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Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2014	Oct. 27, 2014
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	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		98,808,921

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES:
Commission	$ 520,388	$ 527,419	$ 1,590,139	$ 1,521,390
Advisory	340,369	299,101	998,016	878,421
Asset-based	121,283	107,447	354,494	318,718
Transaction and fee	94,674	93,799	276,284	271,808
Interest income, net of interest expense	4,727	4,509	14,279	13,343
Other	7,793	20,937	36,182	43,248
Total net revenues	1,089,234	1,053,212	3,269,394	3,046,928
EXPENSES:
Commission and advisory	746,001	724,835	2,242,206	2,086,075
Compensation and benefits	106,290	102,310	317,459	299,317
Promotional	36,669	36,807	93,581	85,276
Depreciation and amortization	24,519	21,432	70,618	61,451
Occupancy and equipment	19,043	16,568	62,922	49,649
Professional services	38,174	18,955	82,736	47,588
Brokerage, clearing and exchange	12,090	11,360	36,594	32,958
Communications and data processing	11,476	11,017	32,598	31,401
Regulatory fees and other	8,476	8,234	25,437	23,339
Restructuring charges	9,928	6,482	26,473	19,851
Other	8,218	20,547	25,958	37,116
Total operating expenses	1,020,884	978,547	3,016,582	2,774,021
Non-operating interest expense	12,897	13,363	38,651	38,190
Loss on extinguishment of debt	0	0	0	7,962
Total expenses	1,033,781	991,910	3,055,233	2,820,173
INCOME BEFORE PROVISION FOR INCOME TAXES	55,453	61,302	214,161	226,755
PROVISION FOR INCOME TAXES	22,181	23,671	84,663	89,316
NET INCOME	$ 33,272	$ 37,631	$ 129,498	$ 137,439
EARNINGS PER SHARE (NOTE 12)
Earnings per share, basic	$ 0.33	$ 0.36	$ 1.29	$ 1.30
Earnings per share, diluted	$ 0.33	$ 0.36	$ 1.26	$ 1.29
Weighted-average shares outstanding, basic	100,052	104,271	100,519	105,670
Weighted-average shares outstanding, diluted	101,834	105,705	102,384	106,934

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income	$ 33,272	$ 37,631	$ 129,498	$ 137,439
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedges, net of tax expense (benefit) of ($63), ($155), $863, and ($155) for the three and nine months ended September 30, 2014 and 2013, respectively	(101)	(250)	1,361	(250)
Reclassification adjustment for realized gain on cash flow hedges included in net income, net of tax expense of $85, $0, $113, and $0 for the three and nine months ended September 30, 2014 and 2013, respectively	(135)	0	(180)	0
Total other comprehensive income (loss), net of tax	(236)	(250)	1,181	(250)
TOTAL COMPREHENSIVE INCOME	$ 33,036	$ 37,381	$ 130,679	$ 137,189

- Definition

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

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Tax expense (benefit) on unrealized gain (loss) on cash flow hedges	$ (63,000)	$ (155,000)	$ 863,000	$ (155,000)
Tax expense on adjustment for items reclassified to earnings	$ 85,000	$ 0	$ 113,000	$ 0

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 459,494	$ 516,584
Cash and securities segregated under federal and other regulations	418,507	512,351
Receivables from:
Clients, net of allowance of $1,237 at September 30, 2014 and $588 at December 31, 2013	342,304	373,675
Product sponsors, broker-dealers and clearing organizations	178,439	174,070
Others, net of allowance of $9,383 at September 30, 2014 and $7,091 at December 31, 2013	281,411	272,018
Securities owned:
Trading — at fair value	12,926	8,964
Held-to-maturity	9,345	6,853
Securities borrowed	8,327	7,102
Income taxes receivable	25,404	0
Fixed assets, net of accumulated depreciation and amortization of $300,823 at September 30, 2014 and $263,321 at December 31, 2013	207,413	189,059
Debt issuance costs, net of accumulated amortization of $10,991 at September 30, 2014 and $7,751 at December 31, 2013	13,040	16,281
Goodwill	1,365,838	1,361,361
Intangible assets, net of accumulated amortization of $295,332 at September 30, 2014 and $266,285 at December 31, 2013	440,526	464,522
Other assets	155,193	139,991
Total assets	3,918,167	4,042,831
LIABILITIES:
Drafts payable	135,095	194,971
Payables to clients	565,221	565,204
Payables to broker-dealers and clearing organizations	38,315	43,157
Accrued commission and advisory expenses payable	143,024	135,149
Accounts payable and accrued liabilities	287,219	301,644
Income taxes payable	0	4,320
Unearned revenue	68,817	73,739
Securities sold, but not yet purchased — at fair value	18	211
Senior secured credit facilities	1,526,967	1,535,096
Deferred income taxes, net	90,119	89,369
Total liabilities	2,854,795	2,942,860
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 118,124,141 shares issued at September 30, 2014 and 117,112,465 shares issued at December 31, 2013	118	117
Additional paid-in capital	1,346,701	1,292,374
Treasury stock, at cost — 18,187,765 shares at September 30, 2014 and 15,216,301 shares at December 31, 2013	(655,822)	(506,205)
Accumulated other comprehensive income	1,296	115
Retained earnings	371,079	313,570
Total stockholders' equity	1,063,372	1,099,971
Total liabilities and stockholders' equity	$ 3,918,167	$ 4,042,831

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Allowances on receivables from clients	$ 1,237	$ 588
Allowances on receivables from others	9,383	7,091
Accumulated depreciation and amortization, Fixed assets	300,823	263,321
Accumulated amortization, Debt issuance costs	10,991	7,751
Accumulated amortization, Intangible assets	$ 295,332	$ 266,285
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	118,124,141	117,112,465
Treasury stock, shares	18,187,765	15,216,301

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
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		115,714,000		9,422,000
Net income and other comprehensive income (loss), net of tax expense	137,189				(250)	137,439
Treasury stock purchases	$ (184,318)			$ (184,318)
Treasury stock purchases, shares	4,910,281			4,910,000
Cash dividends on common stock	$ (48,672)					(48,672)
Stock option exercises and other	28,189	$ 1	27,623	$ 663		(98)
Stock option exercises and other, shares		1,140,000		(19,000)
Share-based compensation	17,330		17,330
Excess tax benefits from share-based compensation	1,919		1,919
ENDING BALANCE at Sep. 30, 2013	1,091,657	$ 117	1,274,947	$ (471,653)	(250)	288,496
ENDING BALANCE, shares at Sep. 30, 2013		116,854,000		14,313,000
BEGINNING BALANCE at Dec. 31, 2013	1,099,971	$ 117	1,292,374	$ (506,205)	115	313,570
BEGINNING BALANCE, shares at Dec. 31, 2013		117,112,000		15,216,000
Net income and other comprehensive income (loss), net of tax expense	130,679				1,181	129,498
Issuance of common stock to settle restricted stock units, net	(673)	$ 1		$ (674)
Issuance of common stock to settle restricted stock units, net, shares		40,000		13,000
Treasury stock purchases	$ (150,021)			$ (150,021)
Treasury stock purchases, shares	2,989,712			2,990,000
Cash dividends on common stock	$ (72,104)					(72,104)
Stock option exercises and other	25,334		24,141	$ 1,078		115
Stock option exercises and other, shares		972,000		(31,000)
Share-based compensation	22,649		22,649
Excess tax benefits from share-based compensation	7,537		7,537
ENDING BALANCE at Sep. 30, 2014	$ 1,063,372	$ 118	$ 1,346,701	$ (655,822)	$ 1,296	$ 371,079
ENDING BALANCE, shares at Sep. 30, 2014		118,124,000		18,188,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 129,498	$ 137,439
Noncash items:
Depreciation and amortization	70,618	61,451
Amortization of debt issuance costs	3,241	3,285
Share-based compensation	22,649	17,330
Loss on disposal of fixed assets	1,282	154
Excess tax benefits related to share-based compensation	(7,666)	(1,919)
Provision for bad debts	2,124	1,911
Deferred income tax provision	585	(9,850)
Loss on extinguishment of debt	0	7,962
Net changes in estimated fair value of contingent consideration obligations	0	4,131
Loan forgiveness	20,326	1,001
Closure of NestWise	0	9,294
Other	2,057	731
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	93,844	149,390
Receivables from clients	30,723	28,447
Receivables from product sponsors, broker-dealers and clearing organizations	(4,369)	368
Receivables from others	(31,195)	(14,472)
Securities owned	(3,999)	(1,373)
Securities borrowed	(1,225)	(1,168)
Other assets	(8,534)	625
Drafts payable	(59,876)	(24,981)
Payables to clients	17	(211,422)
Payables to broker-dealers and clearing organizations	(4,842)	(29,988)
Accrued commission and advisory expenses payable	7,875	142
Accounts payable and accrued liabilities	(11,580)	13,697
Income taxes receivable/payable	(22,187)	(1,896)
Unearned revenue	(4,922)	1,666
Securities sold, but not yet purchased	(193)	(48)
Net cash provided by operating activities	224,251	141,907
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(69,830)	(40,787)
Purchase of intangible assets	9,000	0
Proceeds from disposal of fixed assets	7,123	0
Purchase of securities classified as held-to-maturity	(6,749)	(2,495)
Proceeds from maturity of securities classified as held-to-maturity	4,250	5,900
Deposits of restricted cash	(6,049)	(1,500)
Release of restricted cash	141	613
Purchases of minority interest investments	0	(2,500)
Net cash used in investing activities	(80,114)	(40,769)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured credit facilities	(8,129)	(863,869)
Proceeds from senior secured credit facilities	0	1,078,957
Payment of debt issuance costs	0	(2,461)
Payment of contingent consideration	(3,300)	0
Tax payments related to settlement of restricted stock units	(673)	0
Repurchase of common stock	(150,021)	(175,722)
Dividends on common stock	(72,104)	(48,672)
Excess tax benefits related to share-based compensation	7,666	1,919
Proceeds from stock option exercises and other	25,334	28,189
Net cash (used in) provided by financing activities	(201,227)	18,341
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(57,090)	119,479
CASH AND CASH EQUIVALENTS - Beginning of period	516,584	466,261
CASH AND CASH EQUIVALENTS - End of period	459,494	585,740
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	38,877	38,433
Income taxes paid	109,805	100,999
NONCASH DISCLOSURES:
Fixed assets acquired under build-to-suit lease	8,114	9,088
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	0	4,893
Pending settlement of treasury stock purchases	$ 0	$ 8,596

Organization and Description of the Company	9 Months Ended
Organization and Description of the Company	Sep. 30, 2014
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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation — 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. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, 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, 2013, contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company’s significant accounting policies are included in Note 2. Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. There have been no significant changes to these accounting policies during the first nine months of 2014. 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. 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. 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. Reportable Segment — The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels qualify as individual operating segments and are aggregated and viewed as one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment. 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 held-to-maturity securities and indebtedness. The Company carries its held-to-maturity securities and indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4. Fair Value Measurements, for additional detail regarding the Company’s fair value measurements. As of September 30, 2014, the carrying amount and fair value of the Company’s indebtedness was approximately $1,527.0 million and $1,513.1 million, respectively. As of December 31, 2013, the carrying amount and fair value was approximately $1,535.1 million and $1,533.3 million, respectively. Recently Issued Accounting Pronouncements There are no recent accounting pronouncements that would impact the Company's condensed consolidated statements of income, comprehensive income, financial condition, or cash flows.

Restructuring

9 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Restructuring

In February 2013, the Company committed to an expansion of its Service Value Commitment (the “Program”), an ongoing effort to position the Company's people, processes, and technology for sustainable long-term growth while improving the service experience of its advisors and delivering efficiencies in its operating model. The Program is expected to be completed in 2015.

The Company estimates total charges in connection with the Program will approach $65.0 million. These expenditures are comprised of outsourcing and other related costs, technology transformation costs, employee severance obligations and other related costs, as well as 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 nine months ended September 30, 2014 (in thousands):



	Accrued Balance at December 31, 2013		Costs Incurred		Payments			Accrued Balance at September 30, 2014		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs
Outsourcing and other related costs	$	1,424	$	5,045	$	(6,106	)	$	363	$	20,326	$	26,000
Technology transformation costs	1,753		15,954		(14,252		)	3,455		25,223		27,000
Employee severance obligations and other related costs	820		4,363		(1,595		)	3,588		6,821		11,000
Asset impairments	—		—		—			—		842		1,000
Total	$	3,997	$	25,362	$	(21,953	)	$	7,406	$	53,212	$	65,000

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

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 these fair value measurement classifications during the nine months ended September 30, 2014.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At September 30, 2014, 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 established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. 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 September 30, 2014, the Company did not adjust prices received from the independent third-party pricing services.

Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data; and (3) cash flow hedges, which are measured using quoted prices for similar cash flow hedges, taking into account counterparty credit risk and the Company's own non-performance risk.

Accounts Payable and Accrued Liabilities — The Company's accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs.

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2014 (in thousands):



	Level 1		Level 2		Level 3		Total
At September 30, 2014:
Assets
Cash equivalents	$	109,742	$	—	$	—	$	109,742
Securities owned — trading:
Money market funds	310		—		—		310
Mutual funds	7,497		—		—		7,497
Equity securities	250		—		—		250
Debt securities	—		69		—		69
U.S. treasury obligations	4,800		—		—		4,800
Total securities owned — trading	12,857		69		—		12,926
Other assets	71,145		4,709		—		75,854
Total assets at fair value	$	193,744	$	4,778	$	—	$	198,522
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	8	$	—	$	—	$	8
Debt securities	—		10		—		10
Total securities sold, but not yet purchased	8		10		—		18
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	8	$	10	$	527	$	545

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2013 (in thousands):



	Level 1		Level 2		Level 3		Total
At December 31, 2013:
Assets
Cash equivalents	$	254,032	$	—	$	—	$	254,032
Securities owned — trading:
Money market funds	170		—		—		170
Mutual funds	7,291		—		—		7,291
Equity securities	103		—		—		103
U.S. treasury obligations	1,400		—		—		1,400
Total securities owned — trading	8,964		—		—		8,964
Other assets	47,539		3,072		—		50,611
Total assets at fair value	$	310,535	$	3,072	$	—	$	313,607
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	63	$	—	$	—	$	63
Equity securities	127		—		—		127
Debt securities	—		10		—		10
Certificates of deposit	—		11		—		11
Total securities sold, but not yet purchased	190		21		—		211
Accounts payable and accrued liabilities	—		—		39,293		39,293
Total liabilities at fair value	$	190	$	21	$	39,293	$	39,504

Changes in Level 3 Recurring Fair Value Measurements

As of December 31, 2013, the Company had a contingent consideration obligation related to the acquisition of National Retirement Partners, Inc. (“NRP”). This obligation was based on the achievement of certain revenue-based targets for the twelve-month period ended November 30, 2013, 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. As of December 31, 2013, the Company had finalized the determination of the amount of contingent consideration to be paid to the former shareholders of NRP, resulting in a total payment of $39.3 million, which was made on February 19, 2014.

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.

- 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

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

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



	September 30, 2014			December 31, 2013
Amortized cost	$	9,345		$	6,853
Gross unrealized loss	(28		)	(58		)
Fair value	$	9,317		$	6,795

At September 30, 2014, 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	$	3,849	$	4,996	$	500	$	9,345
U.S. government notes — at fair value	$	3,850	$	4,982	$	485	$	9,317

- Definition

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

+ References + Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

In May 2013, in conjunction with its Service Value Commitment program, the Company entered into a long-term contractual obligation (the “Agreement”) with a third-party provider to enhance the quality, speed, and cost of processes by outsourcing certain functions. The Agreement enables the third-party provider to use the services of its affiliates in India to provide services to the Company and provides for the Company to settle the cost of its contractual obligation to the third-party provider in U.S. dollars each month. However, the Agreement provides that on each annual anniversary date of the signing of the Agreement, the price for services (denominated in U.S. dollars) is to be adjusted for the then-current exchange rate between the U.S. dollar (“USD”) and the Indian rupee (“INR”). The Agreement provides that, once an annual adjustment is calculated, there are no further modifications to the amounts paid by the Company to the third-party provider for fluctuations in the exchange rate between the USD and the INR until the reset on the next anniversary date of the signing of the Agreement.

The third-party provider bore the risk of currency movement from the date of signing the Agreement until the reset on the first anniversary of its signing, and bears such risk during each period until the next annual reset date. The Company bears the risk of currency movement at each of the annual reset dates following the first anniversary.

To mitigate foreign currency risk arising from these annual anniversary events, the Company entered into four non-deliverable foreign currency contracts, all of which have been designated as cash flow hedges. The first cash flow hedge, with a notional amount of 560.4 million INR, or $8.5 million, settled in June 2014. The Company received a settlement of $1.0 million that will be reclassified out of accumulated other comprehensive income and recognized in net income ratably over a 12-month period ending May 31, 2015 to match the timing of the underlying hedged item.

The details related to the remaining non-deliverable foreign currency contracts at September 30, 2014 are as follows (in millions, except foreign exchange rate):



	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
Cash flow hedge #2	6/2/2015	560.4	69.35	$	8.1
Cash flow hedge #3	6/2/2016	560.4	72.21	7.8
Cash flow hedge #4	6/2/2017	560.4	74.20	7.5
Total hedged amount				$	23.4

The fair value of the derivative instruments, included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands):



	September 30, 2014		December 31, 2013
Cash flow hedges	$	1,549	$	187

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and intangible assets were a result of various acquisitions. See Note 9. Goodwill and Other Intangible Assets, in the Company's 2013 Annual Report on Form 10-K for a discussion of the components of goodwill and additional information regarding intangible assets.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt

Senior Secured Credit Facilities — On May 13, 2013, the Company entered into the First Amendment and Incremental Assumption Agreement (“Credit Agreement”) with its wholly owned subsidiary, LPL Holdings, Inc., and other parties thereto. The Credit Agreement amended the Company's previous credit agreement, which was dated March 29, 2012. See Note 17. Subsequent Events, for details regarding the amendment of the Credit Agreement.

The Credit Agreement provides for a term loan A (“Term Loan A”), a term loan B (“Term Loan B”), and a revolving credit facility (“Revolving Credit Facility”). Term Loan A had an initial principal amount of $459.4 million maturing on March 29, 2017; Term Loan B had an initial principal amount of $1,083.9 million maturing on March 29, 2019; and the Revolving Credit Facility has a borrowing capacity of $250.0 million maturing on March 29, 2017.

At the time the Company entered into the Credit Agreement, all mandatory payments required under Term Loan A were prepaid, with the remaining principal and accrued interest due upon maturity. Term Loan B includes quarterly payments at an annual rate of 1.0% of principal per year, with the remaining principal and accrued interest due upon maturity.

Borrowings under Term Loan A and Term Loan B bear interest at a base rate equal to a LIBOR based rate (the “Eurodollar Rate”) plus the applicable interest rate margin, or an alternative base rate (“ABR”) plus the applicable interest rate margin. The Eurodollar Rate with respect to Term Loan B shall in no event be less than 0.75%. 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%; or (d) solely in the case of Term Loan B, 1.75%. The Company may repay outstanding loans under its Credit Agreement at any time without premium or penalty, other than customary “breakage” costs with respect to Eurodollar Rate loans.

As of September 30, 2014, borrowings under the term loans bore interest at the Eurodollar Rate with an applicable interest rate margin of 2.50%. The Company’s outstanding borrowings were as follows (dollars in thousands):



		September 30, 2014					December 31, 2013
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	3/29/2017	$	459,375	2.65	%	(1)	$	459,375	2.67	%	(3)
Term Loan B	3/29/2019	1,067,592		3.25	%	(2)	1,075,721		3.25	%	(4)
Total borrowings		1,526,967					1,535,096
Less current portion		10,839					10,839
Long-term borrowings — net of current portion		$	1,516,128				$	1,524,257

_____________________


(1)	As of September 30, 2014, the Eurodollar Rate for Term Loan A was 0.15%.


(2)	As of September 30, 2014, the elected LIBOR was less than 0.75%; as a result, the Eurodollar Rate for Term Loan B was 0.75%.


(3)	As of December 31, 2013, the Eurodollar Rate for Term Loan A was 0.17%.


(4)	As of December 31, 2013, the elected LIBOR was less than 0.75%; as a result, the Eurodollar Rate for Term Loan B was 0.75%.

As of September 30, 2014, the Revolving Credit Facility was being used to support the issuance of $21.5 million of irrevocable letters of credit for the construction of the Company's San Diego office building and other items, with an applicable interest rate margin of 2.50%. The remaining available balance of $228.5 million was undrawn at September 30, 2014.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2014, the Company was in compliance with such covenants.

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 third line has a $200.0 million limit, and allows for both collateralized and uncollateralized borrowings. The lines have not been utilized in 2014, but were utilized in 2013; however, there were no balances outstanding at September 30, 2014 or December 31, 2013.

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Average balance	$	—		$	80		$	—		$	4,637
Weighted-average interest rate	—		%	1.50		%	—		%	1.80		%

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases — The Company leases 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 $6.5 million and $4.8 million for the three months ended September 30, 2014 and 2013, respectively, and $23.5 million and $14.7 million for the nine months ended September 30, 2014 and 2013, respectively. In March 2014 the Company entered into a lease agreement for additional office space in Charlotte, North Carolina with a lease commencement date of March 1, 2014 and an expiration date of February 28, 2017. Future minimum payments for this lease commitment are $0.2 million, $1.0 million, $1.1 million, and $0.2 million, for the years 2014, 2015, 2016, and 2017, 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. 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, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These unfunded commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no such significant unfunded commitments at September 30, 2014. Legal Proceedings & Regulatory Matters — The Company maintains insurance coverage for certain legal proceedings, including those involving client claims. With respect to client claims, the estimated losses on the majority of pending matters are less than the applicable deductibles of the insurance policies. The Company is also subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation. In accordance with applicable accounting guidance, the Company establishes an accrual for legal proceedings and regulatory matters when it is both probable that a loss has been incurred and the amount of loss can be reasonably estimated. Where it is not probable that a loss has been incurred, but at least reasonably possible that a loss has been incurred, a disclosure of fact is made when the underlying loss or range of losses can also be reasonably estimated. Assessing the probability of a loss occurring and the amount of any loss related to a legal proceeding or regulatory matter is inherently difficult, requiring significant and complex judgments. The Company's assessment process considers a variety of factors and assumptions, which may include the procedural status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts regarding potential exposures; potential opportunities for settlement and the status of any settlement discussions; and potential insurance coverage and indemnification, if available. The Company monitors these matters for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss, if those amounts can be reasonably determined. Due to these considerations, the Company may have exposure to losses that are not yet predictable or cannot yet be reasonably estimated in amounts that exceed those that have been accrued. As of September 30, 2014, the Company had accrued a liability of $23.0 million for potential remediation of regulatory matters. As of September 30, 2014, management believes, based on available information and consideration the factors above, that the results of pending legal proceedings and regulatory matters, in the aggregate, will not have a material adverse effect on the Company’s financial condition, but may be material to operating results for any particular period. Other Commitments — As of September 30, 2014, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $379.8 million, which it can re-pledge, loan, or sell. Of these securities, approximately $31.9 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2014 there were no restrictions that materially limited the Company's ability to re-pledge, loan, or sell the remaining $347.9 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $2.4 million and $1.4 million pledged to clearing organizations at September 30, 2014 and December 31, 2013, respectively. Brokerage, clearing, and custody services are provided by LPL Financial on a fully disclosed basis. LPL Financial also has a multi-year agreement to provide its investment advisory programs, platforms, technology, and additional processing and related services to the advisors of the broker-dealer subsidiary of a large global insurance company and the clients of such advisors at specified service levels. Failures by LPL Financial to meet certain specified service levels may result in service level credits against future fees payable by or give rise to a termination right for such broker-dealer. Termination fees may be payable by a terminating or breaching party depending on the specific cause of termination.

Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders' Equity

Dividends

The payment, timing, and amount of any dividends are subject to approval by the Board of Directors as well as certain limits under the Company's credit facilities. Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data):



	2014				2013
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.24	$	24.1	$	0.135	$	14.4
Second quarter	$	0.24	$	24.0	$	0.135	$	14.4
Third quarter	$	0.24	$	24.0	$	0.19	$	19.9

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 within the constraints of the Credit Agreement and general liquidity needs.

For the three months ended September 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Three Months Ended September 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at September 30, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	759,786	$	38.40	$	29.2
May 28, 2013	$	200.0	—		—	—		—		2,566,630	37.94		97.3
February 10, 2014	$	150.0	67.9		531,426	47.06		25.0		—	—		—
			$	67.9	531,426	$	47.06	$	25.0	3,326,416	$	38.04	$	126.5

For the nine months ended September 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Nine Months Ended September 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at September 30, 2014		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	2,343,651	$	37.10	$	87.0
May 28, 2013	$	200.0	—		1,306,288	52.00		67.9		2,566,630	37.94		97.3
February 10, 2014	$	150.0	67.9		1,683,424	48.77		82.1		—	—		—
			$	67.9	2,989,712	$	50.18	$	150.0	4,910,281	$	37.54	$	184.3

See Note 14. Related Party Transactions, for details regarding the repurchase of shares from related parties.

- 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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stockholders' Equity

Share-Based Compensation

Certain employees, advisors, institutions, officers, and directors of the Company participate in various long-term incentive plans, which provide for granting stock options, warrants, restricted stock awards, and restricted stock units. 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. Restricted stock awards and restricted stock units generally vest over a two- to four-year period.

On November 17, 2010, the Company adopted a 2010 Omnibus Equity Incentive Plan (the “2010 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, and other equity-based compensation. 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 (collectively, the “Predecessor Plans”). Upon adoption of the 2010 Plan, awards were no longer made under the Predecessor Plans; however, awards previously granted under the Predecessor Plans remain outstanding until exercised or forfeited.

There are 12,055,945 shares authorized for grant under the 2010 Plan. As of September 30, 2014, there were 6,292,812 shares reserved for issuance upon exercise or conversion of outstanding awards granted under the 2010 Plan.

Stock Options and Warrants

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee, officer, and director stock options that have been granted during the nine months ended September 30, 2014:



Expected life (in years)	6.02
Expected stock price volatility	44.25		%
Expected dividend yield	1.77		%
Risk-free interest rate	2.17		%
Fair value of options	$	20.51

The fair value of each stock option or warrant awarded to advisors and financial institutions is estimated on the date of the grant and revalued at each reporting period using the Black-Scholes valuation model with the following weighted-average assumptions used during the nine months ended September 30, 2014:



Expected life (in years)	5.86
Expected stock price volatility	33.70		%
Expected dividend yield	2.08		%
Risk-free interest rate	1.92		%
Fair value of options	$	21.73

The following table summarizes the Company’s stock option and warrant activity for the nine months ended September 30, 2014:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2013	7,016,521		$	28.45
Granted	748,353		54.21
Exercised	(960,961	)	25.12
Forfeited	(376,378	)	35.19
Outstanding — September 30, 2014	6,427,535		$	31.56	6.63	$	93,163
Exercisable — September 30, 2014	3,319,409		$	27.10	5.42	$	62,892

The following table summarizes information about outstanding stock options and warrants at September 30, 2014:



	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$2.38	17,382	0.67	$	2.38	17,382	$	2.38
$15.84 - $23.02	1,313,120	4.71	21.42		1,250,803	21.34
$23.41 - $30.00	1,631,196	5.97	28.11		926,796	27.62
$31.60 - $32.33	1,624,929	7.90	31.87		493,184	31.94
$34.01 - $39.60	1,162,060	6.40	34.58		625,729	34.50
$45.89 - $54.81	678,848	9.44	54.26		5,515	54.81
	6,427,535	6.63	$	31.56	3,319,409	$	27.10

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 $2.5 million during the three months ended September 30, 2014 and 2013, respectively, and $11.4 million and $9.8 million during the nine months ended September 30, 2014 and 2013, respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of September 30, 2014, total unrecognized compensation cost related to non-vested stock options granted to employees, officers, and directors was $25.3 million, which is expected to be recognized over a weighted-average period of 2.28 years.

The Company recognizes share-based compensation for stock options and warrants awarded to its advisors and to financial institutions based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of $1.1 million and $1.6 million during the three months ended September 30, 2014 and 2013, respectively, and $5.9 million and $5.9 million for during the nine months ended September 30, 2014 and 2013, 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 September 30, 2014, total unrecognized compensation cost related to non-vested stock options and warrants granted to advisors and financial institutions was $12.2 million, which is expected to be recognized over a weighted-average period of 2.52 years.

Restricted Stock

The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the nine months ended September 30, 2014:



	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2013	39,153		$	33.20	256,684		$	32.12
Granted	15,846		49.22		376,582		48.94
Vested	(9,300	)	32.26		(39,419	)	31.44
Forfeited	(4,550	)	32.96		(49,401	)	38.92
Nonvested at September 30, 2014	41,149		$	39.60	544,446		$	43.19

The Company recognizes share-based compensation for restricted stock awards and restricted stock units granted to its 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 $1.7 million and $0.6 million of share-based compensation related to the vesting of these restricted stock awards and restricted stock units during the three months ended September 30, 2014 and 2013, respectively, and $4.4 million and $1.6 million during the nine months ended September 30, 2014 and 2013, respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of September 30, 2014, total unrecognized compensation cost for restricted stock awards and restricted stock units granted to employees, officers, and directors was $13.0 million, which is expected to be recognized over a weighted-average remaining period of 2.29 years.

In the second quarter of 2014, the Company began granting restricted stock units to its advisors and to financial institutions. The Company recognizes share-based compensation for restricted stock units granted to its advisors and to financial institutions based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of $0.4 million and $0.6 million related to the vesting of these restricted stock units during the three and nine months ended September 30, 2014, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of September 30, 2014, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $4.3 million, which is expected to be recognized over a weighted-average remaining period of 2.62 years.

Earnings per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 is as follows (in thousands, except per share data):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Net income	$	33,272	$	37,631	$	129,498	$	137,439

Basic weighted-average number of shares outstanding	100,052		104,271		100,519		105,670
Dilutive common share equivalents	1,782		1,434		1,865		1,264
Diluted weighted-average number of shares outstanding	101,834		105,705		102,384		106,934

Basic earnings per share	$	0.33	$	0.36	$	1.29	$	1.30
Diluted earnings per share	$	0.33	$	0.36	$	1.26	$	1.29

The computation of diluted earnings per share excludes stock options, warrants, and restricted stock units that are anti-dilutive. For the three months ended September 30, 2014 and 2013, stock options, warrants, and restricted stock units representing common share equivalents of 1,478,016 shares and 3,075,389 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2014 and 2013, stock options, warrants, and restricted stock units representing common share equivalents of 1,344,782 shares and 3,744,198 shares, respectively, were anti-dilutive.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
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 40.0% and 38.6% for the three months ended September 30, 2014 and 2013, respectively, and 39.5% and 39.4% for the nine months ended September 30, 2014 and 2013, 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.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions with TPG Capital, one of the Company's significant stockholders, as well as certain portfolio companies of TPG Capital. During the nine months ended September 30, 2014 and 2013 the Company recognized revenue for services provided to these portfolio companies of $0.7 million and $0.4 million, respectively. During the nine months ended September 30, 2014 and 2013, the Company incurred expenses for services provided by TPG Capital or these portfolio companies of $0.9 million and $0.4 million, respectively. As of September 30, 2014 and 2013, receivables from related parties were $0.1 million. As of September 30, 2014 and 2013, payables to related parties were $0.4 million and less than $0.1 million, respectively. During the nine months ended September 30, 2013, the Company incurred $0.8 million in expenses for services provided by Aplifi, Inc., a privately held technology company in which the Company held an equity interest until its sale in October 2013. On February 12, 2014, the Company entered into a share repurchase agreement with an investment fund associated with TPG Capital, pursuant to which the Company repurchased 1.9 million shares of its common stock at a price of $52.00 per share, for total consideration of $100.0 million.

- 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	9 Months Ended
Net Capital and Regulatory Requirements	Sep. 30, 2014
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 $109.2 million with a minimum net capital requirement of $6.7 million and net capital in excess of the minimum requirement of $102.5 million as of September 30, 2014. 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 September 30, 2014 and December 31, 2013, LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2014
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 or 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 or securities into their account prior to placing an order. LPL Financial may at times hold equity securities 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	9 Months Ended
Subsequent Event	Sep. 30, 2014
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On October 1, 2014, the Company entered into the Second Amendment, Extension and Incremental Assumption Agreement (“Amended Credit Agreement”) with its wholly owned subsidiary, LPL Holdings, Inc., and other parties thereto, which amended the Company's Credit Agreement, dated May 13, 2013. The Amended Credit Agreement extends the maturity date of Term Loan A and the Revolving Credit Facility to September 30, 2019, and increases the Revolving Credit Facility borrowing capacity to $400.0 million. On October 1, 2014, the Company's Board of Directors approved an increase in the Company's share repurchase plan by $150.0 million to a total of $217.9 million. On October 28, 2014, the Board of Directors declared a cash dividend of $0.24 per share on the Company's outstanding common stock to be paid on November 26, 2014 to stockholders of record on November 11, 2014. ******

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
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.
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. 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.
Reportable Segment	Reportable Segment — The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels qualify as individual operating segments and are aggregated and viewed as one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment.
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 held-to-maturity securities and indebtedness. The Company carries its held-to-maturity securities and indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recent accounting pronouncements that would impact the Company's condensed consolidated statements of income, comprehensive income, financial condition, or cash flows.

Restructuring (Tables)

9 Months Ended

Sep. 30, 2014

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 nine months ended September 30, 2014 (in thousands):



	Accrued Balance at December 31, 2013		Costs Incurred		Payments			Accrued Balance at September 30, 2014		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs
Outsourcing and other related costs	$	1,424	$	5,045	$	(6,106	)	$	363	$	20,326	$	26,000
Technology transformation costs	1,753		15,954		(14,252		)	3,455		25,223		27,000
Employee severance obligations and other related costs	820		4,363		(1,595		)	3,588		6,821		11,000
Asset impairments	—		—		—			—		842		1,000
Total	$	3,997	$	25,362	$	(21,953	)	$	7,406	$	53,212	$	65,000

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014 (in thousands):



	Level 1		Level 2		Level 3		Total
At September 30, 2014:
Assets
Cash equivalents	$	109,742	$	—	$	—	$	109,742
Securities owned — trading:
Money market funds	310		—		—		310
Mutual funds	7,497		—		—		7,497
Equity securities	250		—		—		250
Debt securities	—		69		—		69
U.S. treasury obligations	4,800		—		—		4,800
Total securities owned — trading	12,857		69		—		12,926
Other assets	71,145		4,709		—		75,854
Total assets at fair value	$	193,744	$	4,778	$	—	$	198,522
Liabilities
Securities sold, but not yet purchased:
Equity securities	$	8	$	—	$	—	$	8
Debt securities	—		10		—		10
Total securities sold, but not yet purchased	8		10		—		18
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	8	$	10	$	527	$	545

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2013 (in thousands):



	Level 1		Level 2		Level 3		Total
At December 31, 2013:
Assets
Cash equivalents	$	254,032	$	—	$	—	$	254,032
Securities owned — trading:
Money market funds	170		—		—		170
Mutual funds	7,291		—		—		7,291
Equity securities	103		—		—		103
U.S. treasury obligations	1,400		—		—		1,400
Total securities owned — trading	8,964		—		—		8,964
Other assets	47,539		3,072		—		50,611
Total assets at fair value	$	310,535	$	3,072	$	—	$	313,607
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	63	$	—	$	—	$	63
Equity securities	127		—		—		127
Debt securities	—		10		—		10
Certificates of deposit	—		11		—		11
Total securities sold, but not yet purchased	190		21		—		211
Accounts payable and accrued liabilities	—		—		39,293		39,293
Total liabilities at fair value	$	190	$	21	$	39,293	$	39,504

Held-to-Maturity Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of amortized cost, gross unrealized (loss) gain 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):



	September 30, 2014			December 31, 2013
Amortized cost	$	9,345		$	6,853
Gross unrealized loss	(28		)	(58		)
Fair value	$	9,317		$	6,795

Maturities of securities held-to-maturity

At September 30, 2014, 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	$	3,849	$	4,996	$	500	$	9,345
U.S. government notes — at fair value	$	3,850	$	4,982	$	485	$	9,317

- 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

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of non-deliverable foreign currency contracts

The details related to the remaining non-deliverable foreign currency contracts at September 30, 2014 are as follows (in millions, except foreign exchange rate):



	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
Cash flow hedge #2	6/2/2015	560.4	69.35	$	8.1
Cash flow hedge #3	6/2/2016	560.4	72.21	7.8
Cash flow hedge #4	6/2/2017	560.4	74.20	7.5
Total hedged amount				$	23.4

Schedule of the fair value of the derivative instruments

The fair value of the derivative instruments, included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands):



	September 30, 2014		December 31, 2013
Cash flow hedges	$	1,549	$	187

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Outstanding borrowings

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



		September 30, 2014					December 31, 2013
	Maturity	Balance		Interest Rate			Balance		Interest Rate
Senior secured term loans:
Term Loan A	3/29/2017	$	459,375	2.65	%	(1)	$	459,375	2.67	%	(3)
Term Loan B	3/29/2019	1,067,592		3.25	%	(2)	1,075,721		3.25	%	(4)
Total borrowings		1,526,967					1,535,096
Less current portion		10,839					10,839
Long-term borrowings — net of current portion		$	1,516,128				$	1,524,257

_____________________


(1)	As of September 30, 2014, the Eurodollar Rate for Term Loan A was 0.15%.


(2)	As of September 30, 2014, the elected LIBOR was less than 0.75%; as a result, the Eurodollar Rate for Term Loan B was 0.75%.


(3)	As of December 31, 2013, the Eurodollar Rate for Term Loan A was 0.17%.


(4)	As of December 31, 2013, the elected LIBOR was less than 0.75%; as a result, the Eurodollar Rate for Term Loan B was 0.75%.

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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Average balance	$	—		$	80		$	—		$	4,637
Weighted-average interest rate	—		%	1.50		%	—		%	1.80		%

- 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=34725769&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

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of dividends paid per common share

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



	2014				2013
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.24	$	24.1	$	0.135	$	14.4
Second quarter	$	0.24	$	24.0	$	0.135	$	14.4
Third quarter	$	0.24	$	24.0	$	0.19	$	19.9

Summary of share repurchase program activity

For the three months ended September 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Three Months Ended September 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at September 30, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	759,786	$	38.40	$	29.2
May 28, 2013	$	200.0	—		—	—		—		2,566,630	37.94		97.3
February 10, 2014	$	150.0	67.9		531,426	47.06		25.0		—	—		—
			$	67.9	531,426	$	47.06	$	25.0	3,326,416	$	38.04	$	126.5

For the nine months ended September 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Nine Months Ended September 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at September 30, 2014		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	2,343,651	$	37.10	$	87.0
May 28, 2013	$	200.0	—		1,306,288	52.00		67.9		2,566,630	37.94		97.3
February 10, 2014	$	150.0	67.9		1,683,424	48.77		82.1		—	—		—
			$	67.9	2,989,712	$	50.18	$	150.0	4,910,281	$	37.54	$	184.3

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Weighted-average assumptions used for calculating the fair value of stock options and warrants with the Black-Scholes valuation model



Expected life (in years)	6.02
Expected stock price volatility	44.25		%
Expected dividend yield	1.77		%
Risk-free interest rate	2.17		%
Fair value of options	$	20.51



Expected life (in years)	5.86
Expected stock price volatility	33.70		%
Expected dividend yield	2.08		%
Risk-free interest rate	1.92		%
Fair value of options	$	21.73

Summary of stock option and warrant activity

The following table summarizes the Company’s stock option and warrant activity for the nine months ended September 30, 2014:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2013	7,016,521		$	28.45
Granted	748,353		54.21
Exercised	(960,961	)	25.12
Forfeited	(376,378	)	35.19
Outstanding — September 30, 2014	6,427,535		$	31.56	6.63	$	93,163
Exercisable — September 30, 2014	3,319,409		$	27.10	5.42	$	62,892

Summary of outstanding stock options and warrant information

The following table summarizes information about outstanding stock options and warrants at September 30, 2014:



	Outstanding				Exercisable
Range of Exercise Prices	Total Number of Shares	Weighted- Average Remaining Life (Years)	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
$2.38	17,382	0.67	$	2.38	17,382	$	2.38
$15.84 - $23.02	1,313,120	4.71	21.42		1,250,803	21.34
$23.41 - $30.00	1,631,196	5.97	28.11		926,796	27.62
$31.60 - $32.33	1,624,929	7.90	31.87		493,184	31.94
$34.01 - $39.60	1,162,060	6.40	34.58		625,729	34.50
$45.89 - $54.81	678,848	9.44	54.26		5,515	54.81
	6,427,535	6.63	$	31.56	3,319,409	$	27.10

Summary of restricted stock awards and restricted stock units activity

The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the nine months ended September 30, 2014:



	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant-Date Fair Value		Number of Shares		Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2013	39,153		$	33.20	256,684		$	32.12
Granted	15,846		49.22		376,582		48.94
Vested	(9,300	)	32.26		(39,419	)	31.44
Forfeited	(4,550	)	32.96		(49,401	)	38.92
Nonvested at September 30, 2014	41,149		$	39.60	544,446		$	43.19

Schedule of dividends paid per common share

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



	2014				2013
	Dividend per Share		Total Cash Dividend		Dividend per Share		Total Cash Dividend
First quarter	$	0.24	$	24.1	$	0.135	$	14.4
Second quarter	$	0.24	$	24.0	$	0.135	$	14.4
Third quarter	$	0.24	$	24.0	$	0.19	$	19.9

Summary of share repurchase program activity

For the three months ended September 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Three Months Ended September 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at September 30, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	759,786	$	38.40	$	29.2
May 28, 2013	$	200.0	—		—	—		—		2,566,630	37.94		97.3
February 10, 2014	$	150.0	67.9		531,426	47.06		25.0		—	—		—
			$	67.9	531,426	$	47.06	$	25.0	3,326,416	$	38.04	$	126.5

For the nine months ended September 30, 2014 and 2013, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					Nine Months Ended September 30,
					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at September 30, 2014		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
September 27, 2012	$	150.0	$	—	—	$	—	$	—	2,343,651	$	37.10	$	87.0
May 28, 2013	$	200.0	—		1,306,288	52.00		67.9		2,566,630	37.94		97.3
February 10, 2014	$	150.0	67.9		1,683,424	48.77		82.1		—	—		—
			$	67.9	2,989,712	$	50.18	$	150.0	4,910,281	$	37.54	$	184.3

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Basic and diluted earnings per share computations

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 is as follows (in thousands, except per share data):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Net income	$	33,272	$	37,631	$	129,498	$	137,439

Basic weighted-average number of shares outstanding	100,052		104,271		100,519		105,670
Dilutive common share equivalents	1,782		1,434		1,865		1,264
Diluted weighted-average number of shares outstanding	101,834		105,705		102,384		106,934

Basic earnings per share	$	0.33	$	0.36	$	1.29	$	1.30
Diluted earnings per share	$	0.33	$	0.36	$	1.26	$	1.29

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Senior secured credit facilities	$ 1,526,967	$ 1,535,096
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 1,513,100	$ 1,533,300

Restructuring (Details) $ in Millions	Sep. 30, 2014 USD ($)
Restructuring and Related Activities [Abstract]
Total Expected Restructuring Costs	$ 65.0

Restructuring Table (Details 1) $ in Thousands	9 Months Ended
Restructuring Table (Details 1) $ in Thousands	Sep. 30, 2014 USD ($)
Restructuring Reserve [Roll Forward]
Total Expected Restructuring Costs	$ 65,000
Restructuring Charges [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	3,997
Costs incurred	25,362
Payments	(21,953)
Accrued Balance, End of Period	7,406
Cumulative Costs Incurred to Date	53,212
Total Expected Restructuring Costs	65,000
Outsourcing and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	1,424
Costs incurred	5,045
Payments	(6,106)
Accrued Balance, End of Period	363
Cumulative Costs Incurred to Date	20,326
Total Expected Restructuring Costs	26,000
Technology transformation costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	1,753
Costs incurred	15,954
Payments	(14,252)
Accrued Balance, End of Period	3,455
Cumulative Costs Incurred to Date	25,223
Total Expected Restructuring Costs	27,000
Employee severance obligations and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	820
Costs incurred	4,363
Payments	(1,595)
Accrued Balance, End of Period	3,588
Cumulative Costs Incurred to Date	6,821
Total Expected Restructuring Costs	11,000
Asset impairments
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	0
Payments	0
Accrued Balance, End of Period	0
Cumulative Costs Incurred to Date	842
Total Expected Restructuring Costs	$ 1,000

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 12,926	$ 8,964
Securities sold, but not yet purchased	18	211
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	109,742	254,032
Securities owned — trading	12,857	8,964
Other assets	71,145	47,539
Total assets at fair value	193,744	310,535
Securities sold, but not yet purchased	8	190
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	8	190
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	69	0
Other assets	4,709	3,072
Total assets at fair value	4,778	3,072
Securities sold, but not yet purchased	10	21
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	10	21
Fair Value, Measurements, Recurring [Member] \| 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
Accounts payable and accrued liabilities	527	39,293
Total liabilities at fair value	527	39,293
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	109,742	254,032
Securities owned — trading	12,926	8,964
Other assets	75,854	50,611
Total assets at fair value	198,522	313,607
Securities sold, but not yet purchased	18	211
Accounts payable and accrued liabilities	527	39,293
Total liabilities at fair value	545	39,504
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		63
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		63
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	8	127
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| 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] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	8	127
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	10	10
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	10	10
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		11
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		11
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	310	170
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| 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] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	310	170
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,497	7,291
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| 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] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,497	7,291
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	250	103
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| 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] \| 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] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	250	103
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	69
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	69
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	4,800	1,400
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations \| Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 4,800	$ 1,400

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details Textuals) $ in Millions	Feb. 19, 2014 USD ($)
National Retirement Partners [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment of contingent consideration	$ 39.3

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Amortized cost	$ 9,345	$ 6,853
U.S. government notes
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Amortized cost	9,345	6,853
Gross unrealized loss	(28)		$ (58)
Fair value	9,317
Fair Value, Inputs, Level 1 [Member] \| U.S. government notes
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Fair value	$ 9,317	$ 6,795

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost	$ 9,345	$ 6,853
U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,849
U.S. government notes - at amortized cost, After one but within five years	4,996
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost	9,345	$ 6,853
U.S. government notes - at fair value, Within one year	3,850
U.S. government notes - at fair value, After one but within five years	4,982
U.S. government notes - at fair value, After five through ten years	485
U.S. government notes - at fair value	$ 9,317

Derivative Financial Instruments (Details) ₨ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2014 INR (₨)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 INR (₨)	Jun. 30, 2014 USD ($)
Derivative [Line Items]
Hedged Notional Amount		$ 23.4
Cash Flow Hedge 1 [Member]
Derivative [Line Items]
Hedged Notional Amount			₨ 560.4	$ 8.5
Cash Flow Hedge 2 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2015
Hedged Notional Amount	₨ 560.4	$ 8.1
Contractual INR/USD Foreign Exchange Rate	69.35	69.35
Cash Flow Hedge 3 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2016
Hedged Notional Amount	₨ 560.4	$ 7.8
Contractual INR/USD Foreign Exchange Rate	72.21	72.21
Cash Flow Hedge 4 [Member]
Derivative [Line Items]
Settlement Date	Jun. 02, 2017
Hedged Notional Amount	₨ 560.4	$ 7.5
Contractual INR/USD Foreign Exchange Rate	74.20	74.20

Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of cash flow hedges	$ 1,549	$ 187

Derivative Financial Instruments (Details Textuals) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2014 USD ($)	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of cash flow hedges entered into by the Company		4
Cash received on settlement of Cash Flow Hedge 1	$ 1.0

Debt (Credit Agreement Outstanding)(Details) - USD ($)
$ in Thousands

Sep. 30, 2014

Dec. 31, 2013

Senior secured term loans:

Long-term borrowings — net of current portion

$ 1,526,967

$ 1,535,096

Secured Debt [Member]

Senior secured term loans:

Balance

1,526,967

1,535,096

Less current portion

10,839

Long-term borrowings — net of current portion

1,516,128

1,524,257

Term Loan A [Member] | Secured Debt [Member]

Senior secured term loans:

Balance

$ 459,375

Interest Rate

2.65%

^[1]

2.67%

^[2]

Term Loan B [Member] | Secured Debt [Member]

Senior secured term loans:

Balance

$ 1,067,592

$ 1,075,721

Interest Rate

3.25%

^[3]

3.25%

^[4]

[1]	As of September 30, 2014, the Eurodollar Rate for Term Loan A was 0.15%.
[2]	As of December 31, 2013, the Eurodollar Rate for Term Loan A was 0.17%.
[3]	As of September 30, 2014, the elected LIBOR was less than 0.75%; as a result, the Eurodollar Rate for Term Loan B was 0.75%.
[4]	As of December 31, 2013, the elected LIBOR was less than 0.75%; as a result, the Eurodollar Rate for Term Loan B was 0.75%.

Debt (LOC Borrowing Activity)(Details) - Line of Credit [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Summary of borrowing activity in the revolving and uncommitted line of credit facilities
Average balance	$ 0	$ 80	$ 0	$ 4,637
Weighted-average interest rate	0.00%	1.50%	0.00%	1.80%

Debt (Credit Agreement Textuals)(Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	May 13, 2013
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 250.0
Applicable interest rate margin	2.50%	2.50%
Letters of credit, amount outstanding	$ 21.5		$ 21.5
Line of credit, remaining borrowing capacity	$ 228.5		$ 228.5
Secured Debt [Member] \| Term Loan A [Member]
Debt Instrument [Line Items]
Initial principal amount of senior secured term loans				459.4
Payment terms of senior secured term loans			At the time the Company entered into the Credit Agreement, all mandatory payments required under Term Loan A were prepaid, with the remaining principal and accrued interest due upon maturity.
Secured Debt [Member] \| Term Loan A [Member] \| Eurodollar Rate [Member]
Debt Instrument [Line Items]
Eurodollar Rate	0.15%	0.17%
Secured Debt [Member] \| Term Loan B [Member]
Debt Instrument [Line Items]
Initial principal amount of senior secured term loans				$ 1,083.9
Payment terms of senior secured term loans			Term Loan B includes quarterly payments at an annual rate of 1.0% of principal per year, with the remaining principal and accrued interest due upon maturity.
Secured Debt [Member] \| Term Loan B [Member] \| Eurodollar Rate [Member]
Debt Instrument [Line Items]
Eurodollar Rate	0.75%	0.75%
Secured Debt [Member] \| Term Loan A and Term Loan B [Member]
Debt Instrument [Line Items]
Interest rate terms of senior secured term loans			Borrowings under Term Loan A and Term Loan B bear interest at a base rate equal to a LIBOR based rate (the “Eurodollar Rate”) plus the applicable interest rate margin, or an alternative base rate (“ABR”) plus the applicable interest rate margin. The Eurodollar Rate with respect to Term Loan B shall in no event be less than 0.75%. 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%; or (d) solely in the case of Term Loan B, 1.75%.
Secured Debt [Member] \| Term Loan A and Term Loan B [Member] \| Eurodollar Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	2.50%	2.50%
Minimum [Member] \| Secured Debt [Member] \| Term Loan B [Member] \| Eurodollar Rate [Member]
Debt Instrument [Line Items]
Eurodollar Rate	0.75%	0.75%

Debt Debt (Bank Loans Payable Textuals) (Details) - Line of Credit [Member] $ in Millions	9 Months Ended
	Sep. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	$ 0.0	$ 0.0
Total number of uncommitted lines of credit	3
Number of uncommitted lines of credit with an unspecified limit	2
Line of credit, maximum borrowing capacity	$ 200.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Leases, Operating [Abstract]
Rent expense, operating leases	$ 6.5	$ 4.8	$ 23.5	$ 14.7
Building [Member] \| Charlotte Office [Member]
Operating Leased Assets [Line Items]
Future minimum payments for Charlotte office, 2014 - remaining	0.2		0.2
Future minimum payments for Charlotte office, 2015	1.0		1.0
Future minimum payments for Charlotte office, 2016	1.1		1.1
Future minimum payments for Charlotte office, 2017	$ 0.2		$ 0.2

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Collateral security	$ 379.8
Amount pledged with client-owned securities	31.9
Remaining collateral securities that can be re-pledged, loaned, or sold	347.9
Trading securities pledged to clearing organizations	$ 2.4	$ 1.4

Commitments and Contingencies Commitments and Contingencies (Legal) (Details) $ in Millions	Sep. 30, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrued liability for potential remediation of regulatory matters	$ 23.0

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013
Stockholders' Equity Note [Abstract]
Dividend per share of common stock	$ 0.24	$ 0.24	$ 0.24	$ 0.190	$ 0.135	$ 0.135
Total cash dividends paid during the quarter	$ 24,000	$ 24,000	$ 24,100	$ 19,900	$ 14,400	$ 14,400	$ 72,104	$ 48,672

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity, Class of Treasury Stock [Line Items]
Amount Remaining at September 30, 2014	$ 67,900		$ 67,900
Shares Purchased	531,426	3,326,416	2,989,712	4,910,281
Weighted-Average Price Paid Per Share	$ 47.06	$ 38.04	$ 50.18	$ 37.54
Total Cost	$ 25,000	$ 126,500	$ 150,021	$ 184,318
September 27, 2012
Equity, Class of Treasury Stock [Line Items]
Authorized Repurchase Amount	150,000		150,000
Amount Remaining at September 30, 2014	$ 0		$ 0
Shares Purchased	0	759,786	0	2,343,651
Weighted-Average Price Paid Per Share	$ 0.00	$ 38.40	$ 0.00	$ 37.10
Total Cost	$ 0	$ 29,200	$ 0	$ 87,000
May 28, 2013
Equity, Class of Treasury Stock [Line Items]
Authorized Repurchase Amount	200,000		200,000
Amount Remaining at September 30, 2014	$ 0		$ 0
Shares Purchased	0	2,566,630	1,306,288	2,566,630
Weighted-Average Price Paid Per Share	$ 0.00	$ 37.94	$ 52.00	$ 37.94
Total Cost	$ 0	$ 97,300	$ 67,900	$ 97,300
February 10, 2014
Equity, Class of Treasury Stock [Line Items]
Authorized Repurchase Amount	150,000		150,000
Amount Remaining at September 30, 2014	$ 67,900		$ 67,900
Shares Purchased	531,426	0	1,683,424	0
Weighted-Average Price Paid Per Share	$ 47.06	$ 0.00	$ 48.77	$ 0.00
Total Cost	$ 25,000	$ 0	$ 82,100	$ 0

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	12,055,945		12,055,945
Authorized unissued shares	6,292,812		6,292,812
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Minimum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Maximum [Member] \| Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Employees, officers, and directors [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 3.8	$ 2.5	$ 11.4	$ 9.8
Share-based compensation cost unrecognized	25.3		$ 25.3
Non-vested compensation cost weighted-average period			2 years 3 months 12 days
Employees, officers, and directors [Member] \| Restricted Stock [Member]
Share-based compensation:
Share-based compensation	1.7	0.6	$ 4.4	1.6
Share-based compensation cost unrecognized	13.0		$ 13.0
Non-vested compensation cost weighted-average period			2 years 3 months 14 days
Advisors and Financial Institutions [Member] \| Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	1.1	$ 1.6	$ 5.9	$ 5.9
Share-based compensation cost unrecognized	12.2		$ 12.2
Non-vested compensation cost weighted-average period			2 years 6 months 8 days
Advisors and Financial Institutions [Member] \| Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	0.4		$ 0.6
Share-based compensation cost unrecognized	$ 4.3		$ 4.3
Non-vested compensation cost weighted-average period			2 years 7 months 12 days

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member]	9 Months Ended
	Sep. 30, 2014 $ / shares
Employees, officers, and directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	6 years 8 days
Expected stock price volatility	44.25%
Expected dividend yield	1.77%
Risk-free interest rate	2.17%
Fair value of options	$ 20.51
Advisors and Financial Institutions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	5 years 10 months 10 days
Expected stock price volatility	33.70%
Expected dividend yield	2.08%
Risk-free interest rate	1.92%
Fair value of options	$ 21.73

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	7,016,521
Number of Shares, Granted	748,353
Number of Shares, Exercised	(960,961)
Number of Shares, Forfeited	(376,378)
Number of Shares Outstanding, Ending Balance	6,427,535
Number of Shares Exercisable, Ending Balance	3,319,409
Weighted-Average Exercise Price, Granted	$ 54.21
Weighted-Average Exercise Price, Exercised	25.12
Weighted-Average Exercise Price, Forfeited	35.19
Weighted-Average Exercise Price, Outstanding, Ending Balance	31.56	$ 28.45
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 27.10
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 7 months 18 days
Weighted-Average Remaining Contractual Term, Options Exercisable	5 years 5 months 1 day
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 93,163
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 62,892

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Sep. 30, 2014 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	6,427,535
Weighted-average remaining life (years), Outstanding	6 years 7 months 17 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 31.56
Number of shares, Exercisable \| shares	3,319,409
Weighted-average exercise price, Exercisable \| $ / shares	$ 27.10
$2.38
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	17,382
Weighted-average remaining life (years), Outstanding	8 months 1 day
Weighted-average exercise price, Outstanding \| $ / shares	$ 2.38
Number of shares, Exercisable \| shares	17,382
Weighted-average exercise price, Exercisable \| $ / shares	$ 2.38
$15.84 - $23.02
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,313,120
Weighted-average remaining life (years), Outstanding	4 years 8 months 15 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 21.42
Number of shares, Exercisable \| shares	1,250,803
Weighted-average exercise price, Exercisable \| $ / shares	$ 21.34
$23.41 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,631,196
Weighted-average remaining life (years), Outstanding	5 years 11 months 18 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 28.11
Number of shares, Exercisable \| shares	926,796
Weighted-average exercise price, Exercisable \| $ / shares	$ 27.62
$31.60 - $32.33
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,624,929
Weighted-average remaining life (years), Outstanding	7 years 10 months 24 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 31.87
Number of shares, Exercisable \| shares	493,184
Weighted-average exercise price, Exercisable \| $ / shares	$ 31.94
$34.01 - $39.60
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	1,162,060
Weighted-average remaining life (years), Outstanding	6 years 4 months 25 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 34.58
Number of shares, Exercisable \| shares	625,729
Weighted-average exercise price, Exercisable \| $ / shares	$ 34.50
$45.89 - $54.81
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding \| shares	678,848
Weighted-average remaining life (years), Outstanding	9 years 5 months 10 days
Weighted-average exercise price, Outstanding \| $ / shares	$ 54.26
Number of shares, Exercisable \| shares	5,515
Weighted-average exercise price, Exercisable \| $ / shares	$ 54.81

Restricted Stock Activity (Details) - $ / shares	9 Months Ended
Restricted Stock Activity (Details) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	39,153
Number of Shares, Granted	15,846
Number of Shares, Vested	(9,300)
Number of Shares, Forfeited	(4,550)
Number of Shares, Ending Balance	41,149
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 39.60	$ 33.20
Weighted-Average Grant-Date Fair Value, Granted	49.22
Weighted-Average Grant-Date Fair Value, Vested	32.26
Weighted-Average Grant-Date Fair Value, Forfeited	32.96
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 39.60
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	256,684
Number of Shares, Granted	376,582
Number of Shares, Vested	(39,419)
Number of Shares, Forfeited	(49,401)
Number of Shares, Ending Balance	544,446
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 43.19	$ 32.12
Weighted-Average Grant-Date Fair Value, Granted	48.94
Weighted-Average Grant-Date Fair Value, Vested	31.44
Weighted-Average Grant-Date Fair Value, Forfeited	38.92
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 43.19

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]
Net income	$ 33,272	$ 37,631	$ 129,498	$ 137,439
Basic weighted-average number of shares outstanding	100,052	104,271	100,519	105,670
Dilutive common share equivalents	1,782	1,434	1,865	1,264
Diluted weighted-average number of shares outstanding	101,834	105,705	102,384	106,934
Basic earnings per share	$ 0.33	$ 0.36	$ 1.29	$ 1.30
Diluted earnings per share	$ 0.33	$ 0.36	$ 1.26	$ 1.29

- 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 (Textuals) (Details) - shares	3 Months Ended		9 Months Ended
Earnings per Share (Textuals) (Details) - shares	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	1,478,016	3,075,389	1,344,782	3,744,198

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	40.00%	38.60%	39.50%	39.40%

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 12, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]
Total Cost of Shares Repurchased During Period		$ 25,000	$ 126,500	$ 150,021	$ 184,318
Weighted-Average Price Paid Per Share		$ 47.06	$ 38.04	$ 50.18	$ 37.54
Shares Purchased		531,426	3,326,416	2,989,712	4,910,281
TPG Capital [Member]
Related Party Transaction [Line Items]
Revenue from related party transactions				$ 700	$ 400
Related party transactions expenses				900	400
Related party receivables		$ 100	$ 100	100	100
Related party payables		$ 400	$ 100	$ 400	100
Total Cost of Shares Repurchased During Period	$ 100,000
Weighted-Average Price Paid Per Share	$ 52.00
Shares Purchased	1,900,000
Aplifi Inc [Member]
Related Party Transaction [Line Items]
Related party transactions expenses					$ 800

Net Capital and Regulatory Requirements (Details) - Lpl Financial Llc [Member] $ in Millions	Sep. 30, 2014 USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 109.2
Minimum Net Capital Required for Broker-Dealer Subsidiary	6.7
Net Capital in Excess of Minimum Required	$ 102.5

Subsequent Event Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 28, 2014	Oct. 01, 2014	Sep. 30, 2014	May 13, 2013
Subsequent Event [Line Items]
Remaining Authorized Repurchase Amount			$ 67.9
Subsequent Event [Member]
Subsequent Event [Line Items]
Remaining Authorized Repurchase Amount		$ 217.9
Dividends Payable, Date Declared	Oct. 28, 2014
Dividends Payable, Amount Declared Per Share	$ 0.24
Dividends Payable, Date to be Paid	Nov. 26, 2014
Dividends Payable, Date of Record	Nov. 11, 2014
October 2014 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Authorized Repurchase Amount		150.0
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Revolving Credit Facility, maximum borrowing capacity				$ 250.0
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Revolving Credit Facility, maximum borrowing capacity		$ 400.0

Label	Element	Value
Goodwill, Impairment Loss	us-gaap_GoodwillImpairmentLoss	$ 0
Goodwill, Impairment Loss	us-gaap_GoodwillImpairmentLoss	$ 0