0001397911-23-000024 | 10-K | XBRL Viewer | LPL Financial Holdings INC

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34963
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3717839
Entity Address, Address Line One	4707 Executive Drive,
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(800)
Local Phone Number	877-7210
Title of 12(b) Security	Common Stock — $0.001 par value per share
Trading Symbol	LPLA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 14.7
Entity Common Stock, Shares Outstanding		78,673,766
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement for the Annual Meeting of Stockholders, which the Company intends to file within 120 days of the fiscal year ended December 31, 2022, are incorporated by reference into Part III.
Entity Central Index Key	0001397911
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor [Line Items]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Diego, California
Auditor Firm ID	34

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commission	$ 2,326,164	$ 2,378,683	$ 1,906,560
Asset-Based Revenues	1,760,273	1,148,067	1,044,517
REVENUES:
Advisory	3,875,154	3,525,430	2,327,519
Asset-based	1,760,273	1,148,067	1,044,517
Service and fee	467,381	411,761	357,722
Transaction and fee	181,260	156,336	148,349
Interest income, net	77,126	28,577	29,412
Other	(86,533)	71,976	57,561
Total net revenues	8,600,825	7,720,830	5,871,640
EXPENSE
Commission and advisory	5,324,827	5,180,090	3,697,147
Compensation and benefits	820,736	741,003	609,257
Promotional	339,994	302,285	208,250
Occupancy and equipment	219,798	185,531	166,389
Depreciation, Depletion and Amortization, Nonproduction	199,817	151,428	109,732
Interest Expense, Debt	126,234	104,414	105,765
Brokerage, clearing, and exchange	86,063	86,023	71,185
Amortization of other intangibles	87,560	79,260	67,358
Professional services	72,519	73,231	57,067
Communications and data processing	67,687	60,296	52,399
Gain (Loss) on Extinguishment of Debt	0	24,400	0
Other	143,937	131,540	101,018
Total expense	7,489,172	7,119,501	5,245,567
INCOME BEFORE PROVISION FOR INCOME TAXES	1,111,653	601,329	626,073
PROVISION FOR INCOME TAXES	265,951	141,463	153,433
NET INCOME	$ 845,702	$ 459,866	$ 472,640
Earnings Per Share [Abstract]
Earnings Per Share, Basic	$ 10.60	$ 5.75	$ 5.96
Earnings Per Share, Diluted	$ 10.40	$ 5.63	$ 5.86
Weighted-average shares outstanding, basic	79,801,000	80,002,000	79,244,000
Weighted-average shares outstanding, diluted	81,285,000	81,742,000	80,702,000
Trailing
Commission	$ 1,292,358	$ 1,404,628	$ 1,135,796
Other Asset Based Fees
Asset-Based Revenues	806,649	787,220	563,129
REVENUES:
Asset-based	806,649	787,220	563,129
Sales-Based
Commission	1,033,806	974,055	770,764
Client Cash [Member]
Asset-Based Revenues	953,624	360,847	481,388
REVENUES:
Asset-based	$ 953,624	$ 360,847	$ 481,388

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 847,519	$ 495,246
Cash and equivalents segregated under federal or other regulations	2,199,362	1,496,463
Restricted cash	90,389	80,655
Receivables from clients, net	561,569	578,889
Receivables from brokers, dealers and clearing organizations	56,276	102,503
Advisor loans, net	1,123,004	963,869
Other receivables, net	677,766	581,483
Investment securities	52,610	49,192
Property and equipment, net	780,357	658,841
Goodwill	1,642,468	1,642,443
Other intangibles, net	427,676	455,028
Other assets	1,023,230	886,988
Total assets	9,482,226	7,991,600
LIABILITIES:
Client payables	2,694,929	1,712,224
Payables to brokers, dealers and clearing organizations	147,752	170,119
Accrued advisory and commission expenses payable	203,292	222,379
Corporate debt and other borrowings, net	2,717,444	2,814,044
Accounts payable and accrued liabilities	448,630	384,025
Other Liabilities	1,102,627	1,018,276
Liabilities, Total	7,314,674	6,321,067
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 129,655,843 shares and 128,758,086 shares issued at December 31, 2022 and 2021, respectively	130	129
Additional paid-in capital	1,912,886	1,841,402
Treasury stock, at cost — 50,407,844 shares and 48,768,145 shares at December 31, 2022 and 2021, respectively	(2,846,536)	(2,498,600)
Retained earnings	3,101,072	2,327,602
Total stockholders’ equity	2,167,552	1,670,533
Total liabilities and stockholders’ equity	$ 9,482,226	$ 7,991,600

Consolidated Statements of Financial Condition (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001
Common stock, shares authorized	600,000,000
Common stock, shares issued	129,655,843	128,758,086
Treasury stock, shares	50,407,844	48,768,145

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Cumulative effect of accounting change	Cumulative effect of accounting change Retained Earnings
BEGINNING BALANCE at Dec. 31, 2019	$ 1,023,873	$ 126	$ 1,703,973	$ (2,234,793)	$ 1,554,567	$ (7,317)	$ (7,317)
BEGINNING BALANCE, shares at Dec. 31, 2019		126,494,000		46,260,000
Net income (loss) and other comprehensive income (loss), net of tax expense	472,640				472,640
Issuance of common stock to settle restricted stock units	(9,420)	$ 0	0	$ (9,420)
Issuance of common stock to settle restricted stock units, shares		417,000		134,000
Treasury stock purchases	(150,036)			$ (150,036)
Treasury stock purchases, shares				1,810,000
Cash dividends on common stock	(79,097)				(79,097)
Stock options exercises and other	30,236	$ 1	24,822	$ 3,187	2,226
Stock options exercises and other, shares		675,000		(89,000)
Share-based compensation	33,975		33,975
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
Share-based compensation, shares		0
ENDING BALANCE at Dec. 31, 2020	1,314,854	$ 127	1,762,770	$ (2,391,062)	1,943,019
ENDING BALANCE, shares at Dec. 31, 2020		127,586,000		48,115,000
Net income (loss) and other comprehensive income (loss), net of tax expense	459,866				459,866
Issuance of common stock to settle restricted stock units	(20,230)	$ 0	0	$ (20,230)
Issuance of common stock to settle restricted stock units, shares		406,000		147,000
Treasury stock purchases	(90,011)			$ (90,011)
Treasury stock purchases, shares				580,000
Cash dividends on common stock	(80,095)				(80,095)
Stock options exercises and other	41,974	$ 2	34,457	$ 2,703	4,812
Stock options exercises and other, shares		766,000		(74,000)
Share-based compensation	44,175		44,175
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
Share-based compensation, shares		0
ENDING BALANCE at Dec. 31, 2021	1,670,533	$ 129	1,841,402	$ (2,498,600)	2,327,602
ENDING BALANCE, shares at Dec. 31, 2021		128,758,000		48,768,000
Net income (loss) and other comprehensive income (loss), net of tax expense	845,702				845,702
Issuance of common stock to settle restricted stock units	(25,157)	$ 0	0	$ (25,157)
Issuance of common stock to settle restricted stock units, shares		368,000		136,000
Treasury stock purchases	$ (325,031)			$ (325,031)
Treasury stock purchases, shares	1,566,527			1,566,000
Cash dividends on common stock	$ (79,833)				(79,833)
Stock options exercises and other	28,730	$ 1	18,876	$ 2,252	7,601
Stock options exercises and other, shares		530,000		(62,000)
Share-based compensation	52,608		52,608
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture		$ 0
Share-based compensation, shares		0
ENDING BALANCE at Dec. 31, 2022	$ 2,167,552	$ 130	$ 1,912,886	$ (2,846,536)	$ 3,101,072
ENDING BALANCE, shares at Dec. 31, 2022		129,656,000		50,408,000

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividend per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1.00	$ 1.00	$ 1.00

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 845,702	$ 459,866	$ 472,640
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	199,817	151,428	109,732
Amortization of other intangibles	87,560	79,260	67,358
Amortization of debt issuance costs	6,853	5,733	5,384
Share-based compensation	52,608	44,175	33,975
Provision for credit losses	13,667	9,168	5,824
Deferred (benefit) provision for income taxes	(93,349)	18,464	(23,684)
Loss on extinguishment of debt	0	24,400	0
Loan forgiveness	179,529	151,427	113,126
Other	14,783	(10,007)	(12,673)
Changes in operating assets and liabilities:
Receivables from clients, net	17,254	(174,236)	28,475
Receivables from brokers, dealers and clearing organizations	46,227	(4,764)	(57,372)
Advisor loans, net	(341,872)	(526,677)	(219,813)
Other receivables, net	(107,588)	(140,021)	(18,480)
Investment securities - trading	(73)	(8,732)	16,072
Other assets	(148,263)	(136,182)	(126,641)
Client payables	982,705	177,703	256,977
Payables to brokers, dealers and clearing organizations	(22,367)	80,376	(2,259)
Accrued advisory and commission expenses payable	(19,087)	29,771	12,710
Accounts payable and accrued liabilities	50,664	12,390	(6,585)
Other liabilities	183,381	211,819	137,142
Operating lease assets	(2,574)	(2,227)	(1,967)
Net cash provided by operating activities	1,945,577	453,134	789,941
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(306,596)	(215,987)	(155,532)
Acquisitions, net of cash acquired	(56,458)	(245,913)	(30,556)
Purchases of securities classified as held-to-maturity	(10,936)	(1,741)	(6,511)
Proceeds from maturities of securities classified as held-to-maturity	5,000	5,000	5,100
Payments to Acquire Investments	(7,410)	0	0
Net cash used in investing activities	(376,400)	(458,641)	(187,499)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	815,000	1,585,000	1,806,000
Repayments of revolving credit facilities	(905,000)	(1,495,000)	(1,851,000)
Repayment of senior secured term loans	(10,700)	(10,700)	(10,700)
Repayments of Unsecured Debt	0	(900,000)	0
Proceeds from Issuance of Senior Long-term Debt	0	1,300,000	0
Payment of debt issuance costs	(1,872)	(15,929)	0
Make-whole premium on redemption of senior unsecured notes	0	(25,875)	0
Payment of contingent consideration	0	8,941	10,000
Tax payments related to settlement of restricted stock units	(25,157)	(20,230)	(9,420)
Repurchase of common stock	(325,031)	(90,011)	(150,036)
Dividends on common stock	(79,833)	(80,095)	(79,097)
Proceeds from stock option exercises and other	28,730	41,974	30,236
Principal payment of finance leases and obligations	(408)	(1,356)	(1,169)
Net cash (used in) provided by financing activities	(504,271)	278,837	(275,186)
NET INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	1,064,906	273,330	327,256
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of year	2,072,364	1,799,034	1,471,778
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of year	3,137,270	2,072,364	1,799,034
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	118,824	103,689	106,879
Income taxes paid	238,155	144,556	169,237
Cash paid for amounts included in the measurement of operating lease liabilities	24,657	22,355	21,368,000
Cash paid for amounts included in the measurement of finance lease liabilities	8,825	9,716	9,592,000
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	33,957	21,373	12,186
Lease assets obtained in exchange for operating lease liabilities	$ 10,785	$ 3,602	$ 7,968

Consolidated Statements of Cash Flows Cash, Cash Equivalents, and Restricted Cash Reconciliation - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and equivalents	$ 847,519	$ 495,246	$ 808,612
Cash and equivalents segregated under federal or other regulations	2,199,362	1,496,463	923,158
Restricted Cash and Cash Equivalents	90,389	80,655	67,264
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 3,137,270	$ 2,072,364	$ 1,799,034	$ 1,471,778

Organization and Description of the Company	12 Months Ended
Organization and Description of the Company	Dec. 31, 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 enterprises (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 enterprises 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, together with its affiliate Fiduciary Trust Company of New Hampshire, 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 (Notes)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues [Text Block]

REVENUE

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

Advisory

Advisory revenue represents fees charged to advisors’ clients’ advisory accounts on the Company’s corporate RIA advisory platform and is based on a percentage of the market value of the eligible assets in the clients’ advisory accounts. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. Advisory fees are primarily billed to clients in advance, on a quarterly basis, and are recognized as revenue ratably during the quarter. The performance obligation for advisory fees is considered a series of distinct services that are substantially the same and are satisfied daily. As the value of the eligible assets in an advisory account is susceptible to changes due to customer activity, this revenue includes variable consideration and is constrained until the date that the fees are determinable. The majority of our client accounts are on a calendar quarter and are billed using values as of the last business day of the preceding quarter. The value of the eligible assets in an advisory account on the billing date is adjusted for estimates of contributions and withdrawals to determine the amount billed, and accordingly, the revenue earned in the following three-month period. Advisory revenue collected on the Company’s corporate advisory platform is proposed by the advisor and agreed to by the client and was approximately 1% of the underlying assets for the year ended December 31, 2022.

The Company also supports independent RIA firms that conduct their business through separate registered investment advisor firms (“Independent RIAs”) through its Independent RIA advisory platform, which allows advisors to engage the Company for technology, clearing and custody services, as well as access the capabilities of the Company’s investment platforms. The assets held under an Independent RIA’s investment advisory accounts custodied with LPL Financial are included in total advisory assets and net new advisory assets. The advisory revenue generated by an Independent RIA is not included in the Company’s advisory revenue. The Company charges separate fees to Independent RIAs for technology, clearing, administrative, oversight and custody services, which may vary and are included in service and fee revenue in the consolidated statements of income.

Commission

The Company earns commission revenue from sales commissions generated by advisors for their clients’ purchases and sales of securities or other investment products and from product sponsors for the selling, distribution and marketing, or any combination thereof, of investment products to such clients both of which are viewed as a single performance obligation.

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

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


	Years Ended December 31,
	2022		2021		2020
Commission revenue
Annuities	$	1,269,634	$	1,210,899	$	976,357
Mutual funds	679,912		768,168		590,074
Fixed income	119,196		126,543		88,714
Equities	114,446		131,975		126,920
Other	142,976		141,098		124,495
Total commission revenue	$	2,326,164	$	2,378,683	$	1,906,560

The Company generates two types of commission revenue: (1) sales-based commissions that are recognized at the point of sale on the trade date and are based on a percentage of an investment product’s current market value at the time of purchase and (2) trailing commissions that are recognized over time as earned and are generally based on the market value of investment holdings in trail-eligible assets. Sales-based commission revenue, which occurs when clients trade securities or purchase various types of investment products, primarily represents gross commissions generated by the Company’s advisors and can vary from period to period based on the overall economic environment, number of trading days in the reporting period and investment activity of the Company’s advisors’ clients. The Company earns trailing commission revenue primarily on mutual funds and variable annuities held by clients of the Company’s advisors. Trailing commission revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and the client's investment hold period. The revenue will not be recognized until it is probable that a significant reversal will not occur.

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


	Years Ended December 31,
	2022		2021		2020
Commission revenue
Sales-based
Annuities	$	542,310	$	425,164	$	327,412
Mutual funds	154,742		191,449		145,836
Fixed income	119,196		126,543		88,714
Equities	114,446		131,975		126,920
Other	103,112		98,924		81,882
Total sales-based revenue	$	1,033,806	$	974,055	$	770,764
Trailing
Annuities	$	727,324	$	785,735	$	648,945
Mutual funds	525,170		576,719		444,238
Other	39,864		42,174		42,613
Total trailing revenue	$	1,292,358	$	1,404,628	$	1,135,796
Total commission revenue	$	2,326,164	$	2,378,683	$	1,906,560

Asset-Based

Asset-based revenue consists of fees from the Company’s client cash programs, fees from our sponsorship programs with financial product manufacturers and fees from omnibus processing and networking services (collectively referred to as “recordkeeping”).

Client Cash Revenue

Client cash revenue is earned daily and is generated on advisors’ clients’ cash balances in insured bank sweep accounts and a money market account based on a rate applied, as a percentage, to the deposits placed. The Company also receives fees based on account type and invested balances for administration and recordkeeping. These fees are generally earned and recognized over time on a net basis as the Company acts as an agent in these arrangements. The performance obligation with the financial institutions that participate in the sweep program is considered a series of distinct services that are substantially the same and are satisfied each day.

Recordkeeping

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

Sponsorship Programs

The Company receives fees from certain financial product manufacturers in connection with sponsorship programs that support the Company’s marketing and sales force education and training efforts. Compensation for these performance obligations is either a fixed fee, a percentage of the average annual amount of product sponsor assets held in advisors’ clients’ accounts, a percentage of new sales or a combination of these. As the value of product sponsor assets held in advisors’ clients’ accounts is susceptible to unpredictable market changes, this revenue includes variable consideration and is constrained until the date that the fees are determinable. Sponsorship revenue is generally recognized over time as the Company fulfills its performance obligations.

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


	Years Ended December 31,
	2022		2021		2020
Asset-based revenue
Client cash	$	953,624	$	360,847	$	481,388
Recordkeeping	412,468		401,429		290,194
Sponsorship programs	394,181		385,791		272,935
Total asset-based revenue	$	1,760,273	$	1,148,067	$	1,044,517

Service and Fee

Service and fee revenue is generated from advisor and retail investor services, including technology, insurance, conferences, licensing, business services and planning and advice services, IRA custodian and other client account fees. The Company charges separate fees to RIAs for technology, clearing, administrative, oversight and custody services, which may vary. The Company also hosts certain advisor conferences that serve as training, education, sales and marketing events for which the Company collects a fee from sponsors. Service and fee revenue is recognized when the Company satisfies its performance obligations. Recognition varies from point-in-time to over time depending on whether the service is provided once at an identifiable point-in-time or if the service is provided continually over the contract life. Performance obligations for service and fee revenue recognized over time are

considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The Company is the principal and recognizes service and fee revenues on a gross basis as it is primarily responsible for delivering the respective services being provided, which is demonstrated by the Company’s ability to control the fee amounts charged to customers.

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


	Years Ended December 31,
	2022		2021		2020
Service and fee revenue
Point-in-time(1)	$	115,916	$	110,459	$	85,451
Over time(2)	351,465		301,302		272,271
Total service and fee revenue	$	467,381	$	411,761	$	357,722

____________________

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

Transaction

Transaction revenue includes transaction charges generated by advisory and brokerage accounts from mutual funds, exchange-traded funds and fixed income products and is primarily recognized at a point-in-time. Point-in-time transaction revenue includes revenue from clearing and transaction charges and is recognized on a trade-date basis as the performance obligation is satisfied when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Company is the principal and recognizes transaction revenue on a gross basis as it is primarily responsible for delivering the respective services being provided, which is demonstrated by the Company’s ability to control the fee amounts charged to customers.

Interest Income, net

The Company earns interest income primarily from client margin loans, cash and equivalents segregated under federal or other regulations and advisor repayable loans and pays interest on certain client cash balances held in the client cash account.

Other

Other revenue primarily includes unrealized gains and losses on assets held by the Company for its advisor non-qualified deferred compensation plan and model research portfolios and other miscellaneous revenue, which is generally not generated from contracts with customers.

Unearned Revenue

The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue decreased from $160.9 million as of December 31, 2021 to $138.1 million as of December 31, 2022. The decrease in unearned revenue for the year ended December 31, 2022 is primarily driven by $159.5 million of revenue recognized during the year ended December 31, 2022 that was included in the unearned revenue balance as of December 31, 2021, partially offset by cash payments received or due in advance of satisfying the Company’s performance obligations.

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Acquisitions (Notes)	12 Months Ended
Acquisitions (Notes)	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On November 2, 2022, the Company entered into a definitive purchase agreement to acquire Financial Resources Group Investment Services, LLC (“FRGIS”), a broker-dealer and independent branch office. The transaction closed on January 31, 2023 for an initial payment of approximately $140 million with potential contingent payments over the three years following the closing. Given the recent closing, the purchase accounting analysis has not yet been completed. During the year ended December 31, 2022, the Company acquired client relationship intangible assets of $54.1 million as a result of acquisitions under its Liquidity & Succession solution. These acquisitions were accounted for as asset acquisitions with an assigned useful life of 9 years. See Note 9 - Goodwill and Other Intangibles, Net, for additional information. On 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 9 - Goodwill and Other Intangibles, Net, for additional information.

Fair Value Measurements

12 Months Ended

Dec. 31, 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 years ended December 31, 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 December 31, 2022 and 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 and U.S. government obligations, which are short term in nature with readily determinable values derived from active markets.

Cash Equivalents Segregated Under Federal or Other Regulations — The Company’s cash equivalents segregated under federal or other regulations include U.S. treasury bills, 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 December 31, 2022 and 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 life insurance, 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 December 31, 2022 and 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):


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	13,639	$	—	$	—	$	13,639
Cash equivalents segregated under federal or other regulations	1,131,040		—		—		1,131,040
Investment securities - trading:
U.S. treasury obligations	24,402		—		—		24,402
Mutual funds	10,679		—		—		10,679
Equity securities	980		—		—		980
Debt securities	—		585		—		585
Money market funds	112		—		—		112
Total investment securities - trading	36,173		585		—		36,758
Other assets:
Deferred compensation plan	489,976		—		—		489,976
Fractional shares - investment(1)	122,253		—		—		122,253
Other investments	—		5,248		—		5,248
Total other assets	612,229		5,248		—		617,477
Total assets at fair value	$	1,793,081	$	5,833	$	—	$	1,798,914
Liabilities
Accounts payable and accrued liabilities	$	—	$	—	$	3,860	$	3,860
Other liabilities:
Securities sold, but not yet purchased:
Debt securities	—		61		—		61
Equity securities	20		—		—		20
Mutual funds	4		—		—		4
Total securities sold, but not yet purchased	24		61		—		85
Fractional shares - repurchase obligation(1)	122,253		—		—		122,253
Total other liabilities	122,277		61		—		122,338
Total liabilities at fair value	$	122,277	$	61	$	3,860	$	126,198

____________________

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

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.

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):


December 31, 2022	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	833,880	$	833,880	$	—	$	—	$	833,880
Cash segregated under federal or other regulations	1,068,322		1,068,322		—		—		1,068,322
Restricted cash	90,389		90,389		—		—		90,389
Receivables from clients, net	561,569		—		561,569		—		561,569
Receivables from brokers, dealers and clearing organizations	56,276		—		56,276		—		56,276
Advisor repayable loans, net(1)	280,040		—		—		219,062		219,062
Other receivables, net	677,766		—		677,766		—		677,766
Investment securities - held-to-maturity securities	15,852		—		15,471		—		15,471
Other assets:
Securities borrowed	9,626		—		9,626		—		9,626
Deferred compensation plan(2)	6,343		6,343		—		—		6,343
Other investments(3)	4,647		—		4,647		—		4,647
Total other assets	20,616		6,343		14,273		—		20,616
Liabilities
Client payables	$	2,694,929	$	—	$	2,694,929	$	—	$	2,694,929
Payables to brokers, dealers and clearing organizations	147,752		—		147,752		—		147,752
Corporate debt and other borrowings, net	2,717,444		—		2,530,011		—		2,530,011


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 or change in agreed upon terms.

(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

Investment Securities

12 Months Ended

Dec. 31, 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):


	December 31,
	2022		2021
Trading securities - at fair value:
U.S. treasury obligations	$	24,402	$	19,599
Mutual funds	10,679		19,112
Equity securities	980		440
Debt securities	585		—
Money market funds	112		123
Total trading securities	$	36,758	$	39,274
Held-to-maturity securities - at amortized cost:
U.S. government notes	$	15,852	$	9,918
Total held-to-maturity securities	$	15,852	$	9,918
Total investment securities	$	52,610	$	49,192

At December 31, 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	$	5,508	$	10,344	$	—	$	—	$	15,852
U.S. government notes — at fair value	$	5,427	$	10,044	$	—	$	—	$	15,471

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

12 Months Ended

Dec. 31, 2022

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

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

RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS

Receivables from and payables to brokers, dealers, and clearing organizations were as follows (in thousands):


	December 31,
	2022		2021
Receivables:
Receivables from clearing organizations	$	46,075	$	80,548
Securities failed-to-deliver	9,083		16,978
Receivables from brokers and dealers	1,118		4,977
Total receivables	$	56,276	$	102,503
Payables:
Payables to brokers and dealers	$	82,685	78,080
Payables to clearing organizations	41,495		20,112
Securities failed-to-receive	23,572		71,927
Total payables	$	147,752	$	170,119

Fixed Assets

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Fixed Assets

PROPERTY AND EQUIPMENT, NET

The components of property and equipment, net were as follows at December 31, 2022 (in thousands):


	Historical Cost		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	942,432	$	(476,653)	$	465,779
Computers and software	290,412		(208,299)		82,113
Buildings	107,873		(15,503)		92,370
Leasehold improvements	94,959		(43,678)		51,281

Furniture and equipment	87,204		(72,862)		14,342
Land	4,678		—		4,678
Construction in progress(1)	69,794		—		69,794
Total property and equipment, net	$	1,597,352	$	(816,995)	$	780,357

____________________

(1) Construction in progress includes $69.2 million of internal software in development and related hardware and software at December 31, 2022.

The components of property and equipment, net were as follows at December 31, 2021 (in thousands):


	Historical Cost		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	716,179	$	(342,408)	$	373,771
Computers and software	214,223		(167,573)		46,650
Buildings	107,873		(11,627)		96,246
Leasehold improvements	88,538		(36,988)		51,550

Furniture and equipment	83,356		(65,728)		17,628
Land	4,678		—		4,678
Construction in progress(1)	68,318		—		68,318
Total property and equipment, net	$	1,283,165	$	(624,324)	$	658,841

____________________

(1) Construction in progress includes $37.7 million of internal software in development and related hardware and software at December 31, 2021.

Depreciation and amortization was $199.8 million, $151.4 million and $109.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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.

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


Balance at December 31, 2020	$	1,513,866
Goodwill acquired	128,577
Balance at December 31, 2021	1,642,443
Goodwill acquired	25
Balance at December 31, 2022	$	1,642,468

The components of other intangibles, net were as follows at December 31, 2022 (thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net:
Advisor and enterprise relationships	5.1	$	809,872	$	(542,415)	$	267,457
Product sponsor relationships	3.2	234,086		(197,165)		36,921
Client relationships(1)	8.0	102,491		(30,318)		72,173
Technology	5.4	19,040		(7,734)		11,306
Trade names	0.0	1,200		(1,200)		—
Total definite-lived intangible assets, net		$	1,166,689	$	(778,832)	$	387,857
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	427,676

____________________

(1) During the year ended December 31, 2022, the Company acquired client relationship intangible assets of $54.1 million as a result of acquisitions under its Liquidity & Succession solution. These acquisitions were accounted for as asset acquisitions with an assigned useful life of 9 years.

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


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net:
Advisor and enterprise 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 other intangibles was $87.6 million, $79.3 million and $67.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Future amortization is estimated as follows (in thousands):


2023	$	86,288
2024	85,517
2025	77,143
2026	38,887
2027	33,738
Thereafter	66,284
Total	$	387,857

Other Assert and Other Liabilities

12 Months Ended

Dec. 31, 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 (dollars in thousands):


	December 31,
	2022		2021
Other assets:
Deferred compensation	$	496,319	$	499,548
Prepaid assets	144,607		115,018
Fractional shares - investment(1)	122,253		114,574
Deferred tax assets, net(2)	98,997		5,648
Operating lease assets(3)	92,534		95,075
Debt issuance costs, net	6,422		7,303
Other	62,098		49,822
Total other assets	$	1,023,230	$	886,988

Other liabilities:
Deferred compensation	$	497,736	$	499,245
Unearned revenue(4)	138,109		160,926
Operating lease liabilities(3)	125,280		130,304
Fractional shares - repurchase obligation(1)	122,253		114,574
Finance lease liabilities(3)	105,660		106,067
Other	113,589		7,160
Total other liabilities	$	1,102,627	$	1,018,276

_______________________________

(1)See Note 2 - Summary of Significant Accounting Policies for further information.

(2)See Note 13 - Income Taxes for further information.

(3)See Note 12 - Leases for further information.

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

Corporate Debt and Other Borrowings, Net

Mar. 15, 2021

Debt Disclosure [Abstract]

Borrowings

CORPORATE DEBT AND OTHER BORROWINGS, NET

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


	December 31, 2022					December 31, 2021
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)	$	1,037,900	LIBOR+175 bps	5.87	%	$	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	2,737,900					2,748,600

Less: Unamortized Debt Issuance Cost	(20,456)					(24,556)
Corporate debt, net	$	2,717,444				$	2,724,044
Other Borrowings
Revolving Credit Facility(2)(3)	—		LIBOR+125 bps	5.64	%	55,000		ABR+25 bps	3.50	%	3/15/2026
Unsecured, Uncommitted Lines of Credit(3)	—		Rate Determined at Time of Borrowing	—	%	35,000		Broker Base Rate+75 bps	1.00	%	9/30/2023
Total other borrowings	$	—				$	90,000
Corporate Debt and Other Borrowings, Net	$	2,717,444				$	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).

(3)Balances outstanding under our external lines of credit at December 31, 2021 were repaid in January 2022.

The minimum calendar year payments and maturities of the corporate debt and other borrowings as of December 31, 2022 were as follows (in thousands):


2023	$	10,700
2024	10,700
2025	10,700
2026	1,005,800
2027	400,000
Thereafter	1,300,000
Total	$	2,737,900

The following table presents amounts outstanding and available under the Company’s external lines of credit at December 31, 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	LPL Financial LLC	August 2023	$	—	$	1,000

Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2023	$	—	$	75
Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2023	$	—	$	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

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 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 consolidated statements of income for the year ended December 31, 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 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 were capitalized as debt issuance costs in the consolidated statements of financial condition. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of December 31, 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 August 4, 2022, LPL Financial, the Company’s broker-dealer subsidiary, entered into a committed senior unsecured revolving credit facility that matures on August 3, 2023 and allows for a maximum borrowing of up to $1.0 billion. This revolving credit facility replaced the $300.0 million credit facility that was due to mature on July 31, 2024. Borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) the secured overnight financing rate plus 0.10%, (ii) the effective federal funds rate and (iii) the overnight bank funding rate, in each case, as such rate is administered or determined by the Federal Reserve Bank of New York from time to time. In connection with the credit facility, LPL Financial incurred $1.9 million in costs, which were capitalized as debt issuance costs in the consolidated statements of financial condition. The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. At December 31, 2022, LPL Financial’s net capital was 8% of its aggregate debits, below the 10% aggregate debits required by a financial covenant. The agreement allows 5 days to cure non-compliance with this financial covenant, and it was cured within that allowable time period. LPL Financial was in compliance with all other covenants as of December 31, 2022.

Other External Lines of Credit

LPL Financial maintained five uncommitted lines of credit as of December 31, 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. There was $35 million outstanding under these lines of credit as of December 31, 2021 and no balances outstanding as of December 31, 2022.

- 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

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+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Operating Leases

LEASES

The Company determines if an arrangement is a lease or contains a lease at inception. The Company has operating and finance leases for corporate offices and equipment with remaining lease terms of 1 to 14 years, some of which include options to extend the lease for up to 20 years. For leases with renewal options, the lease term is extended to reflect renewal options the Company is reasonably certain to exercise.

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

Finance lease assets are included in Property and equipment, net in the consolidated statements of financial condition and were $92.4 million and $97.1 million at December 31, 2022 and December 31, 2021, respectively.

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


	Years Ended December 31,
	2022		2021		2020
Operating lease cost	$	21,862	$	19,712	$	18,757
Finance lease cost:
Amortization of right-of-use assets	$	4,753	$	5,150	$	5,141
Interest on lease liabilities	8,417		8,360		8,423
Total finance lease cost	$	13,170	$	13,510	$	13,564

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


	December 31,
	2022		2021
Weighted-average remaining lease term (years):
Finance leases	23.8		24.6
Operating leases	6.2		6.9
Weighted-average discount rate:
Finance leases	7.94	%	7.89	%
Operating leases	6.77	%	6.96	%

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	24,820	$	8,577
2024	24,049		8,727
2025	23,734		8,879
2026	23,928		9,035
2027	24,309		9,193
Thereafter	34,196		206,532
Total lease payments	155,036		250,943
Less imputed interest	29,756		145,283
Total	$	125,280	$	105,660

Finance Leases

LEASES

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


	Years Ended December 31,
	2022		2021		2020
Operating lease cost	$	21,862	$	19,712	$	18,757
Finance lease cost:
Amortization of right-of-use assets	$	4,753	$	5,150	$	5,141
Interest on lease liabilities	8,417		8,360		8,423
Total finance lease cost	$	13,170	$	13,510	$	13,564

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


	December 31,
	2022		2021
Weighted-average remaining lease term (years):
Finance leases	23.8		24.6
Operating leases	6.2		6.9
Weighted-average discount rate:
Finance leases	7.94	%	7.89	%
Operating leases	6.77	%	6.96	%

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	24,820	$	8,577
2024	24,049		8,727
2025	23,734		8,879
2026	23,928		9,035
2027	24,309		9,193
Thereafter	34,196		206,532
Total lease payments	155,036		250,943
Less imputed interest	29,756		145,283
Total	$	125,280	$	105,660

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The components of the provision for income taxes were as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Current provision for income taxes:
Federal	$	276,499	$	96,389	$	137,360
State	82,801		26,610		39,757
Total current provision for income taxes	359,300		122,999		177,117
Deferred (benefit) provision for income taxes:
Federal	(69,656)		14,446		(17,991)
State	(23,693)		4,018		(5,693)
Total deferred (benefit) provision for income taxes	(93,349)		18,464		(23,684)
Provision for income taxes	$	265,951	$	141,463	$	153,433

The following table reflects a reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates:


	Years Ended December 31,
	2022		2021		2020
Federal statutory income tax rates	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	4.2		4.1		4.4
Share-based compensation	(1.8)		(2.7)		(1.0)
Research and development credits	(0.4)		(0.4)		(0.3)
Non-deductible expenses	0.3		0.7		0.3
Other	0.6		0.8		0.1
Effective income tax rates	23.9	%	23.5	%	24.5	%

The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0% primarily as a result of certain state taxes, benefits from share-based compensation, and other permanent differences in tax deductibility of certain expenses.

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

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


	December 31,
	2022		2021
Deferred tax assets:
Accrued liabilities	$	149,501	$	148,566
Operating lease liabilities	33,826		35,182
Finance lease liabilities	28,528		28,647
Forgivable loans	19,688		17,369
Share-based compensation	19,246		16,597
Provision for credit losses	5,040		3,691
State taxes	2,402		5,654
Other	10,120		4,604
Total deferred tax assets	268,351		260,310
Deferred tax liabilities:
Depreciation of property and equipment	(94,136)		(147,659)
Amortization of other intangibles	(50,072)		(58,833)
Operating lease assets	(25,146)		(25,832)
Unrealized gains	—		(22,338)
Total deferred tax liabilities	(169,354)		(254,662)
Deferred tax assets, net	$	98,997	$	5,648

The increase in deferred tax assets, net as of December 31, 2022 compared to December 31, 2021 was primarily driven by deferred tax estimates the Company recorded as a result of the change in Internal Revenue Code Section 174, which requires research and development costs to be capitalized and amortized. Prior to this change the Company deducted these costs in the year incurred.

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


	December 31,
	2022		2021		2020
Balance — beginning of year	$	57,014	$	54,435	$	52,098
Increases for tax positions taken during the current year	14,777		15,637		8,053
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions	(19,521)		(13,058)		(5,716)
Balance — end of year	$	52,270	$	57,014	$	54,435

At December 31, 2022 and 2021, there were $46.6 million and $53.8 million, respectively, of unrecognized tax benefits that if recognized, would favorably affect the effective income tax rate in any future periods.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes within the consolidated statements of financial condition. At December 31, 2022 and 2021, the liability for unrecognized tax benefits included accrued interest of $4.6 million and $7.5 million, respectively, and penalties of $4.1 million and $3.9 million, respectively.

The Company and its subsidiaries file federal and state income tax returns, which are subject to routine examinations by the respective taxing authorities. The Company has concluded all federal and state income tax matters for years through 2011. The tax years of 2012 to 2016 and 2019 to 2021 remain open to examination in the federal jurisdiction. The tax years of 2012 to 2021 remain open to examination in the state jurisdictions. In the next 12 months it is reasonably possible that the Company may realize a reduction in unrecognized tax benefits of $3.7 million related to settlements and the statute of limitations expiration in federal and various state jurisdictions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 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.

Future minimum payments under service, development and agency contracts, and other contractual obligations with initial terms greater than one year were as follows at December 31, 2022 (in thousands):


2023	$	137,212
2024	53,742
2025	18,418
2026	422
2027	161
Thereafter	—
Total	$	209,955

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 advisors and enterprises, primarily to newly recruited advisors and enterprises 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 or enterprise joining LPL Financial. LPL Financial had no significant unfunded loan commitments at December 31, 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 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.

In October 2022, the Company received a request for information from the Securities and Exchange Commission (“SEC”) in connection with an investigation of the Company’s compliance with records preservation requirements for business-related electronic communications stored on personal devices or messaging platforms that have not been approved by the Company. The Company intends to cooperate fully with the SEC’s inquiry. The Company has estimated that it is reasonably possible that it could incur losses as a result of this request; however, the Company cannot estimate a possible loss or range of loss at this time. At this time, the Company does not believe that this request will have a material adverse effect on its results of operations, financial position, or cash flows.

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. Self-insurance liabilities are included in accounts payable and accrued liabilities in the consolidated statements of financial condition. Self-insurance related charges are included in other expense in the consolidated statements of income.

The following table provides a reconciliation of the beginning and ending balances of self-insurance liabilities for the years presented (in thousands):


	December 31,
	2022		2021		2020
Beginning balance — January 1	$	67,152	$	51,501	$	40,096
Losses incurred	36,462		34,756		34,784



Losses paid	(29,543)		(19,105)		(23,379)



Ending balance — December 31	$	74,071	$	67,152	$	51,501

Other Commitments

As of December 31, 2022, the Company had approximately $466.0 million of client margin loans that were collateralized with securities having a fair value of approximately $652.5 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $121.1 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of December 31, 2022, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $531.4 million of client collateral.

Investment securities on the consolidated statements of financial condition include $4.5 million and $4.6 million of trading securities pledged to the Options Clearing Corporation at December 31, 2022 and 2021, respectively, and $19.9 million and $15.0 million of trading securities pledged to the National Securities Clearing Corporation at December 31, 2022 and 2021.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Dividends

The payment, timing, and amount of any dividends are subject to approval by the Company’s Board of Directors 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				2020
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	20.0	$	0.25	$	20.0	$	0.25	$	19.7
Second quarter	$	0.25	$	20.0	$	0.25	$	20.0	$	0.25	$	19.7
Third quarter	$	0.25	$	20.0	$	0.25	$	20.1	$	0.25	$	19.8
Fourth quarter	$	0.25	$	19.9	$	0.25	$	20.0	$	0.25	$	19.8

Share Repurchases

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

The Company resumed share repurchases in the third quarter of 2021, and during the year ended December 31, 2022 repurchased 1,566,527 shares of common stock at a weighted-average price of $207.49 for a total of $325.0 million. On September 21, 2022, the Board authorized a $2.1 billion increase to the amount available for repurchases of the Company’s issued and outstanding common shares. As of December 31, 2022, the Company had $2.0 billion 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

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION, EMPLOYEE INCENTIVES AND BENEFIT PLANS

In May 2021, the Company adopted its 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 13,781,800 shares remaining available for future issuance at December 31, 2022.

Stock Options and Warrants

The Company has not granted stock options or warrants since 2019. The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 31, 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	(527,595)	$	35.66
Forfeited and Expired	(3,061)	$	51.19
Outstanding — December 31, 2022	673,764	$	53.45	4.36	$	109,632
Exercisable — December 31, 2022	673,764	$	53.45	4.36	$	109,632
Exercisable and expected to vest — December 31, 2022	673,764	$	53.45	4.36	$	109,632

The following table summarizes information about outstanding stock options and warrants as of December 31, 2022:


	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	84,929	3.15	$	19.85	84,929	$	19.85
$25.01 - $35.00	23,826	0.15	$	31.60	23,826	$	31.60
$35.01 - $45.00	166,168	4.19	$	39.48	166,168	$	39.48
$45.01 - $65.00	72,274	1.79	$	49.06	72,274	$	49.06
$65.01 - $75.00	153,639	5.06	$	65.50	153,639	$	65.50
$75.01 - $80.00	172,928	6.14	$	77.53	172,928	$	77.53
	673,764	4.36	$	53.45	673,764	$	53.45

The Company recognized share-based compensation expense related to the vesting of stock options awarded to employees and officers of $0.2 million, $2.6 million and $4.4 million during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 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, for the year ended December 31, 2022:


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2021	1,051	$	156.54	915,907		$	111.49
Granted	1,864	$	173.78	393,006		$	190.76
Vested	(2,101)	$	165.16	(369,186)		$	101.24
Forfeited	—	$	—	(76,553)		$	149.57
Outstanding — December 31, 2022	814	$	173.78	863,174	(1)	$	148.59
Expected to vest — December 31, 2022	814	$	173.78	744,561		$	155.57

____________________

(1) Includes 82,222 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 $45.4 million, $37.2 million and $25.1 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, total unrecognized compensation cost for restricted stock awards and stock units was $62.5 million, which is expected to be recognized over a weighted-average remaining period of 1.91 years.

The Company also grants restricted stock units to its advisors and to enterprises. The Company recognized share-based compensation expense of $2.6 million, $2.3 million and $2.3 million related to the vesting of these awards during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, total unrecognized compensation cost for restricted stock units granted to advisors and enterprises was $5.1 million, which is expected to be recognized over a weighted-average remaining period of 2.15 years.

Employee Incentives and Benefit Plans

The Company participates in a 401(k) defined contribution plan sponsored by LPL Financial. All employees meeting minimum age and length of service requirements are eligible to participate. The Company has an employer matching program whereby employer contributions are made to the 401(k) plan, and employees are eligible for matching contributions after completing six months of service. For eligible employees, the Company matches up to 75% of the first 8% of an employee’s designated deferral of their eligible compensation. The Company’s total cost related to the 401(k) plan was $24.7 million, $20.9 million and $18.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is classified as compensation and benefits expense in the consolidated statements of income.

The Company established its Employee Stock Purchase Plan (the “ESPP”) as a benefit to enable eligible employees to purchase common stock of LPLFH at a discount from the market price through payroll deductions, subject to limitations. The ESPP provides for a 15% discount on the market value of the stock at the lower of the grant date price (first day of the offering period) and the purchase date price (last day of the offering period). The Company recognized $4.4 million, $2.0 million and $2.2 million of share-based compensation expense related to the ESPP during the years ended December 31, 2022, 2021 and 2020, respectively. The Company’s 2012 Employee Stock Purchase Plan was replaced by its 2021 Employee Stock Purchase Plan in May 2021.

The Company maintains a non-qualified deferred compensation plan for the purpose of attracting and retaining advisors who operate, for tax purposes, as independent contractors, by providing an opportunity for participating advisors to defer receipt of a portion of their gross commissions generated primarily from commissions earned on the sale of various products. The deferred compensation plan has been fully funded to date by participant contributions. Plan assets are invested in mutual funds, which are held by the Company in a Rabbi Trust. The liability for benefits accrued under the non-qualified deferred compensation plan totaled $477.0 million and $482.1

million at December 31, 2022 and 2021, respectively, which is included in other liabilities in the consolidated statements of financial condition. The cash value of the related trust assets was $475.6 million and $482.5 million at December 31, 2022 and 2021, respectively, which is measured at fair value and included in other assets in the consolidated statements of financial condition.

Certain employees of the Company participate in a non-qualified deferred compensation plan that permits participants to defer portions of their compensation and may receive a return based on the allocation of notional investments offered under the plan. Plan assets are held by the Company in a Rabbi Trust and accounted for in the manner described above. As of December 31, 2022, the Company has recorded assets of $20.7 million and liabilities of $20.8 million, which are included in other assets and other liabilities, respectively, in the consolidated statements of financial condition. As of December 31, 2021, the Company had recorded assets of $17.1 million and liabilities of $17.1 million.

Earnings per Share

12 Months Ended

Dec. 31, 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 years noted was as follows (in thousands, except per share data):


	Years Ended December 31,
	2022		2021		2020
Net income	$	845,702	$	459,866	$	472,640

Basic weighted-average number of shares outstanding	79,801		80,002		79,244
Dilutive common share equivalents	1,484		1,740		1,458
Diluted weighted-average number of shares outstanding	81,285		81,742		80,702

Basic earnings per share	$	10.60	$	5.75	$	5.96
Diluted earnings per share	$	10.40	$	5.63	$	5.86

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the years ended December 31, 2022, 2021 and 2020, stock options, warrants and stock units representing common share equivalents of 9,770 shares, 684 shares and 376,598 shares, respectively, were anti-dilutive.

Net Capital and Regulatory Requirements	12 Months Ended
Net Capital and Regulatory Requirements	Dec. 31, 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 December 31, 2022, had net capital of $49.5 million, which was $36.2 million in excess of its minimum net capital requirement of $13.3 million. The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on PTC’s operations. As of December 31, 2022 and 2021, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 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 loans to new and existing advisors and enterprises to facilitate their partnership with LPL Financial, transition to LPL Financial’s platform or fund business development activities. LPL Financial may incur losses if advisors or enterprises do not fulfill their obligations with respect to these loans. To mitigate this risk, LPL Financial evaluates the performance and creditworthiness of the advisor or enterprise 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 consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company’s Board declared a cash dividend of $0.30 per share on the Company’s outstanding common stock to be paid on March 28, 2023 to all stockholders of record on March 14, 2023.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, 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 consolidated financial statements and related disclosures. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. Consolidated Financial Statement Presentation Changes The Company reclassified certain financial statement line items in the consolidated statements of income during 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 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; •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 periods presented.
Consolidation	Consolidation These consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Related Party Transactions In the ordinary course of business, the Company enters into 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 $5.7 million, $6.1 million and $4.8 million during the years ended December 31, 2022, 2021 and 2020, respectively. The Company incurred expense for services provided by these related parties of $3.4 million, $2.2 million and $3.8 million during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, receivables from and payables to related parties were not material.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one segment, given the similarities in economic characteristics between its operations and the common nature of its products and services, production and distribution process and regulatory environment.
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the promised service is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. For additional information, see Note 3 - Revenue.
Compensation and Benefits	Compensation and Benefits The Company records compensation and benefits expense for all cash and deferred compensation, benefits and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees.
Share-Based Compensation	Share-Based Compensation Certain employees, officers, directors, advisors and enterprises participate in the Company’s various long-term incentive plans that provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units. Stock options, warrants and restricted stock units generally vest in equal increments over a three-year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and deferred stock units generally vest over a one-year period, and performance stock units generally vest in full at the end of a three-year performance period. The Company recognizes share-based compensation for equity awards granted to employees, officers and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards, restricted stock units and deferred stock units is equal to the closing price of the Company’s stock on the date of grant. The fair value of performance stock units is estimated using a Monte-Carlo simulation model on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company recognizes share-based compensation for equity awards granted to advisors and enterprises as advisory and commission expense on the consolidated statements of income. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company makes assumptions regarding the number of restricted stock awards, restricted stock units, deferred stock units and performance stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. As a result, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the service period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the service period. See Note 16 - Share-Based Compensation, Employee Incentives and Benefit Plans, for additional information regarding share-based compensation for equity awards granted.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued.
Income Taxes	Income Taxes In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company needs to estimate current tax obligations and to assess temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. These temporary differences result in deferred tax assets and liabilities. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more likely than not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining its provision for income taxes, deferred tax assets and liabilities and any valuation allowances recorded against the deferred tax assets. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions and newly enacted statutory, judicial and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax expense in the period they are generated. The Company recognizes the tax effects of a position in the consolidated financial statements only if it is more likely than not to be sustained based solely on its technical merits; otherwise, no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.
Cash and Cash Equivalents, Cash and Securities Segregated Under Federal and Other Regulations, Restricted Cash	Cash and Equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company’s cash and equivalents are composed of interest and noninterest-bearing deposits, money market funds and U.S. government obligations. Cash and Equivalents Segregated Under Federal or Other Regulations The Company’s broker-dealer subsidiary, LPL Financial, is required to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. At December 31, 2022, this line item included interest bearing deposits, U.S. treasury bills with original maturities of 90 days or less and approximately $100,000 of cash for the proprietary accounts of broker-dealers. The U.S. treasury bills accrue income as earned. Discounts are accreted using a method that approximates the effective yield method over the term of the bill and are recorded to interest income, net as an adjustment to the investment yield. Restricted Cash Restricted cash primarily represents cash held and for use by the Captive Insurance Subsidiary.
Receivable From and Payables to Clients	Receivables from Clients, Net and Client Payables Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Client payables represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. Receivables from clients are generally fully secured by securities held in the clients’ accounts. To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, the Company establishes an allowance for credit losses that it believes is sufficient to cover expected credit losses. When establishing this allowance for credit losses, the Company considers a number of factors, including its ability to collect from the client or the client’s advisor and its historical experience in collecting on such transactions.
Advisor Loans	Advisor Loans, Net Advisor loans, net include loans made to new and existing advisors and enterprises to facilitate their partnership with the Company, transition to the Company’s platform or fund business development activities. The decision to extend credit to an advisor or enterprise is generally based on their credit history and ability to generate future revenue. Loans made can be either repayable or forgivable over terms generally up to ten years provided that the advisor or enterprise remains licensed through LPL Financial. Forgivable loans are not repaid in cash and are amortized over the term of the loan. If an advisor or enterprise terminates their arrangement with the Company prior to the loan maturity date, the remaining balance becomes repayable immediately. An allowance for credit losses is recorded at the inception of a repayable loan or upon conversion to a repayable loan upon termination or change in agreed upon terms using estimates and assumptions based on historical lifetime loss experience and expectations of future loss rates based on current facts. Advisor repayable loans, net totaled $280.0 million and $191.2 million as of December 31, 2022 and 2021.
Receivables from Others	Other Receivables, Net Other receivables, net primarily consist of receivables due from product sponsors and others and miscellaneous receivables. An allowance for credit losses is recorded at inception using estimates and assumptions based on historical experience, current facts and other factors. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.
Securities Owned and Securities Sold, But Not Yet Purchased	Investment Securities Investment securities include trading and held-to-maturity securities. The Company also has securities that have been sold, but not yet purchased, which are reflected in other liabilities on the consolidated statements of financial condition. The Company generally classifies its investments in debt and equity instruments as trading securities, except for U.S. government notes held by its wholly owned subsidiary PTC, which are held to satisfy minimum capital requirements of the OCC and classified as held-to-maturity securities because the Company has both the intent and the ability to hold these investments to maturity. The Company has not classified any investments as available-for-sale. Securities classified as trading are carried at fair value while securities classified as held-to-maturity are carried at amortized cost. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If these estimates change, the Company may recognize additional losses. Realized and unrealized gains and losses on trading securities are recognized in other revenue on a net basis in the consolidated statements of income.
Securities Borrowed and Fractional Shares	Securities Borrowed The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. Securities borrowed, which are included in other assets in the consolidated statements of financial condition, are accounted for as collateralized borrowings and are recorded at the contract value, which represents the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned, is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity. As of December 31, 2022, the contract and collateral market values of borrowed securities were $9.6 million and $9.3 million, respectively. As of December 31, 2021, the contract and collateral market values of borrowed securities were $10.0 million and $9.7 million, respectively.
Fixed Assets	Property and Equipment, Net Internally developed software, leasehold improvements, computers and software and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company expenses software development costs as incurred during the preliminary project stage while capitalizing costs at the point at which the conceptual formulation, design and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are included in property and equipment and subsequently amortized over the estimated useful life of the software, which is generally 3 to 5 years. The Company does not capitalize pilot projects or projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software are depreciated over a period of 3 to 5 years. Furniture and equipment are depreciated over a period of 3 to 7 years. Land is not depreciated. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable
Acquisitions	Acquisitions Accounting for business combinations requires the Company to make significant estimates and assumptions with respect to intangible assets, liabilities assumed and pre-acquisition contingencies. These assumptions include, but are not limited to, future expected cash flows and discount rates, and are based in part on historical experience, market data and information obtained from the management of the acquired companies. When acquiring companies in business combinations, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill is recognized for business combinations as of the acquisition date and is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income. The Company also enters into asset acquisitions for single identifiable assets. Accounting for asset acquisitions requires the Company to make significant estimates and assumptions with respect to the useful life of the asset purchased. These assumptions are based in part on historical experience and market data.
Goodwill and Other Intangible Assets	Goodwill and Other Intangibles, Net Goodwill and other indefinite-lived intangibles are evaluated annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment analysis will be performed. An impairment loss will be recognized if a reporting unit’s carrying amount exceeds its fair value, to the extent that it does not exceed the total carrying amount of goodwill. No impairment of goodwill or other indefinite-lived intangibles was recognized for the years ended December 31, 2022, 2021 or 2020. Intangibles that are deemed to have definite lives are amortized over their useful lives generally ranging from 5 to 20 years. They are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value. There was no impairment of definite-lived intangibles recognized for the years ended December 31, 2022, 2021 or 2020. See Note 9 - Goodwill and Other Intangibles, Net, for additional information.
Debt Issuance Costs	Debt Issuance Costs Debt issuance and amendment costs are capitalized and amortized as additional interest expense over the expected term of the related debt agreement. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability. Costs incurred while obtaining the revolving credit facility are included in other assets in the consolidated statements of financial condition and subsequently amortized ratably over the term of the revolving credit facility regardless of whether there are any outstanding borrowings on the revolving credit facility.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability for loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from LPL Financial and has cash reserves to cover losses, including $88.7 million in restricted cash at the Captive Insurance Subsidiary. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, see Note 14 - Commitments and Contingencies - “Legal and Regulatory Matters.”
Leases	LeasesLease assets and liabilities are recognized based on the present value of the future lease payments over the lease term at the lease commencement date and reflected in other assets and other liabilities, respectively, on the consolidated statements of financial condition. The Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. For additional information,
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 consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the year ended December 31, 2022 that materially impacted the Company’s consolidated financial statements and related disclosures.
Investment, Policy	Fractional Shares The Company acts in a principal capacity in respect of fractional shares resulting from the dividend reinvestment program (“DRIP”) that is offered to clients by aggregating dividends received by clients, executing purchases of whole shares and allocating the whole shares to clients on a fractional basis based on the dividend amounts that are reinvested. Shares remaining after this process and fractional shares purchased by the Company in client liquidations are included in the Company’s inventory and reflected as investment securities on the Company’s consolidated statements of financial condition. Fractional shares that have been allocated to clients do not meet the criteria for sale accounting in ASC 860, Transfers and Servicing, and are accounted for as a secured borrowing (repurchase obligation related to shares held by clients) with a corresponding investment in fractional shares. These are reflected in other assets and other liabilities, respectively, on the Company’s consolidated statements of financial condition. The Company has elected the fair value option to measure these financial assets and the corresponding repurchase obligation and determines fair value based on quoted prices in active markets.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Receivables from clients [Member]

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

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

The following table reflects a roll-forward of the allowance for credit losses on receivables from clients (in thousands):


	December 31,
	2022		2021		2020
Beginning balance — January 1	$	987	$	520	$	115

Provision for credit losses	66		424		432
(Charge-offs) recoveries, net	(144)		43		(27)
Ending balance — December 31	$	909	$	987	$	520

Advisor Loans [Member]

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

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

The following table reflects a roll-forward of the allowance for credit losses on advisor loans (in thousands):


	December 31,
	2022		2021		2020
Beginning balance — January 1	$	11,575	$	8,797	$	13,461
Impact of ASU 2016-13 adoption	—		—		8,748
Provision for credit losses	4,790		7,074		3,642
Recoveries (charge-offs), net	361		(4,296)		(17,054)
Other	(1,582)		—		—
Ending balance — December 31	$	15,144	$	11,575	$	8,797

Receivables from others [Member]

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

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

The following table reflects a roll-forward of the allowance for credit losses on other receivables (in thousands):


	December 31,
	2022		2021		2020
Beginning balance — January 1	$	1,083	$	1,068	$	805
Impact of ASU 2016-13 adoption	—		—		1,097
Provision for credit losses	8,811		1,670		1,610
Charge-offs, net of recoveries	(8,688)		(1,655)		(2,444)
Other	1,582		—		—
Ending balance — December 31	$	2,788	$	1,083	$	1,068

Revenue (Tables)

12 Months Ended

Dec. 31, 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):


	Years Ended December 31,
	2022		2021		2020
Commission revenue
Annuities	$	1,269,634	$	1,210,899	$	976,357
Mutual funds	679,912		768,168		590,074
Fixed income	119,196		126,543		88,714
Equities	114,446		131,975		126,920
Other	142,976		141,098		124,495
Total commission revenue	$	2,326,164	$	2,378,683	$	1,906,560

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):


	Years Ended December 31,
	2022		2021		2020
Commission revenue
Sales-based
Annuities	$	542,310	$	425,164	$	327,412
Mutual funds	154,742		191,449		145,836
Fixed income	119,196		126,543		88,714
Equities	114,446		131,975		126,920
Other	103,112		98,924		81,882
Total sales-based revenue	$	1,033,806	$	974,055	$	770,764
Trailing
Annuities	$	727,324	$	785,735	$	648,945
Mutual funds	525,170		576,719		444,238
Other	39,864		42,174		42,613
Total trailing revenue	$	1,292,358	$	1,404,628	$	1,135,796
Total commission revenue	$	2,326,164	$	2,378,683	$	1,906,560

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

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


	Years Ended December 31,
	2022		2021		2020
Asset-based revenue
Client cash	$	953,624	$	360,847	$	481,388
Recordkeeping	412,468		401,429		290,194
Sponsorship programs	394,181		385,791		272,935
Total asset-based revenue	$	1,760,273	$	1,148,067	$	1,044,517

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):


	Years Ended December 31,
	2022		2021		2020
Service and fee revenue
Point-in-time(1)	$	115,916	$	110,459	$	85,451
Over time(2)	351,465		301,302		272,271
Total service and fee revenue	$	467,381	$	411,761	$	357,722

____________________

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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	13,639	$	—	$	—	$	13,639
Cash equivalents segregated under federal or other regulations	1,131,040		—		—		1,131,040
Investment securities - trading:
U.S. treasury obligations	24,402		—		—		24,402
Mutual funds	10,679		—		—		10,679
Equity securities	980		—		—		980
Debt securities	—		585		—		585
Money market funds	112		—		—		112
Total investment securities - trading	36,173		585		—		36,758
Other assets:
Deferred compensation plan	489,976		—		—		489,976
Fractional shares - investment(1)	122,253		—		—		122,253
Other investments	—		5,248		—		5,248
Total other assets	612,229		5,248		—		617,477
Total assets at fair value	$	1,793,081	$	5,833	$	—	$	1,798,914
Liabilities
Accounts payable and accrued liabilities	$	—	$	—	$	3,860	$	3,860
Other liabilities:
Securities sold, but not yet purchased:
Debt securities	—		61		—		61
Equity securities	20		—		—		20
Mutual funds	4		—		—		4
Total securities sold, but not yet purchased	24		61		—		85
Fractional shares - repurchase obligation(1)	122,253		—		—		122,253
Total other liabilities	122,277		61		—		122,338
Total liabilities at fair value	$	122,277	$	61	$	3,860	$	126,198

____________________

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

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.

Financial assets and financial liabilities 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):


December 31, 2022	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	833,880	$	833,880	$	—	$	—	$	833,880
Cash segregated under federal or other regulations	1,068,322		1,068,322		—		—		1,068,322
Restricted cash	90,389		90,389		—		—		90,389
Receivables from clients, net	561,569		—		561,569		—		561,569
Receivables from brokers, dealers and clearing organizations	56,276		—		56,276		—		56,276
Advisor repayable loans, net(1)	280,040		—		—		219,062		219,062
Other receivables, net	677,766		—		677,766		—		677,766
Investment securities - held-to-maturity securities	15,852		—		15,471		—		15,471
Other assets:
Securities borrowed	9,626		—		9,626		—		9,626
Deferred compensation plan(2)	6,343		6,343		—		—		6,343
Other investments(3)	4,647		—		4,647		—		4,647
Total other assets	20,616		6,343		14,273		—		20,616
Liabilities
Client payables	$	2,694,929	$	—	$	2,694,929	$	—	$	2,694,929
Payables to brokers, dealers and clearing organizations	147,752		—		147,752		—		147,752
Corporate debt and other borrowings, net	2,717,444		—		2,530,011		—		2,530,011


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 or change in agreed upon terms.

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

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

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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

The following table summarizes investment securities (in thousands):


	December 31,
	2022		2021
Trading securities - at fair value:
U.S. treasury obligations	$	24,402	$	19,599
Mutual funds	10,679		19,112
Equity securities	980		440
Debt securities	585		—
Money market funds	112		123
Total trading securities	$	36,758	$	39,274
Held-to-maturity securities - at amortized cost:
U.S. government notes	$	15,852	$	9,918
Total held-to-maturity securities	$	15,852	$	9,918
Total investment securities	$	52,610	$	49,192

Schedule of held-to-maturity securities by maturity

At December 31, 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	$	5,508	$	10,344	$	—	$	—	$	15,852
U.S. government notes — at fair value	$	5,427	$	10,044	$	—	$	—	$	15,471

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

12 Months Ended

Dec. 31, 2022

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

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

Receivables from and payables to brokers, dealers, and clearing organizations were as follows (in thousands):


	December 31,
	2022		2021
Receivables:
Receivables from clearing organizations	$	46,075	$	80,548
Securities failed-to-deliver	9,083		16,978
Receivables from brokers and dealers	1,118		4,977
Total receivables	$	56,276	$	102,503
Payables:
Payables to brokers and dealers	$	82,685	78,080
Payables to clearing organizations	41,495		20,112
Securities failed-to-receive	23,572		71,927
Total payables	$	147,752	$	170,119

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

The components of fixed assets

The components of property and equipment, net were as follows at December 31, 2022 (in thousands):


	Historical Cost		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	942,432	$	(476,653)	$	465,779
Computers and software	290,412		(208,299)		82,113
Buildings	107,873		(15,503)		92,370
Leasehold improvements	94,959		(43,678)		51,281

Furniture and equipment	87,204		(72,862)		14,342
Land	4,678		—		4,678
Construction in progress(1)	69,794		—		69,794
Total property and equipment, net	$	1,597,352	$	(816,995)	$	780,357

____________________

(1) Construction in progress includes $69.2 million of internal software in development and related hardware and software at December 31, 2022.

The components of property and equipment, net were as follows at December 31, 2021 (in thousands):


	Historical Cost		Accumulated Depreciation and Amortization		Net Carrying Value
Internally developed software	$	716,179	$	(342,408)	$	373,771
Computers and software	214,223		(167,573)		46,650
Buildings	107,873		(11,627)		96,246
Leasehold improvements	88,538		(36,988)		51,550

Furniture and equipment	83,356		(65,728)		17,628
Land	4,678		—		4,678
Construction in progress(1)	68,318		—		68,318
Total property and equipment, net	$	1,283,165	$	(624,324)	$	658,841

____________________

(1) Construction in progress includes $37.7 million of internal software in development and related hardware and software at December 31, 2021.

Depreciation and amortization was $199.8 million, $151.4 million and $109.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of activity in goodwill

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


Balance at December 31, 2020	$	1,513,866
Goodwill acquired	128,577
Balance at December 31, 2021	1,642,443
Goodwill acquired	25
Balance at December 31, 2022	$	1,642,468

Components of intangible assets

The components of other intangibles, net were as follows at December 31, 2022 (thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net:
Advisor and enterprise relationships	5.1	$	809,872	$	(542,415)	$	267,457
Product sponsor relationships	3.2	234,086		(197,165)		36,921
Client relationships(1)	8.0	102,491		(30,318)		72,173
Technology	5.4	19,040		(7,734)		11,306
Trade names	0.0	1,200		(1,200)		—
Total definite-lived intangible assets, net		$	1,166,689	$	(778,832)	$	387,857
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	427,676

____________________

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


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net:
Advisor and enterprise 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):


2023	$	86,288
2024	85,517
2025	77,143
2026	38,887
2027	33,738
Thereafter	66,284
Total	$	387,857

Other Assert and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 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 (dollars in thousands):


	December 31,
	2022		2021
Other assets:
Deferred compensation	$	496,319	$	499,548
Prepaid assets	144,607		115,018
Fractional shares - investment(1)	122,253		114,574
Deferred tax assets, net(2)	98,997		5,648
Operating lease assets(3)	92,534		95,075
Debt issuance costs, net	6,422		7,303
Other	62,098		49,822
Total other assets	$	1,023,230	$	886,988

Other liabilities:
Deferred compensation	$	497,736	$	499,245
Unearned revenue(4)	138,109		160,926
Operating lease liabilities(3)	125,280		130,304
Fractional shares - repurchase obligation(1)	122,253		114,574
Finance lease liabilities(3)	105,660		106,067
Other	113,589		7,160
Total other liabilities	$	1,102,627	$	1,018,276

_______________________________

(1)See Note 2 - Summary of Significant Accounting Policies for further information.

(2)See Note 13 - Income Taxes for further information.

(3)See Note 12 - Leases for further information.

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

Corporate Debt and Other Borrowings, Net (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Outstanding borrowings

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


	December 31, 2022					December 31, 2021
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)	$	1,037,900	LIBOR+175 bps	5.87	%	$	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	2,737,900					2,748,600

Less: Unamortized Debt Issuance Cost	(20,456)					(24,556)
Corporate debt, net	$	2,717,444				$	2,724,044
Other Borrowings
Revolving Credit Facility(2)(3)	—		LIBOR+125 bps	5.64	%	55,000		ABR+25 bps	3.50	%	3/15/2026
Unsecured, Uncommitted Lines of Credit(3)	—		Rate Determined at Time of Borrowing	—	%	35,000		Broker Base Rate+75 bps	1.00	%	9/30/2023
Total other borrowings	$	—				$	90,000
Corporate Debt and Other Borrowings, Net	$	2,717,444				$	2,814,044

_______________________________

(1)No leverage or interest coverage maintenance covenants.

(3)Balances outstanding under our external lines of credit at December 31, 2021 were repaid in January 2022.

The minimum calendar year payments and maturities of the corporate debt and other borrowings as of December 31, 2022 were as follows (in thousands):


2023	$	10,700
2024	10,700
2025	10,700
2026	1,005,800
2027	400,000
Thereafter	1,300,000
Total	$	2,737,900

The following table presents amounts outstanding and available under the Company’s external lines of credit at December 31, 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	LPL Financial LLC	August 2023	$	—	$	1,000

Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2023	$	—	$	75
Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2023	$	—	$	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

- 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

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Components of Lease Expense

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


	Years Ended December 31,
	2022		2021		2020
Operating lease cost	$	21,862	$	19,712	$	18,757
Finance lease cost:
Amortization of right-of-use assets	$	4,753	$	5,150	$	5,141
Interest on lease liabilities	8,417		8,360		8,423
Total finance lease cost	$	13,170	$	13,510	$	13,564

Supplemental weighted-average information related to leases

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


	December 31,
	2022		2021
Weighted-average remaining lease term (years):
Finance leases	23.8		24.6
Operating leases	6.2		6.9
Weighted-average discount rate:
Finance leases	7.94	%	7.89	%
Operating leases	6.77	%	6.96	%

Maturities of Lease Liabilities - Finance Leases

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	24,820	$	8,577
2024	24,049		8,727
2025	23,734		8,879
2026	23,928		9,035
2027	24,309		9,193
Thereafter	34,196		206,532
Total lease payments	155,036		250,943
Less imputed interest	29,756		145,283
Total	$	125,280	$	105,660

Maturities of Lease Liabilities - Operating Leases

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	24,820	$	8,577
2024	24,049		8,727
2025	23,734		8,879
2026	23,928		9,035
2027	24,309		9,193
Thereafter	34,196		206,532
Total lease payments	155,036		250,943
Less imputed interest	29,756		145,283
Total	$	125,280	$	105,660

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of provision for income taxes

The components of the provision for income taxes were as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Current provision for income taxes:
Federal	$	276,499	$	96,389	$	137,360
State	82,801		26,610		39,757
Total current provision for income taxes	359,300		122,999		177,117
Deferred (benefit) provision for income taxes:
Federal	(69,656)		14,446		(17,991)
State	(23,693)		4,018		(5,693)
Total deferred (benefit) provision for income taxes	(93,349)		18,464		(23,684)
Provision for income taxes	$	265,951	$	141,463	$	153,433

Summary of effective income tax rate reconciliation

The following table reflects a reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates:


	Years Ended December 31,
	2022		2021		2020
Federal statutory income tax rates	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	4.2		4.1		4.4
Share-based compensation	(1.8)		(2.7)		(1.0)
Research and development credits	(0.4)		(0.4)		(0.3)
Non-deductible expenses	0.3		0.7		0.3
Other	0.6		0.8		0.1
Effective income tax rates	23.9	%	23.5	%	24.5	%

Components of the net deferred income taxes

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


	December 31,
	2022		2021
Deferred tax assets:
Accrued liabilities	$	149,501	$	148,566
Operating lease liabilities	33,826		35,182
Finance lease liabilities	28,528		28,647
Forgivable loans	19,688		17,369
Share-based compensation	19,246		16,597
Provision for credit losses	5,040		3,691
State taxes	2,402		5,654
Other	10,120		4,604
Total deferred tax assets	268,351		260,310
Deferred tax liabilities:
Depreciation of property and equipment	(94,136)		(147,659)
Amortization of other intangibles	(50,072)		(58,833)
Operating lease assets	(25,146)		(25,832)
Unrealized gains	—		(22,338)
Total deferred tax liabilities	(169,354)		(254,662)
Deferred tax assets, net	$	98,997	$	5,648

Summary of gross unrecognized tax benefits including interest and penalties reconciliation

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


	December 31,
	2022		2021		2020
Balance — beginning of year	$	57,014	$	54,435	$	52,098
Increases for tax positions taken during the current year	14,777		15,637		8,053
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions	(19,521)		(13,058)		(5,716)
Balance — end of year	$	52,270	$	57,014	$	54,435

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Future minimum payments


2023	$	137,212
2024	53,742
2025	18,418
2026	422
2027	161
Thereafter	—
Total	$	209,955

Financial Guarantee Insurance Contracts, Claim Liability

The following table provides a reconciliation of the beginning and ending balances of self-insurance liabilities for the years presented (in thousands):


	December 31,
	2022		2021		2020
Beginning balance — January 1	$	67,152	$	51,501	$	40,096
Losses incurred	36,462		34,756		34,784



Losses paid	(29,543)		(19,105)		(23,379)



Ending balance — December 31	$	74,071	$	67,152	$	51,501

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

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

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


	2022				2021				2020
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.25	$	20.0	$	0.25	$	20.0	$	0.25	$	19.7
Second quarter	$	0.25	$	20.0	$	0.25	$	20.0	$	0.25	$	19.7
Third quarter	$	0.25	$	20.0	$	0.25	$	20.1	$	0.25	$	19.8
Fourth quarter	$	0.25	$	19.9	$	0.25	$	20.0	$	0.25	$	19.8

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

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

The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 31, 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	(527,595)	$	35.66
Forfeited and Expired	(3,061)	$	51.19
Outstanding — December 31, 2022	673,764	$	53.45	4.36	$	109,632
Exercisable — December 31, 2022	673,764	$	53.45	4.36	$	109,632
Exercisable and expected to vest — December 31, 2022	673,764	$	53.45	4.36	$	109,632

Summary of information about outstanding stock options and warrants

The following table summarizes information about outstanding stock options and warrants as of December 31, 2022:


	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	84,929	3.15	$	19.85	84,929	$	19.85
$25.01 - $35.00	23,826	0.15	$	31.60	23,826	$	31.60
$35.01 - $45.00	166,168	4.19	$	39.48	166,168	$	39.48
$45.01 - $65.00	72,274	1.79	$	49.06	72,274	$	49.06
$65.01 - $75.00	153,639	5.06	$	65.50	153,639	$	65.50
$75.01 - $80.00	172,928	6.14	$	77.53	172,928	$	77.53
	673,764	4.36	$	53.45	673,764	$	53.45

Summary of the status of the Company's restricted stock


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2021	1,051	$	156.54	915,907		$	111.49
Granted	1,864	$	173.78	393,006		$	190.76
Vested	(2,101)	$	165.16	(369,186)		$	101.24
Forfeited	—	$	—	(76,553)		$	149.57
Outstanding — December 31, 2022	814	$	173.78	863,174	(1)	$	148.59
Expected to vest — December 31, 2022	814	$	173.78	744,561		$	155.57

____________________

(1) Includes 82,222 vested and undistributed deferred stock units.

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Basic and diluted earnings per share

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


	Years Ended December 31,
	2022		2021		2020
Net income	$	845,702	$	459,866	$	472,640

Basic weighted-average number of shares outstanding	79,801		80,002		79,244
Dilutive common share equivalents	1,484		1,740		1,458
Diluted weighted-average number of shares outstanding	81,285		81,742		80,702

Basic earnings per share	$	10.60	$	5.75	$	5.96
Diluted earnings per share	$	10.40	$	5.63	$	5.86

Organization and Description of the Company (Details)	12 Months Ended
Organization and Description of the Company (Details)	Dec. 31, 2022
LPL Financial [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Number of states in which entity operates	50
AW Subsidiary Inc. [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Employee Services, LLC [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Fortigent [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPLIA [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Captive Insurance Subsidiary [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%

Summary of Significant Accounting Policies Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Number of Operating Segments	1
Shareholder Percent Ownership in Company	5.00%
Revenue from Related Parties	$ 5,700	$ 6,100	$ 4,800
Related Party Transaction, Expenses from Transactions with Related Party	$ 3,400	$ 2,200	$ 3,800

- 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 Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Operating Segments	1
Stock options and warrants [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Restricted stock awards and restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	1 year
Performance Shares [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years

Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 90,389	$ 80,655	$ 67,264
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability for loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from LPL Financial and has cash reserves to cover losses, including $88.7 million in restricted cash at the Captive Insurance Subsidiary. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, see Note 14 - Commitments and Contingencies - “Legal and Regulatory Matters.”
Self Insurance Reserve
Cash and Cash Equivalents [Line Items]
Restricted Cash	$ 88,700
Maximum
Cash and Cash Equivalents [Line Items]
Cash Equivalent Maturity	90 days

Summary of Significant Accounting Policies Cash Segregated Under Federal and Other Regulations (Details)	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Proprietary Account of Broker-Dealer under SEC Act Rule 15c-3-3	$ 100,000

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses	$ 13,667	$ 9,168	$ 5,824
Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	987	520	115
Provision for credit losses	66	424	432
(Charge-offs) recoveries, net		43
(Charge-offs) recoveries, net	(144)		(27)
Ending balance - December 31	$ 909	$ 987	$ 520

Summary of Significant Accounting Policies Receivables from Advisor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advisor loans, net	$ 1,123,004	$ 963,869
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses	$ 13,667	9,168	$ 5,824
Advisor Loans Term, Maximum	10 years
Advisor Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advisor loans, net	$ 280,000	191,200
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	11,575	8,797	13,461
Provision for credit losses	4,790	7,074	3,642
(Charge-offs) recoveries, net	361	4,296	17,054
Other	(1,582)	0	0
Ending balance - December 31	15,144	11,575	8,797
Advisor Loans [Member] \| Cumulative effect of accounting change \| Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 0		$ 8,748
Ending balance - December 31		$ 0

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses	$ 13,667	$ 9,168	$ 5,824
Receivables from others [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	1,083	1,068	805
Provision for credit losses	8,811	1,670	1,610
Other	1,582	0	0
(Charge-offs) recoveries, net	(8,688)	(1,655)	(2,444)
Ending balance - December 31	2,788	1,083	1,068
Receivables from others [Member] \| Cumulative effect of accounting change \| Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 0	0	1,097
Ending balance - December 31		$ 0	$ 0

Summary of Significant Accounting Policies Securities Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Securities borrowed, contract value	$ 9,600	$ 10,000
Securities borrowed, collateral market value	$ 9,300	$ 9,700

Summary of Significant Accounting Policies Fixed Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tangible Asset Impairment Charges [Abstract]
Tangible Asset Impairment Charges	$ 0	$ 0	$ 0
Computers and software [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computers and software [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	5 years
Internally developed software [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Internally developed software [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	5 years
Furniture and equipment [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years

Summary of Significant Accounting Policies Acquisitions (Details)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Measurement Period of Acquisitions, Maximum	1 year

Summary of Significant Accounting Policies Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	0	0	0
Impairment of intangible assets, finite-lived	$ 0	$ 0	$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	20 years

Revenue Commission Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Advisory Revenue, Percent of Underlying Assets	1.00%
Commission Revenues	$ 2,326,164	$ 2,378,683	$ 1,906,560
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	1,269,634	1,210,899	976,357
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	679,912	768,168	590,074
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	119,196	126,543	88,714
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	114,446	131,975	126,920
Other [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	142,976	141,098	124,495
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	1,033,806	974,055	770,764
Transferred at Point in Time [Member] \| Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	542,310	425,164	327,412
Transferred at Point in Time [Member] \| Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	154,742	191,449	145,836
Transferred at Point in Time [Member] \| Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	119,196	126,543	88,714
Transferred at Point in Time [Member] \| Equities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	114,446	131,975	126,920
Transferred at Point in Time [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	103,112	98,924	81,882
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	1,292,358	1,404,628	1,135,796
Transferred over Time [Member] \| Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	727,324	785,735	648,945
Transferred over Time [Member] \| Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	525,170	576,719	444,238
Transferred over Time [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Commission Revenues	$ 39,864	$ 42,174	$ 42,613

Revenue Asset-Based Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	$ 1,760,273	$ 1,148,067	$ 1,044,517
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	394,181	385,791	272,935
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset-Based Revenues	$ 412,468	$ 401,429	$ 290,194

Revenue Transaction and Fee Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Transaction and fee revenues	$ 181,260	$ 156,336	$ 148,349
Service and fee	467,381	411,761	357,722
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	115,916	110,459	85,451
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	$ 351,465	$ 301,302	$ 272,271

Revenue Unearned Revenue (Details Texturals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Revenue Recognized	$ 159.5
Contract with Customer, Liability	$ 138.1	$ 160.9

Acquisitions (Details) - USD ($) $ in Thousands	Nov. 02, 2022	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill			$ 1,642,468	$ 1,642,443	$ 1,513,866
Finite-lived intangible assets acquired			54,100
Client relationships(1)
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			54,100
FRGIS
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 140,000
Waddell & Reed Financial, Inc.
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 300,000
Goodwill			128,600
Finite-lived intangible assets acquired			122,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 62,300

Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Investment securities — trading	$ 36,758	$ 39,274
Money Market Funds [Member]
Assets
Investment securities — trading	112	123
Equity securities
Assets
Investment securities — trading	980	440
US Treasury Securities [Member]
Assets
Investment securities — trading	24,402	19,599
Recurring
Assets
Cash equivalents	13,639	12,056
Investment securities — trading	36,758	39,274
Other assets	617,477	623,288
Total assets at fair value	1,798,914	674,618
Liabilities
Accounts payable and accrued liabilities	3,860	3,530
Securities sold, but not yet purchased	85	572
Other liabilities	122,338	115,146
Total liabilities at fair value	126,198	118,676
Recurring \| Federal Or Other Regulations
Assets
Cash equivalents	1,131,040
Recurring \| Mutual funds
Liabilities
Securities sold, but not yet purchased	4
Recurring \| Equity securities
Liabilities
Securities sold, but not yet purchased	20	467
Recurring \| Debt Securities [Member]
Liabilities
Securities sold, but not yet purchased	61	105
Recurring \| Money Market Funds [Member]
Assets
Investment securities — trading	112	123
Recurring \| Mutual funds
Assets
Investment securities — trading	10,679	19,112
Recurring \| Equity securities
Assets
Investment securities — trading	980	440
Recurring \| US Treasury Securities [Member]
Assets
Investment securities — trading	24,402	19,599
Recurring \| Debt Securities [Member]
Assets
Investment securities — trading	585
Recurring \| Deferred compensation plan
Assets
Other assets	489,976	499,548
Recurring \| Other investments
Assets
Other assets	5,248	9,166
Recurring \| Fractional Shares
Assets
Other assets	122,253	114,574
Liabilities
Other liabilities	122,253	114,574
Recurring \| Level 1
Assets
Cash equivalents	13,639	12,056
Investment securities — trading	36,173	39,274
Other assets	612,229	614,122
Total assets at fair value	1,793,081	665,452
Liabilities
Accounts payable and accrued liabilities	0	0
Securities sold, but not yet purchased	24	467
Other liabilities	122,277	115,041
Total liabilities at fair value	122,277	115,041
Recurring \| Level 1 \| Federal Or Other Regulations
Assets
Cash equivalents	1,131,040
Recurring \| Level 1 \| Mutual funds
Liabilities
Securities sold, but not yet purchased	4
Recurring \| Level 1 \| Equity securities
Liabilities
Securities sold, but not yet purchased	20	467
Recurring \| Level 1 \| Debt Securities [Member]
Liabilities
Securities sold, but not yet purchased	0	0
Recurring \| Level 1 \| Money Market Funds [Member]
Assets
Investment securities — trading	112	123
Recurring \| Level 1 \| Mutual funds
Assets
Investment securities — trading	10,679	19,112
Recurring \| Level 1 \| Equity securities
Assets
Investment securities — trading	980	440
Recurring \| Level 1 \| US Treasury Securities [Member]
Assets
Investment securities — trading	24,402	19,599
Recurring \| Level 1 \| Debt Securities [Member]
Assets
Investment securities — trading	0	0
Recurring \| Level 1 \| Deferred compensation plan
Assets
Other assets	489,976	499,548
Recurring \| Level 1 \| Other investments
Assets
Other assets	0	0
Recurring \| Level 1 \| Fractional Shares
Assets
Other assets	122,253	114,574
Liabilities
Other liabilities	122,253	114,574
Recurring \| Level 2
Assets
Cash equivalents	0	0
Investment securities — trading	585	0
Other assets	5,248	9,166
Total assets at fair value	5,833	9,166
Liabilities
Accounts payable and accrued liabilities	0	0
Securities sold, but not yet purchased	61	105
Other liabilities	61	105
Total liabilities at fair value	61	105
Recurring \| Level 2 \| Federal Or Other Regulations
Assets
Cash equivalents	0
Recurring \| Level 2 \| Mutual funds
Liabilities
Securities sold, but not yet purchased	0
Recurring \| Level 2 \| Equity securities
Liabilities
Securities sold, but not yet purchased	0	0
Recurring \| Level 2 \| Debt Securities [Member]
Liabilities
Securities sold, but not yet purchased	61	105
Recurring \| Level 2 \| Money Market Funds [Member]
Assets
Investment securities — trading	0	0
Recurring \| Level 2 \| Mutual funds
Assets
Investment securities — trading	0	0
Recurring \| Level 2 \| Equity securities
Assets
Investment securities — trading	0	0
Recurring \| Level 2 \| US Treasury Securities [Member]
Assets
Investment securities — trading	0	0
Recurring \| Level 2 \| Debt Securities [Member]
Assets
Investment securities — trading	585
Recurring \| Level 2 \| Deferred compensation plan
Assets
Other assets	0	0
Recurring \| Level 2 \| Other investments
Assets
Other assets	5,248	9,166
Recurring \| Level 2 \| Fractional Shares
Assets
Other assets	0	0
Liabilities
Other liabilities	0	0
Recurring \| Level 3
Assets
Cash equivalents	0	0
Investment securities — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Liabilities
Accounts payable and accrued liabilities	3,860	3,530
Securities sold, but not yet purchased	0	0
Other liabilities	0	0
Total liabilities at fair value	3,860	3,530
Recurring \| Level 3 \| Federal Or Other Regulations
Assets
Cash equivalents	0
Recurring \| Level 3 \| Mutual funds
Liabilities
Securities sold, but not yet purchased	0
Recurring \| Level 3 \| Equity securities
Liabilities
Securities sold, but not yet purchased	0	0
Recurring \| Level 3 \| Debt Securities [Member]
Liabilities
Securities sold, but not yet purchased	0	0
Recurring \| Level 3 \| Money Market Funds [Member]
Assets
Investment securities — trading	0	0
Recurring \| Level 3 \| Mutual funds
Assets
Investment securities — trading	0	0
Recurring \| Level 3 \| Equity securities
Assets
Investment securities — trading	0	0
Recurring \| Level 3 \| US Treasury Securities [Member]
Assets
Investment securities — trading	0	0
Recurring \| Level 3 \| Debt Securities [Member]
Assets
Investment securities — trading	0
Recurring \| Level 3 \| Deferred compensation plan
Assets
Other assets	0	0
Recurring \| Level 3 \| Other investments
Assets
Other assets	0	0
Recurring \| Level 3 \| Fractional Shares
Assets
Other assets	0	0
Liabilities
Other liabilities	$ 0	$ 0

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets, not measured at fair value
Cash and equivalents	$ 847,519	$ 495,246	$ 808,612
Cash and equivalents segregated under federal or other regulations	2,199,362	1,496,463	923,158
Restricted cash	90,389	80,655	$ 67,264
Receivables from clients, net	561,569	578,889
Receivables from brokers, dealers and clearing organizations	56,276	102,503
Advisor loans, net	1,123,004	963,869
Other receivables, net	677,766	581,483
Investment securities - held-to-maturity securities	15,852	9,918
Other assets	1,023,230	886,988
Liabilities, not measured at fair value
Client payables	2,694,929	1,712,224
Payables to brokers, dealers and clearing organizations	147,752	170,119
Corporate debt and other borrowings, net	2,717,444	2,814,044
Financial instruments not measured at fair value
Assets, not measured at fair value
Cash and equivalents	833,880	483,190
Cash and equivalents segregated under federal or other regulations	1,068,322	1,496,463
Restricted cash	90,389	80,655
Receivables from clients, net	561,569	578,889
Receivables from brokers, dealers and clearing organizations	56,276	102,503
Advisor loans, net	280,040	191,242
Other receivables, net	677,766	581,483
Investment securities - held-to-maturity securities	15,852	9,918
Other assets	20,616	14,553
Liabilities, not measured at fair value
Client payables	2,694,929	1,712,224
Payables to brokers, dealers and clearing organizations	147,752	170,119
Corporate debt and other borrowings, net	2,717,444	2,814,044
Financial instruments not measured at fair value \| Other investments
Assets, not measured at fair value
Other assets	4,647	4,595
Financial instruments not measured at fair value \| Securities borrowed
Assets, not measured at fair value
Other assets	9,626	9,958
Financial instruments not measured at fair value \| Deferred compensation plan
Assets, not measured at fair value
Other assets	6,343
Financial instruments not measured at fair value \| Total Fair Value
Assets, not measured at fair value
Cash and equivalents	833,880	483,190
Cash and equivalents segregated under federal or other regulations	1,068,322	1,496,463
Restricted cash	90,389	80,655
Receivables from clients, net	561,569	578,889
Receivables from brokers, dealers and clearing organizations	56,276	102,503
Advisor loans, net	219,062	176,864
Other receivables, net	677,766	581,483
Investment securities - held-to-maturity securities	15,471	9,915
Other assets	20,616	14,553
Liabilities, not measured at fair value
Client payables	2,694,929	1,712,224
Payables to brokers, dealers and clearing organizations	147,752	170,119
Corporate debt and other borrowings, net	2,530,011	2,885,536
Financial instruments not measured at fair value \| Total Fair Value \| Other investments
Assets, not measured at fair value
Other assets	4,647	4,595
Financial instruments not measured at fair value \| Total Fair Value \| Securities borrowed
Assets, not measured at fair value
Other assets	9,626	9,958
Financial instruments not measured at fair value \| Total Fair Value \| Deferred compensation plan
Assets, not measured at fair value
Other assets	6,343
Financial instruments not measured at fair value \| Level 1
Assets, not measured at fair value
Cash and equivalents	833,880	483,190
Cash and equivalents segregated under federal or other regulations	1,068,322	1,496,463
Restricted cash	90,389	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	6,343	0
Liabilities, not measured at fair value
Client payables	0	0
Payables to brokers, dealers and clearing organizations	0	0
Corporate debt and other borrowings, net	0	0
Financial instruments not measured at fair value \| Level 1 \| Other investments
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Level 1 \| Securities borrowed
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Level 1 \| Deferred compensation plan
Assets, not measured at fair value
Other assets	6,343
Financial instruments not measured at fair value \| Level 2
Assets, not measured at fair value
Cash and equivalents	0	0
Cash and equivalents segregated under federal or other regulations	0	0
Restricted cash	0	0
Receivables from clients, net	561,569	578,889
Receivables from brokers, dealers and clearing organizations	56,276	102,503
Advisor loans, net	0	0
Other receivables, net	677,766	581,483
Investment securities - held-to-maturity securities	15,471	9,915
Other assets	14,273	14,553
Liabilities, not measured at fair value
Client payables	2,694,929	1,712,224
Payables to brokers, dealers and clearing organizations	147,752	170,119
Corporate debt and other borrowings, net	2,530,011	2,885,536
Financial instruments not measured at fair value \| Level 2 \| Other investments
Assets, not measured at fair value
Other assets	4,647	4,595
Financial instruments not measured at fair value \| Level 2 \| Securities borrowed
Assets, not measured at fair value
Other assets	9,626	9,958
Financial instruments not measured at fair value \| Level 2 \| Deferred compensation plan
Assets, not measured at fair value
Other assets	0
Financial instruments not measured at fair value \| Level 3
Assets, not measured at fair value
Cash and equivalents	0	0
Cash and equivalents segregated under federal or 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	219,062	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
Client payables	0	0
Payables to brokers, dealers and clearing organizations	0	0
Corporate debt and other borrowings, net	0	0
Financial instruments not measured at fair value \| Level 3 \| Other investments
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Level 3 \| Securities borrowed
Assets, not measured at fair value
Other assets	0	$ 0
Financial instruments not measured at fair value \| Level 3 \| Deferred compensation plan
Assets, not measured at fair value
Other assets	$ 0

Investment Securities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Trading securities - at fair value:
Total trading securities	$ 36,758	$ 39,274
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	15,852	9,918
Short-term Investments	52,610	49,192
Recurring
Trading securities - at fair value:
Total trading securities	36,758	39,274
Level 1 \| Recurring
Trading securities - at fair value:
Total trading securities	36,173	39,274
Level 2 \| Recurring
Trading securities - at fair value:
Total trading securities	585	0
Money Market Funds [Member]
Trading securities - at fair value:
Total trading securities	112	123
Money Market Funds [Member] \| Recurring
Trading securities - at fair value:
Total trading securities	112	123
Money Market Funds [Member] \| Level 1 \| Recurring
Trading securities - at fair value:
Total trading securities	112	123
Money Market Funds [Member] \| Level 2 \| Recurring
Trading securities - at fair value:
Total trading securities	0	0
Mutual funds
Trading securities - at fair value:
Total trading securities	10,679	19,112
Equity securities
Trading securities - at fair value:
Total trading securities	980	440
Equity securities \| Recurring
Trading securities - at fair value:
Total trading securities	980	440
Equity securities \| Level 1 \| Recurring
Trading securities - at fair value:
Total trading securities	980	440
Equity securities \| Level 2 \| Recurring
Trading securities - at fair value:
Total trading securities	0	0
US Treasury Securities [Member]
Trading securities - at fair value:
Total trading securities	24,402	19,599
US Treasury Securities [Member] \| Recurring
Trading securities - at fair value:
Total trading securities	24,402	19,599
US Treasury Securities [Member] \| Level 1 \| Recurring
Trading securities - at fair value:
Total trading securities	24,402	19,599
US Treasury Securities [Member] \| Level 2 \| Recurring
Trading securities - at fair value:
Total trading securities	0	0
U.S. government notes
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	15,852	9,918
Debt Securities [Member] \| Recurring
Trading securities - at fair value:
Total trading securities	585
Debt Securities [Member] \| Level 1 \| Recurring
Trading securities - at fair value:
Total trading securities	0	$ 0
Debt Securities [Member] \| Level 2 \| Recurring
Trading securities - at fair value:
Total trading securities	$ 585

Investment Securities - Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
U.S. government notes — at amortized cost
Total	$ 15,852	$ 9,918
U.S. government notes
U.S. government notes — at amortized cost
Within one year	5,508
After one but within five years	10,344
After five but within ten years	0
After ten years	0
Total	15,852	$ 9,918
U.S. government notes — at fair value
Within one year	5,427
After one but within five years	10,044
After five but within ten years	0
After ten years	0
Total	$ 15,471

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables:
Receivables from clearing organizations	$ 46,075	$ 80,548
Receivables from broker-dealers	1,118	4,977
Securities failed-to-deliver	9,083	16,978
Total receivables	56,276	102,503
Payables:
Payables to clearing organizations	41,495	20,112
Payables to broker-dealers	82,685	78,080
Securities failed-to-receive	23,572	71,927
Total payables	$ 147,752	$ 170,119

Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 1,597,352	$ 1,283,165
Accumulated depreciation and amortization	(816,995)	(624,324)
Fixed assets, net	780,357	658,841
Construction in Progress, Gross	69,200	37,700
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	942,432	716,179
Accumulated depreciation and amortization	(476,653)	(342,408)
Fixed assets, net	465,779	373,771
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	290,412	214,223
Accumulated depreciation and amortization	(208,299)	(167,573)
Fixed assets, net	82,113	46,650
Building [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	107,873	107,873
Accumulated depreciation and amortization	(15,503)	(11,627)
Fixed assets, net	92,370	96,246
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	94,959	88,538
Accumulated depreciation and amortization	(43,678)	(36,988)
Fixed assets, net	51,281	51,550
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	87,204	83,356
Accumulated depreciation and amortization	(72,862)	(65,728)
Fixed assets, net	14,342	17,628
Land [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	4,678	4,678
Accumulated depreciation and amortization	0	0
Fixed assets, net	4,678	4,678
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	69,794	68,318
Accumulated depreciation and amortization	0	0
Fixed assets, net	$ 69,794	$ 68,318

Fixed Assets (Details Textuals) - USD ($) $ in Millions	12 Months Ended
Fixed Assets (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 199.8	$ 151.4	$ 109.7

Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands		12 Months Ended
	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 1,642,468	$ 1,642,443	$ 1,513,866
Finite-lived intangible assets acquired		$ 54,100
Weighted-Average Life Remaining (in years)		9 years
Amortization of other intangibles		$ 87,560	$ 79,260	$ 67,358
Waddell & Reed Financial, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Payments to Acquire Businesses, Gross	$ 300,000
Goodwill		128,600
Finite-lived intangible assets acquired		$ 122,700
Weighted-Average Life Remaining (in years)	9 years

Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,642,443	$ 1,513,866
Goodwill acquired	25	128,577
Goodwill, ending balance	$ 1,642,468	$ 1,642,443

Intangible Assets (Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	9 years
Total intangible assets	$ 427,676	$ 455,028
Definite-lived intangibles, net:
Gross Carrying Value	1,166,689	1,106,480
Accumulated Amortization	(778,832)	(691,271)
Net Carrying Value	387,857	415,209
Indefinite-lived intangible assets:
Finite-lived intangible assets acquired	54,100
Trademark and trade name
Indefinite-lived intangible assets:
Net Carrying Value	$ 39,819	$ 39,819
Advisor and enterprise relationships
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	5 years 1 month 6 days	5 years 10 months 24 days
Definite-lived intangibles, net:
Gross Carrying Value	$ 809,872	$ 806,531
Accumulated Amortization	(542,415)	(476,000)
Net Carrying Value	$ 267,457	$ 330,531
Product sponsor relationships
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	3 years 2 months 12 days	4 years 1 month 6 days
Definite-lived intangibles, net:
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(197,165)	(185,255)
Net Carrying Value	$ 36,921	$ 48,831
Client relationships(1)
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	8 years	7 years 2 months 12 days
Definite-lived intangibles, net:
Gross Carrying Value	$ 102,491	$ 45,623
Accumulated Amortization	(30,318)	(23,379)
Net Carrying Value	72,173	$ 22,244
Indefinite-lived intangible assets:
Finite-lived intangible assets acquired	$ 54,100
Technology
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	5 years 4 months 24 days	6 years 4 months 24 days
Definite-lived intangibles, net:
Gross Carrying Value	$ 19,040	$ 19,040
Accumulated Amortization	(7,734)	(5,477)
Net Carrying Value	$ 11,306	$ 13,563
Trade names
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	0 years	3 months 18 days
Definite-lived intangibles, net:
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(1,200)	(1,160)
Net Carrying Value	$ 0	$ 40

Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future amortization expense
Future expense in year one	$ 86,288
Future expense in year two	85,517
Future expense in year three	77,143
Future expense in year four	38,887
Future expense in year five	33,738
Thereafter	66,284
Net Carrying Value	$ 387,857	$ 415,209

Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other assets:
Deferred compensation	$ 496,319	$ 499,548
Fractional shares - investment	122,253	114,574
Prepaid assets	144,607	115,018
Operating Lease, Right-of-Use Asset	92,534	95,075
Debt issuance costs, net	6,422	7,303
Deferred Income Tax Assets, Net	98,997	5,648
Other	62,098	49,822
Total other assets	$ 1,023,230	$ 886,988
Operating lease assets [Extensible List]	Total other assets	Total other assets
Other liabilities:
Deferred compensation	$ 497,736	$ 499,245
Unearned revenue	138,109	160,926
Operating lease liabilities	125,280	130,304
Fractional shares - repurchase obligation	122,253	114,574
Finance Lease, Liability	105,660	106,067
Other	113,589	7,160
Total other liabilities	$ 1,102,627	$ 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

Corporate Debt and Other Borrowings, Net - Credit Agreement Outstanding Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Borrowings [Line Items]
Total Corporate Debt	$ 2,737,900	$ 2,748,600
Less Unamortized Debt Issuance Cost	20,456	24,556
Long-Term Senior Debt, Net	2,717,444	2,724,044
Other Long-term Debt	0	90,000
Corporate debt and other borrowings, net	2,717,444	2,814,044
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Total Corporate Debt	$ 1,037,900	$ 1,048,600
Variable Interest Rate	5.87%	1.85%
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| Eurodollar [Member]
Borrowings [Line Items]
Applicable interest rate margin	1.75%	1.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Total Corporate Debt	$ 400,000	$ 400,000
Fixed Interest Rate	4.63%	4.63%
Unsecured Debt [Member] \| 2029 Senior Notes [Member]
Borrowings [Line Items]
Total Corporate Debt	$ 900,000	$ 900,000
Fixed Interest Rate	4.00%	4.00%
Unsecured Debt [Member] \| 2031 Senior Notes [Member]
Borrowings [Line Items]
Total Corporate Debt	$ 400,000	$ 400,000
Fixed Interest Rate	4.38%	4.38%
Line of Credit [Member]
Borrowings [Line Items]
Other Long-term Debt		$ 55,000
Revolving Credit Facility [Member] \| Line of Credit [Member]
Borrowings [Line Items]
Other Long-term Debt	$ 0
Applicable interest rate margin	1.25%	0.25%
Variable Interest Rate	5.64%	3.50%
Unsecured Debt [Member] \| Line of Credit [Member]
Borrowings [Line Items]
Other Long-term Debt	$ 0	$ 35,000
Applicable interest rate margin		0.75%
Variable Interest Rate	0.00%	1.00%

Corporate Debt and Other Borrowings, Net (Other Borrowings Outstanding) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) letters_of_credit
Line of Credit Facility [Line Items]
Number Of Uncommitted Lines Of Credit \| letters_of_credit	5
Uncommitted lines of credit, specified limit \| letters_of_credit	3
Revolving Credit Facility [Member] \| Line of Credit [Member] \| Senior Secured, Revolving Credit Facility Due March 2026
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	$ 0
Available	1,000
Revolving Credit Facility [Member] \| Line of Credit [Member] \| Broker-Dealer, Revolving Credit Facility Due July 2024
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	0
Available	1,000
Secured Debt [Member] \| Line of Credit [Member] \| Secured, Uncommitted Lines of Credit, No Maturity, One
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	0
Secured Debt [Member] \| Line of Credit [Member] \| Secured, Uncommitted Lines of Credit, No Maturity, Two
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	0
Unsecured Debt [Member] \| Line of Credit [Member] \| Unsecured, Uncommitted Lines of Credit Due September 2021, One
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	0
Available	75
Unsecured Debt [Member] \| Line of Credit [Member] \| Unsecured, Uncommitted Lines of Credit Due September 2021, Two
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	0
Available	50
Unsecured Debt [Member] \| Line of Credit [Member] \| Unsecured, Uncommitted Lines of Credit, No Maturity
Line of Credit Facility [Line Items]
Line of Credit, Outstanding Balance	0
Available	$ 75

Corporate Debt and Other Borrowings, Net - Credit Agreement Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 04, 2022	Mar. 15, 2021
Borrowings [Line Items]
Long-term Debt, Gross	$ 2,737,900
Gain (Loss) on Extinguishment of Debt	$ 0	$ (24,400)	$ 0
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt Issuance Costs, Gross					$ 3,200
Revolving Credit Facility [Member] \| Eurodollar [Member] \| Minimum
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member] \| Eurodollar [Member] \| Maximum
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Line of Credit [Member] \| LPL Financial [Member]
Borrowings [Line Items]
Debt Issuance Costs, Gross				$ 1,900
Secured Debt [Member] \| Fourth Amendment Agreement Term Loan B [Member] \| Eurodollar [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%	1.75%
Unsecured Debt [Member] \| Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Fixed Interest Rate	4.63%	4.63%
Line of Credit [Member] \| Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%	0.25%

Corporate Debt and Other Borrowings, Net - Senior Notes Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 18, 2021
Borrowings [Line Items]
Long-term Debt, Gross		$ 2,737,900
Gain (Loss) on Extinguishment of Debt		$ 0	$ (24,400)	$ 0
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt Issuance Costs, Gross	$ 3,200
Senior Notes Due 2031 \| Unsecured Debt [Member]
Borrowings [Line Items]
Long-term Debt, Gross					$ 400,000
Fixed Interest Rate					4.375%
Debt Issuance Costs, Gross					$ 3,800
Senior Notes Due 2029 \| Unsecured Debt [Member]
Borrowings [Line Items]
Long-term Debt, Gross	$ 900,000
Fixed Interest Rate	4.00%
Gain (Loss) on Extinguishment of Debt	$ 24,400
Debt Issuance Costs, Gross	1,000,000
2029 Senior Notes [Member] \| Unsecured Debt [Member]
Borrowings [Line Items]
Fixed Interest Rate		4.00%	4.00%
Debt Issuance Costs, Gross	$ 9,000

Corporate Debt and Other Borrowings, Net - Broker-Dealer Revolving Credit Facility (Details) - USD ($) $ in Thousands	Aug. 04, 2022	Dec. 31, 2022	Aug. 03, 2022	Dec. 31, 2021	Mar. 15, 2021
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Issuance Costs, Gross					$ 3,200
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000		$ 35,000
LPL Financial [Member]
Line of Credit Facility [Line Items]
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Alternative Standard		36,200
LPL Financial [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Broker-Dealer, Net Capital		$ 49,500
LPL Financial [Member] \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%
LPL Financial [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000		$ 300,000
Debt Issuance Costs, Gross	$ 1,900

Corporate Debt and Other Borrowings, Net - Bank Loans Payable Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) letters_of_credit	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Number Of Uncommitted Lines Of Credit \| letters_of_credit	5
Uncommitted lines of credit, unspecified limit	2
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity \| $	$ 200.0	$ 35.0

Corporate Debt and Other Borrowings, Net - Future Payments and Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Future payments due in year one	$ 10,700
Future payments due in year two	10,700
Future payments due in year three	10,700
Future payments due in year four	1,005,800
Future payments due in year five	400,000
Thereafter	1,300,000
Long-term Debt, Gross	$ 2,737,900

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 92.4	$ 97.1
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease And Finance Lease, Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease And Finance Lease, Remaining Lease Term	14 years
Lessee, Operating Lease And Finance Lease, Renewal Term	20 years

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease Cost
Operating lease cost	$ 21,862	$ 19,712	$ 18,757
Amortization of right-of-use assets	4,753	5,150	5,141
Interest on lease liabilities	8,417	8,360	8,423
Total finance lease cost	$ 13,170	$ 13,510	$ 13,564

Leases - Supplemental Weighted-Average Information (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Remaining Lease Term [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	23 years 9 months 18 days	24 years 7 months 6 days
Operating Lease, Weighted Average Remaining Lease Term	6 years 2 months 12 days	6 years 10 months 24 days
Weighted Average Discount Rate [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent	7.94%	7.89%
Operating Lease, Weighted Average Discount Rate, Percent	6.77%	6.96%

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2022	$ 24,820
2023	24,049
2024	23,734
2025	23,928
2026	24,309
Thereafter	34,196
Total lease payments	155,036
Less imputed interest	29,756
Total	125,280	$ 130,304
Finance Leases
2022	8,577
2023	8,727
2024	8,879
2025	9,035
2026	9,193
Thereafter	206,532
Total lease payments	250,943
Less imputed interest	145,283
Total	$ 105,660	$ 106,067

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current provision:
Federal	$ 276,499	$ 96,389	$ 137,360
State	82,801	26,610	39,757
Total current provision	359,300	122,999	177,117
Deferred benefit:
Federal	(69,656)	14,446	(17,991)
State	(23,693)	4,018	(5,693)
Total deferred benefit	(93,349)	18,464	(23,684)
Provision for income taxes	$ 265,951	$ 141,463	$ 153,433

- Definition

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

+ References + Details

Income Taxes (Reconciliation to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of company's effective income tax rate reconciliation
Federal statutory income tax rates	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	4.20%	4.10%	4.40%
Non-deductible expenses	0.30%	0.70%	0.30%
Share-based compensation	(1.80%)	(2.70%)	(1.00%)
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent	(0.40%)	(0.40%)	(0.30%)
Other	0.60%	0.80%	0.10%
Effective income tax rates	23.90%	23.50%	24.50%

Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accrued liabilities	$ 149,501	$ 148,566
Share-based compensation	19,246	16,597
State taxes	2,402	5,654
Operating Lease Liabilities	33,826	35,182
Finance Lease Liabilities	28,528	28,647
Provision for bad debts	5,040	3,691
Forgivable Loans	19,688	17,369
Other	10,120	4,604
Total deferred tax assets	268,351	260,310
Deferred tax liabilities:
Amortization of intangible assets	(50,072)	(58,833)
Depreciation of fixed assets	(94,136)	(147,659)
Operating lease assets	(25,146)	(25,832)
Unrealized gains	0	(22,338)
Total deferred tax liabilities	(169,354)	(254,662)
Deferred tax assets, net	$ 98,997	$ 5,648

Income Taxes (Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of gross unrecognized tax benefits including interest and penalties reconciliation
Balance - Beginning of year	$ 57,014	$ 54,435	$ 52,098
Increases for tax positions related to the current year	14,777	15,637	8,053
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions	(19,521)	(13,058)	(5,716)
Balance - End of year	$ 52,270	$ 57,014	$ 54,435

Income Taxes (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, net of the federal benefit on state issues, favorable income tax rate effect	$ 46.6	$ 53.8
Unrecognized tax benefits, interest accrued	4.6	7.5
Unrecognized tax benefits, penalties accrued	4.1	$ 3.9
Reduction in unrecognized tax benefits related to the statute of limitations	$ 3.7

Commitments and Contingencies (Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Contractual Obligations, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Due in first year	$ 137,212
Due in second year	53,742
Due in third year	18,418
Due in fourth year	422
Due in fifth year	161
Due after fifth year	0
Total	$ 209,955

Commitments and Contingencies (Self-Insurance Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Beginning balance — January 1	$ 67,152	$ 51,501	$ 40,096
Losses incurred	36,462	34,756	34,784
Losses paid	(29,543)	(19,105)	(23,379)
Ending balance — December 31	$ 74,071	$ 67,152	$ 51,501

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 466,000
Collateral security	652,500
Amount pledged with client-owned securities	121,100
Remaining collateral securities that can be sold, re-pledged or loaned	531,400
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities	52,610	$ 49,192
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities	19,900	15,000
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities	$ 4,500	$ 4,600

Stockholders' Equity - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Dividend per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1.00	$ 1.00	$ 1.00
Total cash dividend	$ 19,900	$ 20,000	$ 20,000	$ 20,000	$ 20,000	$ 20,100	$ 20,000	$ 20,000	$ 19,800	$ 19,800	$ 19,700	$ 19,700	$ 79,833	$ 80,095	$ 79,097

Stockholders' Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2022
Stockholders' Equity Note [Abstract]
Shares repurchased	1,566,527
Weighted-average price of shares repurchased (in dollars per share)	$ 207.49
Total cost of shares repurchased	$ 325,031	$ 90,011	$ 150,036
Increased number of shares authorized for the share repurchase program (in shares)	$ 2,000,000			$ 2,100,000

Share-Based Compensation Stock Option and Warrant Activity (Details) - Stock options and warrants [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance \| shares	1,204,420
Number of Shares, Granted \| shares	0
Number of Shares, Exercised \| shares	(527,595)
Number of Shares, Forfeited \| shares	(3,061)
Number of Shares Outstanding, Ending Balance \| shares	673,764
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 45.65
Weighted-Average Exercise Price, Granted \| $ / shares	0
Weighted-Average Exercise Price, Exercised \| $ / shares	35.66
Weighted-Average Exercise Price, Forfeited and Expired \| $ / shares	51.19
Weighted-Average Exercise Price, Outstanding, Ending Balance \| $ / shares	$ 53.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number \| shares	673,764
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 53.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 4 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value \| $	$ 109,632
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 4 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value \| $	$ 109,632
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number \| shares	673,764
Weighted-Average Exercise Price, Exercisable and expected to vest (in dollars per share) \| $ / shares	$ 53.45
Weighted-Average Remaining Contractual Term for Options Exercisable and Expected to Vest	4 years 4 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value \| $	$ 109,632

Share-Based Compensation Outstanding Stock Options and Warrants (Details) - Stock options and warrants [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	673,764
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	4 years 4 months 9 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 53.45
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	673,764
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 53.45
Range One [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	19.85
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 25.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	84,929
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	3 years 1 month 24 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 19.85
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	84,929
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 19.85
Range Two [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	25.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 35.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	23,826
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	1 month 24 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 31.60
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	23,826
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 31.60
Range Three [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	35.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 45.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	166,168
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	4 years 2 months 8 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 39.48
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	166,168
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 39.48
Range Four [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	45.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 65.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	72,274
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	1 year 9 months 14 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 49.06
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	72,274
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 49.06
Range Five [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	65.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 75.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	153,639
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	5 years 21 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 65.50
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	153,639
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 65.50
75.01
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	75.01
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 80.00
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding \| shares	172,928
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term	6 years 1 month 20 days
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 77.53
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable \| shares	172,928
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 77.53

Share-Based Compensation Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
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		82,222
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	$ 156.54
Weighted-Average Grant-Date Fair Value, Granted	173.78
Weighted-Average Grant-Date Fair Value, Vested	165.16
Weighted-Average Grant-Date Fair Value, Forfeited	0
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 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	$ 173.78
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	915,907
Number of Shares, Granted	393,006
Number of Shares, Vested	(369,186)
Number of Shares, Forfeited	(76,553)
Number of Shares, Ending Balance	863,174
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	$ 111.49
Weighted-Average Grant-Date Fair Value, Granted	190.76
Weighted-Average Grant-Date Fair Value, Vested	101.24
Weighted-Average Grant-Date Fair Value, Forfeited	149.57
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 148.59
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	744,561
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 155.57

Share-Based Compensation (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Authorized shares	17,754,197
Remaining Shares Available for Grant	13,781,800
Employees and officers [Member] \| Stock options and warrants [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 0.2	$ 2.6	$ 4.4
Employees and officers [Member] \| Restricted Stock [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	45.4	37.2	25.1
Share based compensation cost unrecognized	$ 62.5
Non-vested compensation cost weighted-average period	1 year 10 months 28 days
Advisors and Financial Institutions [Member] \| Restricted Stock Units [Member]
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share based compensation expense	$ 2.6	$ 2.3	$ 2.3
Share based compensation cost unrecognized	$ 5.1
Non-vested compensation cost weighted-average period	2 years 1 month 24 days
Minimum \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Share-Based Compensation - Employee Incentive and Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	8.00%
Percentage of eligible compensation matched by employer	75.00%
Defined Contribution Plan, Cost	$ 24,700	$ 20,900	$ 18,800
Deferred Compensation Arrangement with Individual, Recorded Liability	477,000	482,100
Deferred Compensation Arrangement with Individual, Contributions by Employer	475,600	482,500
Deferred Compensation Arrangement, Rabbi Trust, Employer Contribution	20,700	17,100
Deferred Compensation Arrangement, Rabbi Trust, Recorded Liability	20,800	17,100
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 4,400	$ 2,000	$ 2,200
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date	15.00%

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 845,702	$ 459,866	$ 472,640
Basic weighted average number of shares outstanding	79,801,000	80,002,000	79,244,000
Dilutive common share equivalents	1,484,000	1,740,000	1,458,000
Diluted weighted average number of shares outstanding	81,285,000	81,742,000	80,702,000
Basic earnings per share	$ 10.60	$ 5.75	$ 5.96
Diluted earnings per share	$ 10.40	$ 5.63	$ 5.86

- 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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- Definition

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

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+ Details

Earnings per Share (Details Textuals) - shares	12 Months Ended
Earnings per Share (Details Textuals) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	9,770	684	376,598

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	5.00%
Related party revenues	$ 5,700	$ 6,100	$ 4,800
Related party expenses	$ 3,400	$ 2,200	$ 3,800

- Definition

+ References

+ Details

Net Capital and Regulatory Requirements (Details) $ in Millions	Dec. 31, 2022 USD ($)
Brokers and Dealers [Abstract]
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 13.3

Subsequent Event (Details) - Subsequent Event [Member]	Feb. 02, 2023 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.30
Dividends Payable, Date to be Paid	Mar. 28, 2023
Dividends Payable, Date of Record	Mar. 14, 2023