business combinations. The Company allocated $128.6 million of the purchase price to goodwill, $122.7 million to definite-lived intangible assets, $62.3 million to cash acquired, and the remainder to other assets acquired and liabilities assumed as part of the acquisition. The goodwill primarily includes the synergies expected to result from combining operations and onboarding advisors and assets to the Company’s platform and is deductible for tax purposes. See Note 7 - Goodwill and Other Intangibles, Net, for additional information.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLES, NET

On April 30, 2021, the Company completed the Waddell & Reed Acquisition. The Company allocated $128.6 million of the purchase price to goodwill, $122.7 million to definite-lived intangible assets, $62.3 million to cash acquired, and the remainder to other assets acquired and liabilities assumed as part of the Waddell & Reed Acquisition. The intangible assets are comprised primarily of advisor relationships with a weighted average useful life of approximately 9 years. See Note 4 - Acquisitions, for additional information.

The components of other intangibles, net were as follows at June 30, 2022 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and financial institution relationships	5.5	$	806,372	$	(509,294)	$	297,078
Product sponsor relationships	3.7	234,086		(191,210)		42,876
Client relationships	7.9	66,603		(25,306)		41,297
Technology	5.9	19,040		(6,625)		12,415
Trade names	0.0	1,200		(1,200)		—
Total definite-lived intangible assets, net		$	1,127,301	$	(733,635)	$	393,666
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	433,485

_______________________________

(1)Definite-lived intangibles, net includes the impact of immaterial acquisitions during the period presented that were made in the normal course of business.

The components of other intangibles, net were as follows at December 31, 2021 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net:
Advisor and financial institution relationships	5.9	$	806,531	$	(476,000)	$	330,531
Product sponsor relationships	4.1	234,086		(185,255)		48,831
Client relationships	7.2	45,623		(23,379)		22,244
Technology	6.4	19,040		(5,477)		13,563
Trade names	0.3	1,200		(1,160)		40
Total definite-lived intangibles, net		$	1,106,480	$	(691,271)	$	415,209
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	455,028

Total amortization of intangible assets was $21.2 million and $19.9 million for the three months ended June 30, 2022 and 2021, respectively, and $42.4 million and $37.4 million for the six months ended June 30, 2022 and 2021, respectively. Future amortization is estimated as follows (in thousands):


2022 - remainder	$	43,088
2023	81,852
2024	81,080
2025	72,707
2026	34,450
Thereafter	80,489
Total	$	393,666

Other Assert and Other Liabilities

6 Months Ended

Jun. 30, 2022

Other Assets And Other Liabilities [Abstract]

Other Assets and Other Liabilities

OTHER ASSETS AND OTHER LIABILITIES

The components of other assets and other liabilities were as follows (thousands):


	June 30, 2022		December 31, 2021
Other assets:
Deferred compensation	$	446,381	$	499,548
Prepaid assets	119,846		115,018
Fractional shares — investment(1)	102,834		114,574
Operating lease assets	97,656		95,075
Debt issuance costs, net	6,378		7,303
Deferred income taxes, net	5,953		5,648
Other	50,814		49,822
Total other assets	$	829,862	$	886,988

Other liabilities:
Deferred compensation	$	446,356	$	499,245
Unearned revenue(2)	166,862		160,926
Operating lease liabilities	131,986		130,304
Finance lease liabilities	105,777		106,067
Fractional shares — repurchase obligation(1)	102,834		114,574
Other	1,122		7,160
Total other liabilities	$	954,937	$	1,018,276

_______________________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program.

(2)See Note 3 - Revenue for further information.

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 700,395	$ 495,246
Cash segregated under federal or other regulations	863,500	1,496,463
Restricted cash	89,833	80,655
Receivables from:
Receivables from clients, net	695,405	578,889
Receivables from brokers, dealers and clearing organizations	71,555	102,503
Advisor loans, net	1,035,158	963,869
Other receivables, net	600,906	581,483
Investment securities	47,695	49,192
Property and equipment, net	726,224	658,841
Goodwill	1,642,468	1,642,443
Intangible Assets, Net (Excluding Goodwill)	433,485	455,028
Other assets	829,862	886,988
Total assets	7,736,486	7,991,600
LIABILITIES:
Payables to clients	1,498,374	1,712,224
Payables to broker-dealers and clearing organizations	154,909	170,119
Accrued advisory and commission expenses payable	199,691	222,379
Long-term Debt	2,720,747	2,814,044
Accounts payable and accrued liabilities	363,768	384,025
Other Liabilities, Noncurrent	954,937	1,018,276
Total liabilities	5,892,426	6,321,067
STOCKHOLDERS' EQUITY:
#REF!	129	129
Additional paid-in capital	1,879,312	1,841,402
#REF!	(2,620,798)	(2,498,600)
Retained earnings	2,585,417	2,327,602
Total stockholders' equity	1,844,060	1,670,533
Total liabilities and stockholders' equity	$ 7,736,486	$ 7,991,600
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	129,365,714	128,758,086
Treasury stock, shares	49,427,892	48,768,145

Revenue - Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 363,597	$ 279,620	$ 659,998	$ 544,326
Client Cash Revenue [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	154,700	90,377	239,416	187,481
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	104,593	95,978	205,975	177,690
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 104,304	$ 93,265	$ 214,607	$ 179,155

Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	907,669
Number of shares, Exercisable \| shares	907,669
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	4 years 5 months 26 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 49.20
Weighted-average exercise price, Exercisable \| $ / shares	$ 49.20
$19.85 - $25.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	148,450
Weighted-average remaining life (years), Outstanding	3 years 7 months 20 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 19.85
Number of shares, Exercisable \| shares	148,450
Weighted-average exercise price, Exercisable \| $ / shares	$ 19.85
$25.01 - $35.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	93,510
Weighted-average remaining life (years), Outstanding	5 months 26 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 29.09
Number of shares, Exercisable \| shares	93,510
Weighted-average exercise price, Exercisable \| $ / shares	$ 29.09
$35.01 - $45.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	221,804
Weighted-average remaining life (years), Outstanding	4 years 8 months 12 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 39.48
Number of shares, Exercisable \| shares	221,804
Weighted-average exercise price, Exercisable \| $ / shares	$ 39.48
$45.01 - $65.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	76,442
Weighted-average remaining life (years), Outstanding	2 years 3 months 21 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 48.95
Number of shares, Exercisable \| shares	76,442
Weighted-average exercise price, Exercisable \| $ / shares	$ 48.95
$65.01 - $75.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	166,223
Weighted-average remaining life (years), Outstanding	5 years 7 months 24 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 65.50
Number of shares, Exercisable \| shares	166,223
Weighted-average exercise price, Exercisable \| $ / shares	$ 65.50
$75.01 - $80.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	201,240
Weighted-average remaining life (years), Outstanding	6 years 7 months 13 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 77.53
Number of shares, Exercisable \| shares	201,240
Weighted-average exercise price, Exercisable \| $ / shares	$ 77.53

Share-Based Compensation - Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance	907,669
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	1,204,420
Number of Shares, Granted	0
Number of Shares, Exercised	(295,318)
Number of Shares, Forfeited	(1,433)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighed-Average Exercise Price, Beginning Balance	$ 45.65
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised	34.60
Weighted-Average Exercise Price, Forfeited	77.53
Weighed-Average Exercise Price, Ending Balance	$ 49.20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance	907,669
Weighted-Average Exercise Price, Exercisable	$ 49.20
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 5 months 26 days
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 122,792
Weighted-Average Remaining Contractual Term, Options Outstanding	4 years 5 months 26 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 122,792
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest	907,669
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 49.20
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	4 years 5 months 26 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 122,792

Earnings per Share

6 Months Ended

Jun. 30, 2022

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	160,545	$	119,101	$	294,289	$	248,721

Basic weighted-average number of shares outstanding	79,947		80,063		79,961		79,880
Dilutive common share equivalents	1,463		1,665		1,532		1,728
Diluted weighted-average number of shares outstanding	81,410		81,728		81,493		81,608

Basic earnings per share	$	2.01	$	1.49	$	3.68	$	3.11
Diluted earnings per share	$	1.97	$	1.46	$	3.61	$	3.05

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the six months ended June 30, 2022 and 2021, stock options, warrants and stock units representing common share equivalents of 2,001 shares and 2,604 shares, respectively, were anti-dilutive.

Subsequent Events - Dividend Declared (Details) - Subsequent Event [Member] - $ / shares	Aug. 31, 2022	Aug. 17, 2022	Aug. 02, 2022
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share			$ 0.25
Forecast [Member]
Subsequent Event [Line Items]
Dividends Payable, Date to be Paid	Aug. 31, 2022
Dividends Payable, Date of Record		Aug. 17, 2022

Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Commission	$ 573,376	$ 598,233	$ 1,158,901	$ 1,155,462
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	311,263	305,100	610,997	585,876
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	168,234	195,688	357,761	368,838
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	29,013	34,862	54,218	67,024
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	29,909	30,517	64,542	69,428
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 34,957	$ 32,066	$ 71,383	$ 64,296

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 160,545	$ 119,101	$ 294,289	$ 248,721
Basic weighted-average number of shares outstanding	79,947	80,063	79,961	79,880
Dilutive common share equivalents	1,463	1,665	1,532	1,728
Diluted weighted-average number of shares outstanding	81,410	81,728	81,493	81,608
Basic earnings per share	$ 2.01	$ 1.49	$ 3.68	$ 3.11
Diluted earnings per share	$ 1.97	$ 1.46	$ 3.61	$ 3.05

- 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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- Definition

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

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-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

- Definition

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

+ References

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+ Details

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 35,377	$ 39,274
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	72,316	12,056
Securities owned — trading	35,377	39,274
Other assets	549,286	623,288
Total assets at fair value	656,979	674,618
Accounts payable and accrued liabilities	3,690	3,530
Other Liabilities, Fair Value Disclosure	103,645	115,146
Total liabilities at fair value	107,335	118,676
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	72,316	12,056
Securities owned — trading	35,365	39,274
Other assets	540,828	614,122
Total assets at fair value	648,509	665,452
Accounts payable and accrued liabilities	0	0
Other Liabilities, Fair Value Disclosure	103,583	115,041
Total liabilities at fair value	103,583	115,041
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	12	0
Other assets	8,458	9,166
Total assets at fair value	8,470	9,166
Securities sold, but not yet purchased		0
Accounts payable and accrued liabilities	0	0
Other Liabilities, Fair Value Disclosure	62	105
Total liabilities at fair value	62	105
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	3,690	3,530
Other Liabilities, Fair Value Disclosure	0	0
Total liabilities at fair value	3,690	3,530
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	208	467
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	208	467
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
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	62	105
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	62	105
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
Mutual Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	541
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 sold, but not yet purchased	541
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 sold, but not yet purchased	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 sold, but not yet purchased	0	0
Securities Sold, Not yet Purchased \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	811	572
Securities Sold, Not yet Purchased \| 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	749	467
Securities Sold, Not yet Purchased \| 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	62	105
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	126	123
Money Market Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	126	123
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	126	123
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
Other Security Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	62	0
Other Security Investments \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	62
Other Security Investments \| 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	50
Other Security Investments \| 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	12
Other Security Investments \| 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
Mutual Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	9,820	19,112
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	9,820	19,112
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	876	440
Equity Securities [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	876	440
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	876	440
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
U.S. treasury obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	24,493	19,599
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	24,493	19,599
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	24,493	19,599
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
Deferred Compensation Plan \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	437,994	499,548
Deferred Compensation Plan \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	437,994	499,548
Deferred Compensation Plan \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Deferred Compensation Plan \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other Investments \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	8,458	9,166
Other Investments \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other Investments \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	8,458	9,166
Other Investments \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Fractional Shares \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	102,834	114,574
Securities sold, but not yet purchased		114,574
Other Liabilities, Fair Value Disclosure	102,834
Fractional Shares \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	102,834	114,574
Other Liabilities, Fair Value Disclosure	102,834	114,574
Fractional Shares \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other Liabilities, Fair Value Disclosure	0
Fractional Shares \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	$ 0
Other Liabilities, Fair Value Disclosure	$ 0