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Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Dec. 31, 2014	Feb. 17, 2015	Jun. 30, 2014
Entity Information [Line Items]
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,300,000,000
Entity Common Stock, Shares Outstanding		96,495,936

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES:
Commission	$ 2,118,494	$ 2,077,566	$ 1,820,517
Advisory	1,337,959	1,187,352	1,062,490
Asset-based	476,595	430,990	403,067
Transaction and fee	369,821	361,252	321,558
Interest income, net of interest expense	18,982	17,887	18,742
Other	51,811	65,811	34,714
Total net revenues	4,373,662	4,140,858	3,661,088
EXPENSES:
Commission and advisory	2,998,702	2,847,785	2,509,913
Compensation and benefits	421,829	400,967	362,705
Promotional	124,677	111,539	107,074
Depreciation and amortization	96,845	83,503	71,796
Professional services	62,184	46,559	41,773
Occupancy and equipment	82,430	67,551	58,568
Brokerage, clearing, and exchange	49,015	45,059	38,924
Communications and data processing	43,823	43,075	39,522
Restructuring charges	34,652	30,186	5,597
Other	109,327	113,923	103,275
Total operating expenses	4,023,484	3,790,147	3,339,147
Non-operating interest expense	51,538	51,446	54,826
Loss on extinguishment of debt	3,943	7,962	16,524
Total expenses	4,078,965	3,849,555	3,410,497
INCOME BEFORE PROVISION FOR INCOME TAXES	294,697	291,303	250,591
PROVISION FOR INCOME TAXES	116,654	109,446	98,673
NET INCOME	$ 178,043	$ 181,857	$ 151,918
EARNINGS PER SHARE (NOTE 16)
Earnings per share, basic	$ 1.78	$ 1.74	$ 1.39
Earnings per share, diluted	$ 1.75	$ 1.72	$ 1.37
Weighted-average shares outstanding, basic	99,847	104,698	109,443
Weighted-average shares outstanding, diluted	101,651	106,003	111,060

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$ 178,043	$ 181,857	$ 151,918
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedges, net of tax expense of $722, $72, and $0 for the years ended December 31, 2014, 2013, and 2012, respectively	1,137	115	0
Reclassification adjustment for realized (gain) loss on cash flow hedges included in net income, net of tax expense (benefit) of $198, $0, and ($527) for the years ended December 31, 2014, 2013, and 2012, respectively	(315)	0	850
Total other comprehensive income, net of tax	822	115	850
Total comprehensive income	$ 178,865	$ 181,972	$ 152,768

- Definition

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

+ References + Details

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Tax expense on unrealized gain on cash flow hedges	$ 722	$ 72	$ 0
Tax expense (benefit) on adjustment for items reclassified to earnings	$ 198	$ 0	$ (527)

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 412,332	$ 516,584
Cash and securities segregated under federal and other regulations	568,930	512,351
Receivables from:
Clients, net	365,390	373,675
Product sponsors, broker-dealers and clearing organizations	177,470	174,070
Others, net	291,449	272,018
Securities owned:
Trading — at fair value	13,466	8,964
Held-to-maturity	8,594	6,853
Securities borrowed	5,035	7,102
Income taxes receivable	84	0
Fixed assets, net	214,154	189,059
Debt issuance costs, net of accumulated amortization of $11,724 and $7,751 at December 31, 2014 and 2013, respectively	13,241	16,281
Goodwill	1,365,838	1,361,361
Intangible assets, net	430,704	464,522
Other assets	184,306	139,991
Total assets	4,050,993	4,042,831
LIABILITIES:
Drafts payable	180,099	194,971
Payables to clients	652,714	565,204
Payables to broker-dealers and clearing organizations	45,427	43,157
Accrued commission and advisory expenses payable	146,504	135,149
Accounts payable and accrued liabilities	289,426	301,644
Income taxes payable	0	4,320
Unearned revenue	64,482	73,739
Securities sold, but not yet purchased — at fair value	302	211
Senior secured credit facilities	1,634,258	1,535,096
Deferred income taxes, net	66,181	89,369
Total liabilities	3,079,393	2,942,860
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 118,234,552 shares and 117,112,465 shares issued at December 31, 2014 and 2013, respectively	118	117
Additional paid-in capital	1,355,085	1,292,374
Treasury stock, at cost — 21,089,882 shares and 15,216,301 shares at December 31, 2014 and 2013, respectively	(780,661)	(506,205)
Accumulated other comprehensive income	937	115
Retained earnings	396,121	313,570
Total stockholders' equity	971,600	1,099,971
Total liabilities and stockholders' equity	$ 4,050,993	$ 4,042,831

Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Accumulated amortization, Debt issuance costs	$ 11,724	$ 7,751
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	118,234,552	117,112,465
Treasury stock, shares	21,089,882	15,216,301

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

BEGINNING BALANCE at Dec. 31, 2011

$ 1,344,748

$ 110

$ 1,137,723

$ (89,037)

$ (850)

$ 296,802

BEGINNING BALANCE, shares at Dec. 31, 2011

110,532,000

2,618,000

Net income and other comprehensive income, net of tax expense

152,768

850

151,918

Issuance of common stock to settle restricted stock units

$ 3

(3)

Issuance of common stock to settle restricted stock units, shares

2,823,000

Treasury stock purchases

(199,222)

$ (199,222)

Treasury stock purchases, shares

6,812,000

Cash dividends on common stock

(248,809)

Stock options exercises and other

16,117

$ 3

15,937

$ 261

(84)

Stock options exercises and other, shares

2,337,000

(8,000)

Excess tax benefits from share-based compensation

53,296

Share-based compensation

21,122

Share-based compensation, shares

22,000

ENDING BALANCE at Dec. 31, 2012

1,140,020

$ 116

1,228,075

$ (287,998)

199,827

ENDING BALANCE, shares at Dec. 31, 2012

115,714,000

9,422,000

Net income and other comprehensive income, net of tax expense

181,972

115

181,857

Treasury stock purchases

$ (219,091)

^[1]

$ (219,091)

Treasury stock purchases, shares

5,819,788

5,820,000

Cash dividends on common stock

$ (68,008)

(68,008)

Stock options exercises and other

35,025

$ 1

34,246

$ 884

(106)

Stock options exercises and other, shares

1,398,000

(26,000)

Excess tax benefits from share-based compensation

5,381

Share-based compensation

24,672

ENDING BALANCE at Dec. 31, 2013

1,099,971

$ 117

1,292,374

$ (506,205)

115

313,570

ENDING BALANCE, shares at Dec. 31, 2013

117,112,000

15,216,000

Net income and other comprehensive income, net of tax expense

178,865

822

178,043

Issuance of common stock to settle restricted stock units

(868)

$ 1

$ (869)

Issuance of common stock to settle restricted stock units, shares

50,000

17,000

Treasury stock purchases

$ (275,079)

^[1]

$ (275,079)

Treasury stock purchases, shares

5,899,209

5,899,000

Cash dividends on common stock

$ (95,616)

(95,616)

Stock options exercises and other

28,530

26,914

$ 1,492

124

Stock options exercises and other, shares

1,073,000

(42,000)

Excess tax benefits from share-based compensation

8,218

Share-based compensation

27,579

ENDING BALANCE at Dec. 31, 2014

$ 971,600

$ 118

$ 1,355,085

$ (780,661)

$ 937

$ 396,121

ENDING BALANCE, shares at Dec. 31, 2014

118,235,000

21,090,000

[1]	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 178,043	$ 181,857	$ 151,918
Noncash items:
Depreciation and amortization	96,845	83,503	71,796
Amortization of debt issuance costs	3,973	4,365	4,591
Impairment of fixed assets	0	842	4,033
Loss on disposal of fixed assets	1,761	173	204
Share-based compensation	27,579	24,672	21,122
Excess tax benefits related to share-based compensation	(8,685)	(7,172)	(53,296)
Provision for bad debts	2,432	2,021	1,159
Deferred income taxes	(24,100)	(28,943)	(12,219)
Loss on extinguishment of debt	3,943	7,962	16,524
Net changes in estimated fair value of contingent consideration obligations	0	12,676	11,353
Closure of NestWise	0	9,279	0
Loan forgiveness	28,409	21,006	1,468
Other	1,246	583	455
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	(56,579)	65,082	(194,528)
Receivables from clients	7,628	(3,862)	(68,393)
Receivables from product sponsors, broker-dealers and clearing organizations	(3,400)	(21,120)	(9,457)
Receivables from others	(49,615)	(53,720)	(53,124)
Securities owned	(4,638)	(1,148)	(1,321)
Securities borrowed	2,067	2,346	(1,558)
Other assets	(45,523)	(19,458)	(52,216)
Drafts payable	(14,872)	(8,161)	15,557
Payables to clients	87,510	(184,301)	292,786
Payables to broker-dealers and clearing organizations	2,270	(9,874)	18,276
Accrued commissions and advisory expenses payable	11,355	6,690	18,744
Accounts payable and accrued liabilities	(10,522)	48,127	20,743
Income taxes receivable/payable	4,281	14,916	47,175
Unearned revenue	(9,257)	11,931	2,271
Securities sold, but not yet purchased	91	(155)	205
Net cash provided by operating activities	232,242	160,117	254,268
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(89,648)	(78,239)	(54,786)
Purchase of goodwill and other intangible assets	(9,000)	0	0
Proceeds from disposal of fixed assets	7,123	0	0
Purchase of securities classified as held-to-maturity	(7,498)	(2,595)	(7,210)
Proceeds from maturity of securities classified as held-to-maturity	5,750	5,900	8,100
Deposits of restricted cash	(4,679)	(1,500)	(64)
Release of restricted cash	4,820	815	7,550
Acquisitions, net of cash acquired	0	0	(43,684)
Proceeds from sale of equity investment	0	3,310	0
Purchases of minority interest investments	0	(2,500)	(1,575)
Net cash used in investing activities	(93,132)	(74,809)	(91,669)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	110,000	0	0
Repayment of senior secured term loans	(10,838)	(866,579)	(1,364,843)
Proceeds from senior secured term loans	0	1,078,957	1,330,681
Payment of debt issuance costs	(4,876)	(2,461)	(4,431)
Payment of contingent consideration	(3,300)	0	0
Tax payments related to settlement of restricted stock units	(868)	0	0
Repurchase of common stock	(275,079)	(219,091)	(199,121)
Dividends on common stock	(95,616)	(68,008)	(248,809)
Excess tax benefits related to share-based compensation	8,685	7,172	53,296
Proceeds from stock option exercises and other	28,530	35,025	16,117
Net cash used in financing activities	(243,362)	(34,985)	(417,110)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(104,252)	50,323	(254,511)
CASH AND CASH EQUIVALENTS - Beginning of year	516,584	466,261	720,772
CASH AND CASH EQUIVALENTS - End of year	412,332	516,584	466,261
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	51,588	51,712	54,883
Income taxes paid	139,315	123,583	62,260
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	8,184	16,075	5,181
Fixed assets acquired under built-to-suit lease	8,114	22,979	5,599
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	0	4,893	19,319
Pending settlement of treasury stock purchases	$ 0	$ 0	$ 101

Organization and Description of the Company	12 Months Ended
Organization and Description of the Company	Dec. 31, 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”). Description of Subsidiaries LPL Holdings, Inc. (“LPLH”), a Massachusetts holding corporation, owns 100% of the issued and outstanding common stock or other ownership interest in each of LPL Financial LLC (“LPL Financial”), Fortigent Holdings Company, Inc., Independent Advisers Group Corporation (“IAG”), LPL Insurance Associates, Inc. (“LPLIA”), LPL Independent Advisor Services Group LLC (“IASG”), and UVEST Financial Services Group, Inc. (“UVEST”). LPLH is also the majority stockholder in PTC Holdings, Inc. (“PTCH”), and owns 100% of the issued and outstanding voting common stock. Each member of PTCH's board of directors meets the direct equity ownership interest requirements that are required by the Office of the Comptroller of the Currency. In late 2014, the Company entered into a subscription agreement to establish a series captive insurance entity that will underwrite insurance for various legal and regulatory risks that have previously been self-insured. LPL Financial, with primary offices in Boston, San Diego, and Charlotte, is a clearing broker-dealer and an investment adviser that principally transacts business as an agent for its advisors and financial institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. Fortigent Holdings Company, Inc. and its subsidiaries (“Fortigent”), acquired in April 2012, provides solutions and consulting services to registered investment advisors, banks, and trust companies serving high-net-worth clients. PTCH is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account custodial services for LPL Financial. IAG is a registered investment adviser that offers an investment advisory platform for clients of advisors working for other financial institutions. LPLIA operates as an insurance brokerage general agency that offers life, long-term care, and disability insurance products and services for LPL Financial advisors.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, intangible assets, allowance for doubtful accounts, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the consolidated financial statements and related disclosures. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.

In the consolidated statements of income, the Company reclassified certain legal and regulatory costs from Professional Services to Other expenses to improve the transparency of its professional services costs provided by third-party vendors and to be consistent with industry peers in the presentation of costs related to these types of regulatory and legal matters. Additionally, the Company combined Regulatory Fees and Other expenses, which included certain licensing, insurance, and regulatory fee expenses, with Other expenses to be consistent with industry peers. The total amounts reclassified to Other expenses were $59.4 million and $52.8 million for the years ended December 31, 2013 and 2012, respectively.

Consolidation

These 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.

Reportable Segment

The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels are aggregated and viewed as one operating segment, and therefore, one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment.

Revenue Recognition

Substantially all of the Company's revenues are based on contractual arrangements. In determining the appropriate recognition of commissions, the Company reviews the terms and conditions of the brokerage account agreements between the Company and its advisors' clients, representative agreements with its advisors, which include payout rates and terms, and selling agreements with product sponsors for packaged investment products such as mutual funds, annuities, insurance, and alternative investments. In determining the appropriate recognition of advisory revenues, the Company reviews the terms and conditions of the advisory agreements between the advisors' clients and the applicable registered investment advisor (“RIA”), representative agreements with its advisors, and agreements with third parties who provide specific investment management or investment strategies.

Revenues are recognized in the periods in which the related services are performed provided that persuasive evidence of an arrangement exists, the fee is fixed or determinable, and collectability is reasonably assured. Payments received by the Company in advance of the performance of service are deferred and recognized as revenue when earned.

Management considers the nature of the Company's contractual arrangements in determining whether to recognize certain types of revenue on the basis of the gross amount billed or net amount retained after payments are made to providers of certain services related to the product or service offering.

The main factors the Company uses to determine whether to record revenue on a gross or net basis are whether:


•	the Company is primarily responsible for the service to the advisor and their client;


•	the Company has discretion in establishing fees paid by the client and fees due to the third-party service provider; and


•	the Company is involved in the determination of product or service specifications.

When client fees include a portion of charges that are paid to another party and the Company is primarily responsible for providing the service to the client, revenue is recognized on a gross basis in an amount equal to the fee paid by the client. The cost of revenues recognized is the amount due to the other party and is recorded as commission and advisory expense in the consolidated statements of income.

In instances in which another party is primarily responsible for providing the service to the client, revenue is recognized in the net amount retained by the Company. The portion of the fees that are collected from the client by the Company and remitted to the other party are considered pass through amounts and accordingly are not a component of revenues or cost of revenues.

The Company recognizes revenue related to commission, advisory fees, asset-based fees, transaction and fees, and interest income, net of interest expense.

Commission Revenues

Commission revenues represent commissions generated by the Company's advisors for their clients' purchases and sales of securities on exchanges and over-the-counter, as well as purchases of various investment products such as mutual funds, variable and fixed annuities, alternative investments including non-traded real estate investment trusts and business development companies, fixed income, insurance, group annuities, and option and commodity transactions. The Company generates two types of commission revenues: transaction-based sales commissions that occur at the point of sale, as well as trailing commissions for which the Company provides ongoing support, awareness, and education to clients of its advisors.

Transaction-based sales commissions are recognized as revenue on a trade-date basis, which is when the Company's performance obligations in generating the commissions have been substantially completed. The Company settles a significant volume of transactions that are initiated directly between its advisors and product sponsors, particularly with regard to mutual fund, 529 education savings plan, fixed and variable annuity, and insurance products. As a result, management must estimate a portion of its commission revenues earned from clients for purchases and sales of these products for each accounting period for which the proceeds have not yet been received. These estimates are based on the amount of commissions earned from transactions in these products in prior periods.

Trailing commission revenues include mutual fund, 529 education savings plan, and fixed and variable product trailing fees, which are recurring in nature. These trailing fees are earned by the Company based on a percentage of the current market value of clients' investment holdings in trail-eligible assets, and recognized over the period during which services are performed. Because trailing commission revenues are generally paid in arrears, management estimates the majority of trailing commission revenues earned during each period. These estimates are based on a number of factors, including market levels and the amount of trailing commission revenues received in prior periods. Commission revenue accruals are classified within receivables from product sponsors, broker-dealers, and clearing organizations in the consolidated statements of financial condition.

A substantial portion of the commission revenue is ultimately paid to the advisors. The Company records an estimate for commissions payable based upon average payout ratios for each product for which the Company has accrued commission revenue. Such amounts are classified as payables to broker-dealers and clearing organizations in the consolidated statements of financial condition and commission and advisory expense in the consolidated statements of income.

Advisory Revenues

The Company records fees charged to clients as advisory revenues in advisory accounts where LPL Financial or IAG is the RIA. A substantial portion of these advisory fees are paid to the related advisor and these payments are classified as commission and advisory expense in the consolidated statements of income.

Certain advisors conduct their advisory business through separate entities by establishing their own RIA pursuant to the Investment Advisers Act of 1940, rather than using the Company's corporate RIA. These stand-alone RIAs (“Independent RIA”) engage the Company for clearing, regulatory and custody services, as well as access to the Company's investment advisory platforms. The advisory revenue generated by these Independent RIAs is earned by the advisors, and accordingly not included in the Company's advisory revenues.

The Company charges administrative fees based on the value of assets within these advisory accounts, which are classified as advisory revenues in the consolidated statements of income.

Asset-Based Revenues

Asset-based revenues are comprised of fees from cash sweep programs, financial product manufacturer sponsorship programs, and omnibus processing and networking services and are recognized ratably over the period in which services are provided.

Transaction and Fee Revenues

The Company charges fees for executing certain transactions in client accounts. Transaction related charges are recognized on a trade-date basis. Other fees relate to services provided and other account charges generally outlined in agreements with clients, advisors, and financial institutions. Such fees are recognized as services are performed or as earned, as applicable. In addition, the Company offers various services for which fees are charged on a subscription basis and recognized over the subscription period.

Interest Income, Net of Interest Expense

The Company earns interest income from its cash equivalents and client margin balances, less interest expense on related transactions. Because interest expense incurred in connection with cash equivalents and client margin balances is completely offset by revenue on related transactions, the Company considers such interest to be an operating expense. Interest expense from operations for the years ended December 31, 2014, 2013, and 2012 did not exceed $1.0 million.

Compensation and Benefits

The Company records compensation and benefits expense for all cash and deferred compensation, benefits, and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities.

Share-Based Compensation

Certain employees, officers, directors, advisors, and financial institutions of the Company participate in various long-term incentive plans that 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.

The Company recognizes share-based compensation for equity awards granted to employees, officers, and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards and restricted stock units is equal to the closing price of the Company’s stock on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period.

The Company recognizes share-based compensation for equity awards granted to advisors and financial institutions as commissions and advisory expense on the consolidated statements of income. The fair value of stock options and warrants is estimated using a Black-Scholes valuation model on the date of grant and is revalued at each reporting period. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant and on the last day of each reporting period. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period.

The Company must also make assumptions regarding the number of stock options, warrants, restricted stock awards, and restricted stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the vesting period. See Note 15. Share-Based Compensation, for additional information regarding share-based compensation for equity awards granted.

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common shareholders by the basic 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.

Income Taxes

In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more-likely-than-not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities, and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions, and newly enacted statutory, judicial, and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition, or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax in the years utilized.

The Company recognizes the tax effects of a position in the consolidated financial statements only if it is more-likely-than-not to be sustained based solely on its technical merits, otherwise no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.

Cash and Cash Equivalents

Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company's cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds, and U.S. government obligations.

Cash and Securities Segregated Under Federal and Other Regulations

The Company's subsidiary, LPL Financial, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Security Exchange Act of 1934, as amended, and other regulations.

Receivables From and Payables to Clients

Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. At December 31, 2014 and 2013, $646.4 million and $549.5 million, respectively, of the balance represent free credit balances that are held pending re-investment by the clients. The Company pays interest on certain client payable balances.

To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client or the client’s advisor and the Company’s historical experience in collecting on such transactions.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands):



	December 31,
	2014		2013
Beginning balance — January 1	$	588	$	587
Provision for doubtful accounts	657		1
Ending balance — December 31	$	1,245	$	588

Receivables From Others

Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decisions to extend credit to advisors are generally based on either the advisors’ credit history and their ability to generate future commissions. Certain loans made in connection with recruiting are forgivable over terms ranging from three to five years provided that the advisor remains licensed through LPL Financial. At December 31, 2014, advisor loans totaled $121.0 million, of which $68.6 million was forgivable. Management maintains an allowance for uncollectible amounts, which excludes advisor loans that are forgivable, using an aging analysis that takes into account the advisors’ registration status and the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands):



	December 31,
	2014			2013
Beginning balance — January 1	$	7,091		$	6,675
Provision for doubtful accounts	1,775			2,020
Charge-offs, net of recoveries	(487		)	(1,604		)
Ending balance — December 31	$	8,379		$	7,091

Securities Owned and Securities Sold, But Not Yet Purchased

Securities owned and securities sold, but not yet purchased include trading and held-to-maturity securities. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds, and municipal bonds) as trading securities, except for U.S. government notes held by PTC, which are classified as held-to-maturity securities. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and can change.

Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. 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 December 31, 2014, the Company did not adjust prices received from the independent third-party pricing services.

Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If these estimates change, the Company may recognize additional losses. Both unrealized and realized gains and losses on trading securities are recognized in other revenue on a net basis in the consolidated statements of income.

Securities Borrowed

Securities borrowed are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned, is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity.

The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. As of December 31, 2014, the contract and collateral market values of borrowed securities were $5.0 million and $4.9 million, respectively. As of December 31, 2013, the contract and collateral market values of borrowed securities were $7.1 million and $7.0 million, respectively.

Fixed Assets

Internally developed software, leasehold improvements, computers and software, and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company charges software development costs to operations as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design, and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects and projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated.

Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. During the years ended December 31, 2013 and 2012, the Company recorded an asset impairment charge of $0.8 million and $4.0 million, respectively, for certain fixed assets related to internally developed software that were determined to no longer have future economic benefit. The $0.8 million asset impairment charge for the year ended December 31, 2013 is included in restructuring charges within the consolidated statements of income. No impairment occurred for the year ended December 31, 2014.

Acquisitions

When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income.

Accounting for business combinations requires the Company's management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, support liabilities assumed, and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data, and information obtained from the management of the acquired companies and are inherently uncertain.

Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include, but are not limited to: (i) future expected cash flows from client relationships, advisor relationships, and product sponsor relationships; (ii) estimates to develop or use software; and (iii) discount rates.

If the Company determines that a pre-acquisition contingency is probable in nature and estimable as of the acquisition date, the Company records its best estimate for such a contingency as a part of the preliminary purchase price allocation. The Company continues to gather information for and evaluate pre-acquisition contingencies throughout the measurement period, with changes to the amounts recorded or identified additional pre-acquisition contingencies included in the purchase price allocation and, subsequently, in the Company's results of operations.

The Company may be required to pay future consideration to the former shareholders of acquired companies, depending upon the terms of the applicable purchase agreement, that is contingent upon the achievement of certain financial or operating targets. The fair value of the contingent consideration is determined using financial forecasts and other estimates that assess the probability and timing of the financial targets being reached, and measuring the associated cash payments at their present value using a risk-adjusted rate of return. The estimated fair value of the contingent consideration on the acquisition date is included in the purchase price of the acquired company. At each reporting date, or whenever there are significant changes in underlying key assumptions, a review of these assumptions is performed and the contingent consideration liability is updated to its estimated fair value. If there are no significant changes in the assumptions, the quarterly determination of the fair value of contingent consideration reflects the implied interest for the passage of time. Changes in the estimated fair value of the contingent consideration obligations may result from changes in the terms of the contingent payments, changes in discount periods and rates, changes in assumptions with respect to the timing and likelihood of achieving the applicable targets, and other related developments. Actual progress toward achieving the financial targets for the remaining measurement periods may be different than the Company's expectations of future performance. The change in the estimated fair value of contingent consideration has been classified as other expenses in the consolidated statements of income.

Goodwill and Other Intangible Assets

Goodwill and other indefinite-lived assets are not amortized; however, intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 - 20 years. See Note 8. Goodwill and Other Intangible Assets, for additional information regarding the Company's goodwill and other intangible assets.

Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill or other indefinite-lived intangible assets are quantitatively assessed for impairment, a two-step approach is applied. First, the Company compares the estimated fair value of the reporting unit in which the asset resides to its carrying value. The second step, if necessary, measures the amount of such impairment by comparing the implied fair value of the asset to its carrying value. No impairment of goodwill or other indefinite-lived intangible assets was recognized during the years ended December 31, 2014, 2013, or 2012.

Long-lived assets, such as intangible assets subject to amortization, are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated. No impairment of definite-lived intangible assets was recognized during the years ended December 31, 2014, 2013, or 2012.

Debt Issuance Costs

Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements.

Derivative Financial Instruments

The Company uses derivative financial instruments, consisting of non-deliverable foreign currency forward contracts, to mitigate foreign currency exchange rate risk related to operating expenses that are subject to repricing. The Company has designated these derivative financial instruments as cash flow hedges, all of which qualify for hedge accounting. The Company assesses the ongoing effectiveness of its cash flow hedges. Changes in the fair value for the effective portion of the Company's cash flow hedges are presented in other comprehensive income and reclassified into earnings to match the timing of the underlying hedged item. Hedge ineffectiveness is measured at the end of each fiscal quarter, with any gains or losses realized into earnings in the current period. See Note 9. Derivative Financial Instruments, for additional information regarding the Company's derivative financial instruments.

Fair Value of Debt Instruments

The Company carries its indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4. Fair Value Measurements, for additional information regarding the Company's fair value measurements. As of December 31, 2014, the carrying amount and fair value of the Company’s indebtedness was approximately $1,634.3 million and $1,620.8 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.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range.

The Company records legal accruals and related insurance recoveries on a gross basis. Defense costs are expensed as incurred and classified as other expenses within the consolidated statements of income.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09 will become effective for the Company beginning January 1, 2017 and early adoption is not permitted. The Company is currently evaluating the potential impact of ASU 2014-09 on its financial statements.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern, which will require an entity's management to assess, for each annual and interim period, whether there is substantial doubt about the entity's ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of "probable" similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. ASU 2014-15 will be effective for the Company beginning January 1, 2017 and early adoption is permitted. The Company does not anticipate the adoption of ASU 2014-15 to have a material impact on its financial statements.

Restructuring

12 Months Ended

Dec. 31, 2014

Restructuring and Related Activities [Abstract]

Restructuring

Service Value Commitment Initiative

In February 2013, the Company committed to an expansion of its Service Value Commitment initiative (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 $68.0 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 year ended December 31, 2014 (in thousands):



	Accrued Balance at December 31, 2013		Costs Incurred		Payments			Accrued Balance at December 31, 2014		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs
Outsourcing and other related costs	$	1,424	$	6,207	$	(7,631	)	$	—	$	21,488	$	23,500
Technology transformation costs	1,753		20,649		(17,944		)	4,458		29,918		30,300
Employee severance obligations and other related costs	820		6,427		(5,248		)	1,999		8,885		13,400
Asset impairments	—		—		—			—		842		842
Total	$	3,997	$	33,283	$	(30,823	)	$	6,457	$	61,133	$	68,042

Fair Value Measurements

12 Months Ended

Dec. 31, 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 were no transfers of assets or liabilities between these fair value measurement classifications during the years ended December 31, 2014 and 2013.

The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At December 31, 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.

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 December 31, 2014 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	22,592	$	—	$	—	$	22,592
Securities owned — trading:
Money market funds	293		—		—		293
Mutual funds	7,570		—		—		7,570
Equity securities	224		—		—		224
Debt securities	—		1,379		—		1,379
U.S. treasury obligations	4,000		—		—		4,000
Total securities owned — trading	12,087		1,379		—		13,466
Other assets	75,540		5,058		—		80,598
Total assets at fair value	$	110,219	$	6,437	$	—	$	116,656
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	13	$	—	$	—	$	13
Equity securities	279		—		—		279
Debt securities	—		10		—		10
Total securities sold, but not yet purchased	292		10		—		302
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	292	$	10	$	527	$	829

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



	Level 1		Level 2		Level 3		Total
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

At 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. 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.

- 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

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Held-to-Maturity Securities

At December 31, 2014 and 2013, the Company's held-to-maturity securities consisted of U.S. government notes. The Company discloses the fair value of its securities held-to-maturity using quoted prices in active markets, which is a Level 1 fair value measurement. The amortized cost, gross unrealized loss, and fair value of securities held-to-maturity were as follows (in thousands):



	December 31,
	2014			2013
Amortized cost	$	8,594		$	6,853
Gross unrealized loss	(14		)	(58		)
Fair value	$	8,580		$	6,795

At December 31, 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	$	3,099	$	4,995	$	500	$	8,594
U.S. government notes — at fair value	$	3,099	$	4,983	$	498	$	8,580

- Definition

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

+ References + Details

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2014

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from Product Sponsors, Broker-Dealers, and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from product sponsors, broker-dealers, and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands):



	December 31,
	2014		2013
Receivables:
Commissions receivable from product sponsors and others	$	122,207	$	112,575
Receivable from clearing organizations	38,873		49,295
Receivable from broker-dealers	10,814		7,060
Securities failed-to-deliver	5,576		5,140
Total receivables	$	177,470	$	174,070
Payables:
Payable to clearing organizations	$	19,580	$	28,433
Payable to broker-dealers	20,208		9,884
Securities failed-to-receive	5,639		4,840
Total payables	$	45,427	$	43,157

Fixed Assets

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Fixed Assets

The components of fixed assets were as follows (in thousands):



	December 31,
	2014			2013
Internally developed software	$	259,335		$	232,448
Leasehold improvements	95,846			89,259
Computers and software	95,406			86,163
Furniture and equipment	47,658			37,868
Land	4,743			6,642
Total fixed assets	502,988			452,380
Accumulated depreciation and amortization	(288,834		)	(263,321		)
Fixed assets, net	$	214,154		$	189,059

Depreciation and amortization expense was $58.0 million, $44.5 million, and $32.3 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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



Balance at December 31, 2012	$	1,371,523
Closure of NestWise	(10,162		)
Balance at December 31, 2013	$	1,361,361
Goodwill acquired	4,477
Balance at December 31, 2014	$	1,365,838

In 2014, the Company purchased certain intangible assets of a third party, which included $4.5 million in goodwill and $5.1 million in other intangible assets. During 2013, in conjunction with the closure of our former subsidiary, NestWise, certain assets of NestWise, including goodwill, were determined to have no future economic benefit. Accordingly, the Company derecognized $10.2 million of goodwill held at NestWise, which is included within other expenses in the consolidated statements of income.

The components of intangible assets were as follows at December 31, 2014 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	10.9	$	440,533	$	(195,835	)	$	244,698
Product sponsor relationships	11.1	234,086		(101,377		)	132,709
Client relationships	9.4	20,220		(7,622		)	12,598
Trade names	7.3	1,200		(320		)	880
Total definite-lived intangible assets		$	696,039	$	(305,154	)	$	390,885
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	430,704

The components of intangible assets were as follows at December 31, 2013 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	11.8	$	439,762	$	(171,453	)	$	268,309
Product sponsor relationships	12.1	230,916		(88,751		)	142,165
Client relationships	10.2	19,110		(5,881		)	13,229
Trade names	8.3	1,200		(200		)	1,000
Total definite-lived intangible assets		$	690,988	$	(266,285	)	$	424,703
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	464,522

Total amortization expense of intangible assets was $38.9 million, $39.0 million, and $39.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. Future amortization expense is estimated as follows (in thousands):



2015	$	38,288
2016	38,161
2017	37,276
2018	34,833
2019	34,768
Thereafter	207,559
Total	$	390,885

- 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

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

In May 2013, in conjunction with its Service Value Commitment initiative, 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 non-deliverable foreign currency contracts at December 31, 2014 are as follows:



	Settlement Date	Hedged Notional Amount (INR) (in millions)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD) (in millions)
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 consolidated statements of financial condition, were as follows (in thousands):



	December 31,
	2014		2013
Cash flow hedges	$	1,179	$	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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows (in thousands):



	December 31,
	2014		2013
Accounts payable	$	56,776	$	59,299
Accrued payroll	66,816		73,135
Contingent consideration obligations	527		39,436
Advisor deferred compensation plan liability	72,763		45,461
Deferred rent	48,629		35,156
Other accrued liabilities	43,915		49,157
Total accounts payable and accrued liabilities	$	289,426	$	301,644

Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

Senior Secured Credit Facilities — On October 1, 2014, the Company entered into the Second Amendment, Extension and Incremental Assumption Agreement (“Credit Agreement”) with its wholly owned subsidiary, LPL Holdings, Inc., the other parties thereto. The Credit Agreement amends the Company's previous credit agreement, which was dated May 13, 2013.

The Credit Agreement includes a term loan A (“Term Loan A”), a term loan B (“Term Loan B”), and a revolving credit facility (“Revolving Credit Facility”). This agreement amends the Term Loan A and Revolving Credit Facility maturity date to September 30, 2019 from March 29, 2017, and the Revolving Credit Facility borrowing capacity to $400.0 million from $250.0 million.

In connection with the execution of the Credit Agreement, the Company incurred $4.9 million in costs, which are capitalized as debt issuance costs in the consolidated statements of financial condition, and accelerated the recognition of $3.9 million of unamortized costs attributable to Term Loan A related to the previous credit agreement, which has been recorded as a loss on extinguishment of debt within the consolidated statements of income for the year ended December 31, 2014.

At the time the Company entered into the Credit Agreement, all mandatory payments required under Term Loan A had been 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.

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



		December 31,
		2014				2013
Senior Secured Credit Facilities	Maturity	Balance		Interest Rate		Balance		Interest Rate
Revolving Credit Facility	9/30/2019	$	110,000	4.75	%	$	—	—	%
Senior secured term loans:
Term Loan A	9/30/2019	459,375		2.67	%	459,375		2.67	%
Term Loan B	3/29/2019	1,064,883		3.25	%	1,075,721		3.25	%
Total borrowings		1,634,258				1,535,096
Less current portion		120,839				10,839
Long-term borrowings — net of current portion		$	1,513,419			$	1,524,257

As of December 31, 2014, the Company had $21.5 million of irrevocable letters of credit, with an applicable interest rate margin of 2.50%, which were supported by the Revolving Credit Facility.

The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of December 31, 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 were not utilized in 2014, but were utilized in 2013; however, there were no balances outstanding at December 31, 2014 or 2013.

The minimum calendar year payments and maturities of the senior secured borrowings as of December 31, 2014 are as follows (in thousands):



2015	$	120,839
2016	10,839
2017	19,452
2018	45,292
2019	1,437,836
Thereafter	—
Total	$	1,634,258

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s provision for income taxes was as follows (in thousands):



	December 31,
	2014			2013			2012
Current provision:
Federal	$	120,995		$	119,327		$	96,983
State	19,759			19,062			13,909
Total current provision	140,754			138,389			110,892
Deferred benefit:
Federal	(20,800		)	(25,586		)	(11,137		)
State	(3,300		)	(3,357		)	(1,082		)
Total deferred benefit	(24,100		)	(28,943		)	(12,219		)
Provision for income taxes	$	116,654		$	109,446		$	98,673

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates is set forth below:



	Years Ended December 31,
	2014		2013		2012
Federal statutory income tax rates	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	3.6		3.5		3.3
Non-deductible expenses	0.7		0.4		1.1
Share-based compensation	(0.1	)	(0.1	)	0.1
Business energy tax credit	—		(0.5	)	—
Transaction costs	—		—		0.1
Goodwill derecognition	—		1.2		—
Contingent consideration obligations	(0.1	)	(1.5	)	(0.7	)
Other	0.5		(0.4	)	0.5
Effective income tax rates	39.6	%	37.6	%	39.4	%

The Company's 2013 effective tax rate and income tax expense was lower primarily due to a release of the valuation allowance and utilization of a business energy tax credit.

The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands):



	December 31,
	2014			2013
Deferred tax assets:
Accrued liabilities	$	55,731		$	39,265
Share-based compensation	24,537			19,442
State taxes	8,500			8,447
Deferred rent	4,768			2,337
Provision for bad debts	4,192			3,110
Net operating losses	999			1,594
Other	4,339			1,788
Total deferred tax assets	103,066			75,983
Deferred tax liabilities:
Amortization of intangible assets	(136,140		)	(144,392		)
Depreciation of fixed assets	(32,509		)	(20,888		)
Other	(598		)	(72		)
Total deferred tax liabilities	(169,247		)	(165,352		)
Deferred income taxes, net	$	(66,181	)	$	(89,369	)

The table of deferred tax assets and liabilities shown above does not include certain carryforwards related to federal and state net operating losses and other federal credits that arose directly from tax deductions related to equity compensation in excess of share-based compensation recognized for financial reporting. To the extent that the Company utilizes all of these tax attributes in the future to reduce income taxes payable, the Company will record an increase to additional paid-in capital of $2.6 million. The Company uses “with and without ordering” for purposes of determining when excess tax benefits have been realized.

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, including interest and penalties (in thousands):



	December 31,
	2014			2013			2012
Balance — Beginning of year	$	19,522		$	19,867		$	20,120
Increases for tax positions related to the current year	4,656			3,972			3,296
Reductions as a result of a lapse of the applicable statute of limitations	(3,191		)	(4,317		)	(3,549		)
Balance — End of year	$	20,987		$	19,522		$	19,867

At December 31, 2014 and 2013, the gross unrecognized tax benefits included $15.0 million and $13.9 million (net of the federal benefit on state issues), respectively, that represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods.

The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes within the consolidated statements of financial condition. At December 31, 2014 and 2013, the liability for unrecognized tax benefits included accrued interest of $2.3 million and $2.1 million, respectively, and penalties of $3.7 million and $3.3 million, respectively.

The Company and its subsidiaries file income tax returns in the federal jurisdiction, as well as most state jurisdictions, and are subject to routine examinations by the respective taxing authorities. The Company has concluded all federal income tax matters for years through 2010 and all state income tax matters for years through 2006.

The tax years of 2011 to 2014 remain open to examination in the federal jurisdiction. The tax years of 2007 to 2014 remain open to examination in the state jurisdictions. In the next 12 months, it is reasonably possible that the Company expects a reduction in unrecognized tax benefits of $1.6 million primarily related to the statute of limitations expiration in various state jurisdictions.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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 $30.1 million, $19.4 million, and $18.8 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Service and Development Contracts

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

The Company also has contractual obligations related to the development of land in South Carolina for office space. Under development and agency contracts the Company expects to pay a pro rata share equal to 27.5% of the design and construction costs. The remaining amounts will be paid by the landlord. The Company’s share of these costs is expected to be approximately $72.8 million, incurred through 2017. Additionally, the Company has entered into lease agreements for the office space once developed. These leases have an initial lease term of 20 years that commence once the development is complete and the Company takes occupancy of the buildings.

Future minimum payments under leases, lease commitments, service, development and agency contracts, and other contractual obligations with initial terms greater than one year were as follows at December 31, 2014 (in thousands):



2015	$	80,775
2016	107,132
2017	57,515
2018	54,409
2019	38,649
Thereafter	369,285
Total(1)(2)	$	707,765

_____________________


(1)	The table above includes the minimum payments due over the duration of a contractual obligation, which may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The amount constituting the termination penalty steps down ratably through the passage of time. Future minimum payments have not been reduced by this termination penalty.


(2)	Future minimum payments have not been reduced by minimum sublease rental income of $3.0 million due in the future under noncancellable subleases.

Guarantees

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

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

Loan Commitments

From time to time, LPL Financial makes loans to its advisors, 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 commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no significant unfunded commitments at December 31, 2014.

Legal & Regulatory Matters

Assessing the probability of a loss occurring and the amount of any loss related to a legal proceeding or regulatory matter is inherently difficult. While the Company exercises significant and complex judgments to make certain estimates presented in its consolidated financial statements, there are particular uncertainties and complexities involved when assessing the potential outcomes of legal proceedings and regulatory matters. The Company's assessment process considers a variety of factors and assumptions, which may include the procedural status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts; potential opportunities for settlement and the status of any settlement discussions; as well as the potential for insurance coverage and indemnification, if available. The Company monitors these factors and assumptions for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss, if those amounts can be reasonably determined. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated. When it is not probable, 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. The Company estimates that, as of December 31, 2014, exposure to those losses could range from $0 to $15 million in excess of the accrued liability, if any, related to those matters. Due to the inherent unpredictability of such matters, the Company may have exposure to losses that are not yet predictable or cannot yet be reasonably estimated in addition to those amounts that have been accrued or disclosed.

The Company maintains insurance coverage for certain legal proceedings, including those involving client claims. With respect to client claims, the estimated losses on many of the 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.

Other Commitments

As of December 31, 2014, the Company had received collateral, primarily in connection with client margin loans, with a market value of approximately $353.2 million, which it can repledge, loan, or sell. Of these securities, approximately $32.3 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of December 31, 2014 there were no restrictions that materially limited the Company's ability to repledge, loan, or sell the remaining $320.9 million of client collateral.

Trading securities on the consolidated statements of financial condition includes $4.0 million and $1.4 million pledged to clearing organizations at December 31, 2014 and 2013, respectively.

Stockholders' Equity Stockholders' Equity (Notes)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Dividends

The payment, timing and amount of any dividends permitted under the Company's credit facilities are subject to approval by the Board of Directors. Cash dividends per share of common stock and total cash dividends paid during each quarter were as follows (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	$	0.190	$	19.9
Fourth quarter	$	0.24	$	23.5	$	0.190	$	19.3

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 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.

The Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at December 31, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost(1)		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost(1)
September 27, 2012	$	150.0	$	—	—	$	—	$	—	2,343,651	$	37.10	$	87.0
May 28, 2013	$	200.0	$	—	1,306,288	$	52.00	$	67.9	3,476,137	$	38.01	$	132.1
February 10, 2014	$	150.0	$	—	3,250,516	$	46.16	$	150.1	—	$	—	$	—
October 1, 2014	$	150.0	$	92.9	1,342,405	$	42.54	$	57.1	—	$	—	$	—
			$	92.9	5,899,209	$	46.63	$	275.1	5,819,788	$	37.65	$	219.1

_________________________


(1)	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

See Note 18. 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.

+ References

Reference 1: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

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

Share-Based Compensation

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 December 31, 2014, there were 6,318,795 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 stock options granted to its employees, officers, and directors:



	Years Ended December 31,
	2014			2013			2012
Expected life (in years)	6.02			6.25			6.49
Expected stock price volatility	44.25		%	45.03		%	45.73		%
Expected dividend yield	1.77		%	1.72		%	0.29		%
Risk-free interest rate	2.17		%	1.39		%	1.34		%
Fair value of options	$	20.51		$	12.05		$	14.43

The fair value of stock options and warrants awarded to advisors and financial institutions are estimated on the date of grant and revalued at each reporting period using the Black-Scholes valuation model with the following weighted-average assumptions:



	Years Ended December 31,
	2014			2013			2012
Expected life (in years)	6.82			6.24			7.61
Expected stock price volatility	25.87		%	40.99		%	43.97		%
Expected dividend yield	2.24		%	1.89		%	1.70		%
Risk-free interest rate	1.96		%	2.04		%	1.28		%
Fair value of options	$	15.12		$	25.92		$	11.46

Beginning in the fourth quarter of 2014, the Company updated certain assumptions it uses to estimate expected life, stock price volatility, and dividend yield in the Black-Scholes valuation model. The Company currently estimates the expected life for stock options awarded to employees, officers, and directors using historical experience and estimates the expected life for stock options and warrants awarded to advisors and financial institutions using the remaining contractual term. The Company estimates expected stock price volatility using historical trading data for the period of time there has been a public market for the Company's stock. The dividend yield is based on an expected dividend as a percentage of the trailing three-month average of the Company's stock price as of the valuation date. The risk-free interest rates are based on the implied yield available on U.S. Treasury constant maturities with remaining terms equivalent to the respective expected lives of the options on the date of grant. No stock options were granted to employees, officers, and directors in the fourth quarter of 2014; therefore, the related weighted-average assumptions used during the year ended December 31, 2014 were not impacted by the change in assumptions. The estimated fair value of stock options and warrants awarded to advisors and financial institutions are revalued at each reporting period; therefore, the weighted-average assumptions used during the year ended December 31, 2014 are estimated using the updated assumptions.

Prior to the fourth quarter of 2014, the Company estimated the expected life for stock options awarded to employees, officers, and directors using the simplified method in accordance with Staff Accounting Bulletin 110, Certain Assumptions Used in Valuation Methods, because the Company did not have sufficient relevant historical information to develop reasonable expectations about future exercise patterns. The Company estimated the expected stock price volatility using the stock price volatility of comparable companies, as well as the historical trading data for the period of time there was a public market for the Company's stock. The dividend yield was based on an expected dividend as a percentage of the Company's stock price on the valuation date.

The following table summarizes the Company’s stock option and warrant activity:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2011	9,022,750		$	21.83
Granted	1,978,862		30.99
Exercised	(2,335,026	)	7.69
Forfeited	(524,577	)	29.75
Outstanding — December 31, 2012	8,142,009		27.61
Granted	1,278,508		31.88
Exercised	(1,387,918	)	24.67
Forfeited	(1,016,078	)	31.15
Outstanding — December 31, 2013	7,016,521		28.45
Granted	748,353		54.21
Exercised	(1,060,017	)	25.39
Forfeited	(417,447	)	35.11
Outstanding — December 31, 2014	6,287,410		$	31.59	6.38	$	81,465
Exercisable — December 31, 2014	3,626,762		$	27.49	5.31	$	61,872

The following table summarizes information about outstanding stock options and warrants as of December 31, 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	0.42	$	2.38	17,382	$	2.38
$15.84 - $23.02	1,289,104	4.45	21.41		1,289,104	21.41
$23.41 - $30.00	1,575,697	5.71	28.10		1,065,607	27.83
$31.60 - $32.33	1,576,431	7.66	31.88		462,151	31.96
$34.01 - $39.60	1,156,984	6.15	34.59		779,015	34.52
$45.89 - $54.81	671,812	9.19	54.25		13,503	54.81
	6,287,410	6.38	$	31.59	3,626,762	$	27.49

The Company recognized $14.7 million, $12.7 million, and $15.9 million of share-based compensation related to the vesting of stock options awarded to employees, officers, and directors during the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, total unrecognized compensation cost for these awards was $21.4 million, which is expected to be recognized over a weighted-average period of 2.05 years.

The Company recognized $5.3 million, $9.2 million, and $3.8 million of share-based compensation related to the vesting of stock options and warrants awarded to its advisors and to financial institutions during the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, total unrecognized compensation cost for these awards was $7.7 million, which is expected to be recognized over a weighted-average period of 2.35 years.

Restricted Stock

The following summarizes the Company’s restricted stock awards and restricted stock units activity:



	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 — December 31, 2011	36,132		$	30.51	—		$	—
Granted	26,680		29.99		8,925		28.01
Vested	(10,692	)	28.30		—		—
Forfeited	(3,180	)	31.44		—		—
Nonvested — December 31, 2012	48,940		30.65		8,925		28.01
Granted	22,307		35.85		270,733		32.11
Vested	(20,593	)	31.56		—		—
Forfeited	(11,501	)	30.43		(22,974	)	30.37
Nonvested — December 31, 2013	39,153		33.20		256,684		32.12
Granted	17,256		48.62		395,987		48.49
Vested	(18,225	)	30.18		(49,364	)	31.01
Forfeited	(4,550	)	32.96		(56,582	)	39.18
Nonvested — December 31, 2014	33,634		$	42.78	546,725		$	43.34

The Company recognized $6.1 million, $2.5 million, and $0.6 million of share-based compensation related to the vesting of restricted stock awards and restricted stock units awarded to its employees, officers, and directors during the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, total unrecognized compensation cost for these awards was $11.5 million, which is expected to be recognized over a weighted-average remaining period of 2.15 years.

The Company began granting restricted stock units to its advisors and to financial institutions in the second quarter of 2014. The Company recognized share-based compensation of $1.0 million related to the vesting of these awards during the year ended December 31, 2014. As of December 31, 2014, total unrecognized compensation cost for these awards was $3.8 million, which is expected to be recognized over a weighted-average remaining period of 2.37 years.

Earnings per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

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



	Years Ended December 31,
	2014		2013		2012
Net income	$	178,043	$	181,857	$	151,918

Basic weighted-average number of shares outstanding	99,847		104,698		109,443
Dilutive common share equivalents	1,804		1,305		1,617
Diluted weighted-average number of shares outstanding	101,651		106,003		111,060

Basic earnings per share	$	1.78	$	1.74	$	1.39
Diluted earnings per share	$	1.75	$	1.72	$	1.37

The computation of diluted earnings per share excludes stock options, warrants, and restricted stock units that are anti-dilutive. For the years ended December 31, 2014, 2013, and 2012, stock options, warrants, and restricted stock units representing common share equivalents of 864,488 shares, 3,440,171 shares, and 4,615,244 shares, respectively, were anti-dilutive.

Employee and Advisor Benefit Plans	12 Months Ended
Employee and Advisor Benefit Plans	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employee and Advisor Benefit Plans	Employee and Advisor Benefit Plans The Company participates in a 401(k) defined contribution plan sponsored by LPL Financial. All employees meeting minimum age and length of service requirements are eligible to participate. The Company has an employer matching program whereby employer contributions are made to the 401(k) plan, and employees are eligible for matching contributions after completing one year of service. For 2014, employer contributions were made in an amount equal to 65% of the first 8% of an employee's designated deferral of their eligible compensation. For 2013 and 2012, contributions were made in an amount equal to 50% and 40%, respectively, of the first 10% of an employee's designated deferral of their eligible compensation. The Company’s total cost related to the 401(k) plan was $8.7 million, $6.3 million, and $4.5 million for the years ended December 31, 2014, 2013, and 2012, respectively, which is classified as compensation and benefits expense in the consolidated statements of income. In August 2012, the Company established the 2012 Employee Stock Purchase Plan (the “ESPP”) as a benefit to enable eligible employees to purchase common stock of LPLFH at a discount from the market price through payroll deductions, subject to limitations. Eligible employees may elect to participate in the ESPP only during an open enrollment period. The offering period immediately follows the open enrollment window, upon which time ESPP contributions are withheld from the participant's regular paycheck. The ESPP provides for a 15% discount on the market value of the stock at the lower of the grant date price (first day of the offering period) and the purchase date price (last day of the offering period). On January 1, 2008, the Company adopted a non-qualified deferred compensation plan for the purpose of attracting and retaining advisors who operate, for tax purposes, as independent contractors, by providing an opportunity for participating advisors to defer receipt of a portion of their gross commissions generated primarily from commissions earned on the sale of various products. The deferred compensation plan has been fully funded to date by participant contributions. Plan assets are invested in mutual funds, which are held by the Company in a Rabbi Trust. The liability for benefits accrued under the non-qualified deferred compensation plan totaled $72.8 million at December 31, 2014, which is included in accounts payable and accrued liabilities in the consolidated statements of financial condition. The cash values of the related trust assets was $73.6 million at December 31, 2014, which is measured at fair value and included in other assets in the consolidated statements of financial condition. Certain employees and advisors of the Company’s subsidiaries participated in non-qualified deferred compensation plans (the “Plans”) that permitted participants to defer portions of their compensation and earn interest on the deferred amounts. The Plans have been closed to new participants and no contributions have been made since the acquisition date. Plan assets are held by the Company in a Rabbi Trust and accounted for in the manner described above. As of December 31, 2014, the Company has recorded assets of $1.9 million and liabilities of $0.7 million, which are included in other assets and accounts payable and accrued liabilities, respectively, in the consolidated statements of financial condition.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions The Company has related party transactions with TPG Capital, a 13% shareholder of the Company's common stock, as well as certain portfolio companies of TPG Capital. During the years ended December 31, 2014, 2013, and 2012 the Company recognized revenue for services provided to these portfolio companies of $1.0 million, $0.5 million, and $0.4 million, respectively. During the years ended December 31, 2014, 2013, and 2012, the Company incurred expenses for services provided by TPG Capital or these portfolio companies of $4.2 million, $0.6 million, and $0.9 million, respectively. As of December 31, 2014 and 2013, payables to related parties were $0.5 million and less than $0.1 million, respectively, and receivables from related parties were $0.2 million and less than $0.1 million, respectively. 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. The repurchase transaction closed on February 19, 2014. Through its subsidiary LPL Financial, the Company also provides charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within its local communities. During the year ended December 31, 2014 the Company donated $2.0 million to the LPL Financial Foundation, which is included in other expenses in the consolidated statements of income.

- 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	12 Months Ended
Net Capital and Regulatory Requirements	Dec. 31, 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 $101.7 million with a minimum net capital requirement of $6.5 million as of December 31, 2014. The Company's subsidiary, 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 December 31, 2014 and 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	12 Months Ended
	Dec. 31, 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 and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors' clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally three business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when, as, and if issued securities. When, as, and if issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the 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.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)



	2014
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	1,087,431	$	1,092,729	$	1,089,234	$	1,104,268
Net income	$	53,135	$	43,091	$	33,272	$	48,545
Basic earnings per share	$	0.52	$	0.43	$	0.33	$	0.50
Diluted earnings per share	$	0.51	$	0.42	$	0.33	$	0.49
Dividends declared per share	$	0.24	$	0.24	$	0.24	$	0.24



	2013
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	974,796	$	1,018,920	$	1,053,212	$	1,093,930
Net income	$	54,717	$	45,091	$	37,631	$	44,418
Basic earnings per share	$	0.51	$	0.42	$	0.36	$	0.44
Diluted earnings per share	$	0.51	$	0.42	$	0.36	$	0.43
Dividends declared per share	$	0.135	$	0.135	$	0.190	$	0.190

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On February 18, 2015, the Board of Directors declared a cash dividend of $0.25 per share on the Company's outstanding common stock to be paid on March 16, 2015 to all stockholders of record on March 2, 2015.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Consolidation

Reportable Segment

Revenue Recognition

The main factors the Company uses to determine whether to record revenue on a gross or net basis are whether:


•	the Company is primarily responsible for the service to the advisor and their client;


•	the Company has discretion in establishing fees paid by the client and fees due to the third-party service provider; and


•	the Company is involved in the determination of product or service specifications.

The Company recognizes revenue related to commission, advisory fees, asset-based fees, transaction and fees, and interest income, net of interest expense.

Commission Revenues

Advisory Revenues

The Company charges administrative fees based on the value of assets within these advisory accounts, which are classified as advisory revenues in the consolidated statements of income.

Asset-Based Revenues

Transaction and Fee Revenues

Interest Income, Net of Interest Expense

Compensation and Benefits

Share-Based Compensation

Earnings Per Share

Income Taxes

Cash and Cash Equivalents

Cash and Securities Segregated Under Federal and Other Regulations

Receivables

Receivables From and Payables to Clients

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands):



	December 31,
	2014		2013
Beginning balance — January 1	$	588	$	587
Provision for doubtful accounts	657		1
Ending balance — December 31	$	1,245	$	588

Receivables From Others

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands):



	December 31,
	2014			2013
Beginning balance — January 1	$	7,091		$	6,675
Provision for doubtful accounts	1,775			2,020
Charge-offs, net of recoveries	(487		)	(1,604		)
Ending balance — December 31	$	8,379		$	7,091

Securities Owned and Securities Sold, But Not Yet Purchased

Securities Borrowed

Fixed Assets

Acquisitions

Goodwill and Other Intangible Assets

Debt Issuance Costs

Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements.

Derivative Financial Instruments

Fair Value of Debt Instruments

Commitments and Contingencies

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Schedule for uncollectible amounts due from clients

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands):



	December 31,
	2014		2013
Beginning balance — January 1	$	588	$	587
Provision for doubtful accounts	657		1
Ending balance — December 31	$	1,245	$	588

The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands):



	December 31,
	2014			2013
Beginning balance — January 1	$	7,091		$	6,675
Provision for doubtful accounts	1,775			2,020
Charge-offs, net of recoveries	(487		)	(1,604		)
Ending balance — December 31	$	8,379		$	7,091

Restructuring (Tables)

12 Months Ended

Dec. 31, 2014

Restructuring and Related Activities [Abstract]

Summary of changes in accrued restructuring expense balance

The following table summarizes the balance of accrued expenses and the changes in the accrued amounts for the Program as of and for the year ended December 31, 2014 (in thousands):



	Accrued Balance at December 31, 2013		Costs Incurred		Payments			Accrued Balance at December 31, 2014		Cumulative Costs Incurred to Date		Total Expected Restructuring Costs
Outsourcing and other related costs	$	1,424	$	6,207	$	(7,631	)	$	—	$	21,488	$	23,500
Technology transformation costs	1,753		20,649		(17,944		)	4,458		29,918		30,300
Employee severance obligations and other related costs	820		6,427		(5,248		)	1,999		8,885		13,400
Asset impairments	—		—		—			—		842		842
Total	$	3,997	$	33,283	$	(30,823	)	$	6,457	$	61,133	$	68,042

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 (in thousands):



	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	22,592	$	—	$	—	$	22,592
Securities owned — trading:
Money market funds	293		—		—		293
Mutual funds	7,570		—		—		7,570
Equity securities	224		—		—		224
Debt securities	—		1,379		—		1,379
U.S. treasury obligations	4,000		—		—		4,000
Total securities owned — trading	12,087		1,379		—		13,466
Other assets	75,540		5,058		—		80,598
Total assets at fair value	$	110,219	$	6,437	$	—	$	116,656
Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	13	$	—	$	—	$	13
Equity securities	279		—		—		279
Debt securities	—		10		—		10
Total securities sold, but not yet purchased	292		10		—		302
Accounts payable and accrued liabilities	—		—		527		527
Total liabilities at fair value	$	292	$	10	$	527	$	829

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



	Level 1		Level 2		Level 3		Total
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)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

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

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



	December 31,
	2014			2013
Amortized cost	$	8,594		$	6,853
Gross unrealized loss	(14		)	(58		)
Fair value	$	8,580		$	6,795

Maturities of securities held-to-maturity

At December 31, 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	$	3,099	$	4,995	$	500	$	8,594
U.S. government notes — at fair value	$	3,099	$	4,983	$	498	$	8,580

- 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

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Tables)

12 Months Ended

Dec. 31, 2014

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations

Receivables from product sponsors, broker-dealers, and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands):



	December 31,
	2014		2013
Receivables:
Commissions receivable from product sponsors and others	$	122,207	$	112,575
Receivable from clearing organizations	38,873		49,295
Receivable from broker-dealers	10,814		7,060
Securities failed-to-deliver	5,576		5,140
Total receivables	$	177,470	$	174,070
Payables:
Payable to clearing organizations	$	19,580	$	28,433
Payable to broker-dealers	20,208		9,884
Securities failed-to-receive	5,639		4,840
Total payables	$	45,427	$	43,157

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

The components of fixed assets

The components of fixed assets were as follows (in thousands):



	December 31,
	2014			2013
Internally developed software	$	259,335		$	232,448
Leasehold improvements	95,846			89,259
Computers and software	95,406			86,163
Furniture and equipment	47,658			37,868
Land	4,743			6,642
Total fixed assets	502,988			452,380
Accumulated depreciation and amortization	(288,834		)	(263,321		)
Fixed assets, net	$	214,154		$	189,059

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of activity in goodwill

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



Balance at December 31, 2012	$	1,371,523
Closure of NestWise	(10,162		)
Balance at December 31, 2013	$	1,361,361
Goodwill acquired	4,477
Balance at December 31, 2014	$	1,365,838

Components of intangible assets

The components of intangible assets were as follows at December 31, 2014 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	10.9	$	440,533	$	(195,835	)	$	244,698
Product sponsor relationships	11.1	234,086		(101,377		)	132,709
Client relationships	9.4	20,220		(7,622		)	12,598
Trade names	7.3	1,200		(320		)	880
Total definite-lived intangible assets		$	696,039	$	(305,154	)	$	390,885
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	430,704

The components of intangible assets were as follows at December 31, 2013 (dollars in thousands):



	Weighted-Average Life Remaining (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived intangible assets:
Advisor and financial institution relationships	11.8	$	439,762	$	(171,453	)	$	268,309
Product sponsor relationships	12.1	230,916		(88,751		)	142,165
Client relationships	10.2	19,110		(5,881		)	13,229
Trade names	8.3	1,200		(200		)	1,000
Total definite-lived intangible assets		$	690,988	$	(266,285	)	$	424,703
Indefinite-lived intangible assets:
Trademark and trade name							39,819
Total intangible assets							$	464,522

Amortization expense

Future amortization expense is estimated as follows (in thousands):



2015	$	38,288
2016	38,161
2017	37,276
2018	34,833
2019	34,768
Thereafter	207,559
Total	$	390,885

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of non-deliverable foreign currency contracts

The details related to the non-deliverable foreign currency contracts at December 31, 2014 are as follows:



	Settlement Date	Hedged Notional Amount (INR) (in millions)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD) (in millions)
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

- 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
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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4B
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Summary of accounts payable and accrued liabilities

Accounts payable and accrued liabilities were as follows (in thousands):



	December 31,
	2014		2013
Accounts payable	$	56,776	$	59,299
Accrued payroll	66,816		73,135
Contingent consideration obligations	527		39,436
Advisor deferred compensation plan liability	72,763		45,461
Deferred rent	48,629		35,156
Other accrued liabilities	43,915		49,157
Total accounts payable and accrued liabilities	$	289,426	$	301,644

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Outstanding borrowings

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



		December 31,
		2014				2013
Senior Secured Credit Facilities	Maturity	Balance		Interest Rate		Balance		Interest Rate
Revolving Credit Facility	9/30/2019	$	110,000	4.75	%	$	—	—	%
Senior secured term loans:
Term Loan A	9/30/2019	459,375		2.67	%	459,375		2.67	%
Term Loan B	3/29/2019	1,064,883		3.25	%	1,075,721		3.25	%
Total borrowings		1,634,258				1,535,096
Less current portion		120,839				10,839
Long-term borrowings — net of current portion		$	1,513,419			$	1,524,257

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

The minimum calendar year payments and maturities of the senior secured borrowings as of December 31, 2014 are as follows (in thousands):



2015	$	120,839
2016	10,839
2017	19,452
2018	45,292
2019	1,437,836
Thereafter	—
Total	$	1,634,258

- 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

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of provision for income taxes

The Company’s provision for income taxes was as follows (in thousands):



	December 31,
	2014			2013			2012
Current provision:
Federal	$	120,995		$	119,327		$	96,983
State	19,759			19,062			13,909
Total current provision	140,754			138,389			110,892
Deferred benefit:
Federal	(20,800		)	(25,586		)	(11,137		)
State	(3,300		)	(3,357		)	(1,082		)
Total deferred benefit	(24,100		)	(28,943		)	(12,219		)
Provision for income taxes	$	116,654		$	109,446		$	98,673

Summary of effective income tax rate reconciliation

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates is set forth below:



	Years Ended December 31,
	2014		2013		2012
Federal statutory income tax rates	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	3.6		3.5		3.3
Non-deductible expenses	0.7		0.4		1.1
Share-based compensation	(0.1	)	(0.1	)	0.1
Business energy tax credit	—		(0.5	)	—
Transaction costs	—		—		0.1
Goodwill derecognition	—		1.2		—
Contingent consideration obligations	(0.1	)	(1.5	)	(0.7	)
Other	0.5		(0.4	)	0.5
Effective income tax rates	39.6	%	37.6	%	39.4	%

Components of the net deferred income taxes

The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands):



	December 31,
	2014			2013
Deferred tax assets:
Accrued liabilities	$	55,731		$	39,265
Share-based compensation	24,537			19,442
State taxes	8,500			8,447
Deferred rent	4,768			2,337
Provision for bad debts	4,192			3,110
Net operating losses	999			1,594
Other	4,339			1,788
Total deferred tax assets	103,066			75,983
Deferred tax liabilities:
Amortization of intangible assets	(136,140		)	(144,392		)
Depreciation of fixed assets	(32,509		)	(20,888		)
Other	(598		)	(72		)
Total deferred tax liabilities	(169,247		)	(165,352		)
Deferred income taxes, net	$	(66,181	)	$	(89,369	)

Summary of gross unrecognized tax benefits including interest and penalties reconciliation

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, including interest and penalties (in thousands):



	December 31,
	2014			2013			2012
Balance — Beginning of year	$	19,522		$	19,867		$	20,120
Increases for tax positions related to the current year	4,656			3,972			3,296
Reductions as a result of a lapse of the applicable statute of limitations	(3,191		)	(4,317		)	(3,549		)
Balance — End of year	$	20,987		$	19,522		$	19,867

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Future minimum payments



2015	$	80,775
2016	107,132
2017	57,515
2018	54,409
2019	38,649
Thereafter	369,285
Total(1)(2)	$	707,765

_____________________


(1)	The table above includes the minimum payments due over the duration of a contractual obligation, which may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The amount constituting the termination penalty steps down ratably through the passage of time. Future minimum payments have not been reduced by this termination penalty.


(2)	Future minimum payments have not been reduced by minimum sublease rental income of $3.0 million due in the future under noncancellable subleases.

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Schedule of dividends paid per common share

Cash dividends per share of common stock and total cash dividends paid during each quarter were as follows (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	$	0.190	$	19.9
Fourth quarter	$	0.24	$	23.5	$	0.190	$	19.3

Summary of share repurchase program activities

The Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):



					2014					2013
Approval Date	Authorized Repurchase Amount		Amount Remaining at December 31, 2014		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost(1)		Shares Purchased	Weighted-Average Price Paid Per Share		Total Cost(1)
September 27, 2012	$	150.0	$	—	—	$	—	$	—	2,343,651	$	37.10	$	87.0
May 28, 2013	$	200.0	$	—	1,306,288	$	52.00	$	67.9	3,476,137	$	38.01	$	132.1
February 10, 2014	$	150.0	$	—	3,250,516	$	46.16	$	150.1	—	$	—	$	—
October 1, 2014	$	150.0	$	92.9	1,342,405	$	42.54	$	57.1	—	$	—	$	—
			$	92.9	5,899,209	$	46.63	$	275.1	5,819,788	$	37.65	$	219.1

_________________________


(1)	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

See Note 18. Related Party Transactions, for details regarding the repurchase of shares from related parties.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

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



	Years Ended December 31,
	2014			2013			2012
Expected life (in years)	6.02			6.25			6.49
Expected stock price volatility	44.25		%	45.03		%	45.73		%
Expected dividend yield	1.77		%	1.72		%	0.29		%
Risk-free interest rate	2.17		%	1.39		%	1.34		%
Fair value of options	$	20.51		$	12.05		$	14.43



	Years Ended December 31,
	2014			2013			2012
Expected life (in years)	6.82			6.24			7.61
Expected stock price volatility	25.87		%	40.99		%	43.97		%
Expected dividend yield	2.24		%	1.89		%	1.70		%
Risk-free interest rate	1.96		%	2.04		%	1.28		%
Fair value of options	$	15.12		$	25.92		$	11.46

Summary of the Company's activity in its stock option and warrant plans

The following table summarizes the Company’s stock option and warrant activity:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding — December 31, 2011	9,022,750		$	21.83
Granted	1,978,862		30.99
Exercised	(2,335,026	)	7.69
Forfeited	(524,577	)	29.75
Outstanding — December 31, 2012	8,142,009		27.61
Granted	1,278,508		31.88
Exercised	(1,387,918	)	24.67
Forfeited	(1,016,078	)	31.15
Outstanding — December 31, 2013	7,016,521		28.45
Granted	748,353		54.21
Exercised	(1,060,017	)	25.39
Forfeited	(417,447	)	35.11
Outstanding — December 31, 2014	6,287,410		$	31.59	6.38	$	81,465
Exercisable — December 31, 2014	3,626,762		$	27.49	5.31	$	61,872

Summary of information about outstanding stock options and warrants

The following table summarizes information about outstanding stock options and warrants as of December 31, 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	0.42	$	2.38	17,382	$	2.38
$15.84 - $23.02	1,289,104	4.45	21.41		1,289,104	21.41
$23.41 - $30.00	1,575,697	5.71	28.10		1,065,607	27.83
$31.60 - $32.33	1,576,431	7.66	31.88		462,151	31.96
$34.01 - $39.60	1,156,984	6.15	34.59		779,015	34.52
$45.89 - $54.81	671,812	9.19	54.25		13,503	54.81
	6,287,410	6.38	$	31.59	3,626,762	$	27.49

Summary of the status of the Company's restricted stock

The following summarizes the Company’s restricted stock awards and restricted stock units activity:



	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 — December 31, 2011	36,132		$	30.51	—		$	—
Granted	26,680		29.99		8,925		28.01
Vested	(10,692	)	28.30		—		—
Forfeited	(3,180	)	31.44		—		—
Nonvested — December 31, 2012	48,940		30.65		8,925		28.01
Granted	22,307		35.85		270,733		32.11
Vested	(20,593	)	31.56		—		—
Forfeited	(11,501	)	30.43		(22,974	)	30.37
Nonvested — December 31, 2013	39,153		33.20		256,684		32.12
Granted	17,256		48.62		395,987		48.49
Vested	(18,225	)	30.18		(49,364	)	31.01
Forfeited	(4,550	)	32.96		(56,582	)	39.18
Nonvested — December 31, 2014	33,634		$	42.78	546,725		$	43.34

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Basic and diluted earnings per share

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



	Years Ended December 31,
	2014		2013		2012
Net income	$	178,043	$	181,857	$	151,918

Basic weighted-average number of shares outstanding	99,847		104,698		109,443
Dilutive common share equivalents	1,804		1,305		1,617
Diluted weighted-average number of shares outstanding	101,651		106,003		111,060

Basic earnings per share	$	1.78	$	1.74	$	1.39
Diluted earnings per share	$	1.75	$	1.72	$	1.37

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of selected quarterly financial data



	2014
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	1,087,431	$	1,092,729	$	1,089,234	$	1,104,268
Net income	$	53,135	$	43,091	$	33,272	$	48,545
Basic earnings per share	$	0.52	$	0.43	$	0.33	$	0.50
Diluted earnings per share	$	0.51	$	0.42	$	0.33	$	0.49
Dividends declared per share	$	0.24	$	0.24	$	0.24	$	0.24



	2013
	(In thousands, except per share data)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenues	$	974,796	$	1,018,920	$	1,053,212	$	1,093,930
Net income	$	54,717	$	45,091	$	37,631	$	44,418
Basic earnings per share	$	0.51	$	0.42	$	0.36	$	0.44
Diluted earnings per share	$	0.51	$	0.42	$	0.36	$	0.43
Dividends declared per share	$	0.135	$	0.135	$	0.190	$	0.190

Organization and Description of the Company (Details)	12 Months Ended
Organization and Description of the Company (Details)	Dec. 31, 2014
LPLH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Financial [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Number of states in which entity operates	50
Fortigent [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
IAG [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPLIA [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
IASG [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
UVEST [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
PTCH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%

Summary of Significant Accounting Policies Basis of Presentation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Amount reclassified to Other expenses	$ 59.4	$ 52.8

Summary of Significant Accounting Policies Reportable Segment (Details)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Number of service channels	2
Number of operating segments	1
Number of reportable segments	1

Summary of Significant Accounting Policies Other Operating Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Interest expense from operations (did not exceed)	$ 1.0	$ 1.0	$ 1.0

Summary of Significant Accounting Policies Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2014
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration Period	10 years
Stock options and warrants [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Stock options and warrants [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	5 years
Restricted stock awards and restricted stock units \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	2 years
Restricted stock awards and restricted stock units \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	4 years

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables [Abstract]
Free credit balances held	$ 646,400	$ 549,500
Allowance for Doubtful Accounts Receivable [Roll Forward]
Provision for bad debts	2,432	2,021	$ 1,159
Receivables from clients [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance - January 1	588	587
Provision for bad debts	657	1
Ending balance - December 31	$ 1,245	$ 588	$ 587

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables [Abstract]
Forgivable Loans Amortization Period, Minimum	3 years
Forgivable Loans Amortization Period, Maximum	5 years
Total Advisor Loans	$ 121,000
Forgivable Advisor Loans	68,600
Allowance for Doubtful Accounts Receivable [Roll Forward]
Provision for bad debts	2,432	$ 2,021	$ 1,159
Receivables from others [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance - January 1	7,091	6,675
Provision for bad debts	1,775	2,020
Charge-offs, net of recoveries	(487)	(1,604)
Ending balance - December 31	$ 8,379	$ 7,091	$ 6,675

Summary of Significant Accounting Policies Securities Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Securities borrowed, contract value	$ 5,035	$ 7,102
Securities borrowed, collateral market value	$ 4,900	$ 7,000

Summary of Significant Accounting Policies Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Impairment charge for certain fixed assets	$ 0	$ 842	$ 4,033
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computers and software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computers and software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years
Furniture and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	7 years

Summary of Significant Accounting Policies Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of intangible assets, indefinite-lived (excluding goodwill)	0	0	0
Impairment of intangible assets, finite-lived	$ 0	$ 0	$ 0
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	5 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	20 years

Summary of Significant Accounting Policies Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured credit facilities	$ 1,634,258	$ 1,535,096
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 1,620,800	$ 1,533,300

Restructuring Restructuring Table SVC (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Restructuring Reserve [Roll Forward]
Total Expected Restructuring Costs	$ 68,042
Restructuring Charges [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	3,997
Costs incurred	33,283
Payments	(30,823)
Accrued Balance, End of Period	6,457
Cumulative Costs Incurred to Date	61,133
Total Expected Restructuring Costs	68,042
Outsourcing and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	1,424
Costs incurred	6,207
Payments	(7,631)
Accrued Balance, End of Period	0
Cumulative Costs Incurred to Date	21,488
Total Expected Restructuring Costs	23,500
Technology transformation costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	1,753
Costs incurred	20,649
Payments	(17,944)
Accrued Balance, End of Period	4,458
Cumulative Costs Incurred to Date	29,918
Total Expected Restructuring Costs	30,300
Employee severance obligations and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	820
Costs incurred	6,427
Payments	(5,248)
Accrued Balance, End of Period	1,999
Cumulative Costs Incurred to Date	8,885
Total Expected Restructuring Costs	13,400
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	$ 842

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

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
Amortized cost	$ 8,594	$ 6,853
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
Amortized cost	8,594	6,853
Gross unrealized loss	(14)	(58)
Fair value	8,580	$ 6,795
U.S. Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
Fair value	$ 8,580

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 8,594	$ 6,853
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,099
U.S. government notes - at amortized cost, After one but within five years	4,995
U.S. government notes - at amortized cost, After five but within ten years	500
U.S. government notes - at amortized cost, Total	8,594	6,853
U.S. government notes - at fair value, Total	8,580	$ 6,795
Fair Value, Inputs, Level 1 [Member] \| U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at fair value, Within one year	3,099
U.S. government notes - at fair value, After one but within five years	4,983
U.S. government notes - at fair value, After five but within ten years	498
U.S. government notes - at fair value, Total	$ 8,580

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Receivables:
Commissions receivable from product sponsors and others	$ 122,207	$ 112,575
Receivable from clearing organizations	38,873	49,295
Receivable from broker-dealers	10,814	7,060
Securities failed-to-deliver	5,576	5,140
Total receivables	177,470	174,070
Payables:
Payable to clearing organizations	19,580	28,433
Payable to broker-dealers	20,208	9,884
Securities failed-to-receive	5,639	4,840
Total payables	$ 45,427	$ 43,157

Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 502,988	$ 452,380
Accumulated depreciation and amortization	(288,834)	(263,321)
Fixed assets, net	214,154	189,059
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	259,335	232,448
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	95,846	89,259
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	95,406	86,163
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	47,658	37,868
Land [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 4,743	$ 6,642

Fixed Assets (Details Textuals) - USD ($) $ in Millions	12 Months Ended
Fixed Assets (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 58.0	$ 44.5	$ 32.3

Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,361,361	$ 1,371,523
Closure of NestWise		(10,162)
Goodwill acquired	4,477
Goodwill, ending balance	$ 1,365,838	$ 1,361,361

Intangible Assets (Components)(Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets [Line Items]
Total intangible assets	$ 430,704	$ 464,522
Definite-lived intangible assets:
Gross Carrying Value	696,039	690,988
Accumulated Amortization	(305,154)	(266,285)
Net Carrying Value	390,885	424,703
Trademarks and Trade Names [Member]
Indefinite-lived intangible assets:
Net Carrying Value	$ 39,819	$ 39,819
Advisor and financial institution relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	10 years 10 months 15 days	11 years 10 months
Definite-lived intangible assets:
Gross Carrying Value	$ 440,533	$ 439,762
Accumulated Amortization	(195,835)	(171,453)
Net Carrying Value	$ 244,698	$ 268,309
Product sponsor relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	11 years 25 days	12 years 1 month
Definite-lived intangible assets:
Gross Carrying Value	$ 234,086	$ 230,916
Accumulated Amortization	(101,377)	(88,751)
Net Carrying Value	$ 132,709	$ 142,165
Client relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	9 years 5 months 1 day	10 years 2 months
Definite-lived intangible assets:
Gross Carrying Value	$ 20,220	$ 19,110
Accumulated Amortization	(7,622)	(5,881)
Net Carrying Value	$ 12,598	$ 13,229
Trade names [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years 4 months 1 day	8 years 4 months
Definite-lived intangible assets:
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(320)	(200)
Net Carrying Value	$ 880	$ 1,000

Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired during the period	$ 4,477
Intangible assets acquired during the period	5,100
Goodwill derecognition related to NestWise Closure		$ (10,162)
Total amortization expense of intangible assets	$ 38,900	$ 39,000	$ 39,500

Intangible Assets (Future Amortization Expense)(Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Future amortization expense
2015	$ 38,288
2016	38,161
2017	37,276
2018	34,833
2019	34,768
Thereafter	207,559
Total	$ 390,885	$ 424,703

Derivative Financial Instruments (Details) ₨ in Millions, $ in Millions	Dec. 31, 2014 USD ($)	Dec. 31, 2014 INR (₨)	Jun. 30, 2014 USD ($)	Jun. 30, 2014 INR (₨)
Derivative [Line Items]
Hedged Notional Amount	$ 23.4
Cash Flow Hedge 1 [Member]
Derivative [Line Items]
Hedged Notional Amount			$ 8.5	₨ 560.4
Cash Flow Hedge 2 [Member]
Derivative [Line Items]
Hedged Notional Amount	$ 8.1	₨ 560.4
Contractual INR/USD Foreign Exchange Rate	69.35	69.35
Cash Flow Hedge 3 [Member]
Derivative [Line Items]
Hedged Notional Amount	$ 7.8	₨ 560.4
Contractual INR/USD Foreign Exchange Rate	72.21	72.21
Cash Flow Hedge 4 [Member]
Derivative [Line Items]
Hedged Notional Amount	$ 7.5	₨ 560.4
Contractual INR/USD Foreign Exchange Rate	74.20	74.20

Derivative Financial Instruments (Details Textuals) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2014 USD ($)	Dec. 31, 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

Derivative Financial Instruments (Included in Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of cash flow hedges	$ 1,179	$ 187

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Summary of accounts payable and accrued liabilities
Accounts payable	$ 56,776	$ 59,299
Accrued payroll	66,816	73,135
Contingent consideration obligations	527	39,436
Advisor deferred compensation plan liability	72,763	45,461
Deferred rent	48,629	35,156
Other accrued liabilities	43,915	49,157
Total accounts payable and accrued liabilities	$ 289,426	$ 301,644

Debt (Credit Agreement Outstanding Balance)(Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 1,634,258	$ 1,535,096
Less current portion	120,839	10,839
Long-term borrowings — net of current portion	1,513,419	1,524,257
Secured Debt [Member] \| Term Loan A [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 459,375	$ 459,375
Interest Rate	2.67%	2.67%
Secured Debt [Member] \| Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 1,064,883	$ 1,075,721
Interest Rate	3.25%	3.25%
Revolving Credit Facility [Member] \| Revolving Credit Facility Swingline Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 110,000	$ 0
Interest Rate	4.75%	0.00%

Debt (Future Payments and Maturities)(Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Summary of minimum calendar year payments and maturities of the senior secured borrowings
2015	$ 120,839
2016	10,839
2017	19,452
2018	45,292
2019	1,437,836
Thereafter	0
Total	$ 1,634,258	$ 1,535,096

Debt (Credit Agreement Textuals)(Details) $ in Thousands	3 Months Ended	12 Months Ended
Debt (Credit Agreement Textuals)(Details) $ in Thousands	Dec. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Oct. 01, 2014 USD ($)	May 13, 2013 USD ($)
Debt Instrument [Line Items]
Debt issuance costs	$ 4,900
Accelerated recognition of debt issuance costs		$ 3,943	$ 7,962	$ 16,524
Number Of Uncommitted Lines Of Credit		3
Uncommitted lines of credit, unspecified limit		2
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity					$ 400,000	$ 250,000
Applicable interest rate margin	2.50%
Letters of credit, amount outstanding	$ 21,500	$ 21,500
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 200,000	$ 200,000
Secured Debt [Member] \| Term Loan A [Member]
Debt Instrument [Line Items]
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 had been prepaid, with the remaining principal and accrued interest due upon maturity.
Secured Debt [Member] \| Term Loan B [Member]
Debt Instrument [Line Items]
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.

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current provision:
Federal	$ 120,995	$ 119,327	$ 96,983
State	19,759	19,062	13,909
Total current provision	140,754	138,389	110,892
Deferred benefit:
Federal	(20,800)	(25,586)	(11,137)
State	(3,300)	(3,357)	(1,082)
Total deferred benefit	(24,100)	(28,943)	(12,219)
Provision for income taxes	$ 116,654	$ 109,446	$ 98,673

Income Taxes (Reconciliation to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of company's effective income tax rate reconciliation
Federal statutory income tax rates	35.00%	35.00%	35.00%
State income taxes, net of federal benefit	3.60%	3.50%	3.30%
Non-deductible expenses	0.70%	0.40%	1.10%
Share-based compensation	(0.10%)	(0.10%)	0.10%
Business energy tax credit	(0.00%)	(0.50%)	(0.00%)
Transaction costs	0.00%	0.00%	0.10%
Goodwill derecognition	0.00%	1.20%	0.00%
Contingent consideration obligations	(0.10%)	(1.50%)	(0.70%)
Other	0.50%	(0.40%)	0.50%
Effective income tax rates	39.60%	37.60%	39.40%

Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Accrued liabilities	$ 55,731	$ 39,265
Share-based compensation	24,537	19,442
State taxes	8,500	8,447
Deferred rent	4,768	2,337
Provision for bad debts	4,192	3,110
Net operating losses	999	1,594
Other	4,339	1,788
Total deferred tax assets	103,066	75,983
Deferred tax liabilities:
Amortization of intangible assets	(136,140)	(144,392)
Depreciation of fixed assets	(32,509)	(20,888)
Other	(598)	(72)
Total deferred tax liabilities	(169,247)	(165,352)
Deferred income taxes, net	$ (66,181)	$ (89,369)

Income Taxes (Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of gross unrecognized tax benefits including interest and penalties reconciliation
Balance - Beginning of year	$ 19,522	$ 19,867	$ 20,120
Increases for tax positions related to the current year	4,656	3,972	3,296
Reductions as a result of a lapse of the applicable statute of limitations	(3,191)	(4,317)	(3,549)
Balance - End of year	$ 20,987	$ 19,522	$ 19,867

Income Taxes (Details Textuals) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Increase to additional paid-in capital	$ 2.6
Unrecognized tax benefits, net of the federal benefit on state issues, favorable income tax rate effect	15.0	$ 13.9
Unrecognized tax benefits, interest accrued	2.3	2.1
Unrecognized tax benefits, penalties accrued	3.7	$ 3.3
Reduction in unrecognized tax benefits related to the statute of limitations	$ 1.6

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Leases [Abstract]
Portion of design and construction costs company is obligated to pay	27.50%
Expected design and construction costs for South Carolina	$ 72.8
Future South Carolina office space lease term	20 years
Leases, Operating [Abstract]
Rent expense for operating leases	$ 30.1	$ 19.4	$ 18.8
Future minimum sublease rental income	$ 3.0

Commitments and Contingencies (Future Minimum Payments) (Details)
$ in Thousands

Dec. 31, 2014

USD ($)

Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]

$ 80,775

107,132

57,515

54,409

38,649

369,285

$ 707,765

^[1],[2]

[1]	Future minimum payments have not been reduced by minimum sublease rental income of $3.0 million due in the future under noncancellable subleases.
[2]	The table above includes the minimum payments due over the duration of a contractual obligation, which may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The amount constituting the termination penalty steps down ratably through the passage of time. Future minimum payments have not been reduced by this termination penalty.

Commitments and Contingencies (Legal) (Details)	Dec. 31, 2014 USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 0
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 15,000,000

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Brokers and Dealers [Abstract]
Collateral security	$ 353.2
Amount pledged with client-owned securities	32.3
Remaining collateral securities that can be sold, re-pledged or loaned	320.9
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	$ 4.0	$ 1.4

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders' Equity Note [Abstract]
Dividend paid per share of common stock	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.190	$ 0.190	$ 0.135	$ 0.135
Total cash dividends paid during the quarter	$ 23,500	$ 24,000	$ 24,000	$ 24,100	$ 19,300	$ 19,900	$ 14,400	$ 14,400	$ 95,616	$ 68,008	$ 248,809

Stockholders' Equity (Share Repurchases) (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Equity, Class of Treasury Stock [Line Items]

Remaining Authorized Repurchase Amount

$ 92,900

Shares Purchased

5,899,209

5,819,788

Weighted-Average Price Paid Per Share

$ 46.63

$ 37.65

Total Cost

$ 275,079

^[1]

$ 219,091

^[1]

$ 199,222

Commission Fee Paid Per Repurchased Share

$ 0.02

September 2012 [Member]

Equity, Class of Treasury Stock [Line Items]

Authorized Repurchase Amount

$ 150,000

Remaining Authorized Repurchase Amount

$ 0

Shares Purchased

2,343,651

Weighted-Average Price Paid Per Share

$ 0.00

$ 37.10

Total Cost

^[1]

$ 0

$ 87,000

May 2013 [Member]

Equity, Class of Treasury Stock [Line Items]

Authorized Repurchase Amount

200,000

Remaining Authorized Repurchase Amount

$ 0

Shares Purchased

1,306,288

3,476,137

Weighted-Average Price Paid Per Share

$ 52.00

$ 38.01

Total Cost

^[1]

$ 67,900

$ 132,100

February 2014 [Member]

Equity, Class of Treasury Stock [Line Items]

Authorized Repurchase Amount

150,000

Remaining Authorized Repurchase Amount

$ 0

Shares Purchased

3,250,516

Weighted-Average Price Paid Per Share

$ 46.16

$ 0.00

Total Cost

^[1]

$ 150,100

$ 0

October 2014 [Member]

Equity, Class of Treasury Stock [Line Items]

Authorized Repurchase Amount

150,000

Remaining Authorized Repurchase Amount

$ 92,900

Shares Purchased

1,342,405

Weighted-Average Price Paid Per Share

$ 42.54

$ 0.00

Total Cost

^[1]

$ 57,100

$ 0

[1]	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	6 years 3 months 1 day	6 years 5 months 27 days
Expected stock price volatility	44.25%	45.03%	45.73%
Expected dividend yield	1.77%	1.72%	0.29%
Risk-free interest rate	2.17%	1.39%	1.34%
Fair value of options	$ 20.51	$ 12.05	$ 14.43
Advisors and Financial Institutions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	6 years 9 months 27 days	6 years 2 months 25 days	7 years 7 months 10 days
Expected stock price volatility	25.87%	40.99%	43.97%
Expected dividend yield	2.24%	1.89%	1.70%
Risk-free interest rate	1.96%	2.04%	1.28%
Fair value of options	$ 15.12	$ 25.92	$ 11.46

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	7,016,521	8,142,009	9,022,750
Number of Shares, Granted	748,353	1,278,508	1,978,862
Number of Shares, Exercised	(1,060,017)	(1,387,918)	(2,335,026)
Number of Shares, Forfeited	(417,447)	(1,016,078)	(524,577)
Number of Shares Outstanding, Ending Balance	6,287,410	7,016,521	8,142,009
Number of Shares, Exercisable, Ending Balance	3,626,762
Weighted-Average Exercise Price, Granted	$ 54.21	$ 31.88	$ 30.99
Weighted-Average Exercise Price, Exercised	25.39	24.67	7.69
Weighted-Average Exercise Price, Forfeited	35.11	31.15	29.75
Weighted-Average Exercise Price, Outstanding, Ending Balance	31.59	$ 28.45	$ 27.61
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 27.49
Weighted-Average Remaining Contractual Term for Options Outstanding	6 years 4 months 16 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	5 years 3 months 22 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 81,465
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 61,872

Share-Based Compensation Outstanding Stock Options and Warrants (Details)	3 Months Ended
	Dec. 31, 2014 $ / shares shares
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	6,287,410
Weighted-Average Remaining Life, Outstanding	6 years 4 months 16 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 31.59
Number of Shares, Exercisable \| shares	3,626,762
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 27.49
Range $2.38
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	17,382
Weighted-Average Remaining Life, Outstanding	5 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
Range $15.84 - $23.02
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	1,289,104
Weighted-Average Remaining Life, Outstanding	4 years 5 months 12 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 21.41
Number of Shares, Exercisable \| shares	1,289,104
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 21.41
Range $23.41 - $30.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	1,575,697
Weighted-Average Remaining Life, Outstanding	5 years 8 months 16 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 28.10
Number of Shares, Exercisable \| shares	1,065,607
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 27.83
Range $31.60 - $32.33
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	1,576,431
Weighted-Average Remaining Life, Outstanding	7 years 7 months 29 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 31.88
Number of Shares, Exercisable \| shares	462,151
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 31.96
Range $34.01 - $39.60
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	1,156,984
Weighted-Average Remaining Life, Outstanding	6 years 1 month 25 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 34.59
Number of Shares, Exercisable \| shares	779,015
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 34.52
Range $45.89 - $54.81
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding \| shares	671,812
Weighted-Average Remaining Life, Outstanding	9 years 2 months 8 days
Weighted-Average Exercise Price, Outstanding \| $ / shares	$ 54.25
Number of Shares, Exercisable \| shares	13,503
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 54.81

Share-Based Compensation Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	48,940	36,132
Number of Shares, Granted	17,256	22,307	26,680
Number of Shares, Vested	(18,225)	(20,593)	(10,692)
Number of Shares, Forfeited	(4,550)	(11,501)	(3,180)
Number of Shares, Ending Balance	33,634	39,153	48,940
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 33.20	$ 30.65	$ 30.51
Weighted-Average Grant-Date Fair Value, Granted	48.62	35.85	29.99
Weighted-Average Grant-Date Fair Value, Vested	30.18	31.56	28.30
Weighted-Average Grant-Date Fair Value, Forfeited	32.96	30.43	31.44
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 42.78	$ 33.20	$ 30.65
Restricted Stock Units [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	8,925	0
Number of Shares, Granted	395,987	270,733	8,925
Number of Shares, Vested	(49,364)	0	0
Number of Shares, Forfeited	(56,582)	(22,974)	0
Number of Shares, Ending Balance	546,725	256,684	8,925
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 32.12	$ 28.01	$ 0.00
Weighted-Average Grant-Date Fair Value, Granted	48.49	32.11	28.01
Weighted-Average Grant-Date Fair Value, Vested	31.01	0.00	0.00
Weighted-Average Grant-Date Fair Value, Forfeited	39.18	30.37	0.00
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 43.34	$ 32.12	$ 28.01

Share-Based Compensation (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation [Abstract]
Authorized shares	12,055,945
Authorized unissued shares	6,318,795
Employees, officers, and directors [Member] \| Stock options and warrants [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 14.7	$ 12.7	$ 15.9
Share based compensation cost unrecognized	$ 21.4
Non-vested compensation cost weighted-average period	2 years 18 days
Employees, officers, and directors [Member] \| Restricted Stock [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 6.1	2.5	0.6
Share based compensation cost unrecognized	$ 11.5
Non-vested compensation cost weighted-average period	2 years 1 month 26 days
Advisors and Financial Institutions [Member] \| Stock options and warrants [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 5.3	$ 9.2	$ 3.8
Share based compensation cost unrecognized	$ 7.7
Non-vested compensation cost weighted-average period	2 years 4 months 6 days
Advisors and Financial Institutions [Member] \| Restricted Stock Units [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 1.0
Share based compensation cost unrecognized	$ 3.8
Non-vested compensation cost weighted-average period	2 years 4 months 14 days

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Net income	$ 48,545	$ 33,272	$ 43,091	$ 53,135	$ 44,418	$ 37,631	$ 45,091	$ 54,717	$ 178,043	$ 181,857	$ 151,918
Basic weighted average number of shares outstanding									99,847	104,698	109,443
Dilutive common share equivalents									1,804	1,305	1,617
Diluted weighted average number of shares outstanding									101,651	106,003	111,060
Basic earnings per share	$ 0.50	$ 0.33	$ 0.43	$ 0.52	$ 0.44	$ 0.36	$ 0.42	$ 0.51	$ 1.78	$ 1.74	$ 1.39
Diluted earnings per share	$ 0.49	$ 0.33	$ 0.42	$ 0.51	$ 0.43	$ 0.36	$ 0.42	$ 0.51	$ 1.75	$ 1.72	$ 1.37

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Earnings per Share (Details Textuals) - shares	12 Months Ended
Earnings per Share (Details Textuals) - shares	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	864,488	3,440,171	4,615,244

Employee and Advisor Benefit Plans (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee and Advisor Benefit Plans [Abstract]
Percentage of eligible compensation matched by employer	65.00%	50.00%	40.00%
Percentage of employee compensation eligible for match	8.00%	10.00%	10.00%
Total contribution cost recognized	$ 8,700	$ 6,300	$ 4,500
Employee stock purchase plan purchase price discount	15.00%
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Arrangement with Individual, Recorded Liability	$ 72,763	$ 45,461
Deferred Compensation Arrangement with Individual, Employer Contribution	73,600
Deferred Compensation Arrangement with Individual, Compensation Expense	1,900
Deferred Compensation Arrangement, Rabbi Trust, Recorded Liability	$ 700

Related Party Transactions (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Feb. 12, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Treasury stock purchases, shares

5,899,209

5,819,788

Weighted-average price paid per share

$ 46.63

$ 37.65

Total consideration paid for treasury stock

$ 275,079

^[1]

$ 219,091

^[1]

$ 199,222

TPG Capital [Member]

Shareholder Percent Ownership in Company

13.00%

Related party revenues

1,000

500

400

Related party expenses

4,200

600

$ 900

Related party accounts payable

$ 500

500

100

Related party accounts receivable

$ 200

200

$ 100

Treasury stock purchases, shares

1,900,000

Weighted-average price paid per share

$ 52.00

Total consideration paid for treasury stock

$ 100,000

LPL Financial Foundation [Member]

Charitable contribution to LPL Financial Foundation

$ 2,000

[1]	Included in the total cost of shares purchased is a commission fee of $0.02 per share.

Net Capital and Regulatory Requirements (Details) $ in Millions	Dec. 31, 2014 USD ($)
Brokers and Dealers [Abstract]
Net Capital	$ 101.7
Alternative Net Capital Requirement	$ 6.5

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 1,104,268	$ 1,089,234	$ 1,092,729	$ 1,087,431	$ 1,093,930	$ 1,053,212	$ 1,018,920	$ 974,796	$ 4,373,662	$ 4,140,858	$ 3,661,088
Net income	$ 48,545	$ 33,272	$ 43,091	$ 53,135	$ 44,418	$ 37,631	$ 45,091	$ 54,717	$ 178,043	$ 181,857	$ 151,918
Basic earnings per share	$ 0.50	$ 0.33	$ 0.43	$ 0.52	$ 0.44	$ 0.36	$ 0.42	$ 0.51	$ 1.78	$ 1.74	$ 1.39
Diluted earnings per share	0.49	0.33	0.42	0.51	0.43	0.36	0.42	0.51	$ 1.75	$ 1.72	$ 1.37
Dividends declared per share	$ 0.240	$ 0.240	$ 0.240	$ 0.240	$ 0.190	$ 0.190	$ 0.135	$ 0.135

- 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

Subsequent Event (Details) - Subsequent Event [Member]	Feb. 18, 2015 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Feb. 18, 2015
Dividends Payable, Amount Per Share	$ 0.25
Dividends Payable, Date to be Paid	Mar. 16, 2015
Dividends Payable, Date of Record	Mar. 02, 2015

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	$ 21.83

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 13,466	$ 8,964
Securities sold, but not yet purchased	302	211
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	22,592	254,032
Securities owned — trading	13,466	8,964
Other assets	80,598	50,611
Total assets at fair value	116,656	313,607
Securities sold, but not yet purchased	302	211
Accounts payable and accrued liabilities	527	39,293
Total liabilities at fair value	829	39,504
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	22,592	254,032
Securities owned — trading	12,087	8,964
Other assets	75,540	47,539
Total assets at fair value	110,219	310,535
Securities sold, but not yet purchased	292	190
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	292	190
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	1,379	0
Other assets	5,058	3,072
Total assets at fair value	6,437	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] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities	527	39,293
Total liabilities at fair value	527	39,293
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	13	63
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	13	63
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	279	127
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	279	127
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [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] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	10	10
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [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] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		11
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	293	170
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	293	170
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,570	7,291
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,570	7,291
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	224	103
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	224	103
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,379
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,379
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	4,000	1,400
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	4,000	1,400
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0