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Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2012	Apr. 20, 2012
Entity Information [Line Items]
Entity Registrant Name	LPL Investment Holdings Inc.
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		110,429,780

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
REVENUES:
Commissions	$ 463,653	$ 451,877
Advisory fees	250,981	244,087
Asset-based fees	97,241	89,823
Transaction and other fees	74,572	73,749
Interest income, net of interest expense	4,710	5,142
Other	10,616	9,191
Total net revenues	901,773	873,869
EXPENSES:
Commissions and advisory fees	617,392	594,678
Compensation and benefits	89,012	84,142
Depreciation and amortization	17,175	18,165
Promotional	16,831	19,536
Occupancy and equipment	14,497	15,525
Professional services	13,121	10,164
Brokerage, clearing and exchange	9,515	9,649
Communications and data processing	8,899	8,682
Regulatory fees and expenses	7,546	6,572
Restructuring charges	1,694	537
Other	6,672	6,489
Total operating expenses	802,354	774,139
Non-operating interest expense	16,032	18,172
Loss on extinguishment of debt	16,524	0
Total expenses	834,910	792,311
INCOME BEFORE PROVISION FOR INCOME TAXES	66,863	81,558
PROVISION FOR INCOME TAXES	25,684	32,559
NET INCOME	$ 41,179	$ 48,999
EARNINGS PER SHARE (Note 12):
Basic	$ 0.38	$ 0.44
Diluted	$ 0.37	$ 0.43

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net income	$ 41,179	$ 48,999
Other comprehensive income, net of tax:
Unrealized gain on interest rate swaps, net of tax expense of $254 and $821, respectively	409	1,325
Total other comprehensive income, net of tax	409	1,325
Total comprehensive income	$ 41,588	$ 50,324

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 8, 9, 10, 11, 12, 13, 14
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-Name Accounting Research Bulletin (ARB)
-Number 51
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-Appendix A

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+ Details

- Definition

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

+ References

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

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+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Tax expense on unrealized gain on interest rate swaps	$ 254	$ 821

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 688,818	$ 720,772
Cash and securities segregated under federal and other regulations	340,444	382,905
Receivables from:
Clients, net of allowance of $672 at March 31, 2012 and $716 at December 31, 2011	288,413	301,292
Product sponsors, broker-dealers and clearing organizations	161,023	143,493
Others, net of allowances of $8,608 at March 31, 2012 and $8,833 at December 31, 2011	192,926	187,408
Securities owned:
Trading — at fair value	6,688	6,290
Held-to-maturity	9,152	11,167
Securities borrowed	11,977	7,890
Income taxes receivable	90	0
Fixed assets, net of accumulated depreciation and amortization of $312,232 at March 31, 2012 and $305,143 at December 31, 2011	92,634	91,317
Debt issuance costs, net of accumulated amortization of $1,912 at March 31, 2012 and $19,197 at December 31, 2011	24,618	18,620
Goodwill	1,334,086	1,334,086
Intangible assets, net of accumulated amortization of $207,971 at March 31, 2012 and $198,139 at December 31, 2011	527,838	537,670
Other assets	86,768	73,416
Total assets	3,765,475	3,816,326
LIABILITIES:
Drafts payable	157,350	187,575
Payables to clients	412,007	456,719
Payables to broker-dealers and clearing organizations	29,318	34,755
Accrued commissions and advisory fees payable	105,803	109,715
Accounts payable and accrued liabilities	132,253	161,776
Income taxes payable	0	906
Dividends payable	220,590	0
Unearned revenue	65,551	59,537
Securities sold but not yet purchased — at fair value	342	161
Senior credit facilities	1,350,000	1,332,668
Deferred income taxes — net	115,718	127,766
Total liabilities	2,588,932	2,471,578
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 114,066,252 shares issued at March 31, 2012, and 110,531,939 shares issued at December 31, 2011	114	110
Additional paid-in capital	1,186,002	1,137,723
Treasury stock, at cost — 3,767,525 shares at March 31, 2012 and 2,617,629 shares at December 31, 2011	(126,523)	(89,037)
Accumulated other comprehensive loss	(441)	(850)
Retained earnings	117,391	296,802
Total stockholders' equity	1,176,543	1,344,748
Total liabilities and stockholders' equity	$ 3,765,475	$ 3,816,326

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Allowances on receivable from client	$ 672	$ 716
Allowances on other receivable from client	8,608	8,833
Accumulated depreciation and amortization, Fixed assets	312,232	305,143
Accumulated amortization, Intangible assets	207,971	198,139
Accumulated amortization, Debt issuance costs	$ 1,912	$ 19,197
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	114,066,252	110,531,939
Treasury stock, shares	3,767,525	2,617,629

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Additional Paid-In Capital	Common Stock
BEGINNING BALANCE at Dec. 31, 2010	$ 1,173,755	$ 126,420	$ (4,496)	$ 0	$ 1,051,722	$ 109
BEGINNING BALANCE, shares at Dec. 31, 2010				0		108,715
Net income and other comprehensive income, net of tax expense	50,324	48,999	1,325
Stock option exercises and other	1,022				1,022
Stock option exercises and other, shares						126
Excess tax benefits from share-based compensation	35,967				35,967
Share-based compensation	4,848				4,848
ENDING BALANCE at Mar. 31, 2011	1,265,916	175,419	(3,171)	$ 0	1,093,559	$ 109
ENDING BALANCE, shares at Mar. 31, 2011				0		108,841
BEGINNING BALANCE at Dec. 31, 2011	1,344,748	296,802	(850)	$ (89,037)	1,137,723	$ 110
BEGINNING BALANCE, shares at Dec. 31, 2011				2,618		110,532
Net income and other comprehensive income, net of tax expense	41,588	41,179	409
Issuance of common stock to settle restricted stock units (Note 11)	0				(3)	$ 3
Issuance of common stock to settle restricted stock units, shares (Note 11)						2,823
Treasury stock purchases	(37,486)			$ (37,486)
Treasury stock purchases, shares				1,150
Dividends declared on common stock	(220,590)	(220,590)
Stock option exercises and other	4,123				4,122	$ 1
Stock option exercises and other, shares						711
Excess tax benefits from share-based compensation	37,664				37,664
Share-based compensation	6,496				6,496
ENDING BALANCE at Mar. 31, 2012	$ 1,176,543	$ 117,391	$ (441)	$ (126,523)	$ 1,186,002	$ 114
ENDING BALANCE, shares at Mar. 31, 2012				3,768		114,066

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 41,179	$ 48,999
Noncash items:
Depreciation and amortization	17,175	18,165
Amortization of debt issuance costs	1,228	1,273
Share-based compensation	6,496	4,848
Excess tax benefits related to share-based compensation	(37,664)	(35,967)
Provision for bad debts	126	321
Deferred income tax provision	(12,302)	(5,509)
Loss on extinguishment of debt	16,524	0
Lease abandonment	26	414
Loan forgiveness	375	371
Other	(82)	(125)
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	42,461	93,908
Receivables from clients	12,922	(24,827)
Receivables from product sponsors, broker-dealers and clearing organizations	(17,530)	27,908
Receivables from others	(6,062)	(14,477)
Securities owned	(28)	41
Securities borrowed	(4,087)	(3,408)
Other assets	(14,125)	(1,145)
Drafts payable	(30,225)	(16,978)
Payables to clients	(44,712)	34,277
Payables to broker-dealers and clearing organizations	(5,437)	23,533
Accrued commissions and advisory fees payable	(3,912)	(18,003)
Accounts payable and accrued liabilities	(33,276)	(31,288)
Income taxes receivable/payable	36,668	82,592
Unearned revenue	6,014	6,810
Securities sold, but not yet purchased	181	(2,276)
Net cash (used in) provided by operating activities	(28,067)	189,457
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(4,270)	(3,292)
Purchase of securities classified as held-to-maturity	0	(2,767)
Proceeds from maturity of securities classified as held-to-maturity	2,000	650
Deposits of restricted cash	0	(500)
Release of restricted cash	500	17,006
Acquisitions	0	(16,674)
Net cash used in investing activities	(1,770)	(5,577)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior credit facilities	(1,332,668)	(43,493)
Proceeds from senior credit facilities	1,330,681	0
Payment of debt issuance costs	(4,431)	0
Repurchase of common stock	(37,486)	0
Excess tax benefits related to share-based compensation	37,664	35,967
Proceeds from stock options and warrants exercised	4,123	1,022
Net cash used in financing activities	(2,117)	(6,504)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(31,954)	177,376
CASH AND CASH EQUIVALENTS - Beginning of year	720,772	419,208
CASH AND CASH EQUIVALENTS - End of year	688,818	596,584
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	15,973	18,178
Income taxes paid	815	479
NONCASH DISCLOSURES:
Capital expenditures purchased through short-term credit	4,390	3,515
Increase in unrealized gain on interest rate swaps, net of tax expense	409	1,325
Dividends declared but not yet paid	220,590	0
Discount on proceeds from senior credit facilities recorded as debt issuance costs	$ 19,319	$ 0

Organization and Description of the Company	3 Months Ended
Organization and Description of the Company	Mar. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Investment Holdings Inc. (“LPLIH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”) provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively “advisors”) in the United States of America. Through its custody and clearing platform the Company provides access to diversified financial products and services enabling its advisors to offer independent financial advice and brokerage services, using both proprietary and third-party technology, to retail investors (their “clients”).

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2012
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — Quarterly Reporting — The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. The Company’s results for any interim period are not necessarily indicative of results for a full year or any other interim period. Certain reclassifications were made to previously reported amounts in the unaudited condensed consolidated financial statements and notes thereto to make them consistent with the current period presentation. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of financial position, results of income, comprehensive income and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, these 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, 2011, contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company has evaluated subsequent events up to and including the date these unaudited condensed consolidated financial statements were issued. Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLIH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Comprehensive Income — In accordance with Accounting Standards Update No. 2011-05, Comprehensive Income — Presentation of Comprehensive Income, adopted in the first quarter of 2012, the Company presents its unaudited condensed consolidated statements of comprehensive income separately and immediately following its unaudited condensed consolidated statements of income. The Company’s comprehensive income is composed of net income and the effective portion of the unrealized gains on financial derivatives in cash flow hedge relationships, net of related tax effects. Use of Estimates — The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates estimates, including those related to revenue and related expense recognition, asset impairment, valuation of accounts receivable, valuation of financial derivatives, contingencies and litigation, valuation and recognition of share-based payments, dividends and income taxes. These accounting policies are stated in the notes to the audited consolidated financial statements for the year ended December 31, 2011, contained in the Annual Report on Form 10-K as filed with the SEC. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates under different assumptions or conditions and the differences may be material to the unaudited condensed consolidated financial statements. Reportable Segment — The Company’s internal reporting is organized into three service channels; Independent Advisor Services, Institution Services and Custom Clearing Services, which are designed to enhance the services provided to its advisors and financial institutions. These service channels qualify as individual operating segments, but are aggregated and viewed as one single reportable segment due to their similar economic characteristics, products and services, production and distribution process, regulatory environment and quantitative thresholds. Fair Value of Financial Instruments — The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its indebtedness. The Company carries its indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4 for additional detail regarding the Company’s fair value measurements. As of March 31, 2012, the carrying amount and fair value of the Company’s indebtedness was approximately $1,350.0 million and $1,333.6 million, respectively. As of December 31, 2011, the carrying amount and fair value was approximately $1,332.7 million and $1,328.2 million, respectively. Recently Issued Accounting Pronouncements — There were no recently issued accounting pronouncements or changes in accounting pronouncements as compared to the recent accounting pronouncements described in the Company’s 2011 Annual Report on Form 10-K, that are of significance, or potential significance to the Company. Basis of Presentation — Quarterly Reporting — The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. The Company’s results for any interim period are not necessarily indicative of results for a full year or any other interim period. Certain reclassifications were made to previously reported amounts in the unaudited condensed consolidated financial statements and notes thereto to make them consistent with the current period presentation. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of financial position, results of income, comprehensive income and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, these 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, 2011, contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company has evaluated subsequent events up to and including the date these unaudited condensed consolidated financial statements were issued.

Restructuring

3 Months Ended

Mar. 31, 2012

Restructuring [Abstract]

Restructuring

Consolidation of UVEST Financial Services Group, Inc.

On March 14, 2011, the Company committed to a corporate restructuring plan to consolidate the operations of UVEST Financial Services Group, Inc. ("UVEST") with LPL Financial LLC ("LPL Financial"). The restructuring plan was effected to enhance the Company’s service offering, while also generating efficiencies. In connection with the consolidation, certain registered representatives associated with UVEST moved to LPL Financial through a transfer of their licenses. The Company completed the transfers in December 2011. Following the transfer of registered representatives and client accounts to LPL Financial, all registered representatives and client accounts are associated with LPL Financial and all of the Company’s securities business is done through a single broker-dealer. In addition, UVEST expects to terminate its clearing relationship with a third-party clearing firm and plans to file a broker-dealer withdrawal request with the Financial Industry Regulatory Authority ("FINRA") in 2012.

The Company estimates total expenditures associated with the initiative to be approximately $31.6 million over the course of the restructuring plan. These expenditures are comprised of advisor retention and related benefits, contract penalties, technology costs, non-cash charges for the impairment of intangible assets resulting from advisor attrition and other expenses principally relating to the conversion and transfer of registered representatives and client accounts from UVEST to LPL Financial.

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts as of and for the three months ended March 31, 2012 (in thousands):



	Accrued Balance at December 31, 2011		Costs Incurred		Payments			Non-cash			Accrued Balance at March 31, 2012		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs(1)
Conversion and transfer costs	$	1,076	$	1,207	$	(2,216	)	$	—		$	67	$	10,385	$	14,690
Contract penalties	8,832		—		(8,270		)	—			562		8,642		8,642
Advisor retention and related benefits	250		241		(13		)	(228		)	250		1,030		5,513
Asset impairments	—		—		—			—			—		2,776		2,776
Total	$	10,158	$	1,448	$	(10,499	)	$	(228	)	$	879	$	22,833	$	31,621

________________________________

(1)

At March 31, 2012, total expected restructuring costs exclude approximately $12.0 million of internally developed software related to the corporate restructuring initiative that is being capitalized over a useful life ranging from three to five years, with expense being recorded as depreciation and amortization within the unaudited condensed consolidated statements of income. As of March 31, 2012, approximately $12.7 million has been spent on development activities of which approximately $10.3 million has been capitalized, with the remainder included in costs incurred. The Company anticipates capitalizing an additional $1.7 million of internally developed software in the remainder of 2012.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

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 fair value measurement classifications during the three months ended March 31, 2012.

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 March 31, 2012, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis:

Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets.

Securities Segregated Under Federal and Other Regulations— The Company’s segregated accounts contain U.S. treasury securities that are short term in nature with readily determinable values derived from quoted prices in active markets.

Securities Owned and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios for the purpose of benchmarking the performance of its fee based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasuries, mutual funds, certificates of deposit, traded equity securities and debt securities.

The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At March 31, 2012, the Company did not adjust prices received from the independent third-party pricing services.

Other Assets — The Company’s other assets include deferred compensation plan assets that are invested in money market funds and mutual funds which are actively traded and valued based on quoted market prices in active markets.

Accounts Payable and Accrued Liabilities — The Company’s accounts payable and accrued liabilities include an interest rate swap, and contingent consideration from its 2011 acquisitions of National Retirement Partners, Inc. and Concord Wealth Management.

The Company’s interest rate swap is not traded on a market exchange; therefore, the fair value is determined using models which include assumptions about the London Interbank Offered Rate (“LIBOR”) yield curve at interim reporting dates as well as counterparty credit risk and the Company’s own non-performance risk. Accordingly, the Company has classified the interest rate swap as a Level 2 measurement within the fair value hierarchy. Contingent consideration is measured by discounting, to present value, the contingent payments expected to be made based on the Company’s estimates of certain financial targets expected to result from the acquisitions. The Company has determined that contingent consideration qualifies as a Level 3 fair value measurement.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2012 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At March 31, 2012:
Assets
Cash equivalents	$	499,128	$	—	$	—	$	499,128
Securities owned — trading:
Money market funds	490		—		—		490
Mutual funds	5,087		—		—		5,087
Equity securities	52		—		—		52
Debt securities	—		159		—		159
U.S. treasury obligations	900		—		—		900
Total securities owned — trading	6,529		159		—		6,688
Other assets	26,874		—		—		26,874
Total assets at fair value	$	532,531	$	159	$	—	$	532,690
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	221	$	—	$	—	$	221
Debt securities	—		81		—		81
Certificates of deposit	—		40		—		40
Total securities sold, but not yet purchased	221		121		—		342
Accounts payable and accrued liabilities	—		714		16,593		17,307
Total liabilities at fair value	$	221	$	835	$	16,593	$	17,649

Changes in Level 3 Recurring Fair Value Measurements

Set forth below is a reconciliation of contingent consideration classified as accounts payable and accrued liabilities on the unaudited condensed consolidated statements of financial condition and measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Contingent consideration is measured by discounting, to present value, the contingent payments expected to be made based on the Company’s estimates of certain financial targets expected to result from the acquisitions.



Three Months Ended March 31, 2012 (in thousands):
Fair value at December 31, 2011	$	16,104
Total unrealized losses included in earnings(1)	489
Fair value at March 31, 2012	$	16,593

________________________________

(1) Represents the accretion of contingent consideration as the Company approaches the future expected payment.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2011 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At December 31, 2011:
Assets
Cash equivalents	$	575,243	$	—	$	—	$	575,243
Securities owned — trading:
Money market funds	262		—		—		262
Mutual funds	4,966		—		—		4,966
Equity securities	47		—		—		47
Debt securities	—		115		—		115
Certificates of deposit	900		—		—		900
Total securities owned — trading	6,175		115		—		6,290
Other assets	21,400		—		—		21,400
Total assets at fair value	$	602,818	$	115	$	—	$	602,933
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	134	$	—	$	—	$	134
Debt securities	—		2		—		2
Certificates of deposit	—		25		—		25
Total securities sold, but not yet purchased	134		27		—		161
Accounts payable and accrued liabilities	—		1,377		16,104		17,481
Total liabilities at fair value	$	134	$	1,404	$	16,104	$	17,642

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Held-to-Maturity Securities

3 Months Ended

Mar. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

The Company holds certain investments in securities including U.S. government notes. The Company has both the intent and the ability to hold these investments to maturity and classifies them as such. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company measures the fair value of its securities held-to-maturity using quoted prices in active markets. Accordingly, the securities held-to-maturity qualify as Level 1 fair value measurements.

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



	Amortized Cost		Gross Unrealized Gains		Fair Value
At March 31, 2012:
U.S. government notes	$	9,152	$	11	$	9,163

At December 31, 2011:
U.S. government notes	$	11,167	$	27	$	11,194

At March 31, 2012, the held-to-maturity securities were scheduled to mature as follows (in thousands):



	Within 1 Year			1-3 Years		Total
U.S. government notes — at amortized cost	$	6,113	—	$	3,039	$	9,152
U.S. government notes — at fair value	$	6,126		$	3,037	$	9,163

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 310
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The components of intangible assets as of March 31, 2012 and December 31, 2011 are as follows (dollars in thousands):



	Weighted Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
At March 31, 2012:
Definite-lived intangible assets:
Advisor and financial institution relationships	13.5	$	450,164	$	(138,793	)	$	311,371
Product sponsor relationships	13.8	230,916		(66,840		)	164,076
Client relationships	12.7	14,910		(2,338		)	12,572
Total definite-lived intangible assets		$	695,990	$	(207,971	)	$	488,019
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	527,838

At December 31, 2011:
Definite-lived intangible assets:
Advisor and financial institution relationships	13.7	$	450,164	$	(132,503	)	$	317,661
Product sponsor relationships	14.0	230,916		(63,710		)	167,206
Client relationships	12.9	14,910		(1,926		)	12,984
Total definite-lived intangible assets		$	695,990	$	(198,139	)	$	497,851
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	537,670

Total amortization expense of intangible assets was $9.8 million and $9.5 million for the three months ended March 31, 2012 and 2011, respectively. Amortization expense for each of the fiscal years ended December 31, 2012 through 2016 and thereafter is estimated as follows (in thousands):



2012 - remainder	$	29,218
2013	38,268
2014	37,991
2015	37,111
2016	37,004
Thereafter	308,427
Total	$	488,019

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2012
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate differs from the federal corporate tax rate of 35.0%, primarily as a result of state taxes, settlement contingencies and expenses that are not deductible for tax purposes. These items resulted in effective tax rates of 38.4% and 39.9% for the three months ended March 31, 2012 and 2011, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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+ Details

Indebtedness

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Indebtedness

Senior Secured Credit Facilities — On March 29, 2012, the Company entered into a Credit Agreement (the “Credit Agreement”) with its wholly owned subsidiary, LPL Holdings, Inc., the other Credit Parties signatory thereto, the Several Lenders signatory thereto, and Bank of America, N.A. as Administrative Agent, Collateral Agent, Letter of Credit Issuer, and Swingline Lender. The Credit Agreement refinances and replaces the Company’s Third Amended and Restated Credit Agreement, dated as of May 24, 2010 (the "Original Credit Agreement").

Pursuant to the Credit Agreement, the Company established a Term Loan A of $735.0 million maturing on March 29, 2017 (the "Term Loan A"), a Term Loan B of $615.0 million maturing on March 29, 2019 (the "Term Loan B") and a revolving credit facility with borrowing capacity of $250.0 million maturing on March 29, 2017 (the "Revolving Credit Facility"). In connection with the Credit Agreement, the Company incurred $23.7 million in costs that are capitalized as debt issuance costs in the unaudited condensed consolidated statements of financial condition.

The Revolving Credit Facility was undrawn at closing. The Revolving Credit Facility is currently used to support the issuance of a $10.0 million irrevocable letter of credit for the Company's subsidiary, the Private Trust Company N.A. ("PTC"), and a $20.7 million irrevocable letter of credit for the construction of the Company's future new San Diego office building.

Quarterly repayments of the principal for Term Loan A are to be made totaling 5.0% per year for years one and two, and 10.0% per year for years three, four, and five, with the remaining principal due upon maturity. Quarterly repayments of the principal for Term Loan B will total 1.0% per year with the remaining principal due upon maturity. Any outstanding principal under the Revolving Credit Facility will be due upon maturity.

The applicable margin for borrowings with respect to the (a) Term Loan A is currently 1.50% for base rate borrowings and 2.50% for LIBOR borrowings; and (b) Term Loan B is currently 2.00% for base rate borrowings and 3.00% for LIBOR borrowings. The LIBOR Rate with respect to the Term Loan B shall in no event be less than 1.00%. The applicable margin for borrowings under the Revolving Credit Facility is currently 1.50% for base rate borrowings and 2.50% for LIBOR borrowings with a commitment fee of 0.50%. Except for the letters of credit described above, there were no outstanding balances on the Revolving Credit Facility at March 31, 2012.

Borrowings under the Credit Agreement bear interest at a base rate equal to either one, two, three, six, nine or twelve-month LIBOR (the "Eurodollar Rate") plus the applicable margin, or an alternative base rate (“ABR”) plus the applicable margin. The ABR is equal to the greatest of (a) the prime rate in effect on such day, (b) the effective federal funds rate in effect on such day plus 0.50%, (c) the Eurodollar Rate plus 1.00% and (d) solely in the case of Term Loan B, 2.00%. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of March 31, 2012, the Company was in compliance with such covenants. The Company may voluntarily repay outstanding loans under its Credit Agreement at any time without premium or penalty, other than customary breakage costs with respect to LIBOR loans.

On March 29, 2012, the Company used proceeds from borrowings under the Credit Agreement to repay all outstanding principal borrowings under the Original Credit Agreement. Accordingly, in the first quarter of 2012, the Company accelerated the recognition of $16.5 million of debt issuance costs related to borrowings under the Original Credit Agreement, which has been recorded as loss on extinguishment of debt within the unaudited condensed consolidated statements of income. Prior to the repayment, the Original Credit Agreement consisted of three term loan tranches: a $302.5 million term loan facility with a maturity of June 18, 2013 (the "2013 Term Loans"), a $476.9 million term loan facility with a maturity of June 25, 2015 (the "2015 Term Loans") and a $553.2 million term loan facility with a maturity of June 28, 2017 (the "2017 Term Loans"). The Original Credit Agreement also subjected the Company to certain financial and non-financial covenants. As of December 31, 2011 and prior to repayment, the Company was in compliance with all such covenants.

The Original Credit Agreement included a revolving credit facility of $163.5 million, which had a maturity date of June 28, 2013, with a commitment fee of 0.75%. Borrowings were priced at LIBOR + 3.50%. Such facility had no outstanding balance at December 31, 2011 and has been replaced by the Revolving Credit Facility.

The applicable margin for borrowings under the Original Credit Agreement with respect to the (a) 2013 Term Loans was 0.75% for base rate borrowings and 1.75% for LIBOR borrowings, (b) 2015 Term Loans was 1.75% for base rate borrowings and 2.75% for LIBOR borrowings, and (c) 2017 Term Loans was 2.75% for base rate borrowings and 3.75% for LIBOR borrowings. The LIBOR Rate with respect to the 2015 Term Loans and the 2017 Term Loans had a floor of 1.50%.

Bank Loans Payable — The Company maintains three uncommitted lines of credit. Two of the lines have an unspecified limit, and are primarily dependent on the Company’s ability to provide sufficient collateral. The other line has a $150.0 million limit and allows for both collateralized and uncollateralized borrowings. Certain lines were utilized in 2012 and 2011; however, there were no balances outstanding at March 31, 2012 or December 31, 2011.

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



		March 31, 2012					December 31, 2011
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Hedged with an interest rate swap(1)	3/29/2017	$	65,000	2.97	%	(2)	$	65,000	2.33	%	(5)
Unhedged:
2013 Term Loans	6/28/2013	—					237,489		2.05	%	(6)
2015 Term Loans	6/25/2015	—					476,935		4.25	%	(7)
2017 Term Loans	6/28/2017	—					553,244		5.25	%	(8)
Term Loan A	3/29/2017	670,000		2.74	%	(3)	—
Term Loan B	3/29/2019	615,000		4.00	%	(4)	—
Total borrowings		1,350,000					1,332,668
Less current borrowings (maturities within 12 months)		42,900					13,971
Long-term borrowings — net of current portion		$	1,307,100				$	1,318,697

____________


(1)	The original maturity of the hedged portion of the senior secured term loan was June 28, 2013 prior to the refinancing entered into on March 29, 2012.


(2)	As of March 31, 2012, the variable interest rate for the hedged portion of Term Loan A is based on the three-month LIBOR of 0.47%, plus the applicable interest rate margin of 2.50%.


(3)	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan A is based on the one-month LIBOR of 0.24%, plus the applicable interest rate margin of 2.50%.


(4)	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan B is based on the greater of the one-month LIBOR of 0.24% or 1.00%, plus the applicable interest rate margin of 3.00%.


(5)	As of December 31, 2011, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.58%, plus the applicable interest rate margin of 1.75%.


(6)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.


(7)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%.


(8)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.

The combined average balance outstanding in the revolving and uncommitted line of credit facilities was approximately $132,000 and $6,000 for the three months ended March 31, 2012 and 2011, respectively. The weighted-average interest rate was 1.25% and 1.50% for the three months ended March 31, 2012, and 2011, respectively.

The minimum calendar year payments and maturities of the senior secured borrowings as of March 31, 2012 are as follows (in thousands):



2012 — remainder	$	32,175
2013	42,900
2014	70,463
2015	79,650
2016	79,650
Thereafter	1,045,162
Total	$	1,350,000

- 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 + Details

Interest Rate Swap	3 Months Ended
Interest Rate Swap	Mar. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap	Interest Rate Swap An interest rate swap is a financial derivative instrument whereby two parties enter into a contractual agreement to exchange payments based on underlying interest rates. The Company uses an interest rate swap to hedge the variability on a portion of its floating rate senior secured term loan. The Company is required to pay the counterparty to the agreement fixed interest payments on a notional balance and in turn, receives variable interest payments on that notional balance. Payments are settled quarterly on a net basis. At March 31, 2012, the Company has an interest rate swap with a notional balance of $65.0 million and a fair value of $0.7 million that carries a fixed pay rate of 4.85% and has a variable receive rate of 0.47%, with a maturity date of June 30, 2012. The effective rate from December 31, 2011 through March 30, 2012 was 0.58%, and the rate resets on the last day of the period. The interest rate swap agreement qualifies for hedge accounting and has been designated as a cash flow hedge against specific payments due on the Company’s Term Loan A. As of March 31, 2012, the Company assessed the interest rate swap agreement as being highly effective and expects it to continue to be highly effective. Accordingly, the changes in fair value of the interest rate swap have been recorded in other comprehensive income, with the fair value included as a liability on the Company’s unaudited condensed consolidated statements of financial condition. The Company has recorded net unrealized gains of $0.7 million and $2.1 million for the three months ended March 31, 2012 and 2011, respectively, to accumulated other comprehensive loss related to the change in the fair value of its interest rate swap agreement. The Company has reclassified $0.7 million and $2.4 million to interest expense from accumulated other comprehensive loss for the three months ended March 31, 2012 and 2011, respectively. Based on current interest rate assumptions and assuming no additional interest rate swap agreements are entered into, the Company expects to reclassify $0.7 million, or $0.4 million after tax, from other comprehensive loss as additional interest expense over the remaining life of the interest rate swap.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases — The Company leases certain office space and equipment under various operating leases. These leases are generally subject to scheduled base rent and maintenance cost increases, which are recognized on a straight-line basis over the period of the leases.

Service 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. One agreement, for clearing services, contains no minimum annual purchase commitment, but the agreement provides for certain penalties should the Company fail to maintain a certain threshold of client accounts.

Future minimum payments under leases, lease commitments and other noncancellable contractual obligations with remaining terms greater than one year as of March 31, 2012, are as follows (in thousands):



2012 - remainder	$	20,273
2013	24,234
2014	24,591
2015	25,530
2016	25,507
Thereafter	261,607
Total(1)	$	381,742

____________


(1)	Minimum payments have not been reduced by minimum sublease rental income of $5.7 million due in the future under noncancellable subleases.

Included in the schedule of future minimum payments above is a fifteen year lease commitment that was executed in December 2011 for the Company's future San Diego office building with a lease commencement date of May 1, 2014. Future minimum payments for this lease commitment are $9.6 million, $14.8 million, $15.4 million and $236.8 million for the years 2014, 2015, 2016 and thereafter, respectively.

Total rental expense for all operating leases was approximately $4.3 million and $4.2 million for the three months ended March 31, 2012, and 2011, respectively.

Guarantees — The Company occasionally enters into certain types of 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.

Certain of the Company’s subsidiaries provide 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 may 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, the Company makes loans to its advisors, primarily to newly signed advisors to assist in the transition process. Due to timing differences, the Company may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining the Company, and may be forgivable. The Company had no significant unfunded commitments at March 31, 2012.

Litigation — The Company has been named as a defendant in various legal actions, substantially all of which are arbitrations. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases in which claimants seek substantial or indeterminate damages, the Company cannot predict with certainty what the eventual loss or range of loss related to such matters will be. The Company recognizes a legal liability when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range.

The Company records legal reserves and related insurance recoveries for significant or unusual cases on a gross basis.

The Company is subject to and maintains insurance coverage for claims and lawsuits in the ordinary course of business, such as customer complaints or disclosures about risks with securities purchased, as well as various arbitrations and other litigation matters. With respect to these matters, the estimated losses on the majority of pending matters are less than the applicable deductibles of the insurance policies, and matters with estimated losses in excess of the applicable deductibles are not, in the aggregate, material.

Defense costs are expensed as incurred and classified as professional services within the unaudited condensed consolidated statements of income. When there is indemnification or insurance, the Company may engage in defense of settlement and subsequently seek reimbursement for such matters. In connection with various acquisitions, and pursuant to the purchase and sale agreements, the Company has received third-party indemnification for certain legal proceedings and claims. Some of these matters have been defended and paid directly by the indemnifying party.

The Company believes, based on the information available at this time, after consultation with counsel, consideration of insurance, if any, and indemnifications provided by the third-party indemnitors, that the outcomes will not have a material adverse impact on the unaudited condensed consolidated statements of financial condition, income, comprehensive income or cash flows.

Other Commitments — As of March 31, 2012, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $327.5 million, which it can sell or repledge. Of this amount, approximately $37.5 million has been pledged or sold as of March 31, 2012; $20.7 million was pledged with client-owned securities to the Options Clearing Corporation ("OCC") as collateral to secure client obligations related to options positions, and $16.8 million was loaned to the National Securities Clearing Corporation ("NSCC") through participation in its Stock Borrow Program. Additionally, approximately $140.6 million are held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. The remainder of $149.4 million has not been re-pledged or sold, and as of March 31, 2012 there are no restrictions that materially limit the Company's ability to re-pledge or sell the client collateral of $290.0 million.

As of December 31, 2011, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $350.2 million, which it can sell or repledge. Of this amount, approximately $32.7 million has been pledged or sold as of December 31, 2011; $18.4 million was pledged with client-owned securities to the OCC as collateral to secure client obligations related to options positions, and $14.3 million was loaned to the NSCC through participation in its Stock Borrow Program. Additionally, approximately $145.0 million are held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. The remainder of $172.5 million had not been re-pledged or sold, and as of December 31, 2011 there are no restrictions that materially limited the Company's ability to re-pledge or sell the client collateral of $317.5 million.

Trading securities on the unaudited condensed consolidated statements of financial condition includes $0.9 million and $0.9 million pledged to clearing organizations at March 31, 2012 and December 31, 2011, respectively.

LPL Financial provides brokerage, clearing and custody services on a fully disclosed basis; offers its investment advisory programs and platforms; and provides technology and additional processing and related services to the advisors of the broker-dealer subsidiary of a large global insurance company and their clients under a multi-year agreement. Termination fees may be payable by a terminating or breaching party depending on the specific cause of termination.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2012
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Share-Based Compensation Certain employees, advisors, officers and directors participate in various stock option plans. In addition, certain financial institutions participate in a warrant plan. Stock options and warrants generally vest in equal increments over a three- to five-year period and expire on the 10th anniversary following the date of grant. The Company recognizes share-based compensation expense related to employee stock option awards based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized $4.2 million and $3.8 million of share-based compensation related to the vesting of employee stock option awards during the three months ended March 31, 2012 and 2011, respectively, which is included in compensation and benefits on the unaudited condensed consolidated statements of income. As of March 31, 2012, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted was $48.6 million, which is expected to be recognized over a weighted-average period of 3.79 years. The Company recognizes share-based compensation expense for stock options and warrants awarded to its advisors and financial institutions based on the fair value of the awards at each interim reporting period. The Company recognized $2.3 million and $1.0 million of share-based compensation during the three months ended March 31, 2012 and 2011, respectively, related to the vesting of stock options and warrants awarded to its advisors and financial institutions, which is classified within commissions and advisory fees on the unaudited condensed consolidated statements of income. As of March 31, 2012, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted was $19.6 million for advisors and financial institutions, which is expected to be recognized over a weighted-average period of 3.87 years. 2008 Nonqualified Deferred Compensation Plan On November 19, 2008, the Company established an unfunded, unsecured deferred compensation plan to permit employees and former employees who held non-qualified stock options issued under the 2005 Stock Option Plan for Incentive Stock Options and 2005 Stock Option Plan for Non-qualified Stock Options that were to expire in 2009 and 2010, to receive stock units under the 2008 Nonqualified Deferred Compensation Plan ("Deferred Compensation Plan"). On February 22, 2012, the Company distributed 1,673,556 shares, net of shares withheld to satisfy withholding tax requirements, pursuant to the terms of the Deferred Compensation Plan. Distributions to participants were made in the form of whole shares of common stock equal to the number of stock units allocated to the participant's account, with fractional shares paid out in cash. Participants authorized the Company to withhold shares from their distribution of common stock to satisfy their withholding tax obligations. Accordingly on February 22, 2012, the Company repurchased 1,149,896 shares and paid $37.5 million of cash consideration related to tax withholdings. The repurchase of shares was executed under the share repurchase program approved by the Board of Directors on August 16, 2011. Special Dividend On March 30, 2012, the Company's Board of Directors approved a special dividend of $2.00 per share to common stockholders. The dividend will be paid on May 25, 2012 to stockholders of record as of May 15, 2012. As of March 31, 2012, the Company has recorded a liability of $220.6 million as dividends payable in the unaudited condensed consolidated statements of financial position based on the number of shares of common stock outstanding on that date. Stock options and warrants exercised after March 31, 2012 increase share count; therefore, the actual dividend payment is dependent on the number of stock options and warrants that are exercised before May 15, 2012.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Earnings per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Prior to February 22, 2012, the Company was required to calculate earnings per share using the two-class method by allocating a portion of its earnings to employees who held stock units containing non-forfeitable rights to dividends or dividend equivalents under its Deferred Compensation Plan. Basic earnings per share was computed by dividing income less earnings attributable to employees that held stock units under the Deferred Compensation Plan by the basic weighted average number of shares outstanding. Diluted earnings per share was computed in a manner similar to basic earnings per share, except the weighted average number of shares outstanding is increased to include the dilutive effect of outstanding stock options, warrants and other stock-based awards. After the distribution of shares on February 22, 2012 to satisfy the Deferred Compensation Plan, the two-class method was no longer applicable.

A reconciliation of the income used to compute basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 is as follows:



	For the Three Months Ended March 31,
	2012		2011
	(In thousands)
Basic earnings per share:
Net income, as reported	$	41,179	$	48,999
Allocation of undistributed earnings to stock units	—		(630		)
Net income, for computing basic earnings per share	$	41,179	$	48,369
Diluted earnings per share:
Net income, as reported	$	41,179	$	48,999
Allocation of undistributed earnings to stock units	—		(606		)
Net income, for computing diluted earnings per share	$	41,179	$	48,393

A reconciliation of the weighted average number of shares outstanding used to compute basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 is as follows:



	For the Three Months Ended March 31,
	2012	2011
	(In thousands)
Basic weighted average number of shares outstanding	108,956	108,807
Dilutive common share equivalents	3,573	4,389
Diluted weighted average number of shares outstanding(1)	112,529	113,196

________________________________


(1)	Included within the weighted average share count for the three months ended March 31, 2012, is approximately 850,000 shares resulting from the distribution pursuant to the Deferred Compensation Plan (see Note 11).

Basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 are as follows:



	For the Three Months Ended March 31,
	2012		2011
Basic earnings per share	$	0.38	$	0.44
Diluted earnings per share	$	0.37	$	0.43

The computation of diluted earnings per share excluded stock options and warrants to purchase 3,545,280 shares and 3,149,811 shares for the three months ended March 31, 2012 and 2011 because the effect would have been anti-dilutive, respectively.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2012
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions One of the Company’s majority stockholders owns a minority interest in Artisan Partners Limited Partnership (“Artisan”), which pays fees in exchange for product distribution and record-keeping services. During the three months ended March 31, 2012 and 2011, the Company earned $0.8 million and $0.7 million, respectively, in fees from Artisan. Additionally, as of March 31, 2012 and December 31, 2011, Artisan owed the Company $0.8 million and $0.7 million, respectively, which is included in receivables from product sponsors, broker-dealers and clearing organizations on the unaudited condensed consolidated statements of financial condition. One of the Company’s majority stockholders owns a minority interest in XOJET, Inc. (“XOJET”), which provides chartered aircraft services. The Company paid $1.0 million to XOJET during the three months ended March 31, 2011. Certain entities affiliated with SunGard Data Systems Inc. (“SunGard”), a company majority-owned by one of the Company’s majority stockholders, provide data center recovery services. The Company paid $0.1 million to SunGard during the three months ended March 31, 2011. Aplifi, Inc. ("Aplifi"), a privately held technology company in which the Company holds an equity interest, provides software licensing for annuity order entry and compliance. The Company paid $0.4 million and $0.7 million to Aplifi for such services during the three months ended March 31, 2012 and 2011, respectively. An immediate family member of one of the Company’s executive officers, is an executive officer of CresaPartners LLC (“CresaPartners”). CresaPartners provides the Company and its subsidiaries real estate advisory, transaction and project management services. The Company paid $0.1 million to CresaPartners during the three months ended March 31, 2012.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Net Capital and Regulatory Requirements

3 Months Ended

Mar. 31, 2012

Brokers and Dealers [Abstract]

Net Capital and Regulatory Requirements

The Company’s registered broker-dealers are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital, as defined. Net capital is calculated for each broker-dealer subsidiary individually. Excess net capital of one broker-dealer subsidiary may not be used to offset a net capital deficiency of another broker-dealer subsidiary. Net capital and the related net capital requirement may fluctuate on a daily basis.

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries as of March 31, 2012 are presented in the following table (in thousands):



	Net Capital		Minimum Net Capital Required		Excess Net Capital
LPL Financial LLC	$	108,392	$	6,069	$	102,323
UVEST Financial Services Group, Inc.	$	20,098	$	339	$	19,759

LPL Financial is a clearing broker-dealer and UVEST is an introducing broker-dealer. In connection with the Company's 2011 initiative to consolidate UVEST with LPL Financial, UVEST plans to file a broker-dealer withdrawal request with FINRA in 2012 upon transfer of all clients accounts and to maintain sufficient capital to carry out any remaining activities during the interim.

PTC is also 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 a direct material effect on the Company’s unaudited condensed consolidated financial statements.

As of March 31, 2012 and December 31, 2011, the Company’s registered broker-dealers and PTC have met all capital adequacy requirements to which they are subject.

The Company operates in a highly regulated industry. Applicable laws and regulations restrict permissible activities and investments. These policies require compliance with various financial and customer-related regulations. The consequences of noncompliance can include substantial monetary and non-monetary sanctions. In addition, the Company is also subject to comprehensive examinations and supervision by various governmental and self-regulatory agencies. These regulatory agencies generally have broad discretion to prescribe greater limitations on the operations of a regulated entity for the protection of investors or public interest. Furthermore, where the agencies determine that such operations are unsafe or unsound, fail to comply with applicable law, or are otherwise inconsistent with the laws and regulations or with the supervisory policies, greater restrictions may be imposed.

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 17
-Paragraph 15, 16, 17
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2012
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract]
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor's client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisor's clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally three 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, as, and if issued securities. When, as, and if 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 and/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 unaudited 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. UVEST is engaged in buying and selling securities and other financial instruments for clients of advisors. Such transactions are introduced and cleared through a third-party clearing firm on a fully disclosed basis. While introducing broker-dealers generally have less risk than clearing firms, their clearing agreements expose them to credit risk in the event that their clients don’t fulfill contractual obligations with the clearing broker-dealer.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2012
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 3, 2012, the Company announced its intent to acquire Fortigent Holdings Company, Inc. and its wholly owned subsidiaries Fortigent, LLC, Fortigent Reporting Company, LLC, and Fortigent Strategies Company, LLC (together, "Fortigent"). On April 23, 2012, the transaction closed. Total purchase price consideration at the closing of the transaction was $39.5 million, including $9.9 million of cash that the Company placed into escrow subject to adjustment pursuant to the terms of the stock purchase agreement. Fortigent is a leading provider of high net worth solutions and consulting services to RIAs, banks, and trust companies. This strategic acquisition will further enhance the Company's capabilities and offer an extension of the Company's existing services for wealth management advisors.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2012
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLIH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.
Comprehensive Loss Income [Policy Text Block]	Comprehensive Income — In accordance with Accounting Standards Update No. 2011-05, Comprehensive Income — Presentation of Comprehensive Income, adopted in the first quarter of 2012, the Company presents its unaudited condensed consolidated statements of comprehensive income separately and immediately following its unaudited condensed consolidated statements of income. The Company’s comprehensive income is composed of net income and the effective portion of the unrealized gains on financial derivatives in cash flow hedge relationships, net of related tax effects.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates — The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates estimates, including those related to revenue and related expense recognition, asset impairment, valuation of accounts receivable, valuation of financial derivatives, contingencies and litigation, valuation and recognition of share-based payments, dividends and income taxes. These accounting policies are stated in the notes to the audited consolidated financial statements for the year ended December 31, 2011, contained in the Annual Report on Form 10-K as filed with the SEC. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates under different assumptions or conditions and the differences may be material to the unaudited condensed consolidated financial statements.
Segment Reporting, Policy [Policy Text Block]	Reportable Segment — The Company’s internal reporting is organized into three service channels; Independent Advisor Services, Institution Services and Custom Clearing Services, which are designed to enhance the services provided to its advisors and financial institutions. These service channels qualify as individual operating segments, but are aggregated and viewed as one single reportable segment due to their similar economic characteristics, products and services, production and distribution process, regulatory environment and quantitative thresholds.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments — The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its indebtedness. The Company carries its indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4 for additional detail regarding the Company’s fair value measurements. As of March 31, 2012, the carrying amount and fair value of the Company’s indebtedness was approximately $1,350.0 million and $1,333.6 million, respectively. As of December 31, 2011, the carrying amount and fair value was approximately $1,332.7 million and $1,328.2 million, respectively.

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5, 6, 16-19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 96-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 97-2
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 02, 03

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph k
-Article 1

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 40
-Section 45
-URI http://asc.fasb.org/section&trid=2197723

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.3A-02)
-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6382870&loc=d3e33801-111570

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2197087

+ Details

Restructuring (Tables)

3 Months Ended

Mar. 31, 2012

Restructuring [Abstract]

Summary of changes in accrued restructuring expense balances

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts as of and for the three months ended March 31, 2012 (in thousands):



	Accrued Balance at December 31, 2011		Costs Incurred		Payments			Non-cash			Accrued Balance at March 31, 2012		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs(1)
Conversion and transfer costs	$	1,076	$	1,207	$	(2,216	)	$	—		$	67	$	10,385	$	14,690
Contract penalties	8,832		—		(8,270		)	—			562		8,642		8,642
Advisor retention and related benefits	250		241		(13		)	(228		)	250		1,030		5,513
Asset impairments	—		—		—			—			—		2,776		2,776
Total	$	10,158	$	1,448	$	(10,499	)	$	(228	)	$	879	$	22,833	$	31,621

________________________________

(1)

Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2012

Dec. 31, 2011

Fair Value Disclosures [Abstract]

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

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2012 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At March 31, 2012:
Assets
Cash equivalents	$	499,128	$	—	$	—	$	499,128
Securities owned — trading:
Money market funds	490		—		—		490
Mutual funds	5,087		—		—		5,087
Equity securities	52		—		—		52
Debt securities	—		159		—		159
U.S. treasury obligations	900		—		—		900
Total securities owned — trading	6,529		159		—		6,688
Other assets	26,874		—		—		26,874
Total assets at fair value	$	532,531	$	159	$	—	$	532,690
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	221	$	—	$	—	$	221
Debt securities	—		81		—		81
Certificates of deposit	—		40		—		40
Total securities sold, but not yet purchased	221		121		—		342
Accounts payable and accrued liabilities	—		714		16,593		17,307
Total liabilities at fair value	$	221	$	835	$	16,593	$	17,649

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2011 (in thousands):



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Measurements
At December 31, 2011:
Assets
Cash equivalents	$	575,243	$	—	$	—	$	575,243
Securities owned — trading:
Money market funds	262		—		—		262
Mutual funds	4,966		—		—		4,966
Equity securities	47		—		—		47
Debt securities	—		115		—		115
Certificates of deposit	900		—		—		900
Total securities owned — trading	6,175		115		—		6,290
Other assets	21,400		—		—		21,400
Total assets at fair value	$	602,818	$	115	$	—	$	602,933
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	134	$	—	$	—	$	134
Debt securities	—		2		—		2
Certificates of deposit	—		25		—		25
Total securities sold, but not yet purchased	134		27		—		161
Accounts payable and accrued liabilities	—		1,377		16,104		17,481
Total liabilities at fair value	$	134	$	1,404	$	16,104	$	17,642

Reconciliation of contingent consideration classified as a liability using significant unobservable inputs (Level 3)

Changes in Level 3 Recurring Fair Value Measurements



Three Months Ended March 31, 2012 (in thousands):
Fair value at December 31, 2011	$	16,104
Total unrealized losses included in earnings(1)	489
Fair value at March 31, 2012	$	16,593

________________________________

(1) Represents the accretion of contingent consideration as the Company approaches the future expected payment.

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details

Held-to-Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2012

Investments, Debt and Equity Securities [Abstract]

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

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



	Amortized Cost		Gross Unrealized Gains		Fair Value
At March 31, 2012:
U.S. government notes	$	9,152	$	11	$	9,163

At December 31, 2011:
U.S. government notes	$	11,167	$	27	$	11,194

Maturities of securities held-to-maturity

At March 31, 2012, the held-to-maturity securities were scheduled to mature as follows (in thousands):



	Within 1 Year			1-3 Years		Total
U.S. government notes — at amortized cost	$	6,113	—	$	3,039	$	9,152
U.S. government notes — at fair value	$	6,126		$	3,037	$	9,163

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5086-111524

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6435544&loc=d3e41834-113960

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

+ Details

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

The components of intangible assets

The components of intangible assets as of March 31, 2012 and December 31, 2011 are as follows (dollars in thousands):



	Weighted Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
At March 31, 2012:
Definite-lived intangible assets:
Advisor and financial institution relationships	13.5	$	450,164	$	(138,793	)	$	311,371
Product sponsor relationships	13.8	230,916		(66,840		)	164,076
Client relationships	12.7	14,910		(2,338		)	12,572
Total definite-lived intangible assets		$	695,990	$	(207,971	)	$	488,019
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	527,838

At December 31, 2011:
Definite-lived intangible assets:
Advisor and financial institution relationships	13.7	$	450,164	$	(132,503	)	$	317,661
Product sponsor relationships	14.0	230,916		(63,710		)	167,206
Client relationships	12.9	14,910		(1,926		)	12,984
Total definite-lived intangible assets		$	695,990	$	(198,139	)	$	497,851
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	537,670

Amortization expense

Amortization expense for each of the fiscal years ended December 31, 2012 through 2016 and thereafter is estimated as follows (in thousands):



2012 - remainder	$	29,218
2013	38,268
2014	37,991
2015	37,111
2016	37,004
Thereafter	308,427
Total	$	488,019

Indebtedness (Tables)

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Outstanding borrowings

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



		March 31, 2012					December 31, 2011
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Hedged with an interest rate swap(1)	3/29/2017	$	65,000	2.97	%	(2)	$	65,000	2.33	%	(5)
Unhedged:
2013 Term Loans	6/28/2013	—					237,489		2.05	%	(6)
2015 Term Loans	6/25/2015	—					476,935		4.25	%	(7)
2017 Term Loans	6/28/2017	—					553,244		5.25	%	(8)
Term Loan A	3/29/2017	670,000		2.74	%	(3)	—
Term Loan B	3/29/2019	615,000		4.00	%	(4)	—
Total borrowings		1,350,000					1,332,668
Less current borrowings (maturities within 12 months)		42,900					13,971
Long-term borrowings — net of current portion		$	1,307,100				$	1,318,697

____________


(1)	The original maturity of the hedged portion of the senior secured term loan was June 28, 2013 prior to the refinancing entered into on March 29, 2012.


(2)	As of March 31, 2012, the variable interest rate for the hedged portion of Term Loan A is based on the three-month LIBOR of 0.47%, plus the applicable interest rate margin of 2.50%.


(3)	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan A is based on the one-month LIBOR of 0.24%, plus the applicable interest rate margin of 2.50%.


(4)	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan B is based on the greater of the one-month LIBOR of 0.24% or 1.00%, plus the applicable interest rate margin of 3.00%.


(5)	As of December 31, 2011, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.58%, plus the applicable interest rate margin of 1.75%.


(6)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of 1.75%.


(7)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%.


(8)	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.

Summary of minimum calendar year payments and maturities of the senior secured borrowings

The minimum calendar year payments and maturities of the senior secured borrowings as of March 31, 2012 are as follows (in thousands):



2012 — remainder	$	32,175
2013	42,900
2014	70,463
2015	79,650
2016	79,650
Thereafter	1,045,162
Total	$	1,350,000

- 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/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-Paragraph 8
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Future minimum payments under leases, lease commitments and other non cancellable contractual obligations



2012 - remainder	$	20,273
2013	24,234
2014	24,591
2015	25,530
2016	25,507
Thereafter	261,607
Total(1)	$	381,742

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings per share reconciliation

A reconciliation of the income used to compute basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 is as follows:



	For the Three Months Ended March 31,
	2012		2011
	(In thousands)
Basic earnings per share:
Net income, as reported	$	41,179	$	48,999
Allocation of undistributed earnings to stock units	—		(630		)
Net income, for computing basic earnings per share	$	41,179	$	48,369
Diluted earnings per share:
Net income, as reported	$	41,179	$	48,999
Allocation of undistributed earnings to stock units	—		(606		)
Net income, for computing diluted earnings per share	$	41,179	$	48,393

Weighted average shares outstanding reconciliation

A reconciliation of the weighted average number of shares outstanding used to compute basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 is as follows:



	For the Three Months Ended March 31,
	2012	2011
	(In thousands)
Basic weighted average number of shares outstanding	108,956	108,807
Dilutive common share equivalents	3,573	4,389
Diluted weighted average number of shares outstanding(1)	112,529	113,196

________________________________


(1)	Included within the weighted average share count for the three months ended March 31, 2012, is approximately 850,000 shares resulting from the distribution pursuant to the Deferred Compensation Plan (see Note 11).

Basic and diluted earnings per share

Basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 are as follows:



	For the Three Months Ended March 31,
	2012		2011
Basic earnings per share	$	0.38	$	0.44
Diluted earnings per share	$	0.37	$	0.43

Net Capital and Regulatory Requirements (Tables)

3 Months Ended

Mar. 31, 2012

Brokers and Dealers [Abstract]

Net capital and net capital requirements for the Company's broker-dealer subsidiaries

Net capital and net capital requirements for the Company’s broker-dealer subsidiaries as of March 31, 2012 are presented in the following table (in thousands):



	Net Capital		Minimum Net Capital Required		Excess Net Capital
LPL Financial LLC	$	108,392	$	6,069	$	102,323
UVEST Financial Services Group, Inc.	$	20,098	$	339	$	19,759

- Definition

Tabular disclosure of computation of net capital under the SEC Regulations which may include a reconciliation (including appropriate explanations) if material differences exist between the computations made by the independent auditor based on the audited financial statements and the broker-dealer's original unaudited Part II or IIA filing, a statement that a reconciliation is not necessary if no material differences exist between the computations made by the independent auditor based on the audited financial statements and the broker-dealer's unaudited Part II or IIA filing, when different, total assets and total liabilities, as reported in the statement of financial condition, are reconciled to the total current assets and total liabilities, respectively, as reported in the statement of computation of minimum net capital. Disclosure may also include stockholder's equity, stockholders' equity not allowable for net capital, stockholders' equity qualified for net capital, subordinated borrowings allowable in computation of net capital, other deductions or allowable credits and total capital and allowable subordinated borrowings.

+ References + Details

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior credit facilities	$ 1,350,000	$ 1,332,668
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$ 1,333,600	$ 1,328,200

Restructuring Table (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2012

USD ($)

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

$ 10,158

Costs Incurred

1,448

Payments

(10,499)

Non-cash

(228)

Accrued Balance, End of Period

879

Cumulative Costs Incurred to Date

22,833

Conversion and transfer costs [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

1,076

Costs Incurred

1,207

Payments

(2,216)

Non-cash

Accrued Balance, End of Period

Cumulative Costs Incurred to Date

10,385

Total Expected Restructuring Costs

14,690

^[1]

Contract penalties [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

8,832

Costs Incurred

Payments

(8,270)

Non-cash

Accrued Balance, End of Period

562

Cumulative Costs Incurred to Date

8,642

Total Expected Restructuring Costs

8,642

^[1]

Advisor retention and related benefits [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

250

Costs Incurred

241

Payments

(13)

Non-cash

(228)

Accrued Balance, End of Period

250

Cumulative Costs Incurred to Date

1,030

Total Expected Restructuring Costs

5,513

^[1]

Asset impairments [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

Costs Incurred

Payments

Non-cash

Accrued Balance, End of Period

Cumulative Costs Incurred to Date

2,776

Total Expected Restructuring Costs

2,776

^[1]

Restructuring Related Costs Excluded from Total Restructuring Cost Estimate [Member]

Restructuring Reserve [Roll Forward]

Internally developed software

$ 12,000

Internally-developed software, useful life, minimum | yr

Internally-developed software, useful life, maximum | yr

Payments for software development activities

$ 12,700

Capitalized computer software

10,300

Capitalized internally-developed software, additions expected within next 12 months

1,700

UVEST Financial Services Group, Inc. [Member]

Restructuring Reserve [Roll Forward]

Total Expected Restructuring Costs

$ 31,621

^[1]

[1]

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member]
$ in Thousands

3 Months Ended

Mar. 31, 2012

USD ($)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair value at December 31, 2011

$ 16,104

Total unrealized losses included in earnings

489

^[1]

Fair value at March 31, 2012

$ 16,593

[1]	(1) Represents the accretion of contingent consideration as the Company approaches the future expected payment.

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 499,128	$ 575,243
Securities owned-trading	6,529	6,175
Other assets	26,874	21,400
Total assets at fair value	532,531	602,818
Securities sold but not yet purchased - at fair value	221	134
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	221	134
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	159	115
Other assets	0	0
Total assets at fair value	159	115
Securities sold but not yet purchased - at fair value	121	27
Accounts payable and accrued liabilities	714	1,377
Total liabilities at fair value	835	1,404
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold but not yet purchased - at fair value	0	0
Accounts payable and accrued liabilities	16,593	16,104
Total liabilities at fair value	16,593	16,104
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	499,128	575,243
Securities owned-trading	6,688	6,290
Other assets	26,874	21,400
Total assets at fair value	532,690	602,933
Securities sold but not yet purchased - at fair value	342	161
Accounts payable and accrued liabilities	17,307	17,481
Total liabilities at fair value	17,649	17,642
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	221	134
Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Equity Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Equity Securities [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	221	134
Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	81	2
Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Debt Securities [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	81	2
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	40	25
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	0	0
Certificates of Deposit [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold but not yet purchased - at fair value	40	25
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	490	262
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Money Market Funds [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	490	262
Mutual Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	5,087	4,966
Mutual Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Mutual Funds [Member] \| Fair Value, 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] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	5,087	4,966
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	52	47
Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Equity Securities [Member] \| Fair Value, 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] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	52	47
Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	159	115
Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Debt Securities [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	159	115
US Treasury Obligations [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	900
US Treasury Obligations [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
US Treasury Obligations [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0
US Treasury Obligations [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	$ 900
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		900
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		0
Certificates of Deposit [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading		$ 900

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Amortized Cost	$ 9,152	$ 11,167
US Government Agencies Debt Securities [Member]
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Amortized Cost	9,152	11,167
Gross Unrealized Gains	11	27
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Fair Value	$ 9,163	$ 11,194

- Definition

For an unclassified balance sheet, this item represents investments in debt securities which are categorized as held-to-maturity. The held-to-maturity category is for those securities that the entity has the positive intent and ability to hold until maturity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 4
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.6)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.1)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Held-to-Maturity Securities (Details 1) - US Government Agencies Debt Securities [Member] $ in Thousands	Mar. 31, 2012 USD ($)
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within 1 Year	$ 6,113
U.S. government notes - at amortized cost, 1-3 Years	3,039
U.S. government notes - at amortized cost, Total	9,152
U.S. government notes - at fair value, Within 1 Year	6,126
U.S. government notes - at fair value, 1-3 Years	3,037
U.S. government notes - at fair value, Total	$ 9,163

Intangible Assets (Details) $ in Thousands	3 Months Ended	12 Months Ended
Intangible Assets (Details) $ in Thousands	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Definite-lived intangible assets:
Gross Carrying Value	$ 695,990	$ 695,990
Accumulated Amortization	(207,971)	(198,139)
Net Carrying Value	488,019	497,851
The components of intangible assets
Total intangible assets	527,838	537,670
Trademark and trade name [Member]
Indefinite-lived intangible assets:
Net Carrying Value	39,819	39,819
Advisor and financial institution relationships [Member]
Definite-lived intangible assets:
Gross Carrying Value	450,164	450,164
Accumulated Amortization	(138,793)	(132,503)
Net Carrying Value	$ 311,371	$ 317,661
Weighted Average Life Remaining (in years)	13.5	13.7
Product sponsor relationships [Member]
Definite-lived intangible assets:
Gross Carrying Value	$ 230,916	$ 230,916
Accumulated Amortization	(66,840)	(63,710)
Net Carrying Value	$ 164,076	$ 167,206
Weighted Average Life Remaining (in years)	13.8	14.0
Client relationships [Member]
Definite-lived intangible assets:
Gross Carrying Value	$ 14,910	$ 14,910
Accumulated Amortization	(2,338)	(1,926)
Net Carrying Value	$ 12,572	$ 12,984
Weighted Average Life Remaining (in years)	12.7	12.9

Intangible Assets (Details 1) $ in Thousands	3 Months Ended
Intangible Assets (Details 1) $ in Thousands	Mar. 31, 2012 USD ($)
Amortization expense
2012	$ 29,218
2013	38,268
2014	37,991
2015	37,111
2016	37,004
Thereafter	308,427
Total	$ 488,019

Intangible Assets (Details Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense of intangible assets	$ 9.8	$ 9.5

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2012	Mar. 31, 2011
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	35.00%
Effective income tax rate	38.40%	39.90%

Indebtedness (Details) - USD ($)
$ in Thousands

Mar. 31, 2012

Dec. 31, 2011

Senior secured term loan:

Balance

$ 1,350,000

$ 1,332,668

Less current borrowings (maturities within 12 months)

42,900

13,971

Long-term borrowings - net of current portion

1,307,100

1,318,697

Hedged with interest rate swaps [Member]

Senior secured term loan:

Balance

^[1]

$ 65,000

Rate

2.97%

^[2]

2.33%

^[3]

2013 Term Loans [Member]

Senior secured term loan:

Balance

$ 0

$ 237,489

Rate

^[4]

2.05%

2015 Term Loans [Member]

Senior secured term loan:

Balance

$ 476,935

Rate

^[5]

4.25%

2017 Term Loans [Member]

Senior secured term loan:

Balance

$ 553,244

Rate

^[6]

5.25%

Term Loan A [Member]

Senior secured term loan:

Balance

$ 670,000

$ 0

Rate

^[7]

2.74%

Term Loan B [Member]

Senior secured term loan:

Balance

$ 615,000

$ 0

Rate

^[8]

4.00%

[1]	The original maturity of the hedged portion of the senior secured term loan was June 28, 2013 prior to the refinancing entered into on March 29, 2012.
[2]	As of March 31, 2012, the variable interest rate for the hedged portion of Term Loan A is based on the three-month LIBOR of 0.47%, plus the applicable interest rate margin of 2.50%
[3]	As of December 31, 2011, the variable interest rate for the hedged portion of the 2013 Term Loans is based on the three-month LIBOR of 0.58%, plus the applicable interest rate margin of
[4]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of
[5]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%
[6]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.
[7]	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan A is based on the one-month LIBOR of 0.24%, plus the applicable interest rate margin of 2.50%
[8]	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan B is based on the greater of the one-month LIBOR of 0.24% or 1.00%, plus the applicable interest rate margin of

Indebtedness (Details 1) - USD ($)	3 Months Ended
Indebtedness (Details 1) - USD ($)	Mar. 31, 2012	Mar. 31, 2011
Summary of borrowing activity in the revolving and uncommitted line of credit facilities
Average balance outstanding	$ 132,000	$ 6,000
Weighted-average interest rate	1.25%	1.50%

Indebtedness (Details 2) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Summary of minimum calendar year payments and maturities of the senior secured borrowings
2012 - remainder	$ 32,175
2013	42,900
2014	70,463
2015	79,650
2016	79,650
Thereafter	1,045,162
Total	$ 1,350,000	$ 1,332,668

Indebtedness (Details Textuals) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Mar. 29, 2012

Dec. 31, 2011

Debt Instrument [Line Items]

Deferred Finance Costs Capitalized, Credit Agreement

$ 23,700

Amortization of Financing Costs

$ 1,228

$ 1,273

Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

250,000

2013 Term Loans [Member]

Debt Instrument [Line Items]

Repayment of Debt

302,500

Amortization of Financing Costs

16,500

Stated Interest rate percentage

^[1]

2.05%

2015 Term Loans [Member]

Debt Instrument [Line Items]

Repayment of Debt

476,900

Stated Interest rate percentage

^[2]

4.25%

2017 Term Loans [Member]

Debt Instrument [Line Items]

Repayment of Debt

$ 553,200

Stated Interest rate percentage

^[3]

5.25%

PTC [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility to support related party debt

10,000

San Diego Office [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility to support related party debt

$ 20,700

Tranche 2013 [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

3.50%

Percentage of commitment fee

0.75%

Line of credit facility maturity period extended

$ 163,500

Bank Loans Payable [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 150,000

Term Loan A [Member]

Debt Instrument [Line Items]

Aggregate principal amount of senior unsecured subordinated notes

735,000

Stated Interest rate percentage

^[4]

2.74%

Term Loan B [Member]

Debt Instrument [Line Items]

Aggregate principal amount of senior unsecured subordinated notes

$ 615,000

Debt instrument periodic payment principal, percent

1.00%

Stated Interest rate percentage

^[5]

4.00%

Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Percentage of commitment fee

0.50%

Base Rate [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

0.75%

Base Rate [Member] | 2015 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.75%

Base Rate [Member] | 2017 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.75%

Base Rate [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.50%

Base Rate [Member] | Term Loan B [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.00%

Base Rate [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.50%

Libor Rate [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.75%

Libor Rate [Member] | 2015 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.75%

Libor Rate [Member] | 2017 Term Loans [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

3.75%

Libor Rate [Member] | 2015 Term Loans and 2017 Term Loans [Member] | Minimum [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

1.50%

Libor Rate [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.50%

Libor Rate [Member] | Term Loan B [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

3.00%

Libor Rate [Member] | Term Loan B [Member] | Minimum [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

1.00%

Libor Rate [Member] | Revolving Line Of Credit [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.50%

Libor Rate 3 Month [Member] | 2013 Term Loans [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

0.58%

Libor Rate 3 Month [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

0.47%

Libor Rate 1 Month [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

0.24%

0.30%

Alternative Base Rate [Member] | 2015 Term Loans and 2017 Term Loans [Member]

Debt Instrument [Line Items]

Benchmark short-term interest rate

1.50%

Alternative Base Rate [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

0.50%

Alternative Base Rate [Member] | Term Loan B [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

0.50%

Benchmark short-term interest rate

1.00%

Eurodollar Rate [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.00%

Eurodollar Rate [Member] | Term Loan B [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

1.00%

Minimum alternative base rate [Member] | Term Loan B [Member]

Debt Instrument [Line Items]

Margin rate for borrowings

2.00%

Years one and two [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Debt instrument periodic payment principal, percent

5.00%

Years three, four and five [Member] | Term Loan A [Member]

Debt Instrument [Line Items]

Debt instrument periodic payment principal, percent

10.00%

[1]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2013 Term Loans is based on the one-month LIBOR of 0.30%, plus the applicable interest rate margin of
[2]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2015 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 2.75%
[3]	As of December 31, 2011, the variable interest rate for the unhedged portion of the 2017 Term Loans is based on the greater of the one-month LIBOR of 0.30% or 1.50%, plus the applicable interest rate margin of 3.75%.
[4]	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan A is based on the one-month LIBOR of 0.24%, plus the applicable interest rate margin of 2.50%
[5]	As of March 31, 2012, the variable interest rate for the unhedged portion of Term Loan B is based on the greater of the one-month LIBOR of 0.24% or 1.00%, plus the applicable interest rate margin of

Interest Rate Swap (Details) - USD ($) $ in Millions	3 Months Ended
Interest Rate Swap (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swap, notional balance	$ 65.0
Fair value of interest rate swap	$ 0.7
Interest rate swap, fixed pay rate	4.85%
Interest rate swap, variable receive rate	0.47%
Effective interest rate paid on interest rate swap	0.58%
Net unrealized gains related to interest rate swap agreements	$ 0.7	$ 2.1
Interest rate cash flow hedge gain (loss) reclassified	0.7	$ 2.4
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, gross	0.7
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 0.4

Commitments and Contingencies (Details)
$ in Thousands

Mar. 31, 2012

USD ($)

Commitments and Contingencies Disclosure [Abstract]

$ 20,273

24,234

24,591

25,530

25,507

261,607

$ 381,742

^[1]

[1]	Minimum payments have not been reduced by minimum sublease rental income of $5.7 million due in the future under noncancellable subleases.

Commitments and Contingencies (Details Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Commitments and Contingencies [Line Items]
Minimum sublease rental income	$ 5.7
San Diego Office Lease, Future [Abstract]
Operating Leases Future Minimum Payments Due In Three Years, Future San Diego Office Lease	9.6
Operating Leases Future Minimum Payments Due In Four Years, Future San Diego Office Lease	14.8
Operating Leases Future Minimum Payments Due In Five Years, Future San Diego Office Lease	15.4
Operating Leases Future Minimum Payments Due Thereafter, Future San Diego Office Lease	236.8
Operating leases rental expense	4.3	$ 4.2
Other Commitments [Abstract]
Collateral security	327.5		$ 350.2
Fair value of securities received as collateral that can be resold or repledged	37.5		32.7
Collateral security pledged in bank	140.6		145.0
Collateral security remaining unpledged	149.4		172.5
Total remaining collateral security	290.0		317.5
Receivables from clearing organizations	0.9		0.9
Options Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that can be resold or repledged	20.7		18.4
National Securities Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that can be resold or repledged	$ 16.8		$ 14.3

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 22, 2012 USD ($) shares	Mar. 31, 2012 USD ($) yr $ / shares	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)
2008 Nonqualified deferred compensation plan:
Treasury stock purchases		$ 37,486
Special dividend:
Special dividend declared for common stockholders, per share \| $ / shares		$ 2.00
Dividends payable		$ 220,590	$ 0	$ 0
Employee Stock Option [Member]
Share-based compensation:
Share based compensation charge		4,200	3,800
Share based compensation cost unrecognized		$ 48,600
Non-vested compensation cost weighted-average period \| yr		3.79
Advisors And Financial Institutions [Member]
Share-based compensation:
Share based compensation charge		$ 2,300	$ 1,000
Share based compensation cost unrecognized		$ 19,600
Non-vested compensation cost weighted-average period \| yr		3.87
Nonqualified Deferred Compensation Plan [Member]
2008 Nonqualified deferred compensation plan:
Common shares distributed, net of shares withheld to satisfy withholding tax requirements \| shares	1,673,556
Treasury stock purchases, shares \| shares	1,149,896
Treasury stock purchases	$ 37,500

Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Basic earnings per share:

Net income, as reported

$ 41,179

$ 48,999

Allocation of undistributed earnings to stock units

(630)

Net income, for computing basic earnings per share

41,179

48,369

Diluted earnings per share:

Net income, as reported

41,179

48,999

Allocation of undistributed earnings to stock units

(606)

Net income, for computing diluted earnings per share

$ 41,179

$ 48,393

Reconciliation of weighted average shares for the basic and diluted shares computations:

Basic weighted average number of shares outstanding

108,956,000

^[1]

108,807,000

Dilutive common share equivalents

3,573,000

^[1]

4,389,000

Diluted weighted average number of shares outstanding

112,529,000

^[1]

113,196,000

Weighted average share count increase due to Deferred Compensation Plan

850,000

Basic and diluted earnings per share:

Basic earnings per share

$ 0.38

$ 0.44

Diluted earnings per share

$ 0.37

$ 0.43

[1]	Included within the weighted average share count for the three months ended March 31, 2012, is approximately 850,000 shares resulting from the distribution pursuant to the Deferred Compensation Plan (see Note 11).

Earnings per Share (Details Textuals) - shares	3 Months Ended
Earnings per Share (Details Textuals) - shares	Mar. 31, 2012	Mar. 31, 2011
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	3,545,280	3,149,811

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Artisan Partners Limited Partnership [Member]
Related Party Transaction [Line Items]
Revenue from related party transactions	$ 0.8	$ 0.7
Related party transactions due amounts including transactions in consolidated financial statements	0.8		$ 0.7
XOJET, Inc. [Member]
Related Party Transaction [Line Items]
Related party transactions expenses		1.0
SunGard Data Systems Inc. [Member]
Related Party Transaction [Line Items]
Related party transactions expenses		0.1
Aplifi, Inc. [Member]
Related Party Transaction [Line Items]
Related party transactions expenses	0.4	$ 0.7
Cresa Partners LLC [Member]
Related Party Transaction [Line Items]
Related party transactions expenses	$ 0.1

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k
-Subparagraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 16, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Net Capital and Regulatory Requirements (Details) $ in Thousands	Mar. 31, 2012 USD ($)
LPL Financial LLC [Member]
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 108,392
Minimum Net Capital Required	6,069
Excess Net Capital	102,323
UVEST Financial Services Group, Inc. [Member]
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	20,098
Minimum Net Capital Required	339
Excess Net Capital	$ 19,759

Subsequent Events Fortigent Acquisition (Details) - Acquisition [Member] - Fortigent [Member] $ in Millions	Apr. 23, 2012 USD ($)
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Purchase Price	$ 39.5
Business Acquisition Cost Of Acquired Entity Cash Placed In Escrow	$ 9.9