0001397911-23-000160 | 10-Q | XBRL Viewer | LPL Financial Holdings INC

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Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2022, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Condensed Consolidated Financial Statement Presentation Changes Certain financial statement line items have been reclassified in the condensed consolidated statement of financial condition as of September 30, 2023 to better align with industry practice and the Company’s business. The Company reclassified liabilities for contingent consideration, which were previously included in accounts payable and accrued liabilities, to other liabilities in the condensed consolidated statement of financial condition as of September 30, 2023. This reclassification has not been applied retroactively as the impact on the prior year was not material. This change did not impact total liabilities for the periods presented; however, the condensed consolidated statement of cash flows for the nine months ended September 30, 2023 has been updated to conform to the current presentation on the condensed consolidated statement of financial condition. Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the nine months ended September 30, 2023 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Broker-Dealer [Abstract]
Collateral securities	$ 485.9
Collateral security (Fair value)	680.3
Amount pledged with client-owned securities	242.6
Remaining collateral securities that can be re-pledged, loaned, or sold	437.7
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining collateral securities that can be re-pledged, loaned, or sold	437.7
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	5.4	$ 4.5
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	$ 19.6	$ 19.9

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets, not measured at fair value
Cash and cash equivalents	$ 799,209	$ 847,519	$ 1,219,418
Cash segregated under federal and other regulations	1,370,108	2,199,362	2,268,090
Restricted cash	105,717	90,389	$ 91,712
Receivables from clients, net	581,017	561,569
Receivables from brokers, dealers and clearing organizations	41,081	56,276
Advisor loans, net	1,369,587	1,123,004
Other receivables, net	723,573	677,766
Investment securities - held-to-maturity securities	16,422	15,852
Other assets	1,147,678	1,023,230
Liabilities, not measured at fair value
Payables to clients	1,999,555	2,694,929
Payables to broker-dealers and clearing organizations	98,697	147,752
Corporate long-term debt	3,124,480	2,717,444
Financial instruments not measured at fair value
Assets, not measured at fair value
Cash and cash equivalents	798,543	833,880
Cash segregated under federal and other regulations	774,074	1,068,322
Restricted cash	105,717	90,389
Receivables from clients, net	581,017	561,569
Receivables from brokers, dealers and clearing organizations	41,081	56,276
Advisor loans, net	318,077	280,040
Other receivables, net	723,573	677,766
Investment securities - held-to-maturity securities	16,422	15,852
Other assets	22,030	20,616
Liabilities, not measured at fair value
Payables to clients	1,999,555	2,694,929
Payables to broker-dealers and clearing organizations	98,697	147,752
Corporate long-term debt	3,124,480	2,717,444
Financial instruments not measured at fair value \| Other Investments
Assets, not measured at fair value
Other assets	4,694	4,647
Financial instruments not measured at fair value \| Securities borrowed
Assets, not measured at fair value
Other assets	9,349	9,626
Financial instruments not measured at fair value \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	7,987	6,343
Financial instruments not measured at fair value \| Total Fair Value
Assets, not measured at fair value
Cash and cash equivalents	798,543	833,880
Cash segregated under federal and other regulations	774,074	1,068,322
Restricted cash	105,717	90,389
Receivables from clients, net	581,017	561,569
Receivables from brokers, dealers and clearing organizations	41,081	56,276
Advisor loans, net	235,570	219,062
Other receivables, net	723,573	677,766
Investment securities - held-to-maturity securities	16,047	15,471
Other assets	22,030	20,616
Liabilities, not measured at fair value
Payables to clients	1,999,555	2,694,929
Payables to broker-dealers and clearing organizations	98,697	147,752
Corporate long-term debt	2,936,206	2,530,011
Financial instruments not measured at fair value \| Total Fair Value \| Other Investments
Assets, not measured at fair value
Other assets	4,694	4,647
Financial instruments not measured at fair value \| Total Fair Value \| Securities borrowed
Assets, not measured at fair value
Other assets	9,349	9,626
Financial instruments not measured at fair value \| Total Fair Value \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	7,987	6,343
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member]
Assets, not measured at fair value
Cash and cash equivalents	798,543	833,880
Cash segregated under federal and other regulations	774,074	1,068,322
Restricted cash	105,717	90,389
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	7,987	6,343
Liabilities, not measured at fair value
Payables to clients	0	0
Payables to broker-dealers and clearing organizations	0	0
Corporate long-term debt	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member] \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	7,987	6,343
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member]
Assets, not measured at fair value
Cash and cash equivalents	0	0
Cash segregated under federal and other regulations	0	0
Restricted cash	0	0
Receivables from clients, net	581,017	561,569
Receivables from brokers, dealers and clearing organizations	41,081	56,276
Advisor loans, net	0	0
Other receivables, net	723,573	677,766
Investment securities - held-to-maturity securities	16,047	15,471
Other assets	14,043	14,273
Liabilities, not measured at fair value
Payables to clients	1,999,555	2,694,929
Payables to broker-dealers and clearing organizations	98,697	147,752
Corporate long-term debt	2,936,206	2,530,011
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	4,694	4,647
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	9,349	9,626
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member]
Assets, not measured at fair value
Cash and cash equivalents	0	0
Cash segregated under federal and other regulations	0	0
Restricted cash	0	0
Receivables from clients, net	0	0
Receivables from brokers, dealers and clearing organizations	0	0
Advisor loans, net	235,570	219,062
Other receivables, net	0	0
Investment securities - held-to-maturity securities	0	0
Other assets	0	0
Liabilities, not measured at fair value
Payables to clients	0	0
Payables to broker-dealers and clearing organizations	0	0
Corporate long-term debt	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	0	0
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 3 [Member] \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	$ 0	$ 0

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	224,291	$	232,331	$	848,695	$	526,620

Basic weighted-average number of shares outstanding	76,062		79,805		77,339		79,909
Dilutive common share equivalents	1,085		1,445		1,100		1,506
Diluted weighted-average number of shares outstanding	77,147		81,250		78,439		81,415

Basic earnings per share	$	2.95	$	2.91	$	10.97	$	6.59
Diluted earnings per share	$	2.91	$	2.86	$	10.82	$	6.47

Acquisitions	3 Months Ended
Acquisitions	Sep. 30, 2023
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Acquisition of Financial Resources Group Investment Services, LLC On January 31, 2023, the Company acquired Financial Resources Group Investment Services, LLC, a broker-dealer and independent branch office, in order to expand its addressable markets and complement organic growth. 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. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. At September 30, 2023, the Company had allocated $129.7 million of the purchase price to goodwill, $53.5 million to definite-lived intangible assets, $45.4 million to liabilities for contingent consideration, $9.0 million to cash acquired and the remainder to other assets acquired and liabilities assumed as part of the acquisition. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. The intangible assets are comprised of $34.7 million of bank relationships and $18.8 million of advisor relationships, which were valued using the income approach and are included in the Advisor and enterprise relationships line item in Note 7 - Goodwill and Other Intangibles, Net. The fair value determination of bank and advisor relationships required the Company to make significant estimates and assumptions related to future net cash flows and discount rates. Other Acquisitions During the nine months ended September 30, 2023, the Company also allocated $160.7 million to customer relationships and $70.2 million to advisor relationships acquired under its Liquidity & Succession solution and as part of the Company’s acquisition of Boenning & Scattergood’s Private Client Group on January 31, 2023. These transactions include potential contingent payments of $115.9 million, which may become payable over the next five years. The Company has not recognized a liability for these contingent payments as the amounts to be paid will be uncertain until a future measurement date. See Note 7 - Goodwill and Other Intangibles, Net, for additional information.

Corporate Debt and Other Borrowings, Net - Textuals (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 18, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) lineOfCredit	Jul. 17, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Corporate long-term debt		$ 3,124,480	$ 3,124,480		$ 2,717,444
Line of Credit
Line of Credit Facility [Line Items]
Total number of uncommitted lines of credit \| lineOfCredit			5
Number of uncommitted lines of credit with an unspecified limit \| lineOfCredit			2
Number of uncommitted lines of credit with a specified limit \| lineOfCredit			3
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 200,000	$ 200,000
Debt instrument, interest rate, effective percentage		7.002%	7.002%		5.642%
Corporate long-term debt		$ 0	$ 0		$ 0
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.475%	1.475%
Debt instrument, interest rate, effective percentage		6.801%	6.801%
Revolving Credit Facility \| Broker-Dealer, Revolving Credit Facility \| LPL Financial LLC \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 1,000,000
Stated rate	1.25%
Debt issuance costs	$ 1,700
Revolving Credit Facility \| Broker-Dealer, Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| LPL Financial LLC \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility \| Parent Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 2,000,000			$ 1,000,000
Debt issuance costs	$ 5,500
Revolving Credit Facility \| Parent Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Debt instrument, interest rate, effective percentage	0.10%
Revolving Credit Facility \| Parent Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	50.00%
Revolving Credit Facility \| Parent Revolving Credit Facility \| Minimum \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Revolving Credit Facility \| Parent Revolving Credit Facility \| Minimum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving Credit Facility \| Parent Revolving Credit Facility \| Maximum \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.875%
Revolving Credit Facility \| Parent Revolving Credit Facility \| Maximum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%

Organization and Description of the Company	9 Months Ended
Organization and Description of the Company	Sep. 30, 2023
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”) is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding equity interests of all of LPLFH’s indirect subsidiaries, including a 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, along with their affiliate Financial Resources Group Investment Services, LLC (“FRGIS”), provide primary support for the Company’s employee advisor affiliation model.

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details) - LPL Financial LLC	9 Months Ended
	Sep. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%
Number of States in which Entity Operates	50

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.30	$ 0.25	$ 0.90	$ 0.75

Share-Based Compensation - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock units vested and undistributed	90,253
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	814
Number of Shares, Granted	2,753
Number of Shares, Vested	(1,999)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	1,568
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 173.78
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	190.92
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	186.29
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 187.93
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	1,568
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 187.93
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	863,174
Number of Shares, Granted	405,585
Number of Shares, Vested	(439,077)
Number of Shares, Forfeited	(35,519)
Number of Shares, Ending Balance	794,163
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 149.11
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	220.57
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	108.43
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	208.71
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 205.43
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	650,643
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 219.43

Corporate Debt and Other Borrowings, Net (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions	Sep. 30, 2023 USD ($)
Revolving Credit Facility \| Senior Secured, Revolving Credit Facility Due March 2026
Line of Credit Facility [Line Items]
Outstanding	$ 412
Available	1,588
Revolving Credit Facility \| Broker-Dealer, Revolving Credit Facility Due July 2024
Line of Credit Facility [Line Items]
Outstanding	0
Available	1,000
Secured Debt \| Secured, Uncommitted Lines of Credit, Due March 2025
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Secured Debt \| Secured, Uncommitted Lines of Credit, No Maturity, One
Line of Credit Facility [Line Items]
Outstanding	0
Secured Debt \| Secured, Uncommitted Lines of Credit, No Maturity, Two
Line of Credit Facility [Line Items]
Outstanding	0
Unsecured Debt \| Unsecured, Uncommitted Lines of Credit Due September 2021, One
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Unsecured Debt \| Unsecured, Uncommitted Lines of Credit Due September 2021, Two
Line of Credit Facility [Line Items]
Outstanding	0
Available	$ 50

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

REVENUE

Commission

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commission revenue
Annuities	$	371,304	$	327,386	$	1,074,210	$	938,383
Mutual funds	169,318		164,190		499,550		521,951
Fixed income	42,286		32,729		113,736		86,947
Equities	27,414		24,278		80,778		88,820
Other	33,278		36,397		101,937		107,780
Total commission revenue	$	643,600	$	584,980	$	1,870,211	$	1,743,881

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commission revenue
Trailing
Annuities	$	187,330	$	175,043	$	555,520	$	549,936
Mutual funds	134,600		130,116		390,924		400,810
Other	9,878		9,928		26,942		30,418
Total trailing revenue	$	331,808	$	315,087	$	973,386	$	981,164
Sales-based
Annuities	$	183,974	$	152,343	$	518,690	$	388,447
Mutual funds	34,718		34,074		108,626		121,141
Fixed income	42,286		32,729		113,736		86,947
Equities	27,414		24,278		80,778		88,820
Other	23,400		26,469		74,995		77,362
Total sales-based revenue	$	311,792	$	269,893	$	896,825	$	762,717
Total commission revenue	$	643,600	$	584,980	$	1,870,211	$	1,743,881

Asset-Based

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Asset-based revenue
Client cash	$	360,518	$	294,993	$	1,157,208	$	534,409
Sponsorship programs	118,871		93,344		330,597		299,319
Recordkeeping	105,743		100,926		308,790		315,533
Total asset-based revenue	$	585,132	$	489,263	$	1,796,595	$	1,149,261

Service and Fee

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service and fee revenue
Over time(1)	$	101,129	$	90,723	$	288,745	$	260,469
Point-in-time(2)	34,519		31,022		89,012		86,890
Total service and fee revenue	$	135,648	$	121,745	$	377,757	$	347,359

_______________________________

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

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

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 increased from $138.1 million as of December 31, 2022 to $172.2 million as of September 30, 2023. The increase in unearned revenue for the nine months ended September 30, 2023 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $136.7 million of revenue recognized during the nine months ended September 30, 2023 that was included in the unearned revenue balance as of December 31, 2022.

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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-Section 50
-Paragraph 12
-Subparagraph (b)
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-Section 50
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 or 2022.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, the Company did not adjust prices received from the independent third-party pricing services.

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 forecasted assets under management or number of future transactions. The contingent payments are estimated by applying assumptions, including forecasted volatility and discount rates, to the forecasted payments 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):


September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	666	$	—	$	—	$	666
Cash equivalents segregated under federal or other regulations	596,034		—		—		596,034
Investment securities — trading:
U.S. treasury obligations	25,041		—		—		25,041
Mutual funds	10,917		—		—		10,917
Money market funds	107		—		—		107
Equity securities	97		—		—		97
Debt securities	—		39		—		39
Total investment securities — trading	36,162		39		—		36,201
Other assets:
Deferred compensation plan	591,942		—		—		591,942
Fractional shares — investment(1)	147,864		—		—		147,864
Other investments			4,218		—		4,218
Total other assets:	739,806		4,218		—		744,024
Total assets at fair value	$	1,372,668	$	4,257	$	—	$	1,376,925
Liabilities
Other liabilities:
Securities sold, but not yet purchased:
Equity securities	$	44	$	—	$	—	$	44
Total securities sold, but not yet purchased	44		—		—		44
Fractional shares — repurchase obligation(1)	147,864		—		—		147,864
Contingent consideration	—		—		49,387		49,387
Total other liabilities	147,908		—		49,387		197,295
Total liabilities at fair value	$	147,908	$	—	$	49,387	$	197,295

____________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“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, 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 — contingent consideration	$	—	$	—	$	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.

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):


September 30, 2023	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	798,543	$	798,543	$	—	$	—	$	798,543
Cash segregated under federal or other regulations	774,074		774,074		—		—		774,074
Restricted cash	105,717		105,717		—		—		105,717
Receivables from clients, net	581,017		—		581,017		—		581,017
Receivables from brokers, dealers and clearing organizations	41,081		—		41,081		—		41,081
Advisor repayable loans, net(1)	318,077		—		—		235,570		235,570
Other receivables, net	723,573		—		723,573		—		723,573
Investment securities — held-to-maturity securities	16,422		—		16,047		—		16,047
Other assets:
Securities borrowed	9,349		—		9,349		—		9,349
Deferred compensation plan(2)	7,987		7,987		—		—		7,987
Other investments(3)	4,694		—		4,694		—		4,694
Total other assets	22,030		7,987		14,043		—		22,030
Liabilities
Client payables	$	1,999,555	$	—	$	1,999,555	$	—	$	1,999,555
Payables to brokers, dealers and clearing organizations	98,697		—		98,697		—		98,697
Corporate debt and other borrowings, net	3,124,480		—		2,936,206		—		2,936,206


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

__________________

(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

Net Capital and Regulatory Requirements (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Broker-Dealer [Abstract]
Net capital	$ 280,685
Less: required net capital	15,082
Excess net capital	$ 265,603

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 799,209	$ 847,519
Cash and equivalents segregated under federal or other regulations	1,370,108	2,199,362
Restricted cash	105,717	90,389
Receivables from:
Receivables from clients, net	581,017	561,569
Receivables from brokers, dealers and clearing organizations	41,081	56,276
Advisor loans, net	1,369,587	1,123,004
Other receivables, net	723,573	677,766
Investment securities	52,623	52,610
Property and equipment, net	883,388	780,357
Goodwill	1,772,182	1,642,468
Intangible Assets, Net (Excluding Goodwill)	641,166	427,676
Other assets	1,147,678	1,023,230
Total assets	9,487,329	9,482,226
LIABILITIES:
Payables to clients	1,999,555	2,694,929
Payables to broker-dealers and clearing organizations	98,697	147,752
Accrued advisory and commission expenses payable	208,827	203,292
Long-term Debt	3,124,480	2,717,444
Accounts payable and accrued liabilities	388,946	448,630
Other Liabilities, Noncurrent	1,576,236	1,102,627
Total liabilities	7,396,741	7,314,674
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 130,198,861 shares and 129,655,843 shares issued at September 30, 2023 and December 31, 2022, respectively	130	130
Additional paid-in capital	1,970,096	1,912,886
Treasury stock, at cost — 54,579,627 shares and 50,407,844 shares at September 30, 2023 and December 31, 2022, respectively	(3,766,871)	(2,846,536)
Retained earnings	3,887,233	3,101,072
Total stockholders' equity	2,090,588	2,167,552
Total liabilities and stockholders' equity	$ 9,487,329	$ 9,482,226
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	130,198,861	129,655,843

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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

The following table summarizes investment securities (in thousands):


	September 30, 2023		December 31, 2022
Trading securities — at fair value:
U.S. treasury obligations	$	25,041	$	24,402
Mutual funds	10,917		10,679
Money market funds	107		112
Equity securities	97		980
Debt securities	39		585
Total trading securities	$	36,201	$	36,758
Held-to-maturity securities — at amortized cost:
U.S. government notes	$	16,422	$	15,852
Total held-to-maturity securities	$	16,422	$	15,852
Total investment securities	$	52,623	$	52,610

Maturities of securities held-to-maturity

At September 30, 2023, 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	$	4,981	$	11,441	$	—	$	—	$	16,422
U.S. government notes — at fair value	$	4,871	$	11,176	$	—	$	—	$	16,047

Corporate Debt and Other Borrowings, Net (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term and Other Borrowings

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


	September 30, 2023					December 31, 2022
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)(2)	$	1,029,875	SOFR+185 bps	7.180	%	$	1,037,900	LIBOR+175 bps	5.870	%	11/12/2026
2027 Senior Notes(1)	400,000		Fixed Rate	4.625	%	400,000		Fixed Rate	4.625	%	11/15/2027
2029 Senior Notes(1)	900,000		Fixed Rate	4.000	%	900,000		Fixed Rate	4.000	%	3/15/2029
2031 Senior Notes(1)	400,000		Fixed Rate	4.375	%	400,000		Fixed Rate	4.375	%	5/15/2031
Total Corporate Debt	2,729,875					2,737,900

Less: Unamortized Debt Issuance Cost	(17,395)					(20,456)
Corporate debt, net	$	2,712,480				$	2,717,444
Other Borrowings
Revolving Credit Facility(2)(3)	412,000		ABR+37.5 bps / SOFR+147.5 bps	7.002	%	—		LIBOR+25 bps	5.642	%	3/15/2026


Total other borrowings	$	412,000				$	—
Corporate Debt and Other Borrowings, Net	$	3,124,480				$	2,717,444

_______________________________

(1)No leverage or interest coverage maintenance covenants.

(2)In March 2023, the Company amended its Credit Agreement to transition the Parent Revolving Credit Facility and Term Loan B from London Interbank Offered Rate (“LIBOR”)-based to Secured Overnight Financing Rate (“SOFR”)-based interest rates, which became effective in March and April 2023, respectively.

(3)The Parent’s outstanding balance at September 30, 2023 was comprised of an alternate base rate (“ABR”)-based balance of $40.0 million with the applicable margin of ABR + 37.5 bps (8.875%) and a SOFR-based balance of $372.0 million with the applicable margin of SOFR + 147.5 bps (6.801%).

The following table presents amounts outstanding and available under the Company’s external lines of credit at September 30, 2023 (in millions):


Description	Borrower	Maturity Date	Outstanding		Available
Senior secured, revolving credit facility	LPL Holdings, Inc.	March 2026	$	412	$	1,588
Broker-dealer revolving credit facility	LPL Financial LLC	July 2024	$	—	$	1,000
Unsecured, uncommitted lines of credit	LPL Financial LLC	None	$	—	$	75
Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2024	$	—	$	50
Secured, uncommitted lines of credit	LPL Financial LLC	March 2025	$	—	$	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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+ Details

Subsequent Events - Dividend Declared (Details) - Subsequent Event - $ / shares	Nov. 27, 2023	Nov. 09, 2023
Subsequent Event [Line Items]
Dividend payable, amount per share (in USD per share)	$ 0.30
Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Nov. 27, 2023
Dividends payable, date of record		Nov. 09, 2023

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 848,695	$ 526,620
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	179,058	145,576
Amortization of intangible assets	78,593	65,018
Amortization of debt issuance costs	6,283	4,826
Share-based compensation	52,522	39,710
Provision for bad debts	11,844	11,931
Deferred income taxes	(160)	(355)
Loan forgiveness	156,866	132,245
Other	12,774	(17,393)
Changes in operating assets and liabilities:
Receivables from clients	(19,777)	(56,373)
Receivables from product sponsors, broker-dealers and clearing organizations	15,195	(17,708)
Advisor loans, net	(414,826)	(194,045)
Receivables from others	(50,351)	(66,367)
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	173	(7,990)
Operating leases	(2,381)	(1,800)
Other assets	(98,923)	(32,934)
Payables to clients	(695,374)	1,563,636
Payables to broker-dealers and clearing organizations	(49,055)	(1,634)
Accrued advisory and commission expenses payable	3,708	(27,899)
Accounts payable and accrued liabilities	(48,257)	128,490
Increase (Decrease) in Other Operating Liabilities	383,456	(71,402)
Net cash provided by operating activities	370,063	2,122,152
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(297,435)	(232,175)
Acquisitions, net of cash acquired	(360,584)	(35,182)
Purchase of securities classified as held-to-maturity	(4,725)	(10,936)
Proceeds from maturity of securities classified as held-to-maturity	4,250	3,750
Purchases of other investments	0	(3,108)
Net cash used in investing activities	(658,494)	(277,651)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	746,000	465,000
Repayments of revolving credit facilities	(334,000)	(555,000)
Repayment of senior secured term loans	(8,025)	(8,025)
Payment of debt issuance costs	(7,182)	(1,872)
Tax payments related to settlement of restricted stock units	(39,416)	(24,690)
Repurchase of common stock	(875,081)	(175,018)
Dividends on common stock	(69,562)	(59,945)
Proceeds from stock option exercises and other	13,604	22,302
Principal payment of finance leases and obligations	(143)	(397)
Net cash used in financing activities	(573,805)	(337,645)
NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	(862,236)	1,506,856
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period	3,137,270	2,072,364
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period	2,275,034	3,579,220
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	134,328	86,382
Income taxes paid	89,097	157,060
Cash paid for amounts included in the measurement of operating lease liabilities	20,733	18,321
Cash paid for amounts included in the measurement of finance lease liabilities	6,414	6,699
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	14,923	26,000
Lease asset obtained in exchange for operating lease liabilities	$ 14,602	$ 9,084

Other Assert and Other Liabilities

9 Months Ended

Sep. 30, 2023

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):


	September 30, 2023		December 31, 2022
Other assets:
Deferred compensation	$	599,929	$	496,319
Prepaid assets	115,727		144,607
Fractional shares — investment(1)	147,864		122,253
Deferred tax assets, net	99,157		98,997
Operating lease assets	95,003		92,534
Debt issuance costs, net	10,382		6,422
Other	79,616		62,098
Total other assets	$	1,147,678	$	1,023,230

Other liabilities:
Deferred compensation	$	598,975	$	497,736
Unearned revenue(2)	172,180		138,109
Fractional shares — repurchase obligation(1)	147,864		122,253
Operating lease liabilities	125,412		125,280
Finance lease liabilities	105,516		105,660
Taxes payable	326,859		113,503
Other	99,430		86
Total other liabilities	$	1,576,236	$	1,102,627

_______________________________

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

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

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

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, 2021	$	1,642,443
Goodwill acquired	25
Balance at December 31, 2022	1,642,468
Goodwill acquired	129,714
Balance at September 30, 2023	$	1,772,182

Components of intangible assets

The components of other intangibles, net were as follows at September 30, 2023 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and enterprise relationships	6.4	$	934,704	$	(595,557)	$	339,147
Product sponsor relationships	2.4	234,086		(206,098)		27,988
Client relationships	12.8	269,741		(45,143)		224,598
Technology	4.8	19,040		(9,426)		9,614
Total definite-lived intangible assets, net		$	1,457,571	$	(856,224)	$	601,347
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	641,166

_______________________________

(1)During the nine months ended September 30, 2023, the Company allocated $230.9 million to intangible assets acquired under its Liquidity & Succession solution and the acquisition of Boenning & Scattergood’s Private Client Group. These intangible assets were comprised primarily of customer relationships with an assigned useful life of 14 years.

The components of other intangibles, net were as follows at December 31, 2022 (in 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
Total definite-lived intangibles, net		$	1,165,489	$	(777,632)	$	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.

Amortization expense

Future amortization is estimated as follows (in thousands):


2023 - remainder	$	27,161
2024	108,468
2025	100,094
2026	61,838
2027	56,689
Thereafter	247,097
Total	$	601,347

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Financial Guarantee Insurance Contracts, Claim Liability

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


	Nine Months Ended September 30,
	2023		2022
Beginning balance — January 1	$	74,071	$	67,152
Losses incurred	27,140		27,376



Losses paid	(17,659)		(24,347)



Ending balance — September 30	$	83,552	$	70,181

Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2023	Oct. 25, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,620,553
Entity Central Index Key	0001397911
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2023
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 relationship 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 condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Net Capital and Regulatory Requirements (Tables)

9 Months Ended

Sep. 30, 2023

Broker-Dealer [Abstract]

Broker-Dealer, Net Capital Requirement, SEC Regulation

The following table presents the net capital position of the Company’s primary broker-dealer subsidiary (in thousands):


	September 30, 2023
LPL Financial LLC
Net capital	$	280,685
Less: required net capital	15,082
Excess net capital	$	265,603

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 224,291	$ 232,331	$ 848,695	$ 526,620
Basic weighted-average number of shares outstanding	76,062	79,805	77,339	79,909
Dilutive common share equivalents	1,085	1,445	1,100	1,506
Diluted weighted-average number of shares outstanding	77,147	81,250	78,439	81,415
Basic earnings per share	$ 2.95	$ 2.91	$ 10.97	$ 6.59
Diluted earnings per share	$ 2.91	$ 2.86	$ 10.82	$ 6.47

- Definition

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

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

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

+ References

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+ Details

Corporate Debt and Other Borrowings, Net

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Corporate Debt and Other Borrowings, Net

CORPORATE DEBT AND OTHER BORROWINGS, NET

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


	September 30, 2023					December 31, 2022
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)(2)	$	1,029,875	SOFR+185 bps	7.180	%	$	1,037,900	LIBOR+175 bps	5.870	%	11/12/2026
2027 Senior Notes(1)	400,000		Fixed Rate	4.625	%	400,000		Fixed Rate	4.625	%	11/15/2027
2029 Senior Notes(1)	900,000		Fixed Rate	4.000	%	900,000		Fixed Rate	4.000	%	3/15/2029
2031 Senior Notes(1)	400,000		Fixed Rate	4.375	%	400,000		Fixed Rate	4.375	%	5/15/2031
Total Corporate Debt	2,729,875					2,737,900

Less: Unamortized Debt Issuance Cost	(17,395)					(20,456)
Corporate debt, net	$	2,712,480				$	2,717,444
Other Borrowings
Revolving Credit Facility(2)(3)	412,000		ABR+37.5 bps / SOFR+147.5 bps	7.002	%	—		LIBOR+25 bps	5.642	%	3/15/2026


Total other borrowings	$	412,000				$	—
Corporate Debt and Other Borrowings, Net	$	3,124,480				$	2,717,444

_______________________________

(1)No leverage or interest coverage maintenance covenants.

The following table presents amounts outstanding and available under the Company’s external lines of credit at September 30, 2023 (in millions):


Description	Borrower	Maturity Date	Outstanding		Available
Senior secured, revolving credit facility	LPL Holdings, Inc.	March 2026	$	412	$	1,588
Broker-dealer revolving credit facility	LPL Financial LLC	July 2024	$	—	$	1,000
Unsecured, uncommitted lines of credit	LPL Financial LLC	None	$	—	$	75
Unsecured, uncommitted lines of credit	LPL Financial LLC	September 2024	$	—	$	50
Secured, uncommitted lines of credit	LPL Financial LLC	March 2025	$	—	$	75
Secured, uncommitted lines of credit	LPL Financial LLC	None	$	—	unspecified
Secured, uncommitted lines of credit	LPL Financial LLC	None	$	—	unspecified

Credit Agreement

On March 13, 2023, LPLFH and LPLH entered into a sixth amendment agreement to the Company’s amended and restated credit agreement (the “Credit Agreement”), which, among other things, replaced LIBOR with SOFR. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2023, the Company was in compliance with such covenants.

Parent Revolving Credit Facility

On July 18, 2023, LPLH amended its revolving credit facility to, among other things, increase the maximum borrowing from $1.0 billion to $2.0 billion. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 112.5 to 187.5 basis points over SOFR plus 10 basis points or 12.5 to 87.5 basis points over the alternate base rate (the greatest of (i) the NYFRB Rate plus 1/2 of 1%, (ii) the Prime Rate and (iii) the Adjusted Term SOFR Rate for a one month Interest Period plus 1%, each as defined in the Credit Agreement) depending on the Debt Ratings (as defined in the Credit Agreement). In connection with the amendment of the credit facility, LPLH incurred $5.5 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.

Broker-Dealer Revolving Credit Facility

On July 18, 2023, LPL Financial, the Company’s broker-dealer subsidiary, renewed its committed senior unsecured revolving credit facility that matures on July 16, 2024 and allows for a maximum borrowing of up to $1.0 billion. Borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) SOFR 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 renewal of the credit facility, LPL Financial incurred $1.7 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of September 30, 2023.

Other External Lines of Credit

LPL Financial maintained five uncommitted lines of credit as of September 30, 2023. 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 were no balances outstanding under these lines at September 30, 2023 or 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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+ Details

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Amount Remaining	$ 1,100,000		$ 1,100,000
Treasury stock purchased	$ 252,349	$ 75,007	$ 882,807	$ 175,018
Shares Purchased			4,062,437
Weighted-Average Price Paid Per Share			$ 215.41
Document Period End Date			Sep. 30, 2023
Treasury Stock, Valued, Acquired, Excluding Excise Tax			$ 875,000
Excise taxes			$ 7,700

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS’ EQUITY

Dividends

The payment, timing and amount of any dividends are subject to approval by LPLFH’s Board of Directors (the “Board”) 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):


	2023				2022
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.30	$	23.6	$	0.25	$	20.0
Second quarter	$	0.30	$	23.1	$	0.25	$	20.0
Third quarter	$	0.30	$	22.8	$	0.25	$	20.0

Share Repurchases

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

During the nine months ended September 30, 2023 LPLFH repurchased 4,062,437 shares of common stock at a weighted-average price of $215.41 for a total of $875 million. The Company also recognized $7.7 million of excise tax in connection with these repurchases during the nine months ended September 30, 2023. As of September 30, 2023, the Company had $1.1 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 equity.

+ References

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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Other Assert and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

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):


	September 30, 2023		December 31, 2022
Other assets:
Deferred compensation	$	599,929	$	496,319
Prepaid assets	115,727		144,607
Fractional shares — investment(1)	147,864		122,253
Deferred tax assets, net	99,157		98,997
Operating lease assets	95,003		92,534
Debt issuance costs, net	10,382		6,422
Other	79,616		62,098
Total other assets	$	1,147,678	$	1,023,230

Other liabilities:
Deferred compensation	$	598,975	$	497,736
Unearned revenue(2)	172,180		138,109
Fractional shares — repurchase obligation(1)	147,864		122,253
Operating lease liabilities	125,412		125,280
Finance lease liabilities	105,516		105,660
Taxes payable	326,859		113,503
Other	99,430		86
Total other liabilities	$	1,576,236	$	1,102,627

_______________________________

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

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 224,291	$ 232,331	$ 848,695	$ 526,620

- Definition

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

+ References

+ Details

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Dan Arnold [Member]
Trading Arrangements, by Individual
Arrangement Duration	91 days
Matthew Enyedi [Member]
Trading Arrangements, by Individual
Arrangement Duration	231 days
Richard Steinmeier [Member]
Trading Arrangements, by Individual
Arrangement Duration	182 days
Officer Trading Arrangement [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 30, 2023, none of our officers (as defined in Rule 16a-1(f) under the Exchange Act) entered into, modified or terminated contracts, instructions or written plans for the purchase or sale of our common stock that are intended to satisfy the affirmative defense conditions specified in Rule 10b5-1(c) under the Exchange Act.

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLES, NET

On January 31, 2023, the Company acquired Financial Resources Group Investment Services, LLC. See Note 4 - Acquisitions, for additional information.

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


Balance at December 31, 2021	$	1,642,443
Goodwill acquired	25
Balance at December 31, 2022	1,642,468
Goodwill acquired	129,714
Balance at September 30, 2023	$	1,772,182

The components of other intangibles, net were as follows at September 30, 2023 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and enterprise relationships	6.4	$	934,704	$	(595,557)	$	339,147
Product sponsor relationships	2.4	234,086		(206,098)		27,988
Client relationships	12.8	269,741		(45,143)		224,598
Technology	4.8	19,040		(9,426)		9,614
Total definite-lived intangible assets, net		$	1,457,571	$	(856,224)	$	601,347
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	641,166

_______________________________

The components of other intangibles, net were as follows at December 31, 2022 (in 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
Total definite-lived intangibles, net		$	1,165,489	$	(777,632)	$	387,857
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	427,676

_______________________________

Total amortization of other intangibles was $27.8 million and $22.7 million for the three months ended September 30, 2023 and 2022, respectively, and $78.6 million and $65.0 million for the nine months ended September 30, 2023 and 2022, respectively. Future amortization is estimated as follows (in thousands):


2023 - remainder	$	27,161
2024	108,468
2025	100,094
2026	61,838
2027	56,689
Thereafter	247,097
Total	$	601,347

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 799,209	$ 847,519	$ 1,219,418
Cash segregated under federal and other regulations	1,370,108	2,199,362	2,268,090
Restricted cash	105,717	90,389	91,712
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 2,275,034	$ 3,137,270	$ 3,579,220	$ 2,072,364

Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)			14 years		9 years
Gross Carrying Value	$ 1,457,571		$ 1,457,571		$ 1,165,489
Accumulated Amortization	(856,224)		(856,224)		(777,632)
Net Carrying Value	601,347		601,347		387,857
Indefinite-lived Intangible Assets
Total intangible assets	641,166		641,166		427,676
Finite-lived intangible assets acquired	230,900		230,900		54,100
Amortization of intangible assets	27,760	$ 22,654	78,593	$ 65,018
Trademarks and Trade Names [Member]
Indefinite-lived Intangible Assets
Net Carrying Value	39,819		$ 39,819		$ 39,819
Advisor And Financial Institution Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)			6 years 4 months 24 days		5 years 1 month 6 days
Gross Carrying Value	934,704		$ 934,704		$ 809,872
Accumulated Amortization	(595,557)		(595,557)		(542,415)
Net Carrying Value	339,147		$ 339,147		$ 267,457
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)			2 years 4 months 24 days		3 years 2 months 12 days
Gross Carrying Value	234,086		$ 234,086		$ 234,086
Accumulated Amortization	(206,098)		(206,098)		(197,165)
Net Carrying Value	27,988		$ 27,988		$ 36,921
Customer Relationships
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)			12 years 9 months 18 days		8 years
Gross Carrying Value	269,741		$ 269,741		$ 102,491
Accumulated Amortization	(45,143)		(45,143)		(30,318)
Net Carrying Value	224,598		$ 224,598		$ 72,173
Technology [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)			4 years 9 months 18 days		5 years 4 months 24 days
Gross Carrying Value	19,040		$ 19,040		$ 19,040
Accumulated Amortization	(9,426)		(9,426)		(7,734)
Net Carrying Value	$ 9,614		$ 9,614		$ 11,306
Trade Names [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)			0 years

Revenue - Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Service and fee	$ 135,648	$ 121,745	$ 377,757	$ 347,359
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	34,519	31,022	89,012	86,890
Over time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	$ 101,129	$ 90,723	$ 288,745	$ 260,469

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue - Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 585,132	$ 489,263	$ 1,796,595	$ 1,149,261
Client cash
Disaggregation of Revenue [Line Items]
Asset Based Fees	360,518	294,993	1,157,208	534,409
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	118,871	93,344	330,597	299,319
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 105,743	$ 100,926	$ 308,790	$ 315,533

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investment Securities - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Trading securities - at fair value:
Securities owned — trading	$ 36,201	$ 36,758
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	16,422	15,852
Short-term Investments	52,623	52,610
Money Market Funds [Member]
Trading securities - at fair value:
Securities owned — trading	107	112
Mutual funds
Trading securities - at fair value:
Securities owned — trading	10,917	10,679
Equity Securities [Member]
Trading securities - at fair value:
Securities owned — trading	97	980
U.S. treasury obligations [Member]
Trading securities - at fair value:
Securities owned — trading	25,041	24,402
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	16,422
US Government Agencies Debt Securities
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	16,422	15,852
Other Security Investments
Trading securities - at fair value:
Securities owned — trading	$ 39	$ 585

Investment Securities (Details 1) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 16,422	$ 15,852
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,981
U.S. government notes - at amortized cost, After one but within five years	11,441
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	16,422
U.S. government notes - at fair value, Within one year	4,871
U.S. government notes - at fair value, After one but within five years	11,176
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	16,047
US Government Agencies Debt Securities
Maturities of securities held-to-maturity
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10	0
U.S. government notes - at amortized cost, Total	16,422	$ 15,852
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	$ 0

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES:
Advisory	$ 1,081,562	$ 923,766	$ 3,050,184	$ 2,972,714
Commission	643,600	584,980	1,870,211	1,743,881
Asset-based	585,132	489,263	1,796,595	1,149,261
Service and fee	135,648	121,745	377,757	347,359
Transaction and fee	50,210	43,328	146,081	134,470
Interest Income	40,773	22,092	116,103	39,958
Other	(14,542)	(22,116)	52,088	(120,005)
Total net revenues	2,522,383	2,163,058	7,409,019	6,267,638
EXPENSES:
Advisory and commission	1,488,432	1,304,528	4,307,829	3,983,084
Compensation and benefits	243,759	208,051	708,972	596,784
Promotional	131,645	94,510	332,433	259,539
Occupancy and equipment	61,339	54,636	186,517	161,654
Depreciation and amortization	64,627	51,669	179,058	145,576
Interest Expense, Debt	48,363	33,186	132,389	89,152
Brokerage, clearing and exchange	24,793	20,850	80,067	66,812
Amortization of intangible assets	27,760	22,654	78,593	65,018
Professional services	18,699	16,871	51,011	53,183
Communications and data processing	19,634	17,812	57,903	49,162
Other	75,660	31,557	143,259	105,240
Costs and Expenses, Total	2,204,711	1,856,324	6,258,031	5,575,204
INCOME BEFORE PROVISION FOR INCOME TAXES	317,672	306,734	1,150,988	692,434
PROVISION FOR INCOME TAXES	93,381	74,403	302,293	165,814
NET INCOME	$ 224,291	$ 232,331	$ 848,695	$ 526,620
EARNINGS PER SHARE
Earnings per share, basic	$ 2.95	$ 2.91	$ 10.97	$ 6.59
Earnings per share, diluted	$ 2.91	$ 2.86	$ 10.82	$ 6.47
Weighted-average shares outstanding, basic	76,062	79,805	77,339	79,909
Weighted-average shares outstanding, diluted	77,147	81,250	78,439	81,415
Client cash
REVENUES:
Asset-based	$ 360,518	$ 294,993	$ 1,157,208	$ 534,409
Other asset-based
REVENUES:
Asset-based	224,614	194,270	639,387	614,852
Trailing
REVENUES:
Commission	331,808	315,087	973,386	981,164
Sales-based
REVENUES:
Commission	$ 311,792	$ 269,893	$ 896,825	$ 762,717

Revenue - Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Commission	$ 643,600	$ 584,980	$ 1,870,211	$ 1,743,881
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	311,792	269,893	896,825	762,717
Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	331,808	315,087	973,386	981,164
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	371,304	327,386	1,074,210	938,383
Annuities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	183,974	152,343	518,690	388,447
Annuities [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	187,330	175,043	555,520	549,936
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	169,318	164,190	499,550	521,951
Mutual Funds [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	34,718	34,074	108,626	121,141
Mutual Funds [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	134,600	130,116	390,924	400,810
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	42,286	32,729	113,736	86,947
Fixed Income [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	42,286	32,729	113,736	86,947
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	27,414	24,278	80,778	88,820
Equities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	27,414	24,278	80,778	88,820
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	33,278	36,397	101,937	107,780
Other [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	23,400	26,469	74,995	77,362
Other [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 9,878	$ 9,928	$ 26,942	$ 30,418

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	224,291	$	232,331	$	848,695	$	526,620

Basic weighted-average number of shares outstanding	76,062		79,805		77,339		79,909
Dilutive common share equivalents	1,085		1,445		1,100		1,506
Diluted weighted-average number of shares outstanding	77,147		81,250		78,439		81,415

Basic earnings per share	$	2.95	$	2.91	$	10.97	$	6.59
Diluted earnings per share	$	2.91	$	2.86	$	10.82	$	6.47

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended September 30, 2023 and 2022, stock options, warrants and stock units representing common share equivalents of 9,513 shares and 7,843 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2023 and 2022, stock options, warrants and stock units representing common share equivalents of 120,753 shares and 3,000 shares, respectively, were anti-dilutive.

Share-Based Compensation - Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance	572,576
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	673,764
Number of Shares, Granted	0
Stock option exercises and other, shares	(101,188)
Number of Shares, Forfeited	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighed-Average Exercise Price, Beginning Balance	$ 53.45
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised	45.69
Weighted-Average Exercise Price, Forfeited	0
Weighed-Average Exercise Price, Ending Balance	$ 54.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance	572,576
Weighted-Average Exercise Price, Exercisable	$ 54.83
Weighted-Average Remaining Contractual Term, Options Exercisable	3 years 9 months 25 days
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 104,680
Weighted-Average Remaining Contractual Term, Options Outstanding	3 years 9 months 25 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 104,680
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest	572,576
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 54.83
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	3 years 9 months 25 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 104,680

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2021	$ 1,670,533	$ 129	$ 1,841,402	$ (2,498,600)	$ 2,327,602
BEGINNING BALANCE, shares at Dec. 31, 2021		128,758,000		48,768,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	526,620				526,620
Issuance of common stock to settle restricted stock units	(24,690)			$ (24,690)
Issuance of common stock to settle restricted stock units, net, shares		362,000		134,000
Treasury stock purchases	(175,018)			$ (175,018)
Treasury stock purchases, shares				930,000
Cash dividends on common stock	(59,945)				(59,945)
Stock option exercises and other	22,302		15,321	$ 1,717	5,264
Stock option exercises and other, shares		(424,000)		(48,000)
Share-based compensation	39,710		39,710
ENDING BALANCE at Sep. 30, 2022	1,999,512	$ 129	1,896,433	$ (2,696,591)	2,799,541
ENDING BALANCE, shares at Sep. 30, 2022		129,544,000		49,784,000
BEGINNING BALANCE at Jun. 30, 2022	1,844,060	$ 129	1,879,312	$ (2,620,798)	2,585,417
BEGINNING BALANCE, shares at Jun. 30, 2022		129,366,000		49,428,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	232,331				232,331
Issuance of common stock to settle restricted stock units	(1,331)			$ (1,331)
Issuance of common stock to settle restricted stock units, net, shares		51,000		6,000
Treasury stock purchases	(75,007)			$ (75,007)
Treasury stock purchases, shares				366,000
Cash dividends on common stock	(19,950)				(19,950)
Stock option exercises and other	7,360	$ 0	5,072	$ 545	1,743
Stock option exercises and other, shares		(127,000)		(16,000)
Share-based compensation	12,049		12,049
ENDING BALANCE at Sep. 30, 2022	1,999,512	$ 129	1,896,433	$ (2,696,591)	2,799,541
ENDING BALANCE, shares at Sep. 30, 2022		129,544,000		49,784,000
BEGINNING BALANCE at Dec. 31, 2022	2,167,552	$ 130	1,912,886	$ (2,846,536)	3,101,072
BEGINNING BALANCE, shares at Dec. 31, 2022		129,656,000		50,408,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	848,695				848,695
Issuance of common stock to settle restricted stock units	(39,416)			$ (39,416)
Issuance of common stock to settle restricted stock units, net, shares		439,000		162,000
Treasury stock purchases	$ (882,807)			$ (882,807)
Treasury stock purchases, shares	4,062,437			4,062,000
Cash dividends on common stock	$ (69,562)				(69,562)
Stock option exercises and other	13,604		4,688	$ 1,888	7,028
Stock option exercises and other, shares		(104,000)		(52,000)
Share-based compensation	52,522		52,522
ENDING BALANCE at Sep. 30, 2023	2,090,588	$ 130	1,970,096	$ (3,766,871)	3,887,233
ENDING BALANCE, shares at Sep. 30, 2023		130,199,000		54,580,000
BEGINNING BALANCE at Jun. 30, 2023	2,122,066	$ 130	1,952,828	$ (3,514,364)	3,683,472
BEGINNING BALANCE, shares at Jun. 30, 2023		130,142,000		53,515,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	224,291				224,291
Issuance of common stock to settle restricted stock units	(820)			$ (820)
Issuance of common stock to settle restricted stock units, net, shares		43,000		4,000
Treasury stock purchases	(252,349)			$ (252,349)
Treasury stock purchases, shares				1,079,000
Cash dividends on common stock	(22,839)				(22,839)
Stock option exercises and other	3,771	$ 0	800	$ 662	2,309
Stock option exercises and other, shares		(14,000)		(18,000)
Share-based compensation	16,468		16,468
ENDING BALANCE at Sep. 30, 2023	$ 2,090,588	$ 130	$ 1,970,096	$ (3,766,871)	$ 3,887,233
ENDING BALANCE, shares at Sep. 30, 2023		130,199,000		54,580,000

Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

SHARE-BASED COMPENSATIONIn 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 12,751,630 shares remaining available for future issuance at September 30, 2023.

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 nine months ended September 30, 2023:


	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2022	673,764	$	53.45
Granted	—	$	—
Exercised	(101,188)	$	45.69
Forfeited and Expired	—	$	—
Outstanding — September 30, 2023	572,576	$	54.83	3.82	$	104,680
Exercisable — September 30, 2023	572,576	$	54.83	3.82	$	104,680
Exercisable and expected to vest — September 30, 2023	572,576	$	54.83	3.82	$	104,680

The following table summarizes information about outstanding stock options and warrants as of September 30, 2023:


	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	63,123	$	19.85	2.40	63,123	$	19.85
$25.01 - $35.00	—	$	—	0.00	—	$	—
$35.01 - $45.00	161,250	$	39.48	3.44	161,250	$	39.48
$45.01 - $65.00	53,658	$	48.84	1.07	53,658	$	48.84
$65.01 - $75.00	139,939	$	65.50	4.37	139,939	$	65.50
$75.01 - $80.00	154,606	$	77.53	5.25	154,606	$	77.53
	572,576	$	54.83	3.82	572,576	$	54.83

The Company recognized no share-based compensation expense related to the vesting of stock options awarded to employees and officers during the three months ended September 30, 2023 and 2022, no expense during the nine months ended September 30, 2023, and $0.2 million of expense during the nine months ended September 30, 2022. As of September 30, 2023, there was no unrecognized compensation cost related to non-vested stock options as the remaining share-based compensation expense was recognized during the three months ended March 31, 2022.

Restricted Stock and Stock Units

The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the nine months ended September 30, 2023:


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Units		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2022	814	$	173.78	863,174		$	149.11
Granted	2,753	$	190.92	405,585		$	220.57
Vested	(1,999)	$	186.29	(439,077)		$	108.43
Forfeited	—	$	—	(35,519)		$	208.71
Outstanding — September 30, 2023	1,568	$	187.93	794,163	(1)	$	205.43
Expected to vest — September 30, 2023	1,568	$	187.93	650,643		$	219.43

_______________________________

(1) Includes 90,253 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 $13.5 million and $10.2 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the three months ended September 30, 2023 and 2022, respectively, and $44.3 million and $34.9 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, total unrecognized compensation cost for restricted stock awards and stock units was $89.6 million, which is expected to be recognized over a weighted-average remaining period of 2.04 years.

The Company also grants restricted stock units to its advisors and to enterprises. The Company recognized share-based compensation expense of $0.7 million related to the vesting of these awards during both the three months ended September 30, 2023 and 2022, respectively, and $2.0 million and $1.9 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, total unrecognized compensation cost for restricted stock units granted to advisors and enterprises was $6.1 million, which is expected to be recognized over a weighted-average remaining period of 2.35 years.

Share-Based Compensation (Texuals) (Details) - USD ($)	3 Months Ended		9 Months Ended
Share-Based Compensation (Texuals) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based compensation:
Authorized shares	17,754,197		17,754,197
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	12,751,630		12,751,630
Employees, officers and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 13,500,000	$ 10,200,000	$ 44,300,000	$ 34,900,000
Share-based compensation cost unrecognized	89,600,000		$ 89,600,000
Non-vested compensation cost weighted-average period			2 years 14 days
Employees, officers and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense	0	$ 0	$ 0	200,000
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	700,000		2,000,000	$ 1,900,000
Share-based compensation cost unrecognized	$ 6,100,000		$ 6,100,000
Non-vested compensation cost weighted-average period			2 years 4 months 6 days

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,642,468	$ 1,642,443
Goodwill acquired	129,714	25
Goodwill, ending balance	$ 1,772,182	$ 1,642,468

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Net Capital and Regulatory Requirements

9 Months Ended

Sep. 30, 2023

Broker-Dealer [Abstract]

Net Capital and Regulatory Requirements

NET CAPITAL AND REGULATORY REQUIREMENTS

The Company’s broker-dealer subsidiaries are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act of 1934, as amended), which requires the maintenance of minimum net capital. The net capital rules also provide that a 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 the Financial Industry Regulatory Authority (“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.

The following table presents the net capital position of the Company’s primary broker-dealer subsidiary (in thousands):


	September 30, 2023
LPL Financial LLC
Net capital	$	280,685
Less: required net capital	15,082
Excess net capital	$	265,603

The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on PTC’s operations.

As of September 30, 2023, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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):


September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	666	$	—	$	—	$	666
Cash equivalents segregated under federal or other regulations	596,034		—		—		596,034
Investment securities — trading:
U.S. treasury obligations	25,041		—		—		25,041
Mutual funds	10,917		—		—		10,917
Money market funds	107		—		—		107
Equity securities	97		—		—		97
Debt securities	—		39		—		39
Total investment securities — trading	36,162		39		—		36,201
Other assets:
Deferred compensation plan	591,942		—		—		591,942
Fractional shares — investment(1)	147,864		—		—		147,864
Other investments			4,218		—		4,218
Total other assets:	739,806		4,218		—		744,024
Total assets at fair value	$	1,372,668	$	4,257	$	—	$	1,376,925
Liabilities
Other liabilities:
Securities sold, but not yet purchased:
Equity securities	$	44	$	—	$	—	$	44
Total securities sold, but not yet purchased	44		—		—		44
Fractional shares — repurchase obligation(1)	147,864		—		—		147,864
Contingent consideration	—		—		49,387		49,387
Total other liabilities	147,908		—		49,387		197,295
Total liabilities at fair value	$	147,908	$	—	$	49,387	$	197,295

____________________

(1)Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“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, 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 — contingent consideration	$	—	$	—	$	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.

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

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


September 30, 2023	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	798,543	$	798,543	$	—	$	—	$	798,543
Cash segregated under federal or other regulations	774,074		774,074		—		—		774,074
Restricted cash	105,717		105,717		—		—		105,717
Receivables from clients, net	581,017		—		581,017		—		581,017
Receivables from brokers, dealers and clearing organizations	41,081		—		41,081		—		41,081
Advisor repayable loans, net(1)	318,077		—		—		235,570		235,570
Other receivables, net	723,573		—		723,573		—		723,573
Investment securities — held-to-maturity securities	16,422		—		16,047		—		16,047
Other assets:
Securities borrowed	9,349		—		9,349		—		9,349
Deferred compensation plan(2)	7,987		7,987		—		—		7,987
Other investments(3)	4,694		—		4,694		—		4,694
Total other assets	22,030		7,987		14,043		—		22,030
Liabilities
Client payables	$	1,999,555	$	—	$	1,999,555	$	—	$	1,999,555
Payables to brokers, dealers and clearing organizations	98,697		—		98,697		—		98,697
Corporate debt and other borrowings, net	3,124,480		—		2,936,206		—		2,936,206


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

__________________

(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.

Commitments and Contingencies - Self insurance Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Self-Insurance Liability [Roll Forward]
Self-insurance liability, beginning balance	$ 83,552	$ 70,181
Losses incurred	27,140	27,376
Losses paid	(17,659)	(24,347)
Self-insurance liability, ending balance	$ 74,071	$ 67,152

Commitments and Contingencies (Legal) (Details) - Settlement In Principle Is Not Reached - SEC Civil Penalty $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Civil penalty	$ 50.0
Litigation expense	$ 40.0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Service and Development Contracts

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

Guarantees

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

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

Loan Commitments

From time to time, LPL Financial makes loans to 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 September 30, 2023 or December 31, 2022.

Legal and Regulatory Matters

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

In October 2022, the Company received a request for information from the 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 staff of the SEC proposed a potential settlement with the Company to resolve its civil investigation. Under the SEC’s proposed resolution, the Company would pay a $50.0 million civil monetary penalty. As a result of the foregoing, the Company has recorded $40.0 million in other expense in the condensed consolidated statements of income for the three and nine months ended September 30, 2023 to reflect the amount of the penalty that is not covered by the Company’s captive insurance subsidiary. The Company has not yet reached a settlement in principle with the SEC, and any settlement agreement remains subject to the negotiation of the civil monetary penalty and definitive documentation.

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 its 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 condensed consolidated statements of financial condition. Self-insurance related charges are included in other expense in the condensed consolidated statements of income.

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


	Nine Months Ended September 30,
	2023		2022
Beginning balance — January 1	$	74,071	$	67,152
Losses incurred	27,140		27,376



Losses paid	(17,659)		(24,347)



Ending balance — September 30	$	83,552	$	70,181

Other Commitments

As of September 30, 2023, the Company had approximately $485.9 million of client margin loans that were collateralized with securities having a fair value of approximately $680.3 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $242.6 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2023, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $437.7 million of client collateral.

Investment securities on the condensed consolidated statements of financial condition include $5.4 million and $4.5 million of trading securities pledged to the Options Clearing Corporation at September 30, 2023 and December 31, 2022, respectively, and $19.6 million and $19.9 million of trading securities pledged to the National Securities Clearing Corporation at September 30, 2023 and December 31, 2022, respectively.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2022, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Condensed Consolidated Financial Statement Presentation Changes Certain financial statement line items have been reclassified in the condensed consolidated statement of financial condition as of September 30, 2023 to better align with industry practice and the Company’s business. The Company reclassified liabilities for contingent consideration, which were previously included in accounts payable and accrued liabilities, to other liabilities in the condensed consolidated statement of financial condition as of September 30, 2023. This reclassification has not been applied retroactively as the impact on the prior year was not material. This change did not impact total liabilities for the periods presented; however, the condensed consolidated statement of cash flows for the nine months ended September 30, 2023 has been updated to conform to the current presentation on the condensed consolidated statement of financial condition.
Recently Issued & Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the nine months ended September 30, 2023 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Acquisitions (Details) - USD ($) $ in Thousands	Jan. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 1,772,182	$ 1,642,468	$ 1,642,443
Finite-lived intangible assets acquired		230,900	$ 54,100
FRGIS
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 140,000
Goodwill		129,700
Finite-lived intangible assets acquired		53,500
Business combination, contingent consideration, liability		45,400
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents		9,000
FRGIS \| Bank Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		34,700
FRGIS \| Advisor Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		18,800
Boenning & Scattergood's Private Client Group
Business Acquisition [Line Items]
Business combination, contingent consideration, liability		115,900
Boenning & Scattergood's Private Client Group \| Advisor Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		70,200
Boenning & Scattergood's Private Client Group \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 160,700

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue - Reporting Category [Table Text Block]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commission revenue
Annuities	$	371,304	$	327,386	$	1,074,210	$	938,383
Mutual funds	169,318		164,190		499,550		521,951
Fixed income	42,286		32,729		113,736		86,947
Equities	27,414		24,278		80,778		88,820
Other	33,278		36,397		101,937		107,780
Total commission revenue	$	643,600	$	584,980	$	1,870,211	$	1,743,881

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commission revenue
Trailing
Annuities	$	187,330	$	175,043	$	555,520	$	549,936
Mutual funds	134,600		130,116		390,924		400,810
Other	9,878		9,928		26,942		30,418
Total trailing revenue	$	331,808	$	315,087	$	973,386	$	981,164
Sales-based
Annuities	$	183,974	$	152,343	$	518,690	$	388,447
Mutual funds	34,718		34,074		108,626		121,141
Fixed income	42,286		32,729		113,736		86,947
Equities	27,414		24,278		80,778		88,820
Other	23,400		26,469		74,995		77,362
Total sales-based revenue	$	311,792	$	269,893	$	896,825	$	762,717
Total commission revenue	$	643,600	$	584,980	$	1,870,211	$	1,743,881

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Asset-based revenue
Client cash	$	360,518	$	294,993	$	1,157,208	$	534,409
Sponsorship programs	118,871		93,344		330,597		299,319
Recordkeeping	105,743		100,926		308,790		315,533
Total asset-based revenue	$	585,132	$	489,263	$	1,796,595	$	1,149,261

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service and fee revenue
Over time(1)	$	101,129	$	90,723	$	288,745	$	260,469
Point-in-time(2)	34,519		31,022		89,012		86,890
Total service and fee revenue	$	135,648	$	121,745	$	377,757	$	347,359

_______________________________

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

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other assets:
Deferred compensation	$ 599,929	$ 496,319
Prepaid assets	115,727	144,607
Fractional shares - investment	147,864	122,253
Deferred Income Tax Assets, Net	99,157	98,997
Operating lease assets	95,003	92,534
Debt issuance costs, net	10,382	6,422
Other	79,616	62,098
Total other assets	$ 1,147,678	1,023,230
Operating lease assets [Extensible List]	Total other assets
Other liabilities:
Deferred compensation	$ 598,975	497,736
Unearned revenue	172,180	138,109
Fractional shares - repurchase obligation	147,864	122,253
Operating lease liabilities	125,412	125,280
Finance lease liabilities	105,516	105,660
Taxes payable	326,859	113,503
Other	99,430	86
Total other liabilities	$ 1,576,236	$ 1,102,627
Operating lease liabilities [Extensible List]	Total other liabilities
Finance lease liabilities [Extensible List]	Total other liabilities	Total other liabilities

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2023:


	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2022	673,764	$	53.45
Granted	—	$	—
Exercised	(101,188)	$	45.69
Forfeited and Expired	—	$	—
Outstanding — September 30, 2023	572,576	$	54.83	3.82	$	104,680
Exercisable — September 30, 2023	572,576	$	54.83	3.82	$	104,680
Exercisable and expected to vest — September 30, 2023	572,576	$	54.83	3.82	$	104,680

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants as of September 30, 2023:


	Outstanding				Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Life (Years)	Number of Shares	Weighted- Average Exercise Price
$19.85 - $25.00	63,123	$	19.85	2.40	63,123	$	19.85
$25.01 - $35.00	—	$	—	0.00	—	$	—
$35.01 - $45.00	161,250	$	39.48	3.44	161,250	$	39.48
$45.01 - $65.00	53,658	$	48.84	1.07	53,658	$	48.84
$65.01 - $75.00	139,939	$	65.50	4.37	139,939	$	65.50
$75.01 - $80.00	154,606	$	77.53	5.25	154,606	$	77.53
	572,576	$	54.83	3.82	572,576	$	54.83

Summary of restricted stock awards and restricted stock units activity


	Restricted Stock Awards			Stock Units
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Units		Weighted-Average Grant-Date Fair Value
Outstanding — December 31, 2022	814	$	173.78	863,174		$	149.11
Granted	2,753	$	190.92	405,585		$	220.57
Vested	(1,999)	$	186.29	(439,077)		$	108.43
Forfeited	—	$	—	(35,519)		$	208.71
Outstanding — September 30, 2023	1,568	$	187.93	794,163	(1)	$	205.43
Expected to vest — September 30, 2023	1,568	$	187.93	650,643		$	219.43

_______________________________

(1) Includes 90,253 vested and undistributed deferred stock units.

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.30	$ 0.30	$ 0.30	$ 0.25	$ 0.25	$ 0.25
Dividends, Common Stock [Abstract]
Cash dividends on common stock	$ 22,839	$ 23,100	$ 23,600	$ 19,950	$ 20,000	$ 20,000	$ 69,562	$ 59,945

Corporate Debt and Other Borrowings, Net (Long-Term Borrowings Outstanding) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 2,729,875	$ 2,729,875	$ 2,737,900
Less Unamortized Debt Issuance Cost	(17,395)	(17,395)	(20,456)
Long-Term Senior Debt, Net	2,712,480	2,712,480	2,717,444
Long-Term Debt	3,124,480	3,124,480	2,717,444
Other Long-term Debt	412,000	412,000	0
Secured Debt \| Fourth Amendment Agreement Term Loan B
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 1,029,875	$ 1,029,875	$ 1,037,900
Variable Interest Rate (as percent)	7.18%	7.18%	5.87%
Secured Debt \| Fourth Amendment Agreement Term Loan B \| London Interbank Offered Rate (LIBOR)
Borrowings [Line Items]
Applicable interest rate margin (as percent)		1.85%	1.75%
Unsecured Debt \| Senior Notes Due 2027
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000	$ 400,000
Fixed Interest Rate (as percent)	4.625%	4.625%	4.625%
Unsecured Debt \| Senior Notes Due 2029
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 900,000	$ 900,000	$ 900,000
Fixed Interest Rate (as percent)	4.00%	4.00%	4.00%
Unsecured Debt \| Senior Notes Due 2031
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000	$ 400,000
Fixed Interest Rate (as percent)	4.375%	4.375%	4.375%
Line of Credit
Borrowings [Line Items]
Other Long-term Debt			$ 0
Revolving Credit Facility \| Line of Credit
Borrowings [Line Items]
Long-Term Debt	$ 0	$ 0	$ 0
Variable Interest Rate (as percent)	7.002%	7.002%	5.642%
Other Long-term Debt	$ 412,000	$ 412,000
Revolving Credit Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR)
Borrowings [Line Items]
Applicable interest rate margin (as percent)			0.25%
Revolving Credit Facility \| Line of Credit \| ABR
Borrowings [Line Items]
Applicable interest rate margin (as percent)	0.375%	0.375%
Variable Interest Rate (as percent)	8.875%	8.875%
Other Long-term Debt	$ 40,000	$ 40,000
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Borrowings [Line Items]
Applicable interest rate margin (as percent)	1.475%	1.475%
Variable Interest Rate (as percent)	6.801%	6.801%
Other Long-term Debt	$ 372,000	$ 372,000

Revenue - Unearned Revenue Recognized (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Unearned Revenue [Abstract]
Contract with Customer, Liability	$ 172.2	$ 138.1
Deferred Revenue, Revenue Recognized	$ 136.7

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Board declared a cash dividend of $0.30 per share on LPLFH’s outstanding common stock to be paid on November 27, 2023 to all stockholders of record on November 9, 2023.

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	130,198,861	129,655,843
Treasury stock, shares	54,579,627	50,407,844

Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Commission	$ 643,600	$ 584,980	$ 1,870,211	$ 1,743,881
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	371,304	327,386	1,074,210	938,383
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	169,318	164,190	499,550	521,951
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	42,286	32,729	113,736	86,947
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	27,414	24,278	80,778	88,820
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 33,278	$ 36,397	$ 101,937	$ 107,780

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investment Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investment 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):


	September 30, 2023		December 31, 2022
Trading securities — at fair value:
U.S. treasury obligations	$	25,041	$	24,402
Mutual funds	10,917		10,679
Money market funds	107		112
Equity securities	97		980
Debt securities	39		585
Total trading securities	$	36,201	$	36,758
Held-to-maturity securities — at amortized cost:
U.S. government notes	$	16,422	$	15,852
Total held-to-maturity securities	$	16,422	$	15,852
Total investment securities	$	52,623	$	52,610

At September 30, 2023, 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	$	4,981	$	11,441	$	—	$	—	$	16,422
U.S. government notes — at fair value	$	4,871	$	11,176	$	—	$	—	$	16,047

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Dividends Declared [Table Text Block]

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


	2023				2022
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.30	$	23.6	$	0.25	$	20.0
Second quarter	$	0.30	$	23.1	$	0.25	$	20.0
Third quarter	$	0.30	$	22.8	$	0.25	$	20.0

Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	572,576
Number of shares, Exercisable \| shares	572,576
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	3 years 9 months 25 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 54.83
Weighted-average exercise price, Exercisable \| $ / shares	$ 54.83
$19.85 - $25.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	63,123
Weighted-average remaining life (years), Outstanding	2 years 4 months 24 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 19.85
Number of shares, Exercisable \| shares	63,123
Weighted-average exercise price, Exercisable \| $ / shares	$ 19.85
$25.01 - $35.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	0
Weighted-average remaining life (years), Outstanding	0 years
Weighted-average exercise price, Outstanding \| $ / shares	$ 0
Number of shares, Exercisable \| shares	0
Weighted-average exercise price, Exercisable \| $ / shares	$ 0
$35.01 - $45.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	161,250
Weighted-average remaining life (years), Outstanding	3 years 5 months 8 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 39.48
Number of shares, Exercisable \| shares	161,250
Weighted-average exercise price, Exercisable \| $ / shares	$ 39.48
$45.01 - $65.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	53,658
Weighted-average remaining life (years), Outstanding	1 year 25 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 48.84
Number of shares, Exercisable \| shares	53,658
Weighted-average exercise price, Exercisable \| $ / shares	$ 48.84
$65.01 - $75.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	139,939
Weighted-average remaining life (years), Outstanding	4 years 4 months 13 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 65.50
Number of shares, Exercisable \| shares	139,939
Weighted-average exercise price, Exercisable \| $ / shares	$ 65.50
$75.01 - $80.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	154,606
Weighted-average remaining life (years), Outstanding	5 years 3 months
Weighted-average exercise price, Outstanding \| $ / shares	$ 77.53
Number of shares, Exercisable \| shares	154,606
Weighted-average exercise price, Exercisable \| $ / shares	$ 77.53

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		9 Months Ended
Earnings per Share (Textuals) (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,513	7,843	120,753	3,000

Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Future amortization expense
Remainder of Fiscal Year	$ 27,161
Due Year One	108,468
Due Year Two	100,094
Due Year Three	61,838
Due Year Four	56,689
Due after Year Four	247,097
Net Carrying Value	$ 601,347	$ 387,857

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 36,201	$ 36,758
Investment securities	52,623	52,610
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		13,639
Securities owned — trading	36,201	36,758
Other assets	744,024	617,477
Total assets at fair value	1,376,925	1,798,914
Accounts payable and accrued liabilities		3,860
Other Liabilities, Fair Value Disclosure	197,295	122,338
Total liabilities at fair value	197,295	126,198
Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		13,639
Securities owned — trading	36,162	36,173
Other assets	739,806	612,229
Total assets at fair value	1,372,668	1,793,081
Accounts payable and accrued liabilities		0
Other Liabilities, Fair Value Disclosure	147,908	122,277
Total liabilities at fair value	147,908	122,277
Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Securities owned — trading	39	585
Other assets	4,218	5,248
Total assets at fair value	4,257	5,833
Securities sold, but not yet purchased		0
Accounts payable and accrued liabilities		0
Other Liabilities, Fair Value Disclosure	0	61
Total liabilities at fair value	0	61
Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities		3,860
Other Liabilities, Fair Value Disclosure	49,387	0
Total liabilities at fair value	49,387	3,860
Equity Securities [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	44	20
Equity Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	44	20
Equity Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		61
Debt Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Debt Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		61
Debt Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		4
Mutual Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		4
Mutual Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Securities Sold, Not yet Purchased \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	44	85
Securities Sold, Not yet Purchased \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	44	24
Securities Sold, Not yet Purchased \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	61
Securities Sold, Not yet Purchased \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Cash Equivalents Segregated Under Federal Or Other Regulations \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	596,034	1,131,040
Cash Equivalents Segregated Under Federal Or Other Regulations \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	596,034	1,131,040
Cash Equivalents Segregated Under Federal Or Other Regulations \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Cash Equivalents Segregated Under Federal Or Other Regulations \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Cash Equivalents Not Subject To Segregation \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	666
Cash Equivalents Not Subject To Segregation \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	666
Cash Equivalents Not Subject To Segregation \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Cash Equivalents Not Subject To Segregation \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	107	112
Money Market Funds [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	107	112
Money Market Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	107	112
Money Market Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Other Security Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	39	585
Other Security Investments \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	39	585
Other Security Investments \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Other Security Investments \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	39	585
Other Security Investments \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	10,917	10,679
Mutual Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	10,917	10,679
Mutual Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	97	980
Equity Securities [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	97	980
Equity Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	97	980
Equity Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	25,041	24,402
U.S. treasury obligations [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	25,041	24,402
U.S. treasury obligations [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	25,041	24,402
U.S. treasury obligations [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations [Member] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Deferred Compensation Plan \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	591,942	489,976
Deferred Compensation Plan \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	591,942	489,976
Deferred Compensation Plan \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Deferred Compensation Plan \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other Investments \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	4,218	5,248
Other Investments \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets		0
Other Investments \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	4,218	5,248
Other Investments \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Fractional Shares \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	147,864	122,253
Other Liabilities, Fair Value Disclosure	147,864	122,253
Fractional Shares \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	147,864	122,253
Other Liabilities, Fair Value Disclosure	147,864	122,253
Fractional Shares \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other Liabilities, Fair Value Disclosure	0
Fractional Shares \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	$ 0
Other Liabilities, Fair Value Disclosure	0
contingent consideration [Domain] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	49,387
contingent consideration [Domain] \| Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	0
contingent consideration [Domain] \| Fair Value, Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	0
contingent consideration [Domain] \| Fair Value, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	$ 49,387