0001397911-24-000109 | 10-Q | XBRL Viewer | LPL Financial Holdings INC

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Organization and Description of the Company	6 Months Ended
Organization and Description of the Company	Jun. 30, 2024
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 institutions (collectively, “advisors”) in the United States. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services, enabling its advisors to offer personalized financial advice and brokerage services to retail investors (their “clients”). The Company’s most significant, wholly owned subsidiaries are described below: •LPL Holdings, Inc. (“LPLH” or “Parent”) is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding common 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 for its advisors and institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. •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. •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.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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 institutions, primarily to newly recruited advisors and institutions 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 institution joining LPL Financial. LPL Financial had no significant unfunded loan commitments at June 30, 2024 or December 31, 2023.

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. In 2023, the SEC proposed a potential settlement, under which the Company would pay a $50.0 million civil monetary penalty. As a result, the Company recorded $40.0 million in other expense in the consolidated statements of income for the year ended December 31, 2023 to reflect the amount of the penalty that is not covered by the Company’s captive insurance subsidiary. On March 22, 2024, the Company reached a settlement in principle with the staff of the SEC to resolve its civil investigation. The Company expects to pay the civil monetary penalty of $50.0 million during the second half of 2024. The settlement in principle remains subject to approval by the SEC.

In July 2024, a putative class action lawsuit was filed against LPL Financial in federal district court alleging certain violations of law in connection with its cash sweep programs. The Company intends to defend vigorously against the lawsuit.

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):


	Six Months Ended June 30,
	2024		2023
Beginning balance — January 1	$	82,883	$	74,071
Losses incurred	18,611		18,093



Losses paid	(20,339)		(10,424)



Ending balance — June 30	$	81,155	$	81,740

Other Commitments

As of June 30, 2024, the Company had approximately $481.0 million of client margin loans that were collateralized with securities having a fair value of approximately $673.4 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $362.6 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of June 30, 2024, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $310.8 million of client collateral.

Investment securities on the condensed consolidated statements of financial condition include $8.5 million and $5.5 million of trading securities pledged to the Options Clearing Corporation at June 30, 2024 and December 31, 2023,

respectively, and $19.9 million of trading securities pledged to the National Securities Clearing Corporation at both June 30, 2024 and December 31, 2023.

Corporate Debt and Other Borrowings, Net - Textuals (Details)			6 Months Ended
	May 20, 2024 USD ($)	Jul. 18, 2023 USD ($)	Jun. 30, 2024 USD ($) lineOfCredit	Dec. 31, 2023 USD ($)	Nov. 17, 2023 USD ($) Rate
Line of Credit Facility [Line Items]
Corporate long-term debt			$ 4,442,840,000	$ 3,734,111,000
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
Senior Notes, 2028 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 750,000,000
Stated rate					6.75%
Debt issuance costs					$ 6,300,000
Debt instrument, issued at a discount, percent of principal \| Rate					99.929%
Senior Notes Due 2027
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.20%
Debt Instrument, Redemption Price, Percentage	100.00%
Senior Notes Due 2027 \| Atria Acquisition
Line of Credit Facility [Line Items]
Debt Instrument, Redemption Price, Percentage	101.00%
Senior Notes Due 2027 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 500,000,000
Stated rate	5.70%
Senior Notes Due 2034
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Debt Instrument, Redemption Price, Percentage	100.00%
Senior Notes Due 2034 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 500,000,000
Stated rate	6.00%
2027 Senior Notes and 2034 Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Debt issuance costs			$ 7,100,000
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity			200,000,000.0
Corporate long-term debt			0	$ 0
Revolving Credit Facility \| Broker-Dealer, Revolving Credit Facility \| LPL Financial LLC \| Line of Credit
Line of Credit Facility [Line Items]
Stated rate		1.25%
Debt issuance costs		$ 1,600,000
Line of credit, maximum borrowing capacity		$ 1,000,000,000
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]
Debt issuance costs			$ 8,600,000
Line of credit, maximum borrowing capacity	$ 2,250,000,000	$ 2,000,000,000
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%

Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Commission	$ 787,046	$ 622,886	$ 1,533,492	$ 1,226,611
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	469,100	358,845	905,573	702,906
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	187,432	165,194	373,972	330,232
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	53,192	36,183	101,833	71,450
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	34,434	27,474	69,885	53,364
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 42,888	$ 35,190	$ 82,229	$ 68,659

- 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

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES:
Advisory	$ 1,288,163	$ 1,014,565	$ 2,487,974	$ 1,968,622
Commission	787,046	622,886	1,533,492	1,226,611
Asset-based	601,008	589,715	1,201,729	1,211,463
Service and fee	135,000	123,122	267,172	242,109
Transaction and fee	58,935	46,936	116,193	95,871
Interest Income	47,478	37,972	91,003	75,330
Other	14,139	33,608	66,799	66,630
Total net revenues	2,931,769	2,468,804	5,764,362	4,886,636
EXPENSES:
Advisory and commission	1,819,027	1,448,763	3,552,514	2,819,397
Compensation and benefits	274,000	231,680	548,369	465,213
Promotional	136,125	102,565	262,744	200,788
Occupancy and equipment	69,529	65,005	135,793	125,178
Depreciation and amortization	70,999	58,377	138,157	114,431
Interest Expense, Debt	64,341	44,842	124,423	84,026
Brokerage, clearing and exchange	32,984	29,148	63,516	55,274
Amortization of intangible assets	30,607	26,741	60,159	50,833
Professional services	22,100	18,092	35,379	32,312
Communications and data processing	19,406	20,594	39,150	38,269
Other	62,580	34,178	99,895	67,599
Costs and Expenses, Total	2,601,698	2,079,985	5,060,099	4,053,320
INCOME BEFORE PROVISION FOR INCOME TAXES	330,071	388,819	704,263	833,316
PROVISION FOR INCOME TAXES	86,271	103,299	171,699	208,912
NET INCOME	$ 243,800	$ 285,520	$ 532,564	$ 624,404
EARNINGS PER SHARE
Earnings per share, basic	$ 3.26	$ 3.70	$ 7.13	$ 8.01
Earnings per share, diluted	$ 3.23	$ 3.65	$ 7.05	$ 7.90
Weighted-average shares outstanding, basic	74,725	77,234	74,644	77,988
Weighted-average shares outstanding, diluted	75,548	78,194	75,529	79,083
Client cash
REVENUES:
Asset-based	$ 341,475	$ 378,415	$ 693,857	$ 796,690
Other asset-based
REVENUES:
Asset-based	259,533	211,300	507,872	414,773
Trailing
REVENUES:
Commission	363,976	323,925	725,187	641,578
Sales-based
REVENUES:
Commission	$ 423,070	$ 298,961	$ 808,305	$ 585,033

Commitments and Contingencies - Self insurance Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Self-Insurance Liability [Roll Forward]
Self-insurance liability, beginning balance	$ 81,155	$ 81,740
Losses incurred	18,611	18,093
Losses paid	(20,339)	(10,424)
Self-insurance liability, ending balance	$ 82,883	$ 74,071

Share-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

SHARE-BASED COMPENSATION

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

There were 17,754,197 shares authorized for grant under the 2021 Plan and 11,713,249 shares remaining available for future issuance at June 30, 2024.

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 six months ended June 30, 2024:


	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2023	546,820	$	54.81
Granted	—	$	—
Exercised	(138,012)	$	47.17
Forfeited and Expired	—	$	—
Outstanding — June 30, 2024	408,808	$	57.39	3.34	$	90,718
Exercisable — June 30, 2024	408,808	$	57.39	3.34	$	90,718
Exercisable and expected to vest — June 30, 2024	408,808	$	57.39	3.34	$	90,718

The following table summarizes information about outstanding stock options and warrants as of June 30, 2024:


	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	58,581	$	19.85	1.65	58,581	$	19.85
$25.01 - $35.00	—	$	—	0.00	—	$	—
$35.01 - $45.00	81,863	$	39.48	2.59	81,863	$	39.48
$45.01 - $65.00	6,332	$	45.55	0.68	6,332	$	45.55
$65.01 - $75.00	127,691	$	65.50	3.52	127,691	$	65.50
$75.01 - $80.00	134,341	$	77.53	4.50	134,341	$	77.53
	408,808	$	57.39	3.34	408,808	$	57.39

The Company recognized no share-based compensation expense related to the vesting of stock options awarded to employees and officers during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, there was no unrecognized compensation cost related to non-vested stock options.

Restricted Stock and Stock Units

The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the six months ended June 30, 2024:


	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, 2023	1,568	$	187.93	776,604		$	205.73
Granted	7,803	$	268.64	412,487		$	263.12
Vested	(3,080)	$	227.55	(367,447)		$	190.50
Forfeited	—	$	—	(38,068)		$	249.08
Outstanding — June 30, 2024	6,291	$	268.64	783,576	(1)	$	240.97
Expected to vest — June 30, 2024	6,291	$	268.64	617,178		$	261.39

_______________________________

(1) Includes 95,990 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 $17.3 million and $14.6 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the three months ended June 30, 2024 and 2023, respectively and $37.6 million and $30.8 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, total unrecognized compensation cost for restricted stock awards and stock units was $119.2 million, which is expected to be recognized over a weighted-average remaining period of 2.08 years.

The Company also grants restricted stock units to its advisors and to institutions. The Company recognized share-based compensation expense of $0.7 million and $0.6 million related to the vesting of these awards during the three months ended June 30, 2024 and 2023, and $1.4 million and $1.3 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, total unrecognized compensation cost for restricted stock units granted to advisors and institutions was $3.8 million, which is expected to be recognized over a weighted-average remaining period of 1.82 years.

Share-Based Compensation - Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / 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	95,990
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	1,568
Number of Shares, Granted	7,803
Number of Shares, Vested	(3,080)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	6,291
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	$ 187.93
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	268.64
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	227.55
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 268.64
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	6,291
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 268.64
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	776,604
Number of Shares, Granted	412,487
Number of Shares, Vested	(367,447)
Number of Shares, Forfeited	(38,068)
Number of Shares, Ending Balance	783,576
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	$ 205.73
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	263.12
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	190.50
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	249.08
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 240.97
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	617,178
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 261.39

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
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, acquisitions, 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, 2023, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the six months ended June 30, 2024 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Net Capital and Regulatory Requirements

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024
LPL Financial LLC
Net capital	$	271,649
Less: required net capital	17,550
Excess net capital	$	254,099

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

As of June 30, 2024, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	408,808
Number of shares, Exercisable \| shares	408,808
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	3 years 4 months 2 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 57.39
Weighted-average exercise price, Exercisable \| $ / shares	$ 57.39
$19.85 - $25.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	58,581
Weighted-average remaining life (years), Outstanding	1 year 7 months 24 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 19.85
Number of shares, Exercisable \| shares	58,581
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	81,863
Weighted-average remaining life (years), Outstanding	2 years 7 months 2 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 39.48
Number of shares, Exercisable \| shares	81,863
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	6,332
Weighted-average remaining life (years), Outstanding	8 months 4 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 45.55
Number of shares, Exercisable \| shares	6,332
Weighted-average exercise price, Exercisable \| $ / shares	$ 45.55
$65.01 - $75.00 \| Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	127,691
Weighted-average remaining life (years), Outstanding	3 years 6 months 7 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 65.50
Number of shares, Exercisable \| shares	127,691
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	134,341
Weighted-average remaining life (years), Outstanding	4 years 6 months
Weighted-average exercise price, Outstanding \| $ / shares	$ 77.53
Number of shares, Exercisable \| shares	134,341
Weighted-average exercise price, Exercisable \| $ / shares	$ 77.53

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 532,564	$ 624,404
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	138,157	114,431
Amortization of intangible assets	60,159	50,833
Amortization of debt issuance costs	5,486	4,051
Share-based compensation	43,984	36,054
Provision for bad debts	9,594	7,834
Deferred income taxes	(65)	(142)
Loan forgiveness	132,993	100,891
Other	33,463	11,400
Changes in operating assets and liabilities:
Receivables from clients	25,330	(17,701)
Receivables from product sponsors, broker-dealers and clearing organizations	(24,363)	(10,648)
Advisor loans, net	(416,481)	(217,793)
Receivables from others	(25,181)	4,328
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	2,862	2,211
Operating leases	(1,583)	(1,578)
Other assets	(151,553)	(87,539)
Payables to clients	(302,188)	(606,260)
Payables to broker-dealers and clearing organizations	49,057	8,233
Accrued advisory and commission expenses payable	23,829	3,194
Accounts payable and accrued liabilities	(44,545)	(61,614)
Increase (Decrease) in Other Operating Liabilities	155,513	232,304
Net cash provided by operating activities	247,032	196,893
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(249,946)	(202,395)
Acquisitions, net of cash acquired	(125,244)	(300,320)
Payments to Acquire Held-to-Maturity Securities	(3,565)	(2,442)
Proceeds from maturity of securities classified as held-to-maturity	2,500	3,000
Net cash used in investing activities	(376,255)	(502,157)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	280,000	607,000
Repayments of revolving credit facilities	(560,000)	(320,000)
Repayment of senior secured term loans	(5,350)	(5,350)
Proceeds from senior unsecured notes	998,325	0
Payment of debt issuance costs	(17,332)	0
Payment of contingent consideration	(48,563)	0
Tax payments related to settlement of restricted stock units	(39,318)	(38,596)
Repurchase of common stock	(70,005)	(625,059)
Dividends on common stock	(44,833)	(46,723)
Proceeds from stock option exercises and other	13,976	9,833
Principal payment of finance leases and obligations	(178)	(118)
Net cash provided by (used in) financing activities	506,722	(419,013)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	377,499	(724,277)
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period	2,581,163	3,137,270
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period	2,958,662	2,412,993
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	118,103	84,000
Income taxes paid	198,037	75,239
Cash paid for amounts included in the measurement of operating lease liabilities	14,284	13,781
Cash paid for amounts included in the measurement of finance lease liabilities	4,351	4,276
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	43,131	13,317
Lease assets obtained in exchange for operating lease liabilities	8,884	10,408
Contingent consideration liabilities recognized at acquisition date	$ 40,380	$ 45,387

Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Future amortization expense
Remainder of Fiscal Year	$ 61,211
Due Year One	113,428
Due Year Two	75,172
Due Year Three	70,023
Due Year Four	64,231
Due after Year Four	359,147
Net Carrying Value	$ 743,212	$ 631,766

Acquisitions	3 Months Ended
Acquisitions	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Acquisitions in the Current Period Entered into a definitive purchase agreement to acquire Atria Wealth Solutions, Inc (“Atria”) On February 13, 2024, the Company announced that it had entered into a definitive purchase agreement to acquire Atria, a wealth management solutions holding company headquartered in New York. As part of the agreement, Atria will transition its brokerage and advisory assets to the Company’s platform. The Company expects to close the transaction in the second half of 2024 for an initial purchase price of approximately $805 million and potential contingent consideration of up to $230 million based on future retention and up to approximately $100 million if other milestones, including the conversion of off-platform assets to the Company’s platform, are achieved. The closing and the conversion, which is expected to be completed in mid-2025, are both subject to receipt of regulatory approval and other closing conditions. Other Acquisitions During the six months ended June 30, 2024, the Company completed nine acquisitions, eight of which were completed under the Liquidity & Succession solution in which the Company buys advisor practices. Certain of these acquisitions have been accounted for as business combinations and certain have been accounted for as asset acquisitions. Business Combinations The Company accounted for three acquisitions under the acquisition method of accounting for business combinations. Total consideration for these transactions was $80.6 million, which included $49.9 million of cash, and liabilities of $30.7 million for contingent consideration, which represents the acquisition date fair value of the additional cash consideration that may be transferred to the sellers if certain asset growth is achieved in the one to seven years following the closing. This contingent consideration may be settled for amounts up to $125.6 million in the years following the closing. At June 30, 2024, the Company provisionally allocated $20.5 million of the purchase price to goodwill and $60.1 million to client relationships acquired as part of these acquisitions. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. The client relationships were valued using the income approach and assigned useful lives of 14 years. See Note 7 – Goodwill and Other Intangibles, Net, for additional information. Asset Acquisitions The Company accounted for six other acquisitions as asset acquisitions. These transactions included total initial consideration of $77.4 million, including $48.5 million which was allocated to advisor relationships and $28.9 million which was allocated to client relationships. These relationships were assigned useful lives of 14 years and the related transactions include potential contingent payments of up to $36.9 million in the years following the closing if certain asset growth is achieved. 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. Acquisitions Completed in Prior Periods 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 Company accounted for the acquisition under the acquisition method of accounting for business combinations, and total consideration for the transaction was $189.2 million, which included an initial cash payment of $143.8 million and a liability of $45.4 million for contingent consideration. The Company allocated $129.7 million of the purchase price to goodwill, $53.5 million to definite-lived intangible assets, $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. See Note 7 – Goodwill and Other Intangibles, Net, for additional information. Other Acquisitions During the year ended December 31, 2023, the Company completed a total of 19 acquisitions under the Liquidity & Succession solution. The Company also completed the acquisition of Boenning & Scattergood’s Private Client Group on January 31, 2023. Certain of these acquisitions have been accounted for as business combinations and certain have been accounted for as asset acquisitions. Business Combinations The Company accounted for five Liquidity & Succession transactions under the acquisition method of accounting for business combinations during the year ended December 31, 2023. Total consideration for these transactions was $190.2 million, which included initial consideration of $147.4 million, including $140.3 million of cash and a liability of $42.7 million for contingent consideration. At December 31, 2023, the Company allocated $84.5 million of the purchase price to goodwill and $105.7 million to the definite-lived intangible assets acquired as part of these acquisitions. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. The Company recorded purchase accounting adjustments during the six months ended June 30, 2024 related to acquisitions which were completed during the fourth quarter of 2023 and for which the Company’s purchase accounting analysis was ongoing. These adjustments resulted in a $39.4 million increase in customer relationships, a $9.7 million increase in liabilities for contingent consideration, a $12.5 million decrease in technology, and a $17.1 million decrease in goodwill. The intangible assets are comprised primarily of client relationships which were assigned useful lives of 15 years. See Note 7 – Goodwill and Other Intangibles, Net, for additional information. Asset Acquisitions The Company accounted for 15 other acquisitions as asset acquisitions during the year ended December 31, 2023. These transactions included initial consideration of $180.4 million, including $142.3 million of which was allocated to client relationships and $38.1 million of which was allocated to advisor relationships. These transactions include potential contingent payments of up to $73.1 million in the three years following the closing if certain asset growth is achieved. 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.

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Broker-Dealer [Abstract]
Collateral securities	$ 481.0
Collateral security (Fair value)	673.4
Amount pledged with client-owned securities	362.6
Remaining collateral securities that can be re-pledged, loaned, or sold	310.8
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining collateral securities that can be re-pledged, loaned, or sold	310.8
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	8.5	$ 5.5
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	$ 19.9

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets, not measured at fair value
Cash and cash equivalents	$ 1,318,894	$ 465,671	$ 761,187
Cash segregated under federal and other regulations	1,530,150	2,007,312	1,548,065
Restricted cash	109,618	108,180	$ 103,741
Receivables from clients, net	563,923	588,585
Receivables from brokers, dealers and clearing organizations	74,432	50,069
Advisor loans, net	1,757,727	1,479,690
Other receivables, net	763,632	743,317
Investment securities - held-to-maturity securities	16,390	15,223
Other assets	1,586,010	1,390,021
Liabilities, not measured at fair value
Payables to clients	1,963,988	2,266,176
Payables to broker-dealers and clearing organizations	212,394	163,337
Corporate long-term debt	4,442,840	3,734,111
Financial instruments not measured at fair value
Assets, not measured at fair value
Cash and cash equivalents	920,709	465,505
Cash segregated under federal and other regulations	884,582	1,287,235
Restricted cash	6,580	4,954
Receivables from clients, net	563,923	588,585
Receivables from brokers, dealers and clearing organizations	74,432	50,069
Advisor loans, net	356,851	340,985
Other receivables, net	763,632	743,317
Investment securities - held-to-maturity securities	16,390	15,223
Other assets	18,527	15,246
Liabilities, not measured at fair value
Payables to clients	1,963,988	2,266,176
Payables to broker-dealers and clearing organizations	212,394	163,337
Corporate long-term debt	4,442,840	3,734,111
Financial instruments not measured at fair value \| Other Investments
Assets, not measured at fair value
Other assets	5,298	4,695
Financial instruments not measured at fair value \| Securities borrowed
Assets, not measured at fair value
Other assets	3,726	4,334
Financial instruments not measured at fair value \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	9,503	6,217
Financial instruments not measured at fair value \| Total Fair Value
Assets, not measured at fair value
Cash and cash equivalents	920,709	465,505
Cash segregated under federal and other regulations	884,582	1,287,235
Restricted cash	6,580	4,954
Receivables from clients, net	563,923	588,585
Receivables from brokers, dealers and clearing organizations	74,432	50,069
Advisor loans, net	271,546	236,888
Other receivables, net	763,632	743,317
Investment securities - held-to-maturity securities	16,240	15,079
Other assets	18,527	15,246
Liabilities, not measured at fair value
Payables to clients	1,963,988	2,266,176
Payables to broker-dealers and clearing organizations	212,394	163,337
Corporate long-term debt	4,396,340	3,680,199
Financial instruments not measured at fair value \| Total Fair Value \| Other Investments
Assets, not measured at fair value
Other assets	5,298	4,695
Financial instruments not measured at fair value \| Total Fair Value \| Securities borrowed
Assets, not measured at fair value
Other assets	3,726	4,334
Financial instruments not measured at fair value \| Total Fair Value \| Deferred Compensation Plan
Assets, not measured at fair value
Other assets	9,503	6,217
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 1 [Member]
Assets, not measured at fair value
Cash and cash equivalents	920,709	465,505
Cash segregated under federal and other regulations	884,582	1,287,235
Restricted cash	6,580	4,954
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	9,503	6,217
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	9,503	6,217
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	563,923	588,585
Receivables from brokers, dealers and clearing organizations	74,432	50,069
Advisor loans, net	0	0
Other receivables, net	763,632	743,317
Investment securities - held-to-maturity securities	16,240	15,079
Other assets	9,024	9,029
Liabilities, not measured at fair value
Payables to clients	1,963,988	2,266,176
Payables to broker-dealers and clearing organizations	212,394	163,337
Corporate long-term debt	4,396,340	3,680,199
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Other Investments
Assets, not measured at fair value
Other assets	5,298	4,695
Financial instruments not measured at fair value \| Fair Value, Inputs, Level 2 [Member] \| Securities borrowed
Assets, not measured at fair value
Other assets	3,726	4,334
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	271,546	236,888
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

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.30	$ 0.30	$ 0.30	$ 0.30
Dividends, Common Stock [Abstract]
Cash dividends on common stock	$ 22,422	$ 22,400	$ 23,139	$ 23,600	$ 44,833	$ 46,723

Investment Securities

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024		December 31, 2023
Trading securities — at fair value:
Mutual funds	$	44,651	$	50,518
U.S. treasury obligations	28,401		25,388
Equity securities	137		43
Money market funds	119		107
Debt securities	155		32
Total trading securities	$	73,463	$	76,088
Held-to-maturity securities — at amortized cost:
U.S. government notes	$	16,390	$	15,223
Total held-to-maturity securities	$	16,390	$	15,223
Total investment securities	$	89,853	$	91,311

At June 30, 2024, 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	$	2,494	$	13,896	$	—	$	—	$	16,390
U.S. government notes — at fair value	$	2,471	$	13,769	$	—	$	—	$	16,240

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2024	Jul. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
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		74,762,890
Entity Central Index Key	0001397911
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Fair Value Measurements - Fair Value Disclosure, Measurement of Contingent Consideration Using Monte-Carlo Simulation Model (Details) $ in Thousands	Jun. 30, 2024 USD ($) lineOfCredit	Dec. 31, 2023 USD ($) lineOfCredit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 129,848	$ 118,844
Monte-Carlo Simulation Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 129,848	$ 114,844
Monte-Carlo Simulation Model \| Minimum \| Forecasted Growth Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range \| lineOfCredit	0.120	0.120
Monte-Carlo Simulation Model \| Minimum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.133	0.136
Monte-Carlo Simulation Model \| Minimum \| Equivalency Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.053
Monte-Carlo Simulation Model \| Maximum \| Forecasted Growth Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range \| lineOfCredit	0.295	0.295
Monte-Carlo Simulation Model \| Maximum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.153	0.157
Monte-Carlo Simulation Model \| Maximum \| Equivalency Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.063
Discounted Cash Flow Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 0	$ 4,000
Discounted Cash Flow Model \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.093	0.093

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,856,648	$ 1,642,468
Goodwill acquired	20,534	214,180
Purchase accounting adjustments	(17,120)
Goodwill, ending balance	$ 1,860,062	$ 1,856,648

- 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

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		6 Months Ended
Earnings per Share (Textuals) (Details) - shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,174	208,654	3,568	107,544

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, 2022	$ 2,167,522	$ 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]
Cash dividends on common stock	(23,600)
ENDING BALANCE at Mar. 31, 2023	2,192,933	$ 130	1,933,988	$ (3,159,714)	3,418,529
ENDING BALANCE, shares at Mar. 31, 2023		130,086,000		51,749,000
BEGINNING BALANCE at Dec. 31, 2022	2,167,522	$ 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	624,404				624,404
Issuance of common stock to settle restricted stock units	(38,596)			$ (38,596)
Issuance of common stock to settle restricted stock units, net, shares		396,000		158,000
Treasury stock purchases	(630,458)			$ (630,458)
Treasury stock purchases, shares				2,983,000
Cash dividends on common stock	(46,723)				(46,723)
Stock option exercises and other	9,833		3,888	$ 1,226	4,719
Stock option exercises and other, shares		(90,000)		(34,000)
Share-based compensation	36,054		36,054
ENDING BALANCE at Jun. 30, 2023	2,122,066	$ 130	1,952,828	$ (3,514,364)	3,683,472
ENDING BALANCE, shares at Jun. 30, 2023		130,142,000		53,515,000
BEGINNING BALANCE at Mar. 31, 2023	2,192,933	$ 130	1,933,988	$ (3,159,714)	3,418,529
BEGINNING BALANCE, shares at Mar. 31, 2023		130,086,000		51,749,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	285,520				285,520
Issuance of common stock to settle restricted stock units	(1,994)			$ (1,994)
Issuance of common stock to settle restricted stock units, net, shares		28,000		10,000
Treasury stock purchases	(353,405)			$ (353,405)
Treasury stock purchases, shares				1,777,000
Cash dividends on common stock	(23,139)				(23,139)
Stock option exercises and other	4,733	$ 0	1,422	$ 749	2,562
Stock option exercises and other, shares		(28,000)		(21,000)
Share-based compensation	17,418		17,418
ENDING BALANCE at Jun. 30, 2023	2,122,066	$ 130	1,952,828	$ (3,514,364)	3,683,472
ENDING BALANCE, shares at Jun. 30, 2023		130,142,000		53,515,000
BEGINNING BALANCE at Dec. 31, 2023	2,078,979	$ 130	1,987,684	$ (3,993,949)	4,085,114
BEGINNING BALANCE, shares at Dec. 31, 2023		130,233,000		55,577,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on common stock	(22,400)
ENDING BALANCE at Mar. 31, 2024	2,269,881	$ 131	2,016,666	$ (4,101,055)	4,354,139
ENDING BALANCE, shares at Mar. 31, 2024		130,705,000		55,999,000
BEGINNING BALANCE at Dec. 31, 2023	2,078,979	$ 130	1,987,684	$ (3,993,949)	4,085,114
BEGINNING BALANCE, shares at Dec. 31, 2023		130,233,000		55,577,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	532,564				532,564
Issuance of common stock to settle restricted stock units	(39,318)			$ (39,318)
Issuance of common stock to settle restricted stock units, net, shares		368,000		150,000
Treasury stock purchases	$ (70,005)			$ (70,005)
Treasury stock purchases, shares	296,145			296,000
Cash dividends on common stock	$ (44,833)				(44,833)
Stock option exercises and other	13,976	$ 1	6,548	$ 1,317	6,110
Stock option exercises and other, shares		(146,000)		(38,000)
Share-based compensation	43,984		43,984
ENDING BALANCE at Jun. 30, 2024	2,515,347	$ 131	2,038,216	$ (4,101,955)	4,578,955
ENDING BALANCE, shares at Jun. 30, 2024		130,747,000		55,985,000
BEGINNING BALANCE at Mar. 31, 2024	2,269,881	$ 131	2,016,666	$ (4,101,055)	4,354,139
BEGINNING BALANCE, shares at Mar. 31, 2024		130,705,000		55,999,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	243,800				243,800
Issuance of common stock to settle restricted stock units	(1,589)			$ (1,589)
Issuance of common stock to settle restricted stock units, net, shares		15,000		6,000
Treasury stock purchases	0			$ 0
Treasury stock purchases, shares				0
Cash dividends on common stock	(22,422)				(22,422)
Stock option exercises and other	5,028		901	$ 689	3,438
Stock option exercises and other, shares		(27,000)		(20,000)
Share-based compensation	20,649		20,649
ENDING BALANCE at Jun. 30, 2024	$ 2,515,347	$ 131	$ 2,038,216	$ (4,101,955)	$ 4,578,955
ENDING BALANCE, shares at Jun. 30, 2024		130,747,000		55,985,000

Share-Based Compensation - Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance	408,808
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	546,820
Number of Shares, Granted	0
Stock option exercises and other, shares	(138,012)
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	$ 54.81
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised	47.17
Weighted-Average Exercise Price, Forfeited	0
Weighed-Average Exercise Price, Ending Balance	$ 57.39
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance	408,808
Weighted-Average Exercise Price, Exercisable	$ 57.39
Weighted-Average Remaining Contractual Term, Options Exercisable	3 years 4 months 2 days
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 90,718,000
Weighted-Average Remaining Contractual Term, Options Outstanding	3 years 4 months 2 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 90,718,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest	408,808
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 57.39
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	3 years 4 months 2 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 90,718,000

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The table below sets forth certain information regarding such Rule 10b5-1 trading arrangements:

Officer

Date of Plan Adoption

Commencement of Trading Period

Termination of Trading Period(1)

Maximum Number of Securities to be Purchased or Sold Pursuant to the Rule 10b5-1 Trading Arrangements

Purchase or Sale

Dan Arnold, President and Chief Executive Officer

June 12, 2024

September 16, 2024

December 12, 2024

20,000

Sale

(1) Represents the outside termination date pursuant to terms of each applicable plan. The agreement governing the applicable plan may terminate earlier pursuant to its terms in certain circumstances outside of the control of the applicable officer, including if all trades under the plan are completed prior to the termination of the trading period.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Dan Arnold [Member]

Trading Arrangements, by Individual

Arrangement Duration

90 days

Officer Trading Arrangement [Member]

Trading Arrangements, by Individual

Title

Dan Arnold, President and Chief Executive Officer

Officer Trading Arrangement [Member] | Dan Arnold [Member]

Trading Arrangements, by Individual

Name

Dan Arnold, President and Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 12, 2024

Aggregate Available

20,000

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS’ EQUITY

Dividends

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


	2024				2023
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.30	$	22.4	$	0.30	$	23.6
Second quarter	$	0.30	$	22.4	$	0.30	$	23.1

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 six months ended June 30, 2024 LPLFH repurchased 296,145 shares of common stock at a weighted-average price of $236.39 for a total of $70.0 million. As of June 30, 2024, the Company had $830.0 million remaining under the existing share repurchase program. As a result of the Company’s planned acquisition of Atria, the Company paused share repurchases during the first quarter of 2024. 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 and the Company’s general working capital needs.

- Definition

The entire disclosure for equity.

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+ Details

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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

The following table summarizes investment securities (in thousands):


	June 30, 2024		December 31, 2023
Trading securities — at fair value:
Mutual funds	$	44,651	$	50,518
U.S. treasury obligations	28,401		25,388
Equity securities	137		43
Money market funds	119		107
Debt securities	155		32
Total trading securities	$	73,463	$	76,088
Held-to-maturity securities — at amortized cost:
U.S. government notes	$	16,390	$	15,223
Total held-to-maturity securities	$	16,390	$	15,223
Total investment securities	$	89,853	$	91,311

Maturities of securities held-to-maturity

At June 30, 2024, 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	$	2,494	$	13,896	$	—	$	—	$	16,390
U.S. government notes — at fair value	$	2,471	$	13,769	$	—	$	—	$	16,240

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 243,800	$ 285,520	$ 532,564	$ 624,404
Basic weighted-average number of shares outstanding	74,725	77,234	74,644	77,988
Dilutive common share equivalents	823	960	885	1,095
Diluted weighted-average number of shares outstanding	75,548	78,194	75,529	79,083
Basic earnings per share	$ 3.26	$ 3.70	$ 7.13	$ 8.01
Diluted earnings per share	$ 3.23	$ 3.65	$ 7.05	$ 7.90

- 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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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
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, acquisitions, 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, 2023, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).
Recently Issued & Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the six months ended June 30, 2024 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	243,800	$	285,520	$	532,564	$	624,404

Basic weighted-average number of shares outstanding	74,725		77,234		74,644		77,988
Dilutive common share equivalents	823		960		885		1,095
Diluted weighted-average number of shares outstanding	75,548		78,194		75,529		79,083

Basic earnings per share	$	3.26	$	3.70	$	7.13	$	8.01
Diluted earnings per share	$	3.23	$	3.65	$	7.05	$	7.90

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details) - LPL Financial LLC	6 Months Ended
	Jun. 30, 2024
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

Other Assert and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024		December 31, 2023
Other assets:
Deferred compensation	$	777,824	$	683,765
Prepaid assets	151,447		173,039
Fractional shares — investment(1)	210,930		177,131
Deferred tax assets, net	167,515		167,450
Operating lease assets	93,912		93,797
Debt issuance costs, net	16,665		9,065
Other	167,717		85,774
Total other assets	$	1,586,010	$	1,390,021

Other liabilities:
Deferred compensation	$	775,690	$	684,178
Unearned revenue(2)	208,257		156,214
Fractional shares — repurchase obligation(1)	210,930		177,131
Operating lease liabilities	122,008		123,477
Finance lease liabilities	105,287		105,465
Taxes payable	65,330		24,522
Contingent consideration	129,848		118,844
Other	50,161		50,542
Total other liabilities	$	1,667,511	$	1,440,373

_______________________________

(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.

Net Capital and Regulatory Requirements (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Broker-Dealer [Abstract]
Net capital	$ 271,649
Less: required net capital	17,550
Excess net capital	$ 254,099

Other Assert and Other Liabilities

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024		December 31, 2023
Other assets:
Deferred compensation	$	777,824	$	683,765
Prepaid assets	151,447		173,039
Fractional shares — investment(1)	210,930		177,131
Deferred tax assets, net	167,515		167,450
Operating lease assets	93,912		93,797
Debt issuance costs, net	16,665		9,065
Other	167,717		85,774
Total other assets	$	1,586,010	$	1,390,021

Other liabilities:
Deferred compensation	$	775,690	$	684,178
Unearned revenue(2)	208,257		156,214
Fractional shares — repurchase obligation(1)	210,930		177,131
Operating lease liabilities	122,008		123,477
Finance lease liabilities	105,287		105,465
Taxes payable	65,330		24,522
Contingent consideration	129,848		118,844
Other	50,161		50,542
Total other liabilities	$	1,667,511	$	1,440,373

_______________________________

(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.

Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other assets:
Deferred compensation	$ 777,824	$ 683,765
Prepaid assets	151,447	173,039
Fractional shares - investment	210,930	177,131
Deferred Income Tax Assets, Net	167,515	167,450
Operating lease assets	93,912	93,797
Debt issuance costs, net	16,665	9,065
Other	167,717	85,774
Total other assets	$ 1,586,010	1,390,021
Operating lease assets [Extensible List]	Total other assets
Other liabilities:
Deferred compensation	$ 775,690	684,178
Unearned revenue	208,257	156,214
Fractional shares - repurchase obligation	210,930	177,131
Operating lease liabilities	122,008	123,477
Finance lease liabilities	105,287	105,465
Taxes payable	65,330	24,522
Contingent consideration	129,848	118,844
Other	50,161	50,542
Total other liabilities	$ 1,667,511	$ 1,440,373
Operating lease liabilities [Extensible List]	Total other liabilities
Finance lease liabilities [Extensible List]	Total other liabilities	Total other liabilities

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2024
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 institutions 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 institutions 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 institution 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.

Revenue - Unearned Revenue Recognized (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Unearned Revenue [Abstract]
Contract with Customer, Liability	$ 208.3	$ 156.2
Deferred Revenue, Revenue Recognized	$ 154.6

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
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 August 23, 2024 to all stockholders of record on August 9, 2024.

Corporate Debt and Other Borrowings, Net (Long-Term Borrowings Outstanding) (Details) - USD ($)		6 Months Ended	12 Months Ended
	May 20, 2024	Jun. 30, 2024	Dec. 31, 2023
Borrowings [Line Items]
Balance		$ 4,471,850,000	$ 3,477,200,000
Less: Unamortized Debt Issuance Cost		(29,010,000)	(23,089,000)
Corporate debt, net		4,442,840,000	3,454,111,000
Corporate Debt and Other Borrowings, Net		4,442,840,000	3,734,111,000
Other Borrowings		0	280,000,000
Senior Notes Due 2027
Borrowings [Line Items]
Applicable Margin	0.20%
Senior Notes Due 2034
Borrowings [Line Items]
Applicable Margin	0.25%
Secured Debt \| Fourth Amendment Agreement Term Loan B
Borrowings [Line Items]
Balance		$ 1,021,850,000	$ 1,027,200,000
Variable Interest Rate (as percent)		7.179%	7.206%
Secured Debt \| Fourth Amendment Agreement Term Loan B \| SOFR
Borrowings [Line Items]
Applicable Margin		1.85%	1.85%
Unsecured Debt \| Senior Notes Due 2027
Borrowings [Line Items]
Balance		$ 500,000,000	$ 0
Fixed Interest Rate (as percent)		5.70%	0.00%
Unsecured Debt \| Senior Notes Due 2027
Borrowings [Line Items]
Balance		$ 400,000,000	$ 400,000,000
Fixed Interest Rate (as percent)		4.625%	4.625%
Unsecured Debt \| Senior Notes Due 2028
Borrowings [Line Items]
Balance		$ 750,000,000	$ 750,000,000
Fixed Interest Rate (as percent)		6.75%	6.75%
Unsecured Debt \| Senior Notes Due 2029
Borrowings [Line Items]
Balance		$ 900,000,000	$ 900,000,000
Fixed Interest Rate (as percent)		4.00%	4.00%
Unsecured Debt \| Senior Notes Due 2031
Borrowings [Line Items]
Balance		$ 400,000,000	$ 400,000,000
Fixed Interest Rate (as percent)		4.375%	4.375%
Unsecured Debt \| Senior Notes Due 2034
Borrowings [Line Items]
Balance		$ 500,000,000
Fixed Interest Rate (as percent)		6.00%
Line of Credit
Borrowings [Line Items]
Other Borrowings			$ 280,000,000
Revolving Credit Facility \| Line of Credit
Borrowings [Line Items]
Corporate Debt and Other Borrowings, Net		$ 0	$ 0
Variable Interest Rate (as percent)		8.875%	6.966%
Other Borrowings		$ 0
Revolving Credit Facility \| Line of Credit \| SOFR
Borrowings [Line Items]
Applicable Margin		1.475%	1.475%
Revolving Credit Facility \| Line of Credit \| ABR
Borrowings [Line Items]
Applicable Margin		0.375%	0.375%

Net Capital and Regulatory Requirements (Tables)

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024
LPL Financial LLC
Net capital	$	271,649
Less: required net capital	17,550
Excess net capital	$	254,099

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

There have been no transfers of assets or liabilities between these fair value measurement classifications during the six months ended June 30, 2024 or 2023.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At June 30, 2024 and December 31, 2023, 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 when security prices move beyond a certain deviation threshold using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For negotiable certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At June 30, 2024 and December 31, 2023, 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, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data.

Fractional Shares — The Company’s investment in fractional shares held by customers is reflected in other assets while the related purchase obligation for such shares is reflected in other liabilities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its investment in fractional shares held by customers and the related repurchase obligation. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. At June 30, 2024 and December 31, 2023, the Company did not adjust prices received from the independent third-party pricing services.

Contingent Consideration — The Company measures contingent consideration liabilities at fair value at the acquisition date, as applicable, and thereafter on a recurring basis using unobservable (Level 3) inputs. These contingent consideration liabilities are reflected in other liabilities. See Note 4 - Acquisitions for additional information.

Level 3 Recurring Fair Value Measurements

The Company determines the fair value for its contingent consideration obligations using Monte-Carlo simulation and discounted cash flows models. Contingent payments are estimated by applying significant unobservable inputs, including forecasted growth rates applied to project future revenue or asset growth and discount rates which are based on the cost of debt and equity. These projections are measured against the performance targets specified in each respective acquisition agreement, which may include growth in assets under management, net new assets, asset conversion or retention, or revenue growth. Significant increases or decreases in the Company’s forecasted growth rates over the measurement period or discount rates would result in a higher or lower fair value measurement.

The following table summarizes inputs used in the measurement of contingent consideration (dollars in thousands):

Quantitative Information About Level 3 Fair Value Measurements

June 30, 2024

Type

Valuation Techniques

Unobservable Inputs

Range

129,848

Contingent Consideration

Monte-Carlo Simulation Model

Forecasted Growth Rates

12.0% -29.5%

Discount Rate

13.3%- 15.3%

Equivalency Rate(1)

5.3% - 6.3%

—

Contingent Consideration

Discounted Cash Flow Model

Discount Rate

9.3%

129,848

____________________

(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.

Quantitative Information About Level 3 Fair Value Measurements

December 31, 2023

Type

Valuation Techniques

Unobservable Inputs

Range

114,844

Contingent Consideration

Monte-Carlo Simulation Model

Forecasted Growth Rates

12.0% - 29.5%

Discount Rate

13.6%- 15.7%

4,000

Contingent Consideration

Discounted Cash Flow Model

Discount Rate

9.3%

118,844

The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance - Beginning of period	$	87,262	$	45,280	$	118,844	$	3,860
Additions	20,462		4,053		40,380		45,387
Payments	(2,500)		—		(54,000)		—
Fair value adjustments	24,624		54		24,624		140
Balance - End of period	$	129,848	$	49,387	$	129,848	$	49,387

Recurring Fair Value Measurements

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


June 30, 2024	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	398,185	$	—	$	—	$	398,185
Cash equivalents segregated under federal or other regulations	645,568		—		—		645,568
Restricted cash	103,038		—		—		103,038
Investment securities — trading:
Mutual funds	44,651		—		—		44,651
U.S. treasury obligations	28,401		—		—		28,401
Equity securities	137		—		—		137
Money market funds	119		—		—		119
Debt securities	—		155		—		155
Total investment securities — trading	73,308		155		—		73,463
Other assets:
Deferred compensation plan	768,321		—		—		768,321
Fractional shares — investment(1)	210,930		—		—		210,930
Other investments	—		4,201		—		4,201
Total other assets:	979,251		4,201		—		983,452
Total assets at fair value	$	2,199,350	$	4,356	$	—	$	2,203,706
Liabilities
Other liabilities:
Securities sold, but not yet purchased:
Equity securities	$	160	$	—	$	—	$	160
Mutual funds	2		—		—		2
Total securities sold, but not yet purchased	162		—		—		162
Fractional shares — repurchase obligation(1)	210,930		—		—		210,930
Contingent consideration	—		—		129,848		129,848
Total other liabilities	211,092		—		129,848		340,940
Total liabilities at fair value	$	211,092	$	—	$	129,848	$	340,940

____________________

(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, 2023	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	166	$	—	$	—	$	166
Cash equivalents segregated under federal or other regulations	720,077		—		—		720,077
Restricted cash	103,226		—		—		103,226
Investment securities — trading:
Mutual funds	50,518		—		—		50,518
U.S. treasury obligations	25,388		—		—		25,388
Money market funds	107		—		—		107
Equity securities	43		—		—		43
Debt securities	—		32		—		32
Total investment securities — trading	76,056		32		—		76,088
Other assets:
Deferred compensation plan	677,548		—		—		677,548
Fractional shares — investment(1)	177,131		—		—		177,131
Other investments	—		3,960		—		3,960
Total other assets	854,679		3,960		—		858,639
Total assets at fair value	$	1,754,204	$	3,992	$	—	$	1,758,196
Liabilities
Other liabilities:
Securities sold, but not yet purchased:

Equity securities	$	487	$	—	$	—	$	487
Mutual funds	55		—		—		55
Total securities sold, but not yet purchased	542		—		—		542
Fractional shares — repurchase obligation(1)	177,131		—		—		177,131
Contingent consideration	—		—		118,844		118,844
Total other liabilities	177,673		—		118,844		296,517
Total liabilities at fair value	$	177,673	$	—	$	118,844	$	296,517

____________________

(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):


June 30, 2024	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	920,709	$	920,709	$	—	$	—	$	920,709
Cash segregated under federal or other regulations	884,582		884,582		—		—		884,582
Restricted cash	6,580		6,580		—		—		6,580
Receivables from clients, net	563,923		—		563,923		—		563,923
Receivables from brokers, dealers and clearing organizations	74,432		—		74,432		—		74,432
Advisor repayable loans, net(1)	356,851		—		—		271,546		271,546
Other receivables, net	763,632		—		763,632		—		763,632
Investment securities — held-to-maturity securities	16,390		—		16,240		—		16,240
Other assets:
Securities borrowed	3,726		—		3,726		—		3,726
Deferred compensation plan(2)	9,503		9,503		—		—		9,503
Other investments(3)	5,298		—		5,298		—		5,298
Total other assets	18,527		9,503		9,024		—		18,527
Liabilities
Client payables	$	1,963,988	$	—	$	1,963,988	$	—	$	1,963,988
Payables to brokers, dealers and clearing organizations	212,394		—		212,394		—		212,394
Corporate debt and other borrowings, net	4,442,840		—		4,396,340		—		4,396,340


December 31, 2023	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	465,505	$	465,505	$	—	$	—	$	465,505
Cash segregated under federal or other regulations	1,287,235		1,287,235		—		—		1,287,235
Restricted cash	4,954		4,954		—		—		4,954
Receivables from clients, net	588,585		—		588,585		—		588,585
Receivables from brokers, dealers and clearing organizations	50,069		—		50,069		—		50,069
Advisor repayable loans, net(1)	340,985		—		—		236,888		236,888
Other receivables, net	743,317		—		743,317		—		743,317
Investment securities - held-to-maturity securities	15,223		—		15,079		—		15,079
Other assets:
Securities borrowed	4,334		—		4,334		—		4,334
Deferred compensation plan(2)	6,217		6,217		—		—		6,217
Other investments(3)	4,695		—		4,695		—		4,695
Total other assets	15,246		6,217		9,029		—		15,246
Liabilities
Client payables	$	2,266,176	$	—	$	2,266,176	$	—	$	2,266,176
Payables to brokers, dealers and clearing organizations	163,337		—		163,337		—		163,337
Corporate debt and other borrowings, net	3,734,111		—		3,680,199		—		3,680,199

__________________

(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

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity as of and for the six months ended June 30, 2024:


	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2023	546,820	$	54.81
Granted	—	$	—
Exercised	(138,012)	$	47.17
Forfeited and Expired	—	$	—
Outstanding — June 30, 2024	408,808	$	57.39	3.34	$	90,718
Exercisable — June 30, 2024	408,808	$	57.39	3.34	$	90,718
Exercisable and expected to vest — June 30, 2024	408,808	$	57.39	3.34	$	90,718

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants as of June 30, 2024:


	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	58,581	$	19.85	1.65	58,581	$	19.85
$25.01 - $35.00	—	$	—	0.00	—	$	—
$35.01 - $45.00	81,863	$	39.48	2.59	81,863	$	39.48
$45.01 - $65.00	6,332	$	45.55	0.68	6,332	$	45.55
$65.01 - $75.00	127,691	$	65.50	3.52	127,691	$	65.50
$75.01 - $80.00	134,341	$	77.53	4.50	134,341	$	77.53
	408,808	$	57.39	3.34	408,808	$	57.39

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, 2023	1,568	$	187.93	776,604		$	205.73
Granted	7,803	$	268.64	412,487		$	263.12
Vested	(3,080)	$	227.55	(367,447)		$	190.50
Forfeited	—	$	—	(38,068)		$	249.08
Outstanding — June 30, 2024	6,291	$	268.64	783,576	(1)	$	240.97
Expected to vest — June 30, 2024	6,291	$	268.64	617,178		$	261.39

_______________________________

(1) Includes 95,990 vested and undistributed deferred stock units.

Subsequent Events - Dividend Declared (Details) - Subsequent Event - $ / shares	Aug. 23, 2024	Aug. 09, 2024
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	Aug. 23, 2024
Dividends payable, date of record		Aug. 09, 2024

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

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):


	2024				2023
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.30	$	22.4	$	0.30	$	23.6
Second quarter	$	0.30	$	22.4	$	0.30	$	23.1

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - Beginning of period	$ 87,262	$ 45,280	$ 118,844	$ 3,860
Additions	20,462	4,053	40,380	45,387
Payments	(2,500)	0	(54,000)	0
Fair value adjustments	24,624	54	24,624	140
Balance - End of period	$ 129,848	$ 49,387	$ 129,848	$ 49,387

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 1,318,894	$ 465,671
Cash and equivalents segregated under federal or other regulations	1,530,150	2,007,312
Restricted cash	109,618	108,180
Receivables from:
Receivables from clients, net	563,923	588,585
Receivables from brokers, dealers and clearing organizations	74,432	50,069
Advisor loans, net	1,757,727	1,479,690
Other receivables, net	763,632	743,317
Investment securities	89,853	91,311
Property and equipment, net	1,066,395	933,091
Goodwill	1,860,062	1,856,648
Intangible Assets, Net (Excluding Goodwill)	783,031	671,585
Other assets	1,586,010	1,390,021
Total assets	11,503,727	10,385,480
LIABILITIES:
Payables to clients	1,963,988	2,266,176
Payables to broker-dealers and clearing organizations	212,394	163,337
Accrued advisory and commission expenses payable	240,370	216,541
Long-term Debt	4,442,840	3,734,111
Accounts payable and accrued liabilities	461,277	485,963
Other Liabilities, Noncurrent	1,667,511	1,440,373
Total liabilities	8,988,380	8,306,501
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 130,746,590 shares and 130,233,328 shares issued at June 30, 2024 and December 31, 2023, respectively	131	130
Additional paid-in capital	2,038,216	1,987,684
Treasury stock, at cost — 55,985,188 shares and 55,576,970 shares at June 30, 2024 and December 31, 2023, respectively	(4,101,955)	(3,993,949)
Retained earnings	4,578,955	4,085,114
Total stockholders' equity	2,515,347	2,078,979
Total liabilities and stockholders' equity	$ 11,503,727	$ 10,385,480
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	130,746,590	130,233,328

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.60	$ 0.60

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

REVENUE

Commission

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commission revenue
Annuities	$	469,100	$	358,845	$	905,573	$	702,906
Mutual funds	187,432		165,194		373,972		330,232
Fixed income	53,192		36,183		101,833		71,450
Equities	34,434		27,474		69,885		53,364
Other	42,888		35,190		82,229		68,659
Total commission revenue	$	787,046	$	622,886	$	1,533,492	$	1,226,611

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commission revenue
Sales-based
Annuities	$	260,188	$	172,540	$	489,265	$	334,716
Fixed income	53,192		36,183		101,833		71,450
Mutual funds	42,981		36,431		86,477		73,908

Equities	34,434		27,474		69,885		53,364
Other	32,275		26,333		60,845		51,595
Total sales-based revenue	$	423,070	$	298,961	$	808,305	$	585,033
Trailing
Annuities	$	208,912	$	186,305	$	416,308	$	368,190
Mutual funds	144,451		128,763		287,495		256,324
Other	10,613		8,857		21,384		17,064
Total trailing revenue	$	363,976	$	323,925	$	725,187	$	641,578
Total commission revenue	$	787,046	$	622,886	$	1,533,492	$	1,226,611

Asset-Based

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Asset-based revenue
Client cash	$	341,475	$	378,415	$	693,857	$	796,690
Sponsorship programs	141,687		109,256		275,788		211,726
Recordkeeping	117,846		102,044		232,084		203,047
Total asset-based revenue	$	601,008	$	589,715	$	1,201,729	$	1,211,463

Service and Fee

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service and fee revenue
Over time(1)	$	105,543	$	94,587	$	208,079	$	187,616
Point-in-time(2)	29,457		28,535		59,093		54,493
Total service and fee revenue	$	135,000	$	123,122	$	267,172	$	242,109

_______________________________

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

Unearned Revenue

The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue increased from $156.2 million as of December 31, 2023 to $208.3 million as of June 30, 2024. The increase in unearned revenue for the six months ended June 30, 2024 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $154.6 million of revenue recognized during the six months ended June 30, 2024 that was included in the unearned revenue balance as of December 31, 2023.

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 243,800	$ 285,520	$ 532,564	$ 624,404

- Definition

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

+ References

+ Details

Corporate Debt and Other Borrowings, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term and Other Borrowings

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


	June 30, 2024					December 31, 2023
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)	$	1,021,850	SOFR+185 bps	7.179	%	$	1,027,200	SOFR+185 bps	7.206	%	11/12/2026
2027 Senior Notes(1)	500,000		Fixed Rate	5.700	%	—		—	—	%	5/20/2027
2027 Senior Notes(1)	400,000		Fixed Rate	4.625	%	400,000		Fixed Rate	4.625	%	11/15/2027
2028 Senior Notes(1)	750,000		Fixed Rate	6.750	%	750,000		Fixed Rate	6.750	%	11/17/2028
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
2034 Senior Notes(1)	500,000		Fixed Rate	6.000	%	—		—	—	%	5/20/2034
Total Corporate Debt	4,471,850					3,477,200

Less: Unamortized Debt Issuance Cost	(29,010)					(23,089)
Corporate debt, net	$	4,442,840				$	3,454,111
Other Borrowings
Revolving Credit Facility	—		ABR+37.5 bps / SOFR+147.5 bps	8.875	%	280,000		ABR+37.5 bps / SOFR+147.5 bps	6.966	%	5/20/2029


Total other borrowings	$	—				$	280,000
Corporate Debt and Other Borrowings, Net	$	4,442,840				$	3,734,111

_______________________________

(1)No leverage or interest coverage maintenance covenants.

The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2024 (in millions):


Description	Borrower	Maturity Date	Outstanding		Available
Senior secured, revolving credit facility	LPL Holdings, Inc.	May 2029	$	—	$	2,250
Broker-dealer revolving credit facility	LPL Financial LLC	May 2025	$	—	$	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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

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-Name Accounting Standards Codification
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-SubTopic 30
-Section 45
-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Revenue - Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Commission	$ 787,046	$ 622,886	$ 1,533,492	$ 1,226,611
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	423,070	298,961	808,305	585,033
Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	363,976	323,925	725,187	641,578
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	469,100	358,845	905,573	702,906
Annuities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	260,188	172,540	489,265	334,716
Annuities [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	208,912	186,305	416,308	368,190
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	187,432	165,194	373,972	330,232
Mutual Funds [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	42,981	36,431	86,477	73,908
Mutual Funds [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	144,451	128,763	287,495	256,324
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	53,192	36,183	101,833	71,450
Fixed Income [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	53,192	36,183	101,833	71,450
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	34,434	27,474	69,885	53,364
Equities [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	34,434	27,474	69,885	53,364
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	42,888	35,190	82,229	68,659
Other [Member] \| Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	32,275	26,333	60,845	51,595
Other [Member] \| Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 10,613	$ 8,857	$ 21,384	$ 17,064

- 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

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLES, NET

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


Balance at December 31, 2022	$	1,642,468
Goodwill acquired	214,180
Balance at December 31, 2023	1,856,648
Purchase accounting adjustments	(17,120)
Goodwill acquired	20,534
Balance at June 30, 2024	$	1,860,062

The Company completed various acquisitions, which were accounted for under the acquisition method of accounting for business combinations and as asset acquisitions, and recorded purchase accounting adjustments during the periods presented. See Note 4 - Acquisitions, for additional information.

The components of other intangibles, net were as follows at June 30, 2024 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and institution relationships	8.2	$	984,677	$	(651,312)	$	333,365
Product sponsor relationships	1.7	234,086		(215,031)		19,055
Client relationships	12.8	448,521		(66,338)		382,183
Technology	8.4	20,930		(12,321)		8,609
Total definite-lived intangible assets, net		$	1,688,214	$	(945,002)	$	743,212
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	783,031

_______________________________

(1)During the six months ended June 30, 2024, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.

The components of other intangibles, net were as follows at December 31, 2023 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and institution relationships	7.3	$	935,478	$	(614,277)	$	321,201
Product sponsor relationships	2.2	234,086		(209,076)		25,010
Client relationships	12.6	313,585		(51,328)		262,257
Technology	8.7	33,460		(10,162)		23,298
Total definite-lived intangibles, net		$	1,516,609	$	(884,843)	$	631,766
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	671,585

_______________________________

(1) During the year ended December 31, 2023, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.

Total amortization of other intangibles was $30.6 million and $26.7 million for the three months ended June 30, 2024 and 2023, respectively, and $60.2 million and $50.8 million for the six months ended June 30, 2024 and 2023, respectively. Future amortization is estimated as follows (in thousands):


2024 - remainder	$	61,211
2025	113,428
2026	75,172
2027	70,023
2028	64,231
Thereafter	359,147
Total	$	743,212

Corporate Debt and Other Borrowings, Net (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions	Jun. 30, 2024 USD ($)
Revolving Credit Facility \| Senior secured, revolving credit facility
Line of Credit Facility [Line Items]
Outstanding	$ 0
Available	2,250
Revolving Credit Facility \| Broker-dealer revolving credit facility
Line of Credit Facility [Line Items]
Outstanding	0
Available	1,000
Unsecured Debt \| Unsecured, uncommitted lines of credit
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Unsecured Debt \| Unsecured, uncommitted lines of credit
Line of Credit Facility [Line Items]
Outstanding	0
Available	50
Secured Debt \| Secured, uncommitted lines of credit
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Secured Debt \| Secured, uncommitted lines of credit
Line of Credit Facility [Line Items]
Outstanding	0
Secured Debt \| Secured, uncommitted lines of credit
Line of Credit Facility [Line Items]
Outstanding	$ 0

Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	243,800	$	285,520	$	532,564	$	624,404

Basic weighted-average number of shares outstanding	74,725		77,234		74,644		77,988
Dilutive common share equivalents	823		960		885		1,095
Diluted weighted-average number of shares outstanding	75,548		78,194		75,529		79,083

Basic earnings per share	$	3.26	$	3.70	$	7.13	$	8.01
Diluted earnings per share	$	3.23	$	3.65	$	7.05	$	7.90

The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended June 30, 2024 and 2023, stock options, warrants and stock units representing common share equivalents of 5,174 shares and 208,654 shares, respectively, were anti-dilutive. For the six months ended June 30, 2024 and 2023, stock options, warrants and stock units representing common share equivalents of 3,568 shares and 107,544 shares, respectively, were anti-dilutive.

Investment Securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 16,390	$ 15,223
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	2,494
U.S. government notes - at amortized cost, After one but within five years	13,896
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	16,390
U.S. government notes - at fair value, Within one year	2,471
U.S. government notes - at fair value, After one but within five years	13,769
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	16,240
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	16,390	$ 15,223
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	$ 0

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

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, 2022	$	1,642,468
Goodwill acquired	214,180
Balance at December 31, 2023	1,856,648
Purchase accounting adjustments	(17,120)
Goodwill acquired	20,534
Balance at June 30, 2024	$	1,860,062

Components of intangible assets

The components of other intangibles, net were as follows at June 30, 2024 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and institution relationships	8.2	$	984,677	$	(651,312)	$	333,365
Product sponsor relationships	1.7	234,086		(215,031)		19,055
Client relationships	12.8	448,521		(66,338)		382,183
Technology	8.4	20,930		(12,321)		8,609
Total definite-lived intangible assets, net		$	1,688,214	$	(945,002)	$	743,212
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	783,031

_______________________________

(1)During the six months ended June 30, 2024, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.

The components of other intangibles, net were as follows at December 31, 2023 (in thousands):


	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Definite-lived intangibles, net(1):
Advisor and institution relationships	7.3	$	935,478	$	(614,277)	$	321,201
Product sponsor relationships	2.2	234,086		(209,076)		25,010
Client relationships	12.6	313,585		(51,328)		262,257
Technology	8.7	33,460		(10,162)		23,298
Total definite-lived intangibles, net		$	1,516,609	$	(884,843)	$	631,766
Other indefinite-lived intangibles:
Trademark and trade name						39,819
Total other intangibles, net						$	671,585

_______________________________

(1) During the year ended December 31, 2023, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.

Amortization expense

Future amortization is estimated as follows (in thousands):


2024 - remainder	$	61,211
2025	113,428
2026	75,172
2027	70,023
2028	64,231
Thereafter	359,147
Total	$	743,212

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Revenue - Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Service and fee	$ 135,000	$ 123,122	$ 267,172	$ 242,109
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	29,457	28,535	59,093	54,493
Over time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	$ 105,543	$ 94,587	$ 208,079	$ 187,616

- 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

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosure, Measurement of Contingent Consideration Using Monte-Carlo Simulation Model

The following table summarizes inputs used in the measurement of contingent consideration (dollars in thousands):

Quantitative Information About Level 3 Fair Value Measurements

June 30, 2024

Type

Valuation Techniques

Unobservable Inputs

Range

129,848

Contingent Consideration

Monte-Carlo Simulation Model

Forecasted Growth Rates

12.0% -29.5%

Discount Rate

13.3%- 15.3%

Equivalency Rate(1)

5.3% - 6.3%

—

Contingent Consideration

Discounted Cash Flow Model

Discount Rate

9.3%

129,848

____________________

(1)Equivalency rate is defined as the prevailing market interest rate used to discount future payments.

Quantitative Information About Level 3 Fair Value Measurements

December 31, 2023

Type

Valuation Techniques

Unobservable Inputs

Range

114,844

Contingent Consideration

Monte-Carlo Simulation Model

Forecasted Growth Rates

12.0% - 29.5%

Discount Rate

13.6%- 15.7%

4,000

Contingent Consideration

Discounted Cash Flow Model

Discount Rate

9.3%

118,844

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance - Beginning of period	$	87,262	$	45,280	$	118,844	$	3,860
Additions	20,462		4,053		40,380		45,387
Payments	(2,500)		—		(54,000)		—
Fair value adjustments	24,624		54		24,624		140
Balance - End of period	$	129,848	$	49,387	$	129,848	$	49,387

Financial assets and financial liabilities measured at fair value on a recurring basis

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


June 30, 2024	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	398,185	$	—	$	—	$	398,185
Cash equivalents segregated under federal or other regulations	645,568		—		—		645,568
Restricted cash	103,038		—		—		103,038
Investment securities — trading:
Mutual funds	44,651		—		—		44,651
U.S. treasury obligations	28,401		—		—		28,401
Equity securities	137		—		—		137
Money market funds	119		—		—		119
Debt securities	—		155		—		155
Total investment securities — trading	73,308		155		—		73,463
Other assets:
Deferred compensation plan	768,321		—		—		768,321
Fractional shares — investment(1)	210,930		—		—		210,930
Other investments	—		4,201		—		4,201
Total other assets:	979,251		4,201		—		983,452
Total assets at fair value	$	2,199,350	$	4,356	$	—	$	2,203,706
Liabilities
Other liabilities:
Securities sold, but not yet purchased:
Equity securities	$	160	$	—	$	—	$	160
Mutual funds	2		—		—		2
Total securities sold, but not yet purchased	162		—		—		162
Fractional shares — repurchase obligation(1)	210,930		—		—		210,930
Contingent consideration	—		—		129,848		129,848
Total other liabilities	211,092		—		129,848		340,940
Total liabilities at fair value	$	211,092	$	—	$	129,848	$	340,940

____________________

(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, 2023	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	166	$	—	$	—	$	166
Cash equivalents segregated under federal or other regulations	720,077		—		—		720,077
Restricted cash	103,226		—		—		103,226
Investment securities — trading:
Mutual funds	50,518		—		—		50,518
U.S. treasury obligations	25,388		—		—		25,388
Money market funds	107		—		—		107
Equity securities	43		—		—		43
Debt securities	—		32		—		32
Total investment securities — trading	76,056		32		—		76,088
Other assets:
Deferred compensation plan	677,548		—		—		677,548
Fractional shares — investment(1)	177,131		—		—		177,131
Other investments	—		3,960		—		3,960
Total other assets	854,679		3,960		—		858,639
Total assets at fair value	$	1,754,204	$	3,992	$	—	$	1,758,196
Liabilities
Other liabilities:
Securities sold, but not yet purchased:

Equity securities	$	487	$	—	$	—	$	487
Mutual funds	55		—		—		55
Total securities sold, but not yet purchased	542		—		—		542
Fractional shares — repurchase obligation(1)	177,131		—		—		177,131
Contingent consideration	—		—		118,844		118,844
Total other liabilities	177,673		—		118,844		296,517
Total liabilities at fair value	$	177,673	$	—	$	118,844	$	296,517

____________________

(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):


June 30, 2024	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	920,709	$	920,709	$	—	$	—	$	920,709
Cash segregated under federal or other regulations	884,582		884,582		—		—		884,582
Restricted cash	6,580		6,580		—		—		6,580
Receivables from clients, net	563,923		—		563,923		—		563,923
Receivables from brokers, dealers and clearing organizations	74,432		—		74,432		—		74,432
Advisor repayable loans, net(1)	356,851		—		—		271,546		271,546
Other receivables, net	763,632		—		763,632		—		763,632
Investment securities — held-to-maturity securities	16,390		—		16,240		—		16,240
Other assets:
Securities borrowed	3,726		—		3,726		—		3,726
Deferred compensation plan(2)	9,503		9,503		—		—		9,503
Other investments(3)	5,298		—		5,298		—		5,298
Total other assets	18,527		9,503		9,024		—		18,527
Liabilities
Client payables	$	1,963,988	$	—	$	1,963,988	$	—	$	1,963,988
Payables to brokers, dealers and clearing organizations	212,394		—		212,394		—		212,394
Corporate debt and other borrowings, net	4,442,840		—		4,396,340		—		4,396,340


December 31, 2023	Carrying Value		Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash	$	465,505	$	465,505	$	—	$	—	$	465,505
Cash segregated under federal or other regulations	1,287,235		1,287,235		—		—		1,287,235
Restricted cash	4,954		4,954		—		—		4,954
Receivables from clients, net	588,585		—		588,585		—		588,585
Receivables from brokers, dealers and clearing organizations	50,069		—		50,069		—		50,069
Advisor repayable loans, net(1)	340,985		—		—		236,888		236,888
Other receivables, net	743,317		—		743,317		—		743,317
Investment securities - held-to-maturity securities	15,223		—		15,079		—		15,079
Other assets:
Securities borrowed	4,334		—		4,334		—		4,334
Deferred compensation plan(2)	6,217		6,217		—		—		6,217
Other investments(3)	4,695		—		4,695		—		4,695
Total other assets	15,246		6,217		9,029		—		15,246
Liabilities
Client payables	$	2,266,176	$	—	$	2,266,176	$	—	$	2,266,176
Payables to brokers, dealers and clearing organizations	163,337		—		163,337		—		163,337
Corporate debt and other borrowings, net	3,734,111		—		3,680,199		—		3,680,199

__________________

(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.

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,318,894	$ 465,671	$ 761,187
Cash segregated under federal and other regulations	1,530,150	2,007,312	1,548,065
Restricted cash	109,618	108,180	103,741
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 2,958,662	$ 2,581,163	$ 2,412,993	$ 3,137,270

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

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):


	Six Months Ended June 30,
	2024		2023
Beginning balance — January 1	$	82,883	$	74,071
Losses incurred	18,611		18,093



Losses paid	(20,339)		(10,424)



Ending balance — June 30	$	81,155	$	81,740

Corporate Debt and Other Borrowings, Net

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024					December 31, 2023
Corporate Debt	Balance		Applicable Margin	Interest Rate		Balance		Applicable Margin	Interest rate		Maturity
Term Loan B(1)	$	1,021,850	SOFR+185 bps	7.179	%	$	1,027,200	SOFR+185 bps	7.206	%	11/12/2026
2027 Senior Notes(1)	500,000		Fixed Rate	5.700	%	—		—	—	%	5/20/2027
2027 Senior Notes(1)	400,000		Fixed Rate	4.625	%	400,000		Fixed Rate	4.625	%	11/15/2027
2028 Senior Notes(1)	750,000		Fixed Rate	6.750	%	750,000		Fixed Rate	6.750	%	11/17/2028
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
2034 Senior Notes(1)	500,000		Fixed Rate	6.000	%	—		—	—	%	5/20/2034
Total Corporate Debt	4,471,850					3,477,200

Less: Unamortized Debt Issuance Cost	(29,010)					(23,089)
Corporate debt, net	$	4,442,840				$	3,454,111
Other Borrowings
Revolving Credit Facility	—		ABR+37.5 bps / SOFR+147.5 bps	8.875	%	280,000		ABR+37.5 bps / SOFR+147.5 bps	6.966	%	5/20/2029


Total other borrowings	$	—				$	280,000
Corporate Debt and Other Borrowings, Net	$	4,442,840				$	3,734,111

_______________________________

(1)No leverage or interest coverage maintenance covenants.

The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2024 (in millions):


Description	Borrower	Maturity Date	Outstanding		Available
Senior secured, revolving credit facility	LPL Holdings, Inc.	May 2029	$	—	$	2,250
Broker-dealer revolving credit facility	LPL Financial LLC	May 2025	$	—	$	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

Issuance of 2027 Senior Notes and 2034 Senior Notes

On May 20, 2024, LPLH issued $500.0 million in aggregate principal amount of 5.700% senior notes due 2027 (“2027 Senior Notes”) and $500.0 million in aggregate principal amount of 6.000% senior notes due 2034 (the “2034 Senior Notes” and, together with the 2027 Notes, the “Senior Notes”). The Senior Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by LPLFH. The Company used a portion of the proceeds from the issuance to repay borrowings made under its senior secured revolving credit facility and intends to use a portion of the proceeds to finance the Atria acquisition.

The 2027 Senior Notes will mature on May 20, 2027, and interest is payable semi-annually. The Company may redeem all or part of the 2027 Senior Notes on or prior to April 20, 2027 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Second Supplemental Indenture dated May 20, 2024) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2027 Senior Notes to be redeemed plus accrued interest. On or after April 20, 2027, the Company may redeem the 2027 Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued interest. The 2027 Senior Notes are also subject to a special mandatory redemption if the Atria acquisition is terminated or does not occur before March 7, 2025, in which case, the Company will be required to redeem all of the 2027 Senior Notes at a redemption price equal to 101% of the aggregate principal, plus accrued and unpaid interest.

The 2034 Senior Notes will mature on May 20, 2034 and interest is payable semi-annually. The Company may redeem all or part of the 2034 Senior Notes on or prior to February 20, 2034 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Third Supplemental Indenture dated May 20, 2024) plus 25 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2034 Senior Notes to be redeemed plus accrued interest. On or after February 20, 2034, the Company may redeem the 2034 Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest. The 2034 Notes will not be subject to any special mandatory redemption if the Atria acquisition is not completed.

In connection with the issuance of the Senior Notes, the Company incurred $7.1 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.

Issuance of 2028 Senior Notes

LPLH issued $750.0 million in aggregate principal amount of 6.750% senior notes on November 17, 2023 at 99.929% (“2028 Senior Notes”). The 2028 Senior Notes are unsecured obligations that will mature on November 17, 2028, and are fully and unconditionally guaranteed on a senior unsecured basis by LPLFH. The Company used the proceeds from the issuance to repay borrowings made under its senior secured revolving credit facility and for general corporate purposes. In connection with the issuance of the 2028 Senior Notes, the Company incurred $6.3 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.

Credit Agreement and Parent Revolving Credit Facility

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.

On May 20, 2024, LPLH amended its revolving credit facility to, among other things, increase the maximum borrowing from $2.0 billion to $2.25 billion and extend the maturity of the revolving credit facility to May 2029. In connection with the amendment of the credit facility, LPLH incurred $8.6 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of June 30, 2024, the Company was in compliance with such covenants.

Broker-Dealer Revolving Credit Facility

On May 20, 2024, LPL Financial, the Company’s broker-dealer subsidiary, renewed its revolving credit facility to extend the maturity of the revolving credit facility to May 2025. The revolving credit facility allows for a maximum borrowing of up to $1.0 billion and 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 $1.6 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 June 30, 2024.

Other External Lines of Credit

LPL Financial maintained five uncommitted lines of credit as of June 30, 2024. 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 June 30, 2024 or December 31, 2023.

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Share-Based Compensation (Texuals) (Details) - USD ($)	3 Months Ended		6 Months Ended
Share-Based Compensation (Texuals) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	11,713,249		11,713,249
Employees, officers and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 17,300,000	$ 14,600,000	$ 37,600,000	$ 30,800,000
Share-based compensation cost unrecognized	119,200,000		$ 119,200,000
Non-vested compensation cost weighted-average period			2 years 29 days
Employees, officers and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense			$ 0
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	700,000	$ 600,000	1,400,000	$ 1,300,000
Share-based compensation cost unrecognized	$ 3,800,000		$ 3,800,000
Non-vested compensation cost weighted-average period			1 year 9 months 25 days

Commitments and Contingencies (Legal) (Details) - SEC Civil Penalty - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 22, 2024
Settlement In Principle Is Reached
Loss Contingencies [Line Items]
Loss contingency, accrual, current		$ 50.0
Settlement In Principle Is Not Reached
Loss Contingencies [Line Items]
Civil penalty	$ 50.0
Litigation expense	$ 40.0

Revenue - Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 601,008	$ 589,715	$ 1,201,729	$ 1,211,463
Client cash
Disaggregation of Revenue [Line Items]
Asset Based Fees	341,475	378,415	693,857	796,690
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	141,687	109,256	275,788	211,726
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 117,846	$ 102,044	$ 232,084	$ 203,047

- 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 (Tables)

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue - Reporting Category [Table Text Block]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commission revenue
Annuities	$	469,100	$	358,845	$	905,573	$	702,906
Mutual funds	187,432		165,194		373,972		330,232
Fixed income	53,192		36,183		101,833		71,450
Equities	34,434		27,474		69,885		53,364
Other	42,888		35,190		82,229		68,659
Total commission revenue	$	787,046	$	622,886	$	1,533,492	$	1,226,611

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commission revenue
Sales-based
Annuities	$	260,188	$	172,540	$	489,265	$	334,716
Fixed income	53,192		36,183		101,833		71,450
Mutual funds	42,981		36,431		86,477		73,908

Equities	34,434		27,474		69,885		53,364
Other	32,275		26,333		60,845		51,595
Total sales-based revenue	$	423,070	$	298,961	$	808,305	$	585,033
Trailing
Annuities	$	208,912	$	186,305	$	416,308	$	368,190
Mutual funds	144,451		128,763		287,495		256,324
Other	10,613		8,857		21,384		17,064
Total trailing revenue	$	363,976	$	323,925	$	725,187	$	641,578
Total commission revenue	$	787,046	$	622,886	$	1,533,492	$	1,226,611

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Asset-based revenue
Client cash	$	341,475	$	378,415	$	693,857	$	796,690
Sponsorship programs	141,687		109,256		275,788		211,726
Recordkeeping	117,846		102,044		232,084		203,047
Total asset-based revenue	$	601,008	$	589,715	$	1,201,729	$	1,211,463

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service and fee revenue
Over time(1)	$	105,543	$	94,587	$	208,079	$	187,616
Point-in-time(2)	29,457		28,535		59,093		54,493
Total service and fee revenue	$	135,000	$	123,122	$	267,172	$	242,109

_______________________________

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

- 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

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	130,746,590	130,233,328
Treasury stock, shares	55,985,188	55,576,970

Acquisitions (Details) $ in Thousands			1 Months Ended	6 Months Ended		12 Months Ended
Acquisitions (Details) $ in Thousands	Feb. 13, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) acquistion	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) acquistion	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Contingent consideration			$ 129,848	$ 129,848		$ 118,844
Goodwill			1,860,062	1,860,062		$ 1,856,648	$ 1,642,468
Acquisitions, net of cash acquired				125,244	$ 300,320
Decrease to provisional goodwill				$ (17,120)
Number of Business Combinations \| acquistion				3
Asset Acquisitions
Business Acquisition [Line Items]
Number of asset acquisitions \| acquistion				6		15
Asset acquisition, consideration transferred				$ 77,400		$ 180,400
Asset acquisition, consideration transferred, contingent consideration				$ 36,900		$ 73,100
Asset acquisition, asset growth achieved duration						3 years
Customer Relationships
Business Acquisition [Line Items]
Weighted-average life remaining (in years)				12 years 9 months 18 days		12 years 7 months 6 days
Customer Relationships \| Asset Acquisitions
Business Acquisition [Line Items]
Weighted-average life remaining (in years)				14 years
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles			28,900	$ 28,900		$ 142,300
Technology
Business Acquisition [Line Items]
Weighted-average life remaining (in years)				8 years 4 months 24 days		8 years 8 months 12 days
Advisor Relationships \| Asset Acquisitions
Business Acquisition [Line Items]
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles			48,500	$ 48,500		$ 38,100
Atria Wealth Solutions, Inc
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 805,000
Contingent consideration	230,000
Business combination, recognized identifiable assets acquired and liabilities assumed, assets			80,600	80,600
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents			49,900	49,900
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities			30,700	30,700
Business combination, contingent consideration arrangements, change in range of outcomes, contingent consideration, liability, value, high				125,600
Goodwill			20,500	$ 20,500
Revenue, Potential Milestone Consideration	$ 100,000
Atria Wealth Solutions, Inc \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 60,100
Weighted-average life remaining (in years)			14 years
Atria Wealth Solutions, Inc \| Minimum
Business Acquisition [Line Items]
Business acquisition, asset growth achieved duration				1 year
Atria Wealth Solutions, Inc \| Maximum
Business Acquisition [Line Items]
Business acquisition, asset growth achieved duration				7 years
Other Acquisitions
Business Acquisition [Line Items]
Number of acquisitions \| acquistion				9		19
Number of Acquisitions, Liquidity And Succession Solution \| acquistion				8
FRGIS
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 189,200
Contingent consideration		45,400
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents		9,000
Goodwill		129,700
Acquisitions, net of cash acquired		143,800
Finite-lived intangible assets acquired		$ 53,500
Five Liquidity & Succession
Business Acquisition [Line Items]
Business combination, consideration transferred						$ 190,200
Contingent consideration						$ 42,700
Number of acquisitions \| acquistion						5
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents						$ 140,300
Payments to acquire businesses, gross						147,400
Other 2023 Acquisitions
Business Acquisition [Line Items]
Goodwill						84,500
Finite-lived intangible assets acquired						$ 105,700
Business combination, provisional information, initial accounting incomplete, adjustment, liabilities				$ 9,700
Decrease to provisional goodwill				17,100
Other 2023 Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Increase to provisional intangible assets acquired				39,400
Other 2023 Acquisitions \| Technology
Business Acquisition [Line Items]
Increase to provisional intangible assets acquired				$ 12,500
Finite-lived intangible asset, useful life			15 years	15 years

Stockholdes' Equity (Share Repurchases) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Stockholders' Equity Note [Abstract]
Shares Purchased \| shares	296,145
Weighted-Average Price Paid Per Share \| $ / shares	$ 236.39
Treasury Stock, Valued, Acquired, Excluding Excise Tax	$ 70.0
Stock Repurchase Program, Authorized Amount	$ 830.0

Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets
Gross Carrying Value	$ 1,688,214		$ 1,688,214		$ 1,516,609
Accumulated Amortization	(945,002)		(945,002)		(884,843)
Net Carrying Value	743,212		743,212		631,766
Indefinite-lived Intangible Assets
Total intangible assets	783,031		783,031		671,585
Amortization of intangible assets	30,607	$ 26,741	60,159	$ 50,833
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)			8 years 2 months 12 days		7 years 3 months 18 days
Gross Carrying Value	984,677		$ 984,677		$ 935,478
Accumulated Amortization	(651,312)		(651,312)		(614,277)
Net Carrying Value	333,365		$ 333,365		$ 321,201
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)			1 year 8 months 12 days		2 years 2 months 12 days
Gross Carrying Value	234,086		$ 234,086		$ 234,086
Accumulated Amortization	(215,031)		(215,031)		(209,076)
Net Carrying Value	19,055		$ 19,055		$ 25,010
Customer Relationships
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)			12 years 9 months 18 days		12 years 7 months 6 days
Gross Carrying Value	448,521		$ 448,521		$ 313,585
Accumulated Amortization	(66,338)		(66,338)		(51,328)
Net Carrying Value	382,183		$ 382,183		$ 262,257
Technology
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)			8 years 4 months 24 days		8 years 8 months 12 days
Gross Carrying Value	20,930		$ 20,930		$ 33,460
Accumulated Amortization	(12,321)		(12,321)		(10,162)
Net Carrying Value	$ 8,609		$ 8,609		$ 23,298
Trade Names [Member]
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)

Investment Securities - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Trading securities - at fair value:
Securities owned — trading	$ 73,463	$ 76,088
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	16,390	15,223
Short-term Investments	89,853	91,311
Money Market Funds [Member]
Trading securities - at fair value:
Securities owned — trading	119	107
Mutual funds
Trading securities - at fair value:
Securities owned — trading	44,651	50,518
Equity Securities [Member]
Trading securities - at fair value:
Securities owned — trading	137	43
U.S. treasury obligations [Member]
Trading securities - at fair value:
Securities owned — trading	28,401	25,388
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	16,390
US Government Agencies Debt Securities
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	16,390	15,223
Other Security Investments
Trading securities - at fair value:
Securities owned — trading	$ 155	$ 32

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 109,618	$ 108,180	$ 103,741
Securities owned — trading	73,463	76,088
Investment securities	89,853	91,311
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		166
Restricted cash	103,038	103,226
Securities owned — trading	73,463	76,088
Other assets	983,452	858,639
Total assets at fair value	2,203,706	1,758,196
Securities sold, but not yet purchased		177,131
Accounts payable and accrued liabilities		118,844
Other Liabilities, Fair Value Disclosure	340,940	296,517
Total liabilities at fair value	340,940	296,517
Fair Value, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		166
Restricted cash	103,038	103,226
Securities owned — trading	73,308	76,056
Other assets	979,251	854,679
Total assets at fair value	2,199,350	1,754,204
Accounts payable and accrued liabilities		0
Other Liabilities, Fair Value Disclosure	211,092	177,673
Total liabilities at fair value	211,092	177,673
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
Restricted cash	0	0
Securities owned — trading	155	32
Other assets	4,201	3,960
Total assets at fair value	4,356	3,992
Securities sold, but not yet purchased		0
Accounts payable and accrued liabilities		0
Other Liabilities, Fair Value Disclosure	0	0
Total liabilities at fair value	0	0
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
Restricted cash	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities		118,844
Other Liabilities, Fair Value Disclosure	129,848	118,844
Total liabilities at fair value	129,848	118,844
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	160	487
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	160	487
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
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		55
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		55
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	162	542
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	162	542
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	0
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
U.S. Treasury Securities [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	2
U.S. Treasury 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	2
U.S. Treasury 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
U.S. Treasury 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
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	645,568	720,077
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	645,568	720,077
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	398,185
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	398,185
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	119	107
Money Market Funds [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	119	107
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	119	107
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	155	32
Other Security Investments \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	155	32
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	155	32
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	44,651	50,518
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	44,651	50,518
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	137	43
Equity Securities [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	137	43
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	137	43
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 Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	28,401	25,388
U.S. Treasury Securities [Member] \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	28,401	25,388
U.S. Treasury 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	28,401	25,388
U.S. Treasury 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
U.S. Treasury 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
Deferred Compensation Plan \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	768,321	677,548
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	768,321	677,548
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	4,201	3,960
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	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	4,201	3,960
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	210,930	177,131
Other Liabilities, Fair Value Disclosure	210,930
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	210,930	177,131
Securities sold, but not yet purchased		177,131
Other Liabilities, Fair Value Disclosure	210,930
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	129,848
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	$ 129,848