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Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2013	Jul. 17, 2013
Entity Information [Line Items]
Entity Registrant Name	LPL Financial 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	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		105,018,375

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
REVENUES:
Commission	$ 508,399	$ 447,243	$ 993,971	$ 910,896
Advisory	298,094	268,192	579,320	519,173
Asset-based	107,505	102,784	211,271	200,025
Transaction and other	88,631	78,894	178,009	153,466
Interest income, net of interest expense	4,426	4,800	8,834	9,510
Other	11,865	5,930	22,311	16,546
Total net revenues	1,018,920	907,843	1,993,716	1,809,616
EXPENSES:
Commission and advisory	701,687	620,582	1,361,240	1,237,974
Compensation and benefits	98,227	93,034	197,007	182,046
Promotional	24,804	26,122	48,469	42,953
Depreciation and amortization	20,245	17,412	40,019	34,587
Occupancy and equipment	16,283	14,007	33,081	28,504
Professional services	14,123	18,199	28,633	31,320
Brokerage, clearing and exchange	11,428	9,554	21,598	19,069
Communications and data processing	10,892	9,797	20,384	18,696
Regulatory fees and other	7,686	6,891	15,105	14,437
Restructuring charges	7,332	2,057	13,369	3,751
Other	10,682	9,441	16,569	16,113
Total operating expenses	923,389	827,096	1,795,474	1,629,450
Non-operating interest expense	12,667	13,439	24,827	29,471
Loss on extinguishment of debt	7,962	0	7,962	16,524
Total expenses	944,018	840,535	1,828,263	1,675,445
INCOME BEFORE PROVISION FOR INCOME TAXES	74,902	67,308	165,453	134,171
PROVISION FOR INCOME TAXES	29,811	27,806	65,645	53,490
NET INCOME	$ 45,091	$ 39,502	$ 99,808	$ 80,681
EARNINGS PER SHARE (Note 11):
Basic	$ 0.42	$ 0.36	$ 0.94	$ 0.73
Diluted	$ 0.42	$ 0.35	$ 0.93	$ 0.72

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net income	$ 45,091	$ 39,502	$ 99,808	$ 80,681
Other comprehensive income, net of tax:
Adjustment for items reclassified to earnings, net of tax expense of $273 and $527 for the three and six months ended June 30, 2012	0	441	0	850
Total other comprehensive income, net of tax	0	441	0	850
TOTAL COMPREHENSIVE INCOME	$ 45,091	$ 39,943	$ 99,808	$ 81,531

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.7-04.22)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Tax expense on adjustment for items reclassified to earnings	$ 0	$ 273	$ 0	$ 527

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 584,871	$ 466,261
Cash and securities segregated under federal and other regulations	440,118	577,433
Receivables from:
Clients, net of allowance of $521 at June 30, 2013 and $587 at December 31, 2012	306,164	369,814
Product sponsors, broker-dealers and clearing organizations	170,061	152,950
Others, net of allowance of $5,979 at June 30, 2013 and $6,675 at December 31, 2012	248,143	241,324
Securities owned:
Trading — at fair value	9,049	8,088
Held-to-maturity	8,669	10,202
Securities borrowed	7,556	9,448
Income taxes receivable	0	5,215
Fixed assets, net of accumulated depreciation and amortization of $281,832 at June 30, 2013 and $324,684 at December 31, 2012	138,881	130,847
Debt issuance costs, net of accumulated amortization of $5,604 at June 30, 2013 and $4,903 at December 31, 2012	18,427	21,254
Goodwill	1,371,523	1,371,523
Intangible assets, net of accumulated amortization of $246,823 at June 30, 2013 and $237,681 at December 31, 2012	483,984	503,528
Other assets	136,188	120,637
Total assets	3,923,634	3,988,524
LIABILITIES:
Drafts payable	155,513	203,132
Payables to clients	487,798	749,505
Payables to broker-dealers and clearing organizations	23,384	53,031
Accrued commission and advisory expenses payable	130,395	128,459
Accounts payable and accrued liabilities	224,211	216,138
Income taxes payable	2,928	0
Unearned revenue	65,500	61,808
Securities sold, but not yet purchased — at fair value	232	366
Senior secured credit facilities	1,540,515	1,317,825
Deferred income taxes — net	106,658	118,240
Total liabilities	2,737,134	2,848,504
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 116,513,596 shares issued at June 30, 2013 and 115,713,741 shares issued at December 31, 2012	116	116
Additional paid-in capital	1,260,977	1,228,075
Treasury stock, at cost — 10,994,785 shares at June 30, 2013 and 9,421,800 shares at December 31, 2012	(345,388)	(287,998)
Retained earnings	270,795	199,827
Total stockholders' equity	1,186,500	1,140,020
Total liabilities and stockholders' equity	$ 3,923,634	$ 3,988,524

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Allowances on receivables from clients	$ 521	$ 587
Allowances on receivables from others	5,979	6,675
Accumulated depreciation and amortization, Fixed assets	281,832	324,684
Accumulated amortization, Debt issuance costs	5,604	4,903
Accumulated amortization, Intangible assets	$ 246,823	$ 237,681
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	116,513,596	115,713,741
Treasury stock, shares	10,994,785	9,421,800

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2011	$ 1,344,748	$ 110	$ 1,137,723	$ (89,037)	$ (850)	$ 296,802
BEGINNING BALANCE, shares at Dec. 31, 2011		110,532		2,618
Net income and other comprehensive income, net of tax expense	81,531				850	80,681
Issuance of common stock to settle restricted stock units	0	$ 3	(3)
Issuance of common stock to settle restricted stock units, shares		2,823
Treasury stock purchases	(55,894)			$ (55,894)
Treasury stock purchases, shares				1,705
Cash dividends on common Stock	(222,557)					(222,557)
Stock option exercises and other	11,099	$ 2	11,097
Stock option exercises and other, shares		1,952
Share-based compensation	12,072		12,072
Stock Issued During Period, Shares, Share-based Compensation, Gross		22
Excess tax benefits from share-based compensation	48,404		48,404
ENDING BALANCE at Jun. 30, 2012	1,219,403	$ 115	1,209,293	$ (144,931)	0	154,926
ENDING BALANCE, shares at Jun. 30, 2012		115,329		4,323
BEGINNING BALANCE at Dec. 31, 2012	1,140,020	$ 116	1,228,075	$ (287,998)	0	199,827
BEGINNING BALANCE, shares at Dec. 31, 2012		115,714		9,422
Net income and other comprehensive income, net of tax expense	99,808					99,808
Treasury stock purchases	(57,770)			$ (57,770)
Treasury stock purchases, shares				1,584
Cash dividends on common stock	(28,763)					(28,763)
Stock option exercises and other	18,299		17,996	$ 380		(77)
Stock option exercises and other, shares		800		(11)
Share-based compensation	12,693		12,693
Excess tax benefits from share-based compensation	2,213		2,213
ENDING BALANCE at Jun. 30, 2013	$ 1,186,500	$ 116	$ 1,260,977	$ (345,388)	$ 0	$ 270,795
ENDING BALANCE, shares at Jun. 30, 2013		116,514		10,995

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 99,808	$ 80,681
Noncash items:
Depreciation and amortization	40,019	34,587
Amortization of debt issuance costs	2,219	2,349
Share-based compensation	12,693	12,072
Excess tax benefits related to share-based compensation	(2,213)	(48,404)
Provision for bad debts	575	488
Deferred income tax provision	(11,582)	(6,241)
Loss on extinguishment of debt	7,962	16,524
Net changes in estimated fair value of contingent consideration obligations	1,203	709
Other	1,252	1,519
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	137,315	60,968
Receivables from clients	63,716	8,405
Receivables from product sponsors, broker-dealers and clearing organizations	(17,111)	11,844
Receivables from others	(8,127)	(10,806)
Securities owned	(1,089)	(574)
Securities borrowed	1,892	(2,238)
Other assets	(12,101)	(41,215)
Drafts payable	(47,619)	(37,645)
Payables to clients	(261,707)	(51,859)
Payables to broker-dealers and clearing organizations	(29,647)	898
Accrued commission and advisory expenses payable	1,936	(11,747)
Accounts payable and accrued liabilities	2,348	(3,874)
Income taxes receivable/payable	10,356	40,592
Unearned revenue	3,692	(759)
Securities sold, but not yet purchased	(134)	(161)
Net cash (used in) provided by operating activities	(4,344)	56,113
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(32,161)	(18,793)
Purchase of securities classified as held-to-maturity	(2,495)	(2,015)
Proceeds from maturity of securities classified as held-to-maturity	4,000	3,000
Deposits Of Restricted Cash	(1,500)	(9,964)
Release of restricted cash	0	6,800
Payments to Acquire Businesses, Net of Cash Acquired	0	(38,766)
Purchases of minority interest investments	(1,000)	0
Net cash used in investing activities	(33,156)	(59,738)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured credit facilities	(861,160)	(1,343,393)
Proceeds from senior secured credit facilities	1,078,957	1,330,681
Payment of debt amendment costs	(2,461)	(4,431)
Repurchase of common stock	(50,975)	(55,894)
Dividends on common stock	(28,763)	(222,557)
Excess tax benefits related to share-based compensation	2,213	48,404
Proceeds from stock option exercises and other	18,299	11,099
Net cash provided by (used in) financing activities	156,110	(236,091)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	118,610	(239,716)
CASH AND CASH EQUIVALENTS - Beginning of period	466,261	720,772
CASH AND CASH EQUIVALENTS - End of period	584,871	481,056
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	24,779	29,570
Income taxes paid	66,466	17,765
NONCASH DISCLOSURES:
Fixed assets acquired under built-to-suit lease	0	5,599
Gain on interest rate swaps, net of tax expense	0	850
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	4,893	19,319
Pending settlement of treasury stock purchases	$ 6,795	$ 0

Organization and Description of the Company	6 Months Ended
Organization and Description of the Company	Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”) provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively “advisors”) in the United States of America. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services enabling its advisors to offer independent financial advice and brokerage services to retail investors (their “clients”).

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2013
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, 2012, 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 LPLFH 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 — 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 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 instruments, contingent consideration obligations, 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, 2012, 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. 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 would qualify as Level 2 fair value measurements. See Note 4 for additional detail regarding the Company’s fair value measurements. As of June 30, 2013, the carrying amount and fair value of the Company’s indebtedness was approximately $1,540.5 million and $1,534.2 million, respectively. As of December 31, 2012, the carrying amount and fair value was approximately $1,317.8 million and $1,320.4 million, respectively. Contingent Consideration — The Company may be required to pay future consideration to the former shareholders of acquired companies, depending upon the terms of the applicable purchase agreement, that is contingent upon the achievement of certain financial or operating targets. The fair value of the contingent consideration is determined using financial forecasts and other estimates, which assess the probability and timing of the financial targets being reached, and measuring the associated cash payments at their present value using a risk-adjusted rate of return. The estimated fair value of the contingent consideration on the acquisition date is included in the purchase price of the acquired company. At each reporting date, or whenever there are significant changes in underlying key assumptions, a review of these assumptions is performed and the contingent consideration liability is updated to its estimated fair value. If there are no significant changes in the assumptions, the quarterly determination of the fair value of contingent consideration reflects the implied interest for the passage of time. Changes in the estimated fair value of the contingent consideration obligations may result from changes in the terms of the contingent payments, changes in discount periods and rates, changes in assumptions with respect to the timing and likelihood of achieving the applicable targets and other related developments. Actual progress toward achieving the financial targets for the remaining measurement periods may be different than the Company's expectations of future performance. The change in the estimated fair value of contingent consideration has been classified as other expenses in the unaudited condensed consolidated statements of income. Recently Issued Accounting Pronouncements — There were no recently issued accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2013, as compared to the recent accounting pronouncements described in the Company's 2012 Annual Report on Form 10-K, that are of significance, or potential significance, to the Company.

Restructuring

6 Months Ended

Jun. 30, 2013

Restructuring and Related Activities [Abstract]

Restructuring

Service Value Commitment

On February 5, 2013, the Company committed to an expansion of its Service Value Commitment, an ongoing effort to position the Company for sustainable long-term growth by improving the service experience of its advisors and delivering efficiencies in its operating model. The Company has assessed its information technology delivery, governance, organization and strategy and committed to undertake a course of action (the “Program”) to reposition its labor force and invest in technology, human capital, marketing and other key areas to enable future growth. The Program is expected to be completed in 2015.

The Company estimates total charges in connection with the Program to be approximately $65.0 million. These expenditures are comprised of outsourcing and other related costs, technology transformation costs, employee severance obligations and other related costs and non-cash charges for impairment of certain fixed assets related to internally developed software.

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts for the Program as of and for the six months ended June 30, 2013 (in thousands):



	Accrued Balance at December 31, 2012		Costs Incurred(1)		Payments			Non-cash			Accrued Balance at June 30, 2013		Total Expected Restructuring Costs(2)
Outsourcing and other related costs	$	—	$	6,495	$	(5,786	)	$	—		$	709	$	26,000
Technology transformation costs	—		3,200		(2,946		)	—			254		23,000
Employee severance obligations and other related costs	—		1,555		(787		)	—			768		15,000
Asset impairments (Note 4)	—		842		—			(842		)	—		1,000
Total	$	—	$	12,092	$	(9,519	)	$	(842	)	$	1,731	$	65,000

________________________________


(1)	At June 30, 2013, costs incurred represent the total cumulative costs incurred under the Program to date.

(2)

At June 30, 2013, total expected restructuring costs exclude approximately $25.0 million of internally developed software and computer and networking equipment related to the Program that is expected to be capitalized with a useful life ranging from three to seven years, and with expense being recorded as depreciation and amortization within the unaudited condensed consolidated statements of income. As of June 30, 2013, approximately $11.4 million has been spent on technology infrastructure of which approximately $8.2 million has been capitalized, with the remainder included in costs incurred.

Fair Value Measurements

6 Months Ended

Jun. 30, 2013

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 six months ended June 30, 2013.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At June 30, 2013, 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 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. treasury obligations, mutual funds, certificates of deposit and traded equity 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 June 30, 2013, 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 and other mutual funds which are actively traded and valued based on quoted market prices, and certain non-traded real estate investment trusts with quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data.

Contingent Consideration Liabilities — The contingent consideration liabilities, which are included in accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition, result from the Company's acquisitions of National Retirement Partners, Inc. ("NRP"), Concord Capital Partners ("Concord") and Veritat Advisors, Inc. ("Veritat").

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at June 30, 2013 (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 June 30, 2013:
Assets
Cash equivalents	$	333,495	$	—	$	—	$	333,495
Securities owned — trading:
Money market funds	409		—		—		409
Mutual funds	6,229		—		—		6,229
Equity securities	118		—		—		118
Debt securities	—		787		—		787
U.S. treasury obligations	1,506		—		—		1,506
Total securities owned — trading	8,262		787		—		9,049
Other assets	39,398		1,091		—		40,489
Total assets at fair value	$	381,155	$	1,878	$	—	$	383,033
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	9	$	—	$	—	$	9
Equity securities	130		—		—		130
Debt securities	—		48		—		48
Certificates of deposit	—		45		—		45
Total securities sold, but not yet purchased	139		93		—		232
Contingent consideration obligations	—		—		37,090		37,090
Total liabilities at fair value	$	139	$	93	$	37,090	$	37,322

Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, for example, when evidence of impairment exists. During the six months ended June 30, 2013, the Company recorded an asset impairment charge of $0.8 million for certain fixed assets related to internally developed software that were determined to have no estimated fair value (See Note 3). The Company has determined that the impairment qualifies as a non-recurring Level 3 measurement under the fair value hierarchy.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 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 December 31, 2012:
Assets
Cash equivalents	$	177,393	$	—	$	—	$	177,393
Securities owned — trading:
Money market funds	302		—		—		302
Mutual funds	5,737		—		—		5,737
Equity securities	414		—		—		414
Debt securities	—		235		—		235
U.S. treasury obligations	1,400		—		—		1,400
Total securities owned — trading	7,853		235		—		8,088
Other assets	28,624		—		—		28,624
Total assets at fair value	$	213,870	$	235	$	—	$	214,105
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	38	$	—	$	—	$	38
Equity securities	247		—		—		247
Debt securities	—		55		—		55
Certificates of deposit	—		26		—		26
Total securities sold, but not yet purchased	285		81		—		366
Contingent consideration obligations	—		—		35,887		35,887
Total liabilities at fair value	$	285	$	81	$	35,887	$	36,253

Changes in Level 3 Recurring Fair Value Measurements

The table below provides information on the valuation technique, significant unobservable inputs and the ranges utilized by the Company in measuring fair value on a recurring basis of the significant Level 3 liabilities as of June 30, 2013 (dollars in millions):



	Fair Value		Valuation Technique	Unobservable Input	Range
Contingent consideration obligations	$	37.1	Probability weighted discounted cash flow	Discount rate	3% - 13%

The Company determines the fair value for its contingent consideration obligations using an income approach whereby the Company assesses the probability and timing of the achievement of the applicable milestones, which are based on contractually negotiated financial or operating targets that vary by acquisition transaction, such as revenues, gross margin, EBITDA and assets under custody. The contingent payments are estimated using a probability weighted, multi-scenario analysis of expected future performance of the acquired businesses. The Company then discounts these expected payment amounts to calculate the fair value as of the valuation date. The Company's management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management's expectations.

The principal significant unobservable input used in the valuations of the Company's contingent consideration obligations is a risk-adjusted discount rate. Whereas management's underlying projections adjust for market penetration and adoption rates, the discount rate is risk-adjusted for key factors such as advisor attrition, advisor recruitment, expenses and overhead costs, average client assets, revenue generation of client assets and credit risk. An increase in the discount rate will result in a decrease in the fair value of contingent consideration. Conversely, a decrease in the discount rate will result in an increase in the fair value of contingent consideration.

The contingent consideration obligation related to the acquisition of NRP is based on the achievement of certain revenue-based targets for the year ending December 31, 2013 (the "Performance Measurement Period"), in aggregate for those advisors joining LPL Financial LLC ("LPL Financial") subsequent to the NRP acquisition for whom retirement plans comprise a significant part of their business. During the first six months of 2013, as a result of greater than expected recruitment of new advisors who serve retirement plans, which is expected to continue throughout the Performance Measurement Period, the Company revised its revenue estimates and made certain changes in the probability assumptions with respect to the likelihood of achieving the revenue targets. These revisions, combined with implied interest, resulted in a $4.7 million increase in the fair value of the contingent consideration obligation related to NRP during the six months ended June 30, 2013 which is recorded in other expenses in the unaudited condensed consolidated statements of income.

The contingent consideration obligation related to the acquisition of Concord is based on the achievement of targeted levels of gross margin attributed to Concord for the year ending December 31, 2013. Gross margin is calculated as net revenues less production expenses and accordingly, the Company considers gross margin to be a non-GAAP measure. Net revenue includes revenues attributed to Concord's business activities and assets under administration on Concord's software platform. Production expenses include all expenses directly incurred to generate net revenues, including commission and advisory expense and brokerage, clearing and exchange expense. During the first quarter of 2013, the Company revised its estimates of the amount and timing of projected 2013 gross margin and adjusted its assumptions regarding the likelihood of payment. The revisions resulted in a $3.8 million decrease in the fair value of the contingent consideration obligation related to Concord during the six months ended June 30, 2013 which is recorded in other expenses in the unaudited condensed consolidated statements of income. The maximum amount of contingent consideration is $15.0 million.

The contingent consideration obligation related to the acquisition of Veritat is based on the achievement of targeted levels of assets under management and earnings, as well as, the retention of key employees. The majority of the contingent consideration is based on a sliding scale of the financial targets of assets under management and earnings. Financial forecasts are used by management that include assumptions about growth in assets under management, earnings, employee retention and discount rates in order to assist with determining the progress toward these targets. The financial targets are sensitive to advisor recruitment, market fluctuations and the ability of advisors to grow their business. The Company maintained its original estimate for the contingent consideration obligation related to Veritat and therefore recorded implied interest of $0.3 million in other expenses in the unaudited condensed consolidated statements of income during the six months ended June 30, 2013.

Set forth below is a reconciliation of the contingent consideration for the six months ended June 30, 2013 (in thousands):



Fair value at December 31, 2012	$	35,887
Net changes in estimated fair value of contingent consideration obligations	1,203
Fair value at June 30, 2013	$	37,090

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Held-to-Maturity Securities

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

The Company holds certain investments in securities including U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments to maturity. 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 discloses the fair value of its securities held-to-maturity using quoted prices in active markets, which is a Level 1 fair value measurement.

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



	Amortized Cost		Gross Unrealized (Loss) Gain			Fair Value
At June 30, 2013:
U.S. government notes	$	8,669	$	(41	)	$	8,628

At December 31, 2012:
U.S. government notes	$	10,202	$	6		$	10,208

At June 30, 2013, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	5,424	$	2,745	$	500	$	8,669
U.S. government notes — at fair value	$	5,425	$	2,722	$	481	$	8,628

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Intangible Assets

6 Months Ended

Jun. 30, 2013

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

The components of intangible assets as of June 30, 2013 and December 31, 2012 are as follows (dollars in thousands):



	Weighted Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
At June 30, 2013:
Definite-lived intangible assets:
Advisor and financial institution relationships	12.3	$	439,762	$	(159,263	)	$	280,499
Product sponsor relationships	12.5	230,916		(82,490		)	148,426
Client relationships	10.6	19,110		(4,930		)	14,180
Trade names	8.8	1,200		(140		)	1,060
Total definite-lived intangible assets		$	690,988	$	(246,823	)	$	444,165
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	483,984

At December 31, 2012:
Definite-lived intangible assets:
Advisor and financial institution relationships	12.8	$	450,164	$	(157,470	)	$	292,694
Product sponsor relationships	13.0	230,916		(76,230		)	154,686
Client relationships	11.1	19,110		(3,901		)	15,209
Trade names	9.3	1,200		(80		)	1,120
Total definite-lived intangible assets		$	701,390	$	(237,681	)	$	463,709
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	503,528

Total amortization expense of intangible assets was $9.8 million and $10.0 million for the three months ended June 30, 2013 and 2012, respectively, and $19.5 million and $19.8 million for the six months ended June 30, 2013 and 2012, respectively. Amortization expense for each of the fiscal years ending December 31, 2013 through 2017 and thereafter is estimated as follows (in thousands):



2013 — remainder	$	19,462
2014	38,680
2015	37,775
2016	37,619
2017	36,752
Thereafter	273,877
Total	$	444,165

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2013
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 39.8% and 41.3% for the three months ended June 30, 2013 and 2012, respectively, and 39.7% and 39.9% for the six months ended June 30, 2013 and 2012, 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.

Indebtedness

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Indebtedness

Senior Secured Credit Facilities — On May 13, 2013, the Company entered into the First Amendment and Incremental Assumption Agreement (“Amended Credit Agreement”) with its wholly owned subsidiary, LPL Holdings, Inc., the other Credit Parties signatory thereto, the Several Lenders parties thereto, Bank of America, N.A. as Administrative Agent, and other parties thereto. The Amended Credit Agreement supplements and amends the Company's Credit Agreement, dated as of March 29, 2012 (“Previous Credit Agreement”).

The Previous Credit Agreement had established a Term Loan A with an initial principal amount of $735.0 million maturing on March 29, 2017 ("Term Loan A"), a Term Loan B with an initial principal amount of $615.0 million maturing on March 29, 2019 ("Prior Term Loan B") and a revolving credit facility with borrowing capacity of $250.0 million maturing on March 29, 2017 ("Revolving Credit Facility").

Quarterly repayments of the principal for Term Loan A were scheduled to be 5.0% for the twelve months ended March 31, 2014 and 10.0% for the twelve months ended March 31, 2015, 2016 and 2017 (“Mandatory Amortization”), with the remaining principal due upon maturity.

Pursuant to the Amended Credit Agreement, the Company amended Prior Term Loan B to increase its borrowing to an aggregate principal amount of $1,083.9 million (“Amended Term Loan B”). On May 13, 2013, the Company used the proceeds of Amended Term Loan B to (i) refinance the remaining outstanding balance of $608.9 million on Prior Term Loan B and (ii) repay a portion of the outstanding balance on Term Loan A in an aggregate principal amount of $238.9 million (“Term Loan A Repayment”). The remaining loan proceeds are available for working capital requirements and other general corporate purposes. The maturity date of Amended Term Loan B is March 29, 2019. The amount and maturity of the Revolving Credit Facility was not changed in the Amended Credit Agreement.

The Term Loan A Repayment prepaid the Mandatory Amortization. Quarterly repayments of the principal for Amended 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.

In connection with the execution of the Amended Credit Agreement, the Company incurred $7.4 million in costs that are capitalized as debt issuance costs in the unaudited condensed consolidated statements of financial condition. This refinancing resulted in the prepayment of all outstanding principal borrowings on Prior Term Loan B. The Company accelerated the recognition of $8.0 million of unamortized costs attributable to Prior Term Loan B related to the Previous Credit Agreement. This accelerated recognition has been recorded as a loss on extinguishment of debt within the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2013.

The Amended Credit Agreement subjects the Company to certain financial and non-financial covenants. As of June 30, 2013, the Company was in compliance with such covenants.

As of June 30, 2013, the Revolving Credit Facility was being used to support the issuance of $21.4 million of irrevocable letters of credit for the construction of the Company's future San Diego office building and other items. The remaining $228.6 million was undrawn at June 30, 2013.

Borrowings under Term Loan A and Amended Term Loan B 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 Amended Term Loan B, 1.75%. The Company may voluntarily repay outstanding loans under its Amended Credit Agreement at any time without premium or penalty, other than customary breakage costs with respect to LIBOR loans and with the exception of certain repricing transactions in respect of Amended Term Loan B consummated before November 13, 2013, which will be subject to a premium of 1.0% of the principal amount of Amended Term Loan B subject to such repricing transaction.

Borrowings under Prior Term Loan B bore interest at a base rate equal to either the Eurodollar Rate plus the applicable margin or an ABR plus the applicable margin. The ABR was 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) 2.00%.

The applicable margin for borrowings with respect to both Term Loan A and Amended Term Loan B is currently 1.50% for base rate borrowings and 2.50% for LIBOR borrowings. The LIBOR rate with respect to Amended Term Loan B shall in no event be less than 0.75%. 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%.

The applicable margin for borrowings under the Previous Credit Agreement with respect to Prior Term Loan B was 2.00% for base rate borrowings and 3.00% for LIBOR borrowings. The LIBOR rate with respect to Prior Term Loan B had a floor of 1.00%.

The Previous Credit Agreement, dated as of March 29, 2012, allowed the Company to repay all outstanding principal borrowings under the Company's Third Amended and Restated Credit Agreement, dated as of May 24, 2010 ("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.

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



		June 30, 2013					December 31, 2012
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	3/29/2017	$	459,375	2.70	%	(1)	$	707,438	2.71	%	(3)
Prior Term Loan B	3/29/2019	—		—	%		610,387		4.00	%	(4)
Amended Term Loan B	3/29/2019	1,081,140		3.25	%	(2)	—		—	%
Total borrowings		1,540,515					1,317,825
Less current borrowings (maturities within 12 months)		10,839					42,900
Long-term borrowings — net of current portion		$	1,529,676				$	1,274,925

____________


(1)	As of June 30, 2013, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.20%, plus the applicable interest rate margin of 2.50%.

(2)

As of June 30, 2013, the variable interest rate for Amended Term Loan B is based on fifty percent of the outstanding loan balance with interest calculated at the greater of the three-month LIBOR of 0.28% or 0.75%, plus the applicable interest rate margin of 2.50%; and fifty percent of the outstanding loan balance with interest calculated at the greater of the six-month LIBOR of 0.42% or 0.75%, plus the applicable interest rate margin of 2.50%.


(3)	As of December 31, 2012, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.21%, plus the applicable interest rate margin of 2.50%.


(4)	As of December 31, 2012, the variable interest rate for Prior Term Loan B is based on the greater of the one-month LIBOR of 0.21% or 1.00%, plus the applicable interest rate margin of 3.00%.

Bank Loans Payable — The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The other line had a $200.0 million and $150.0 million limit at June 30, 2013 and December 31, 2012, respectively, and allows for both collateralized and uncollateralized borrowings. Both lines were utilized in 2013 and 2012; however, there were no balances outstanding at June 30, 2013 or December 31, 2012.

The following summarizes borrowing activity in the revolving and uncommitted line of credit facilities (dollars in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Average balance outstanding	$	1,424		$	289		$	6,915		$	211
Weighted-average interest rate	1.83		%	1.70		%	1.81		%	1.56		%

The minimum calendar year payments and maturities of the senior secured borrowings as of June 30, 2013 are as follows (in thousands):



2013 — remainder	$	5,419
2014	10,838
2015	10,838
2016	10,838
2017	470,214
Thereafter	1,032,368
Total	$	1,540,515

Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

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. Total rental expense for all operating leases was approximately $5.0 million and $4.8 million for the three months ended June 30, 2013 and 2012, respectively, and $10.0 million and $9.1 million for the six months ended June 30, 2013 and 2012, respectively.

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.

Future minimum payments under leases, lease commitments, service contracts and other contractual obligations with remaining terms greater than one year as of June 30, 2013, are as follows (in thousands):



2013 — remainder	$	9,634
2014	37,869
2015	36,618
2016	35,818
2017	28,737
Thereafter	261,098
Total(1)(2)	$	409,774

_________________

(1)

In June 2013, LPL Financial entered into a long-term contractual obligation with a third-party service provider to enhance the quality, speed and cost of processes that support the Company by outsourcing certain functions. The table above includes the minimum payments due over the duration of the contract. The contractual obligation may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The termination penalty steps down ratably through the passage of time. Minimum payments have not been reduced by this termination penalty.


(2)	Minimum payments have not been reduced by minimum sublease rental income of $4.4 million due in the future under noncancellable subleases.

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.

The Company’s subsidiary, LPL Financial, provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and 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, LPL Financial makes loans to its advisors which may be forgivable, primarily to newly recruited advisors to assist in the transition process. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no significant unfunded commitments at June 30, 2013.

Legal Proceedings

The Company is involved in legal proceedings from time to time arising out of its business operations, including arbitrations and lawsuits involving private claimants, and subpoenas, investigations and other actions by government authorities and self-regulatory organizations. 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 liability with regard to a legal proceeding 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 maintains insurance coverage, including general liability, errors and omissions, excess entity errors and omissions and fidelity bond insurance. The Company records legal reserves and related insurance recoveries on a gross basis.

Defense costs with regard to legal proceedings 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 or settlement and subsequently seek reimbursement for such matters.

Litigation — Claims involving client complaints or disclosures about risks related to purchased securities or other financial products are typically arbitrated pursuant to the Financial Industry Regulatory Authority's ("FINRA") procedures for arbitration rather than litigated in court. In an arbitration, neutral third parties review evidence in the form of documents and testimony, listen to arguments and render a decision on the disputed matter. Through arbitration, the opportunity for appeal is foregone in virtually all matters as the decisions are final and binding.

The Company maintains insurance coverage for client claims. With respect to these matters, the estimated losses on the majority of pending matters are less than the applicable deductibles of the insurance policies. 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, if any, that the outcomes of matters with estimated losses in excess of applicable deductibles will not have a material impact on the unaudited condensed consolidated statements of income, financial condition or cash flows.

Regulatory — In July 2012, the Internal Revenue Service (the “IRS”) issued a Notice of Proposed Adjustment (the “Notice”) asserting that the Company is subject to a penalty with respect to an alleged untimely deposit of withholding taxes related to the exercise of certain non-qualified stock options in connection with the Company's initial public offering in 2010. In 2012, the Company recorded an estimate of probable loss within accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition. During the first quarter of 2013, the IRS issued a Summary of Employment Tax Examination (the "Summary") and the Company remitted payment which approximated amounts previously accrued in accordance with the Summary. The Company is awaiting final consent of resolution from the IRS. The Company believes the outcome of this matter will not have a material impact beyond the amounts recorded to its unaudited condensed consolidated statements of income, financial condition or cash flows.

In June of 2013, the Company reached an agreement with its principal regulator to resolve a matter related to email surveillance and production. During the first quarter of 2013, the Company recorded an estimate of a probable loss within professional services and accounts payable and accrued liabilities in the unaudited condensed consolidated statements of income and financial condition, respectively. The outcome of this matter did not differ materially from the amount recorded in the unaudited condensed consolidated statements of income, financial condition or cash flows as of and for the three and six months ended June 30, 2013.

Other Commitments — As of June 30, 2013, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $331.0 million, which it can sell, re-pledge or loan. Of this amount, approximately $24.8 million was pledged with client-owned securities to the Options Clearing Corporation ("OCC") as collateral to secure client obligations related to options positions. Additionally, approximately $132.9 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 $173.3 million has not been re-pledged, loaned or sold, and as of June 30, 2013 there are no restrictions that materially limit the Company's ability to re-pledge, loan or sell the remaining $306.2 million of client collateral. In May 2013, the Company ended its participation in the National Securities Clearing Corporation ("NSCC") Stock Borrow Program and all pledged collateral was returned to the Company.

As of December 31, 2012, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $375.8 million, which it can sell, re-pledge or loan. Of this amount, approximately $41.5 million has been pledged or loaned as of December 31, 2012; $22.2 million was pledged with client-owned securities to the OCC as collateral to secure client obligations related to options positions, and $19.3 million was loaned to the NSCC through participation in its Stock Borrow Program. Additionally, approximately $40.3 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 $294.0 million had not been re-pledged, loaned or sold, and as of December 31, 2012 there are no restrictions that materially limited the Company's ability to re-pledge, loan or sell the remaining $334.3 million of client collateral.

Trading securities on the unaudited condensed consolidated statements of financial condition includes $0.9 million pledged to clearing organizations at June 30, 2013 and December 31, 2012, 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.

Stockholders' Equity (Notes)

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stock Plan Summary

On November 17, 2010, the Company adopted a 2010 Omnibus Incentive Plan (the "2010 Plan"), which provides for the granting of stock options, warrants, restricted stock awards and restricted stock units. The 2010 Plan serves as the successor to the 2005 Stock Option Plan for Incentive Stock Options, the 2005 Stock Option Plan for Non-qualified Stock Options, the 2008 Advisor and Institution Incentive Plan, the 2008 Stock Option Plan and the Director Restricted Stock Plan (the "Predecessor Plans"). Upon adoption of the 2010 Plan, awards were no longer made under the Predecessor Plans. To the extent not already exercised, awards previously granted under the Predecessor Plans remain outstanding. Stock options granted under the 2010 Plan are either incentive stock options, or non-qualified stock options, as defined in the 2010 Plan. The Company has issued new shares under the 2010 Plan and is also permitted to reissue treasury shares.

Under the 2010 Plan, the Company may grant up to 12.1 million new shares in addition to the shares available for grant under the Predecessor Plans. As of June 30, 2013, the Company had approximately 6.7 million of authorized unissued shares reserved for issuance upon exercise and conversion of outstanding awards.

Stock Options and Warrants

The Company grants stock options to certain employees, advisors, officers and non-employee directors. The Company has also granted warrants to certain financial institutions. Stock options and warrants generally vest in equal increments over a three- to five-year period and expire on the tenth anniversary following the date of grant.

The Company recognizes share-based compensation for stock options awarded to employees, officers and directors based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized share-based compensation related to the vesting of these awards of $3.8 million and $4.2 million during the three months ended June 30, 2013 and 2012, respectively, and $7.3 million and $8.3 million during the six months ended June 30, 2013 and 2012, respectively, which is included in compensation and benefits on the unaudited condensed consolidated statements of income. As of June 30, 2013, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, officers and directors was $37.2 million, which is expected to be recognized over a weighted-average period of 3.41 years.

The Company recognizes share-based compensation 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 share-based compensation of $2.4 million and $0.4 million during the three months ended June 30, 2013 and 2012, respectively, and $4.3 million and $2.8 million for during the six months ended June 30, 2013 and 2012, respectively, related to the vesting of stock options and warrants awarded to its advisors and financial institutions, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of June 30, 2013, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to advisors and financial institutions was $17.7 million, which is expected to be recognized over a weighted-average period of 3.39 years.

Restricted Stock

The Company recognizes share-based compensation for restricted stock awards and restricted stock units granted to its employees, officers and directors by measuring such awards at their grant date fair value. Share-based compensation is recognized ratably over the requisite service period, which generally equals the vesting period. The Company recognized $0.6 million and $0.2 million of share-based compensation related to the vesting of restricted stock awards and restricted stock units during the three months ended June 30, 2013 and 2012, respectively, and $1.0 million and $0.3 million during the six months ended June 30, 2013 and 2012, respectively, which is included in compensation and benefits on the unaudited condensed consolidated statements of income. As of June 30, 2013, total unrecognized compensation cost for restricted stock awards and restricted stock units granted to employees, officers and directors was $5.8 million, which is expected to be recognized over a weighted-average remaining period of 1.68 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 set to expire in 2009 and 2010, to receive stock units under the 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.

Share Repurchases

The Board of Directors has approved several share repurchase programs pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. Purchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company's management.

On May 29, 2013, a new share repurchase plan was approved for the repurchase up to $200.0 million in addition to the remaining capacity available under previous plans was approved. For the three months ended June 30, 2013, 1,428,576 shares were repurchased at a weighted average price of $36.99 per share for a total cost of $52.8 million. For the six months ended June 30, 2013, 1,583,865 shares were repurchased at a weighted average price of $36.47 per share for a total cost of $57.8 million. The share repurchases in 2013 have been made pursuant to a repurchase plan authorized in September of 2012. At June 30, 2013 the Company had $29.2 million available for repurchases under its September 2012 plan and $200.0 million available under the May 2013 plan.

Dividends

The payment, timing and amount of any dividends permitted under our credit facilities are subject to approval by our Board of Directors, including both timing and amount. Cash dividends per share of common stock and total cash dividends paid during each quarter were as follows (in millions, except per share data):



	2013				2012
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.135	$	14.4	$	—	$	—
Second quarter	0.135		14.4		2.00		222.6

- Definition

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

+ References

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

arnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2013 and 2012 is as follows (in thousands, except per share data):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	45,091	$	39,502	$	99,808	$	80,681

Basic weighted average number of shares outstanding	106,414		110,820		106,381		109,888
Dilutive common share equivalents	1,281		2,014		1,084		2,791
Diluted weighted average number of shares outstanding	107,695		112,834		107,465		112,679

Basic earnings per share	$	0.42	$	0.36	$	0.94	$	0.73
Diluted earnings per share	$	0.42	$	0.35	$	0.93	$	0.72

The computation of diluted earnings per share excludes stock options, warrants and restricted stock units that are anti-dilutive. For the three months ended June 30, 2013 and 2012, stock options, warrants and restricted stock units representing common share equivalents of 3,864,493 shares and 3,796,356 shares, respectively, were anti-dilutive. For the six months ended June 30, 2013 and 2012, stock options, warrants and restricted stock units representing common share equivalents of 4,689,047 shares and 3,558,814 shares, respectively, were anti-dilutive.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2013
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions One of the Company’s significant 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 six months ended June 30, 2013 and 2012, the Company earned $1.9 million and $1.7 million, respectively, in fees from Artisan. Additionally, as of June 30, 2013 and December 31, 2012, Artisan owed the Company $1.0 million and $0.8 million, respectively, which is included in receivables from product sponsors, broker-dealers and clearing organizations on the unaudited condensed consolidated statements of financial condition. American Beacon Advisor, Inc. (“American Beacon”), a company majority-owned by one of the Company’s significant stockholders, pays fees in exchange for product distribution and record-keeping services. During the six months ended June 30, 2013 and 2012, the Company earned $0.3 million and $0.2 million, respectively, in fees from American Beacon. One of the Company's significant stockholders owns a minority interest in XOJET, Inc. ("XOJET"), which provides chartered aircraft services. The Company paid $0.5 million to XOJET during the six months ended June 30, 2012. 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 $0.8 million and $0.5 million to Aplifi for such services during the six months ended June 30, 2013 and 2012, respectively. Certain entities affiliated with SunGard Data Systems Inc. ("SunGard"), a company minority-owned by one of the Company's significant stockholders, provide data center recovery services. The Company paid $0.2 million to SunGard during the six months ended June 30, 2013. One of the Company's stockholders, TPG Capital ("TPG") provided the Company with consulting services. During the six months ended June 30, 2012, the Company paid $0.2 million to TPG.

- Definition

The entire disclosure for related party transactions. 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 + Details

Net Capital and Regulatory Requirements	6 Months Ended
Net Capital and Regulatory Requirements	Jun. 30, 2013
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements The Company operates in a highly regulated industry. Applicable laws and regulations restrict permissible activities and investments and 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. The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital, as defined. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and had net capital of $181.1 million with a minimum net capital requirement of $6.0 million and net capital in excess of the minimum requirement of $175.1 million as of June 30, 2013. The Company's subsidiary, The Private Trust Company N.A. ("PTC"), operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts to PTC's operations. As of June 30, 2013 and December 31, 2012, LPL Financial and PTC met all capital adequacy requirements to which they are subject.

- 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 FASB
-Name Accounting Standards Codification
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+ Details

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2013
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 advisors' 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.

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2013
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 30, 2013, the Board of Directors declared a cash dividend of $0.19 per share on the Company's outstanding common stock to be paid on August 30, 2013 to all stockholders of record on August 15, 2013. ******

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2013
Accounting Policies [Abstract]
Consolidation	Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLFH 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	Comprehensive Income — 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 gains on financial derivatives in cash flow hedge relationships, net of related tax effects.
Use of Estimates	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 instruments, contingent consideration obligations, 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, 2012, 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	Reportable Segment — The Company’s internal reporting is organized into three service channels; Independent Advisor Services, Institution Services and Custom Clearing Services. 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	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 would qualify as Level 2 fair value measurements. See Note 4 for additional detail regarding the Company’s fair value measurements. As of June 30, 2013, the carrying amount and fair value of the Company’s indebtedness was approximately $1,540.5 million and $1,534.2 million, respectively. As of December 31, 2012, the carrying amount and fair value was approximately $1,317.8 million and $1,320.4 million, respectively.
Contingent Consideration	Contingent Consideration — The Company may be required to pay future consideration to the former shareholders of acquired companies, depending upon the terms of the applicable purchase agreement, that is contingent upon the achievement of certain financial or operating targets. The fair value of the contingent consideration is determined using financial forecasts and other estimates, which assess the probability and timing of the financial targets being reached, and measuring the associated cash payments at their present value using a risk-adjusted rate of return. The estimated fair value of the contingent consideration on the acquisition date is included in the purchase price of the acquired company. At each reporting date, or whenever there are significant changes in underlying key assumptions, a review of these assumptions is performed and the contingent consideration liability is updated to its estimated fair value. If there are no significant changes in the assumptions, the quarterly determination of the fair value of contingent consideration reflects the implied interest for the passage of time. Changes in the estimated fair value of the contingent consideration obligations may result from changes in the terms of the contingent payments, changes in discount periods and rates, changes in assumptions with respect to the timing and likelihood of achieving the applicable targets and other related developments. Actual progress toward achieving the financial targets for the remaining measurement periods may be different than the Company's expectations of future performance. The change in the estimated fair value of contingent consideration has been classified as other expenses in the unaudited condensed consolidated statements of income.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — There were no recently issued accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2013, as compared to the recent accounting pronouncements described in the Company's 2012 Annual Report on Form 10-K, that are of significance, or potential significance, to the Company.

- 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 + Details

Restructuring (Tables)

6 Months Ended

Jun. 30, 2013

Restructuring and Related Activities [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 for the Program as of and for the six months ended June 30, 2013 (in thousands):



	Accrued Balance at December 31, 2012		Costs Incurred(1)		Payments			Non-cash			Accrued Balance at June 30, 2013		Total Expected Restructuring Costs(2)
Outsourcing and other related costs	$	—	$	6,495	$	(5,786	)	$	—		$	709	$	26,000
Technology transformation costs	—		3,200		(2,946		)	—			254		23,000
Employee severance obligations and other related costs	—		1,555		(787		)	—			768		15,000
Asset impairments (Note 4)	—		842		—			(842		)	—		1,000
Total	$	—	$	12,092	$	(9,519	)	$	(842	)	$	1,731	$	65,000

________________________________


(1)	At June 30, 2013, costs incurred represent the total cumulative costs incurred under the Program to date.

(2)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

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 June 30, 2013 (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 June 30, 2013:
Assets
Cash equivalents	$	333,495	$	—	$	—	$	333,495
Securities owned — trading:
Money market funds	409		—		—		409
Mutual funds	6,229		—		—		6,229
Equity securities	118		—		—		118
Debt securities	—		787		—		787
U.S. treasury obligations	1,506		—		—		1,506
Total securities owned — trading	8,262		787		—		9,049
Other assets	39,398		1,091		—		40,489
Total assets at fair value	$	381,155	$	1,878	$	—	$	383,033
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	9	$	—	$	—	$	9
Equity securities	130		—		—		130
Debt securities	—		48		—		48
Certificates of deposit	—		45		—		45
Total securities sold, but not yet purchased	139		93		—		232
Contingent consideration obligations	—		—		37,090		37,090
Total liabilities at fair value	$	139	$	93	$	37,090	$	37,322

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 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 December 31, 2012:
Assets
Cash equivalents	$	177,393	$	—	$	—	$	177,393
Securities owned — trading:
Money market funds	302		—		—		302
Mutual funds	5,737		—		—		5,737
Equity securities	414		—		—		414
Debt securities	—		235		—		235
U.S. treasury obligations	1,400		—		—		1,400
Total securities owned — trading	7,853		235		—		8,088
Other assets	28,624		—		—		28,624
Total assets at fair value	$	213,870	$	235	$	—	$	214,105
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	38	$	—	$	—	$	38
Equity securities	247		—		—		247
Debt securities	—		55		—		55
Certificates of deposit	—		26		—		26
Total securities sold, but not yet purchased	285		81		—		366
Contingent consideration obligations	—		—		35,887		35,887
Total liabilities at fair value	$	285	$	81	$	35,887	$	36,253

Fair value inputs of significant Level 3 liabilities



	Fair Value		Valuation Technique	Unobservable Input	Range
Contingent consideration obligations	$	37.1	Probability weighted discounted cash flow	Discount rate	3% - 13%

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

Changes in Level 3 Recurring Fair Value Measurements



	Fair Value		Valuation Technique	Unobservable Input	Range
Contingent consideration obligations	$	37.1	Probability weighted discounted cash flow	Discount rate	3% - 13%

Set forth below is a reconciliation of the contingent consideration for the six months ended June 30, 2013 (in thousands):



Fair value at December 31, 2012	$	35,887
Net changes in estimated fair value of contingent consideration obligations	1,203
Fair value at June 30, 2013	$	37,090

Held-to-Maturity Securities (Tables)

6 Months Ended

Jun. 30, 2013

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 loss or gain and fair value of securities held-to-maturity were as follows (in thousands):



	Amortized Cost		Gross Unrealized (Loss) Gain			Fair Value
At June 30, 2013:
U.S. government notes	$	8,669	$	(41	)	$	8,628

At December 31, 2012:
U.S. government notes	$	10,202	$	6		$	10,208

Maturities of securities held-to-maturity

At June 30, 2013, the securities held-to-maturity were scheduled to mature as follows (in thousands):



	Within one year		After one but within five years		After five but within ten years		Total
U.S. government notes — at amortized cost	$	5,424	$	2,745	$	500	$	8,669
U.S. government notes — at fair value	$	5,425	$	2,722	$	481	$	8,628

- 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 + Details

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2013

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Components of intangible assets

The components of intangible assets as of June 30, 2013 and December 31, 2012 are as follows (dollars in thousands):



	Weighted Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
At June 30, 2013:
Definite-lived intangible assets:
Advisor and financial institution relationships	12.3	$	439,762	$	(159,263	)	$	280,499
Product sponsor relationships	12.5	230,916		(82,490		)	148,426
Client relationships	10.6	19,110		(4,930		)	14,180
Trade names	8.8	1,200		(140		)	1,060
Total definite-lived intangible assets		$	690,988	$	(246,823	)	$	444,165
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	483,984

At December 31, 2012:
Definite-lived intangible assets:
Advisor and financial institution relationships	12.8	$	450,164	$	(157,470	)	$	292,694
Product sponsor relationships	13.0	230,916		(76,230		)	154,686
Client relationships	11.1	19,110		(3,901		)	15,209
Trade names	9.3	1,200		(80		)	1,120
Total definite-lived intangible assets		$	701,390	$	(237,681	)	$	463,709
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	503,528

Amortization expense

Amortization expense for each of the fiscal years ending December 31, 2013 through 2017 and thereafter is estimated as follows (in thousands):



2013 — remainder	$	19,462
2014	38,680
2015	37,775
2016	37,619
2017	36,752
Thereafter	273,877
Total	$	444,165

Indebtedness (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Outstanding borrowings

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



		June 30, 2013					December 31, 2012
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	3/29/2017	$	459,375	2.70	%	(1)	$	707,438	2.71	%	(3)
Prior Term Loan B	3/29/2019	—		—	%		610,387		4.00	%	(4)
Amended Term Loan B	3/29/2019	1,081,140		3.25	%	(2)	—		—	%
Total borrowings		1,540,515					1,317,825
Less current borrowings (maturities within 12 months)		10,839					42,900
Long-term borrowings — net of current portion		$	1,529,676				$	1,274,925

____________


(1)	As of June 30, 2013, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.20%, plus the applicable interest rate margin of 2.50%.

(2)


(3)	As of December 31, 2012, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.21%, plus the applicable interest rate margin of 2.50%.


(4)	As of December 31, 2012, the variable interest rate for Prior Term Loan B is based on the greater of the one-month LIBOR of 0.21% or 1.00%, plus the applicable interest rate margin of 3.00%.

Summary of borrowing activity in the revolving and uncommitted line of credit facilities

The following summarizes borrowing activity in the revolving and uncommitted line of credit facilities (dollars in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Average balance outstanding	$	1,424		$	289		$	6,915		$	211
Weighted-average interest rate	1.83		%	1.70		%	1.81		%	1.56		%

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 June 30, 2013 are as follows (in thousands):



2013 — remainder	$	5,419
2014	10,838
2015	10,838
2016	10,838
2017	470,214
Thereafter	1,032,368
Total	$	1,540,515

- 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 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

Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-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 4: 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=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

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



2013 — remainder	$	9,634
2014	37,869
2015	36,618
2016	35,818
2017	28,737
Thereafter	261,098
Total(1)(2)	$	409,774

_________________

(1)


(2)	Minimum payments have not been reduced by minimum sublease rental income of $4.4 million due in the future under noncancellable subleases.

Stockholders' Equity Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of Dividends Paid per Common Share [Table Text Block]



	2013				2012
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.135	$	14.4	$	—	$	—
Second quarter	0.135		14.4		2.00		222.6

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2013 and 2012 is as follows (in thousands, except per share data):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	45,091	$	39,502	$	99,808	$	80,681

Basic weighted average number of shares outstanding	106,414		110,820		106,381		109,888
Dilutive common share equivalents	1,281		2,014		1,084		2,791
Diluted weighted average number of shares outstanding	107,695		112,834		107,465		112,679

Basic earnings per share	$	0.42	$	0.36	$	0.94	$	0.73
Diluted earnings per share	$	0.42	$	0.35	$	0.93	$	0.72

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Senior secured credit facilities	$ 1,540,515	$ 1,317,825
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$ 1,534,200	$ 1,320,400

Restructuring Restructuring (Details)
$ in Millions

6 Months Ended

Jun. 30, 2013

USD ($)

Restructuring and Related Activities [Abstract]

Total Expected Restructuring Costs

$ 65.0

^[1]

[1]

Restructuring Table (Details 1)
$ in Thousands

6 Months Ended

Jun. 30, 2013

USD ($)

Restructuring Reserve [Roll Forward]

Total Expected Restructuring Costs

$ 65,000

^[1]

Restructuring Charges [Member]

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

Costs incurred

12,092

^[2]

Payments

(9,519)

Non-cash

(842)

Accrued Balance, End of Period

1,731

Total Expected Restructuring Costs

65,000

^[1]

Outsourcing and other related costs

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

Costs incurred

6,495

^[2]

Payments

(5,786)

Non-cash

Accrued Balance, End of Period

709

Total Expected Restructuring Costs

26,000

^[1]

Technology transformation costs

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

Costs incurred

3,200

^[2]

Payments

(2,946)

Non-cash

Accrued Balance, End of Period

254

Total Expected Restructuring Costs

23,000

^[1]

Employee severance obligations and other related costs

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

Costs incurred

1,555

^[2]

Payments

(787)

Non-cash

Accrued Balance, End of Period

768

Total Expected Restructuring Costs

15,000

^[1]

Asset impairments (Note 4)

Restructuring Reserve [Roll Forward]

Accrued Balance, Beginning of Period

Costs incurred

842

^[2]

Payments

Non-cash

(842)

Accrued Balance, End of Period

Total Expected Restructuring Costs

1,000

^[1]

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

Restructuring Reserve [Roll Forward]

Internally developed software and computer and networking equipment, expected to be capitalized

25,000

Payments for technology infrastructure

11,400

Capitalized software and equipment

$ 8,200

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

Restructuring Reserve [Roll Forward]

Capitalized software and equipment, useful life

3 years

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

Restructuring Reserve [Roll Forward]

Capitalized software and equipment, useful life

7 years

[1]

[2]

At June 30, 2013, costs incurred represent the total cumulative costs incurred under the Program to date.

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	$ 9,049	$ 8,088
Securities sold, but not yet purchased	232	366
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	333,495	177,393
Securities owned-trading	8,262	7,853
Other assets	39,398	28,624
Total assets at fair value	381,155	213,870
Securities sold, but not yet purchased	139	285
Contingent consideration obligations	0	0
Total liabilities at fair value	139	285
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	787	235
Other assets	1,091	0
Total assets at fair value	1,878	235
Securities sold, but not yet purchased	93	81
Contingent consideration obligations	0	0
Total liabilities at fair value	93	81
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Contingent consideration obligations	37,090	35,887
Total liabilities at fair value	37,090	35,887
Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	333,495	177,393
Securities owned-trading	9,049	8,088
Other assets	40,489	28,624
Total assets at fair value	383,033	214,105
Securities sold, but not yet purchased	232	366
Contingent consideration obligations	37,090	35,887
Total liabilities at fair value	37,322	36,253
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	9	38
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [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	9	38
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	130	247
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [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	130	247
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	48	55
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [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	48	55
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	45	26
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [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	45	26
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	409	302
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [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	409	302
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	6,229	5,737
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [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	6,229	5,737
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	118	414
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [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	118	414
Debt Securities [Member] \| Fair Value, Measurements, Recurring [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, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	787	235
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [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	787	235
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	1,506	1,400
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [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	1,506	$ 1,400
Fixed Assets [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Tangible Asset Impairment Charges	$ 800

Fair Value Measurements Significant Level 3 Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Liabilities, Quantitative Information [Line Items]
Fair Value at period end	$ 37,090	$ 35,887
Fair Value Measurements, Valuation Technique	Probability weighted discounted cash flow
Minimum [Member]
Fair Value, Liabilities, Quantitative Information [Line Items]
Fair Value Measurements, Discount Rate	3.00%
Maximum [Member]
Fair Value, Liabilities, Quantitative Information [Line Items]
Fair Value Measurements, Discount Rate	13.00%

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net changes in estimated fair value of contingent consideration obligations	$ 1,203	$ 709
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at December 31, 2012	35,887
Net changes in estimated fair value of contingent consideration obligations	1,203
Fair value at June 30, 2013	37,090
National Retirement Partners [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net changes in estimated fair value of contingent consideration obligations	4,700
Concord Capital Partners [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net changes in estimated fair value of contingent consideration obligations	(3,800)
Veritat [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net changes in estimated fair value of contingent consideration obligations	300
Concord Capital Partners [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Maximum amount of contingent consideration	$ 15,000

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Amortized Cost	$ 8,669	$ 10,202
US Government Agencies Debt Securities [Member]
Summary of amortized cost, gross unrealized gains and fair value of securities held-to-maturity
Amortized Cost	8,669	10,202
Gross Unrealized Gains	(41)	6
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
U.S. government notes - at fair value	$ 8,628	$ 10,208

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost	$ 8,669	$ 10,202
US government notes [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	5,424
U.S. government notes - at amortized cost, After one but within five years	2,745
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost	8,669
U.S. government notes - at fair value, Within one year	5,425
U.S. government notes - at fair value, After one but within five years	2,722
U.S. government notes - at fair value, After five through ten years	481
U.S. government notes - at fair value	$ 8,628

Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Definite-lived intangible assets:
Gross Carrying Value	$ 690,988	$ 701,390
Accumulated Amortization	(246,823)	(237,681)
Net Carrying Value	444,165	463,709
The components of intangible assets
Total intangible assets	483,984	503,528
Trademark and trade name
Indefinite-lived intangible assets:
Net Carrying Value	$ 39,819	$ 39,819
Advisor and financial institution relationships
Intangible Assets [Line Items]
Weighted Average Life Remaining	12 years 4 months	12 years 10 months
Definite-lived intangible assets:
Gross Carrying Value	$ 439,762	$ 450,164
Accumulated Amortization	(159,263)	(157,470)
Net Carrying Value	$ 280,499	$ 292,694
Product sponsor relationships
Intangible Assets [Line Items]
Weighted Average Life Remaining	12 years 6 months	13 years
Definite-lived intangible assets:
Gross Carrying Value	$ 230,916	$ 230,916
Accumulated Amortization	(82,490)	(76,230)
Net Carrying Value	$ 148,426	$ 154,686
Client relationships
Intangible Assets [Line Items]
Weighted Average Life Remaining	10 years 7 months	11 years 1 month
Definite-lived intangible assets:
Gross Carrying Value	$ 19,110	$ 19,110
Accumulated Amortization	(4,930)	(3,901)
Net Carrying Value	$ 14,180	$ 15,209
Trade names
Intangible Assets [Line Items]
Weighted Average Life Remaining	8 years 9 months	9 years 3 months 15 days
Definite-lived intangible assets:
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(140)	(80)
Net Carrying Value	$ 1,060	$ 1,120

Intangible Assets (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Amortization expense
2013 - remainder	$ 19,462
2014	38,680
2015	37,775
2016	37,619
2017	36,752
Thereafter	273,877
Total	$ 444,165	$ 463,709

Intangible Assets (Details Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total amortization expense of intangible assets	$ 9.8	$ 10.0	$ 19.5	$ 19.8

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	39.80%	41.30%	39.70%	39.90%

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

Jun. 30, 2013

May 13, 2013

Dec. 31, 2012

Senior secured term loans:

Balance

$ 1,540,515

$ 1,317,825

Less current borrowings (maturities within 12 months)

10,839

42,900

Long-term borrowings - net of current portion

1,529,676

1,274,925

Term Loan A [Member]

Senior secured term loans:

Balance

$ 459,375

$ 707,438

Interest Rate, Stated Percentage

2.70%

^[1]

2.71%

^[2]

Prior Term Loan B [Member]

Senior secured term loans:

Balance

$ 0

$ 608,900

$ 610,387

Interest Rate, Stated Percentage

0.00%

4.00%

^[3]

Amended Term Loan B [Member]

Senior secured term loans:

Balance

$ 1,081,140

$ 0

Interest Rate, Stated Percentage

3.25%

^[4]

0.00%

[1]	As of June 30, 2013, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.20%, plus the applicable interest rate margin of 2.50%.
[2]	As of December 31, 2012, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.21%, plus the applicable interest rate margin of 2.50%.
[3]	As of December 31, 2012, the variable interest rate for Prior Term Loan B is based on the greater of the one-month LIBOR of 0.21% or 1.00%, plus the applicable interest rate margin of 3.00%.
[4]	As of June 30, 2013, the variable interest rate for Amended Term Loan B is based on fifty percent of the outstanding loan balance with interest calculated at the greater of the three-month LIBOR of 0.28% or 0.75%, plus the applicable interest rate margin of 2.50%; and fifty percent of the outstanding loan balance with interest calculated at the greater of the six-month LIBOR of 0.42% or 0.75%, plus the applicable interest rate margin of 2.50%.

Indebtedness (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Indebtedness (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Summary of borrowing activity in the revolving and uncommitted line of credit facilities
Average balance outstanding	$ 1,424	$ 289	$ 6,915	$ 211
Debt Instrument, Interest Rate During Period	1.83%	1.70%	1.81%	1.56%

Indebtedness (Details 2) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Summary of minimum calendar year payments and maturities of the senior secured borrowings
2013 - remainder	$ 5,419
2014	10,838
2015	10,838
2016	10,838
2017	470,214
Thereafter	1,032,368
Total	$ 1,540,515	$ 1,317,825

Indebtedness (Details Textuals) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Indebtedness (Details Textuals) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012	Mar. 31, 2012	Jun. 30, 2013	Jun. 30, 2012	May 13, 2013	Mar. 29, 2012
Debt Instrument [Line Items]
Amortization of Financing Costs				$ 2,219	$ 2,349
Number of uncommitted lines of credit				3
Number of uncommitted lines of credit, unspecified limit				2
Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Amount of line of credit facility used to support irrevocable letters of credit	$ 21,400			$ 21,400
Line of Credit Facility, Remaining Borrowing Capacity	228,600			228,600
Two Thousand Thirteen Term Loans [Member]
Debt Instrument [Line Items]
Amortization of Financing Costs			$ 16,500
Bank Loans Payable [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	200,000	$ 150,000		200,000
Uncommitted lines of credit, amount outstanding	0	$ 0		$ 0
Term Loan A [Member]
Debt Instrument [Line Items]
Aggregate principal amount of senior unsecured subordinated notes							$ 735,000
Repayment of Debt						$ 238,900
Amended Term Loan B [Member]
Debt Instrument [Line Items]
Aggregate principal amount of senior unsecured subordinated notes						$ 1,083,900
Debt instrument periodic payment principal, percent				1.00%
Debt Issuance Cost	7,400
Prior Term Loan B [Member]
Debt Instrument [Line Items]
Aggregate principal amount of senior unsecured subordinated notes							615,000
Amortization of Financing Costs	$ 8,000			$ 8,000
Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 250,000
Revolving Line Of Credit [Member] \| Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Percentage of commitment fee				0.50%
Base Rate [Member] \| Prior Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Base Rate [Member] \| Term Loan A and Amended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Base Rate [Member] \| Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Libor Rate [Member] \| Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Libor Rate [Member] \| Amended Term Loan B [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Benchmark short-term interest rate	0.75%			0.75%
Libor Rate [Member] \| Prior Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.00%	3.00%
Libor Rate [Member] \| Prior Term Loan B [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Benchmark short-term interest rate	1.00%			1.00%
Libor Rate [Member] \| Term Loan A and Amended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Libor Rate [Member] \| Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Libor Rate 3 Month [Member]
Debt Instrument [Line Items]
Benchmark short-term interest rate	0.28%			0.28%
Libor Rate 6 month [Member]
Debt Instrument [Line Items]
Benchmark short-term interest rate	0.4219%			0.4219%
Libor Rate 1 Month [Member]
Debt Instrument [Line Items]
Benchmark short-term interest rate	0.2037%	0.21%		0.2037%
Alternative Base Rate [Member] \| Amended Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark short-term interest rate	0.75%			0.75%
Alternative Base Rate [Member] \| Prior Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Benchmark short-term interest rate		1.00%
Alternative Base Rate [Member] \| Term Loan A and Amended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Eurodollar Rate [Member] \| Prior Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Eurodollar Rate [Member] \| Term Loan A and Amended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Minimum alternative base rate [Member] \| Amended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Minimum alternative base rate [Member] \| Prior Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Repricing Transaction [Member] \| Amended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Year 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%

Commitments and Contingencies (Details)
$ in Thousands

Jun. 30, 2013

USD ($)

Commitments and Contingencies Disclosure [Abstract]

$ 9,634

37,869

36,618

35,818

28,737

261,098

$ 409,774

^[1],[2]

[1]

[2]

Minimum payments have not been reduced by minimum sublease rental income of $4.4 million due in the future under noncancellable subleases.

Commitments and Contingencies (Details Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Commitments and Contingencies [Line Items]
Operating leases rental expense	$ 5.0	$ 4.8	$ 10.0	$ 9.1
Minimum sublease rental income	4.4		4.4
Other Commitments [Abstract]
Collateral security	331.0		331.0		$ 375.8
Fair value of securities received as collateral that have been resold or repledged					41.5
Collateral security pledged in bank	132.9		132.9		40.3
Collateral security remaining unpledged	173.3		173.3		294.0
Total remaining collateral security	306.2		306.2		334.3
Receivables from clearing organizations	0.9		0.9		0.9
Options Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that have been resold or repledged	$ 24.8		$ 24.8		22.2
National Securities Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that have been resold or repledged					$ 19.3

Stockholders' Equity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Feb. 22, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		12,100,000		12,100,000
Share Based Compensation Arrangement By Share Based Payment Award Shares Reserved		6,700,000		6,700,000
2008 Nonqualified deferred compensation plan:
Treasury stock purchases				$ (57,770)	$ (55,894)
Nonqualified Deferred Compensation Plan [Member]
2008 Nonqualified deferred compensation plan:
Common shares distributed, net of shares withheld to satisfy withholding tax requirements	1,673,556
Treasury stock purchases, shares	1,149,896
Treasury stock purchases	$ 37,500
Employee Stock Option Awards [Member]
Share-based compensation:
Share-based compensation - options and warrants		$ 3,800	$ 4,200	7,300	8,300
Share-based compensation cost unrecognized		37,200		$ 37,200
Non-vested compensation cost weighted-average period				3 years 4 months 28 days
Advisors And Financial Institutions [Member]
Share-based compensation:
Share-based compensation - options and warrants		2,400	400	$ 4,300	2,800
Share-based compensation cost unrecognized		17,700		$ 17,700
Non-vested compensation cost weighted-average period				3 years 4 months 20 days
Restricted Stock [Member]
Share-based compensation:
Share-based compensation - options and warrants		600	$ 200	$ 1,000	$ 300
Share-based compensation cost unrecognized		$ 5,800		$ 5,800
Non-vested compensation cost weighted-average period				1 year 8 months 5 days

Stockholders' Equity Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
September 2012
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 29.2
Stock Repurchased During Period, Shares	1,428,576	1,583,865
Treasury Stock Acquired, Weighted-Average Cost Per Share	$ 36.99	$ 36.47
Stock Repurchased During Period, Value	$ 52.8	$ 57.8
May 2013
Stock Repurchase Program, Authorized Amount	$ 200.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 200.0

Stockholders' Equity Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Mar. 31, 2012	Jun. 30, 2013
Common Stock, Dividends, Per Share, Cash Paid	$ 0.135	$ 0.135	$ 2.00	$ 0
Cash dividends on common stock	$ 14,400	$ 14,400	$ 222,600	$ 0	$ (28,763)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 45,091	$ 39,502	$ 99,808	$ 80,681
Basic weighted average number of shares outstanding	106,414	110,820	106,381	109,888
Dilutive common share equivalents	1,281	2,014	1,084	2,791
Diluted weighted average number of shares outstanding	107,695	112,834	107,465	112,679
Basic earnings per share	$ 0.42	$ 0.36	$ 0.94	$ 0.73
Diluted earnings per share	$ 0.42	$ 0.35	$ 0.93	$ 0.72

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Earnings per Share (Details Textuals) - shares	3 Months Ended		6 Months Ended
Earnings per Share (Details Textuals) - shares	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	3,864,493	3,796,356	4,689,047	3,558,814

Related Party Transactions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Artisan Partners Limited Partnership
Related Party Transaction [Line Items]
Revenue from related party transactions	$ 1.9	$ 1.7
Related party transactions due amounts including transactions in unaudited condensed consolidated financial statements	1.0		$ 0.8
American Beacon Advisor, Inc.
Related Party Transaction [Line Items]
Revenue from related party transactions	0.3	0.2
XOJET
Related Party Transaction [Line Items]
Related party transactions expenses		0.5
Aplifi, Inc.
Related Party Transaction [Line Items]
Related party transactions expenses	0.8	0.5
SunGard Data Systems Inc.
Related Party Transaction [Line Items]
Related party transactions expenses	$ 0.2
TPG Capital
Related Party Transaction [Line Items]
Related party transactions expenses		$ 0.2

Net Capital and Regulatory Requirements (Details) - Lpl Financial Llc [Member] $ in Millions	Jun. 30, 2013 USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 181.1
Minimum Net Capital Required	6.0
Excess Net Capital	$ 175.1

Subsequent Event Subsequent Events (Details)	Jul. 30, 2013 $ / shares
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.19
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date to be Paid	Aug. 30, 2013
Dividends Payable, Date of Record	Aug. 15, 2013