Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	LADENBURG THALMANN FINANCIAL SERVICES INC.
Entity Central Index Key	0001029730
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Common Stock, Shares Outstanding		148,744,079

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 251,033	$ 182,693
Securities owned, at fair value	4,601	10,923
Receivables from clearing brokers	27,835	24,068
Receivables from other broker-dealers	5,597	7,078
Notes receivable from financial advisors, net	7,459	5,809
Other receivables, net	67,419	68,942
Insurance trailing commissions receivable	67,290	64,300
Fixed assets, net	32,068	29,994
Right-of-use assets	31,815
Restricted cash	771	6,588
Intangible assets, net	62,896	73,064
Goodwill	126,079	126,079
Contract acquisition costs, net	86,520	80,726
Cash surrender value of life insurance	13,934	11,406
Income taxes receivable	0	2,156
Other assets	32,807	47,078
Total assets	818,124	740,904
LIABILITIES:
Securities sold, but not yet purchased, at fair value	35	2,575
Accrued compensation	36,871	39,264
Commissions and fees payable	106,004	105,306
Accounts payable and accrued liabilities	37,197	48,741
Deferred rent		2,956
Lease liabilities	34,798
Deferred income taxes	13,945	14,068
Deferred compensation liability	24,602	20,622
Accrued interest	0	123
Notes payable, net of unamortized discount of $5,881 and $6,372 in 2019 and 2018, respectively and net of debt issuance costs of $8,660 and $7,086 in 2019 and 2018, respectively.	315,898	254,072
Total liabilities	569,350	487,727
Commitments and contingencies (Note 10)
SHAREHOLDERS' EQUITY:
Preferred stock, $.0001 par value; authorized 50,000,000 shares: 8% Series A cumulative redeemable preferred stock; designated 23,844,916 shares in 2019 and 2018; shares issued and outstanding 17,401,282 in 2019 and 17,012,075 in 2018 (liquidation preference $435,032 and $425,302 in 2019 and 2018, respectively)	2	2
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2019 and 2018; shares issued and outstanding, 148,710,781 in 2019 and 146,535,796 in 2018	15	14
Additional paid-in capital	317,735	344,356
Accumulated deficit	(68,971)	(91,246)
Total shareholders’ equity of the Company	248,781	253,126
Noncontrolling interest	(7)	51
Total shareholders' equity	248,774	253,177
Total liabilities and shareholders' equity	$ 818,124	$ 740,904

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Notes payable, unamortized discount	$ 5,881	$ 6,372
Notes payable, debt issuance costs	$ 8,660	$ 7,086
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	148,710,781	146,535,796
Common stock, shares outstanding (in shares)	148,710,781	146,535,796
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	23,844,916	23,844,916
Preferred stock, dividend rate	8.00%	8.00%
Preferred stock, shares issued (in shares)	17,401,282	17,012,075
Preferred stock, shares outstanding (in shares)	17,401,282	17,012,075
Preferred stock, liquidation preference	$ 435,032	$ 425,302

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 374,532	$ 348,875	$ 1,073,567	$ 1,036,015
Expenses:
Commissions and fees	260,072	249,672	749,522	735,388
Compensation and benefits	54,026	44,905	154,514	140,727
Non-cash compensation	1,536	1,380	4,474	4,442
Brokerage, communication and clearance fees	3,392	3,734	10,956	11,994
Rent and occupancy, net of sublease revenue	2,648	2,566	7,962	7,446
Professional services	4,810	4,531	14,514	14,860
Interest	6,218	3,206	16,840	7,226
Depreciation and amortization	5,246	5,845	17,057	17,416
Acquisition-related expenses	0	0	24	913
Amortization of retention and forgivable loans	139	97	391	280
Amortization of contract acquisition costs	2,988	2,488	8,639	7,059
Other	18,067	17,740	58,746	53,922
Total expenses	359,142	336,164	1,043,639	1,001,673
Income before item shown below	15,390	12,711	29,928	34,342
Change in fair value of contingent consideration	(93)	(54)	(290)	(165)
Income before income taxes	15,297	12,657	29,638	34,177
Income tax expense	4,020	3,207	7,421	9,953
Net income	11,277	9,450	22,217	24,224
Net (loss) income attributable to noncontrolling interest	(79)	13	(58)	22
Net income attributable to the Company	11,356	9,437	22,275	24,202
Dividends declared on preferred stock	(8,702)	(8,507)	(25,987)	(25,523)
Net income (loss) available to common shareholders	$ 2,654	$ 930	$ (3,712)	$ (1,321)
Net income (loss) per common share available to common shareholders (basic) (in dollars per share)	$ 0.02	$ 0	$ (0.03)	$ (0.01)
Net income (loss) per common share available to common shareholders (diluted) (in dollars per share)	$ 0.02	$ 0	$ (0.03)	$ (0.01)
Weighted average common shares used in computation of per share data:
Basic (in shares)	143,092,912	196,381,910	143,281,873	196,281,283
Diluted (in shares)	147,960,009	208,387,236	143,281,873	196,281,283
Commissions
Revenues:
Total revenues	$ 180,395	$ 172,108	$ 527,076	$ 515,775
Advisory fees
Revenues:
Total revenues	132,763	124,550	372,664	361,571
Investment banking
Revenues:
Total revenues	18,692	9,982	40,060	38,201
Principal transactions
Revenues:
Total revenues	(258)	45	1,271	445
Interest and dividends
Revenues:
Total revenues	1,474	1,434	4,018	3,301
Service fees
Revenues:
Total revenues	31,137	28,702	95,727	81,189
Other income
Revenues:
Total revenues	$ 10,329	$ 12,054	$ 32,751	$ 35,533

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Consultants and Independent Financial Advisors	Employees	Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In CapitalConsultants and Independent Financial Advisors	Additional Paid-In CapitalEmployees	Accumulated Deficit	Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 395,176			$ 2	$ 20	$ 520,135			$ (125,004)	$ 23
Beginning Balance (in shares) at Dec. 31, 2017				17,012,075	198,583,941
Beginning Balance at Dec. 31, 2017	370,391			$ 2	$ 20	520,135			(149,778)	12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					122,192
Issuance of common stock under employee stock purchase plan	365					365
Exercise of stock options, net of shares tendered in payment of exercise price (in shares)					2,285,314
Exercise of stock options, net of shares tendered in payment of exercise price	3,636					3,636
Stock-based compensation		$ 34	$ 4,408				$ 34	$ 4,408
Issuance of restricted stock (in shares)					2,115,000
Issuance of restricted stock	0
Unvested restricted stock forfeitures (in shares)					(106,250)
Repurchase and retirement of common stock (in shares)					(2,748,401)
Repurchase and retirement of common stock	(8,746)					(8,746)
Preferred stock issued, net of underwriting discount and expense	(180)					(180)
Preferred stock dividends declared and paid	(25,523)					(25,523)
Common stock dividends declared and paid	(6,377)					(6,377)
Net income	24,224								24,202	22
Ending Balance (in shares) at Sep. 30, 2018				17,012,075	200,251,796
Ending Balance at Sep. 30, 2018	387,017			$ 2	$ 20	487,752			(100,802)	45
Beginning Balance (in shares) at Jun. 30, 2018				17,012,075	201,271,034
Beginning Balance at Jun. 30, 2018	391,163			$ 2	$ 20	501,348			(110,239)	32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					32,891
Issuance of common stock under employee stock purchase plan	84					84
Exercise of stock options, net of shares tendered in payment of exercise price (in shares)					778,234
Exercise of stock options, net of shares tendered in payment of exercise price	1,304					1,304
Stock-based compensation		7	1,373				7	1,373
Unvested restricted stock forfeitures (in shares)					(106,250)
Repurchase and retirement of common stock (in shares)					(1,724,113)
Repurchase and retirement of common stock	(5,318)					(5,318)
Preferred stock issued, net of underwriting discount and expense	(91)					(91)
Preferred stock dividends declared and paid	(8,507)					(8,507)
Common stock dividends declared and paid	(2,448)					(2,448)
Net income	9,450								9,437	13
Ending Balance (in shares) at Sep. 30, 2018				17,012,075	200,251,796
Ending Balance at Sep. 30, 2018	387,017			$ 2	$ 20	487,752			(100,802)	45
Beginning Balance (in shares) at Dec. 31, 2018				17,012,075	146,535,796
Beginning Balance at Dec. 31, 2018	253,177			$ 2	$ 14	344,356			(91,246)	51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					127,507
Issuance of common stock under employee stock purchase plan	342					342
Exercise of stock options, net of shares tendered in payment of exercise price (in shares)					2,529,429
Exercise of stock options, net of shares tendered in payment of exercise price	1,372					1,372
Stock-based compensation		15	4,459				$ 15	4,459
Issuance of restricted stock (in shares)					2,785,000
Issuance of restricted stock	$ 1				$ 1
Unvested restricted stock forfeitures (in shares)	(82,500)				(82,500)
Repurchase and retirement of common stock (in shares)					(3,184,451)
Repurchase and retirement of common stock	$ (10,873)					(10,873)
Preferred stock issued, net of underwriting discount and expense (in shares)				389,207
Preferred stock issued, net of underwriting discount and expense	9,431					9,431
Preferred stock dividends declared and paid	(25,987)					(25,987)
Common stock dividends declared and paid	(5,380)					(5,380)
Net income	22,217								22,275	(58)
Ending Balance (in shares) at Sep. 30, 2019				17,401,282	148,710,781
Ending Balance at Sep. 30, 2019	248,774			$ 2	$ 15	317,735			(68,971)	(7)
Beginning Balance (in shares) at Jun. 30, 2019				17,401,282	148,501,131
Beginning Balance at Jun. 30, 2019	246,690			$ 2	$ 15	326,928			(80,327)	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					40,869
Issuance of common stock under employee stock purchase plan	92					92
Exercise of stock options, net of shares tendered in payment of exercise price (in shares)					324,352
Exercise of stock options, net of shares tendered in payment of exercise price	$ 218					218
Stock-based compensation		$ 0	$ 1,536					$ 1,536
Unvested restricted stock forfeitures (in shares)	0
Repurchase and retirement of common stock (in shares)					(155,571)
Repurchase and retirement of common stock	$ (526)					(526)
Preferred stock issued, net of underwriting discount and expense	(18)					(18)
Preferred stock dividends declared and paid	(8,702)					(8,702)
Common stock dividends declared and paid	(1,793)					(1,793)
Net income	11,277								11,356	(79)
Ending Balance (in shares) at Sep. 30, 2019				17,401,282	148,710,781
Ending Balance at Sep. 30, 2019	$ 248,774			$ 2	$ 15	$ 317,735			$ (68,971)	$ (7)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Exercise of stock options, shares tendered in payment (in shares)	120,129		663,979	203,132,000
Shares surrendered for tax withholdings (in shares)			1,002,460	247,379
Repurchase and retirement of common stock, shares tendered in payment (in shares)			12,673,000	19,294
Underwriting discount and expense	$ 18	$ 91	$ 1	$ 180

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 22,217	$ 24,224
Adjustments to reconcile net income to
Change in fair value of contingent consideration	290	165
Adjustment to deferred rent	0	819
Amortization of right-of-use assets	5,717
Amortization of intangible assets	10,173	11,552
Amortization of debt discount	491	428
Amortization of debt issue cost	636	401
Amortization of retention and forgivable loans	391	280
Amortization of contract acquisition costs	8,639	7,059
Depreciation and other amortization	6,884	5,864
Deferred income taxes	(123)	6,056
Non-cash compensation expense	4,474	4,442
Gain on forgiveness of accrued interest under forgivable loans	0	(79)
Gain on forgiveness of principal of note payable under forgivable loans	0	(2,143)
Loss on write-off of furniture, fixtures and leasehold improvements, net	4	18
(Increase) decrease in operating assets
Securities owned, at fair value	6,322	(1,570)
Receivables from clearing brokers	(3,767)	21,893
Receivables from other broker-dealers	1,481	1,350
Other receivables, net	1,523	(11,151)
Insurance trailing commissions receivable	(2,990)	0
Contract acquisition costs, net	(14,433)	(23,522)
Notes receivable from financial advisors, net	(2,041)	3
Cash surrender value of life insurance	(2,528)	(767)
Income taxes receivable	2,156	0
Other assets	14,271	(8,786)
Increase (decrease) in operating liabilities
Securities sold, but not yet purchased, at fair value	(2,540)	(165)
Accrued compensation	(2,393)	(1,220)
Accrued interest	(123)	(153)
Commissions and fees payable	698	12,631
Deferred compensation liability	3,980	3,802
Lease liabilities	(5,787)
Accounts payable and accrued liabilities	(11,655)	9,932
Net cash provided by operating activities	41,967	61,363
Cash flows from investing activities:
Purchases of fixed assets	(9,044)	(10,503)
Purchase of intangible assets	(5)	(6)
Acquisition of certain assets of Kestler Financial Group	0	(1,683)
Net cash used in investing activities	(9,049)	(12,192)
Cash flows from financing activities:
Issuance of Series A preferred stock	9,431	(180)
Issuance of common stock	1,715	4,001
Issuance of senior notes	55,291	106,081
Series A preferred stock dividends paid	(25,987)	(25,523)
Common stock dividends paid	(5,380)	(6,377)
Repurchase and retirement of common stock	(10,873)	(8,746)
Borrowings on term loan	7,000	0
Bank loan and revolver repayments	(1,361)	(6,658)
Principal payments on notes payable	(231)	(15,209)
Net cash provided by financing activities	29,605	47,389
Net increase in cash and cash equivalents	62,523	96,560
Cash and cash equivalents including restricted cash, beginning of period	189,281	172,863
Cash and equivalents at end of period:
Cash and cash equivalents	251,033	262,834
Restricted cash	771	6,589
Cash and cash equivalents including restricted cash, end of period	251,804	269,423
Supplemental cash flow information:
Interest paid	15,836	6,551
Taxes paid	1,940	2,786
Acquisition of certain assets of Kestler Financial Group:
Assets acquired	0	7,917
Liabilities assumed	0	(784)
Net assets acquired	0	7,133
Promissory note	0	(5,450)
Net cash paid in acquisition	$ 0	$ 1,683

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Ladenburg Thalmann Financial Services Inc. (the “Company” or “LTS”) is a holding company. Its principal operating subsidiaries are Securities America, Triad Advisors (‘‘Triad’’), Investacorp, KMS Financial Services (“KMS”), Securities Service Network (“SSN”), Ladenburg Thalmann & Co. (‘‘Ladenburg’’), Ladenburg Thalmann Asset Management (‘‘LTAM’’), Premier Trust (‘‘Premier Trust’’) and Highland Capital Brokerage (“Highland”). Securities America, Triad, Investacorp, KMS and SSN are registered investment advisors and broker-dealers that serve the independent financial advisor community. The independent financial advisors of these independent advisory and brokerage firms primarily serve retail clients. Such entities derive revenue from advisory fees and commissions, primarily from the sale of mutual funds, variable annuity products and other financial products and services. Ladenburg is a full service registered broker-dealer that has been a member of the New York Stock Exchange since 1879. Broker-dealer activities include sales and trading and investment banking. Ladenburg provides its services principally to middle-market and emerging growth companies and high net worth individuals through a coordinated effort among corporate finance, capital markets, brokerage and trading professionals. LTAM is a registered investment advisor. It offers various asset management products utilized by Ladenburg and Premier Trust’s clients, as well as clients of the Company's independent financial advisors. Premier Trust, a Nevada trust company, provides wealth management services, including administration of personal trusts and retirement accounts, estate and financial planning and custody services. Highland is an independent insurance broker that delivers life insurance, fixed and equity indexed annuities and long-term care solutions to investment and insurance providers. Highland provides specialized point-of-sale support along with advanced marketing and estate and business planning techniques, delivering customized insurance solutions to both institutional clients and independent producers. Highland also provides marketing strategies, product expertise, and back-office processing for fixed and equity-indexed annuities. Securities America's, Triad's, Investacorp's, KMS's, SSN's and Ladenburg's customer transactions are cleared through clearing brokers on a fully-disclosed basis and such entities are subject to regulation by, among others, the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board. Each entity is a member of the Securities Investor Protection Corporation. Highland is subject to regulation by various regulatory bodies, including state attorneys general and insurance departments. Premier Trust is subject to regulation by the Nevada Department of Business and Industry Financial Institutions Division. Basis of Presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented. Because of the nature of the Company’s business, interim period results may not be indicative of full year or future results. The unaudited condensed consolidated financial statements do not include all information and notes required in annual audited financial statements in conformity with GAAP. The statement of financial condition at December 31, 2018 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statement presentation. Please refer to the notes to the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 for additional disclosures and a description of accounting policies. Certain amounts in the prior period financial statements were reclassified to conform with the current period financial statement presentation. New Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic 842 on January 1, 2019, using the modified retrospective approach and the option presented under ASU 2018-11 to transition only active leases as of January 1, 2019. All comparative periods prior to January 1, 2019 are not adjusted and continue to be reported in accordance with Topic 840. The Company elected to utilize the transition package of practical expedients permitted within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off the Company’s Consolidated Statements of Financial Condition which resulted in recognizing those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. The Company did not elect the hindsight practical expedient when determining the lease terms. Adoption of the new standard resulted in the recording of right-of-use assets and corresponding lease liabilities of $36,522 and $39,483 , respectively, as of January 1, 2019. The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing deferred rent balances recorded under Topic 840. The adoption of the new standard did not materially impact the Company's Consolidated Statements of Operations and had no impact on the Company's Consolidated Statements of Cash Flows. The Company's current lease arrangements expire through 2030. See Note 4 for further information. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees by aligning the accounting with the requirements for employee share-based compensation. ASU 2018-07 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The adoption of ASU 2018-07 was effective January 1, 2019 and did not have any impact on the consolidated financial statements. Accounting Standards Issued, But Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU amends the requirement on the measurement and recognition of expected credit losses for financial assets held. The ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted, but not earlier than annual and interim periods beginning after December 15, 2018. This amendment should be applied on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. As amended, an entity will recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative test for a reporting unit to determine if the quantitative impairment test is necessary. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and applies prospectively. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. The Company has not elected to early adopt ASU 2017-04. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. The update eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and introduces a requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company plans to adopt this new accounting standard on January 1, 2020. Adoption is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company adopted ASU 2014-09 and all related amendments ("ASC 606"), effective January 1, 2018, using the modified retrospective method by recognizing the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of shareholders' equity and applied its provisions to all uncompleted contracts using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to increase the opening balance of retained earnings by $24,109 . During the fourth quarter of 2018, the Company determined that the deferred tax liability recorded on adoption of ASC 606 with respect to Highland was overstated, and the Company made an additional retained earnings adjustment of $665 to correct this item as of January 1, 2018. Performance Obligations Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Revenues are also analyzed to determine whether the Company acts as the principal (i.e. reports revenue on a gross basis) or agent (i.e. reports revenue on a net basis) in the arrangement with the customer. Principal or agent designations depend primarily on the control an entity has over the product or service before control is transferred to a customer. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred and discretion in establishing the price. The following provides detailed information on the recognition of the Company's revenue from contracts with customers: Broker-Dealer Commissions The Company’s broker-dealer subsidiaries earn commissions by executing client transactions in stocks, mutual funds, variable annuities and other financial products and services as well as from trailing commissions which are variable. Commissions revenue is recognized at the point of sale on the trade date when the performance obligation is satisfied. Commissions revenue is paid on settlement date, which is generally two business days after trade date for equities securities and corporate bond transactions and one business day for government securities and commodities transactions. The Company records a receivable on the trade date and receives a payment on settlement date. For trailing commissions, the performance obligation is satisfied at the time of the execution of the investments but the amount to be received for trailing commissions is uncertain, as it is dependent on the value of the investments at future points in time as well as the length of time the investor holds the investments, both of which are highly susceptible to variable factors outside the Company's influence. The Company does not believe that it can overcome this constraint until the market value of the investment and the investor activities are known, which are usually monthly or quarterly. The Company's Consolidated Statements of Operations reflects trailing commissions for services performed and performance obligations satisfied in previous periods and are recognized in the period that the constraint is overcome, when clients' investment holdings and their market values become known. The Company's broker-dealer subsidiaries act as principal in satisfying the performance obligations that generate commissions revenue and maintain relationships with the product sponsors. The Company's independent financial advisors assist the Company in performing its obligations. Accordingly, broker-dealer commissions revenue are presented on a gross basis. I nsurance Commissions The Company’s performance obligation with respect to each contract with its customer, the insurance carriers, is the sale of the insurance policies to clients. Insurance commissions revenue is received from insurance carriers and includes an initial up-front (first year) commission as well as annual trailing commission payments for each policy renewal. Commissions on insurance renewal premiums are considered variable consideration. ASC 606 requires that, at the time of the initial sale of a policy, the Company must estimate the variable consideration (future renewal commissions) and determine the transaction price as the undiscounted sum of expected future renewal commissions to be received from the insurance carriers. Therefore, the transaction price includes the first-year fixed commission and the variable consideration for the trailing commissions, estimated using the expected value method and a portfolio approach. The Company also estimates a reduction of the transaction price for possible future chargebacks from the carriers. The Company acts as principal in its relationship with the insurance carriers and receives commissions revenue for the sale of insurance products for the insurance carriers. The Company's financial advisors assist the Company in performing its obligations and act as an agent for the Company. Accordingly, the Company presents the first-year and trailing commissions revenue on a gross basis when each policy is bound as an enforceable contract. Advisory Fees Advisory fee revenue represents fees charged by registered investment advisors (“RIAs”) to their clients based upon the value of client assets under management (“AUM”). The Company records fees charged to clients as advisory fees where the Company considers itself to be the primary RIA. The Company determined that the primary RIA firm is the principal in providing advisory services to clients and will therefore recognize the corresponding advisory fee revenues on a gross basis when the advisory services are conducted using the Company's corporate RIA platform. As a result, the portion of the advisory fees paid to the client's independent financial advisor are classified as commissions and fees expense in the consolidated statements of operations. Certain independent financial advisors conduct their advisory business through their own RIA firm, rather than using one of the Company's corporate RIA subsidiaries. These independent entities, or Hybrid RIAs, engage the Company for clearing, regulatory and custody services, as well as for access to investment advisory platforms. The advisory fee revenue generated by these Hybrid RIAs is earned by the independent financial advisors, and is not included in the Company's advisory fee revenues. However, the Company charges separate fees to Hybrid RIAs for technology, custody and administrative services based on the AUM within the client’s accounts. These fees are recognized on a net basis and classified as advisory fees in the consolidated statements of operations. Accordingly, reported advisory revenue growth may lag behind the overall growth rate of advisory assets. Investment Banking Investment banking revenues consist of underwriting revenue, strategic advisory revenue and private placement fees. Underwriting The performance obligation is the consummation of the sale of securities for each contract with a customer. The transaction price includes fixed management fees and is recognized as revenue when the performance obligation is satisfied, generally the trade date. Where Ladenburg is the lead underwriter, revenue and expenses are first allocated to other members of a syndicate because Ladenburg is acting as an agent for the syndicate. Accordingly, the Company records revenue on a net basis. When Ladenburg is not the lead underwriter, Ladenburg recognizes its share of revenue and expenses on a gross basis, because Ladenburg is acting as the principal. Strategic Advisory Services Performance obligations in these arrangements vary dependent on the contract, but are typically satisfied upon completion of the arrangement. Transaction fees may include retainer, management, and/or success fees, which are recognized upon completion of a deal. Ladenburg controls the service as it is transferred to the customer, and is therefore acting as a principal. Accordingly, the Company records revenues and out-of-pocket reimbursements on a gross basis. Private Placement The performance obligation is the consummation of the sale of securities for each contract with a customer. The transaction price includes fixed management fees and is recognized as revenue when the performance obligation is satisfied, generally the trade date. Ladenburg controls the service as it is transferred to the customer, and is therefore acting as a principal. Accordingly, the Company records revenues and out-of-pocket reimbursements on a gross basis. Service Fees Service fees primarily include (1) amounts charged to independent financial advisors for securities trades and for providing administrative and compliance services; and (2) fees earned for arranging the cash sweep programs between the customers and the third-party banks, in which customers' cash deposits in their brokerage accounts at the customers' direction are swept into interest-bearing FDIC-insured deposit accounts at various third-party banks. The service fees charged to independent financial advisors are recognized when the Company satisfies its performance obligations. Transaction revenues for the processing of securities trades are recognized at the point-in-time that a transaction is executed, which is generally the trade date. Fees charged to advisors for providing administrative and compliance services are either recognized at a point-in-time to over time depending on whether the service is provided at an identifiable point-in-time or if the service is provided continually over the the year. The cash sweep fees are earned and recognized over the period of the clients' participation in these programs. Other Income The Company receives fees from distributors of certain products sold by financial advisors affiliated with the Company's independent advisory and brokerage subsidiaries. These fees are for marketing support and sales force education and training efforts. Compensation for these performance obligations is generally calculated as a fixed fee, as a percentage of the average annual amount of product sponsor assets held in advisors' clients' accounts, as a percentage of new sales, or a combination. As the value of product sponsor assets held in advisor's clients' accounts is susceptible to unpredictable market changes, fees based on asset levels or sales include variable consideration and are constrained until the date that the fees are determinable. The Company is the principal in these arrangements as it is responsible for and determines the level of servicing and marketing support it provides to the product sponsors. In addition, the Company's independent advisory and brokerage subsidiaries host certain advisor conferences that serve as training, education, sales, and marketing events, for which a fee may be charged for attendance to advisors and product sponsors. Recognition is at a point-in-time when the conference is held and the Company satisfies its performance obligations. Disaggregation of Revenue In the following table, revenue is disaggregated by service line and segment: For the Three Months Ended September 30, 2019 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 133,904 $ 2,087 $ 44,404 $ — $ 180,395 Advisory fees 130,464 2,299 — — 132,763 Investment banking 238 18,454 — — 18,692 Principal transactions 7 (237 ) — (28 ) (258 ) Interest and dividends 650 263 — 561 1,474 Service fees 30,318 551 — 268 31,137 Other income 9,623 102 510 94 10,329 Total revenues $ 305,204 $ 23,519 $ 44,914 $ 895 $ 374,532 For the Three Months Ended September 30, 2018 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 137,054 $ 2,590 $ 32,464 $ — $ 172,108 Advisory fees 122,848 1,644 — 58 124,550 Investment banking 129 10,038 — (185 ) 9,982 Principal transactions (2 ) 48 — (1 ) 45 Interest and dividends 700 185 — 549 1,434 Service fees 27,868 635 — 199 28,702 Other income 11,418 40 496 100 12,054 Total revenues $ 300,015 $ 15,180 $ 32,960 $ 720 $ 348,875 For the Nine Months Ended September 30, 2019 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 396,949 $ 7,161 $ 122,966 $ — $ 527,076 Advisory fees 366,916 5,748 — — 372,664 Investment banking 584 39,476 — — 40,060 Principal transactions 19 1,403 — (151 ) 1,271 Interest and dividends 1,964 789 — 1,265 4,018 Service fees 93,237 1,716 — 774 95,727 Other income 30,355 470 1,723 203 32,751 Total revenues $ 890,024 $ 56,763 $ 124,689 $ 2,091 $ 1,073,567 For the Nine Months Ended September 30, 2018 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 407,159 $ 8,739 $ 99,877 $ — $ 515,775 Advisory fees 356,051 5,352 — 168 361,571 Investment banking 558 38,497 — (854 ) 38,201 Principal transactions 5 433 — 7 445 Interest and dividends 1,854 420 — 1,027 3,301 Service fees 78,780 1,822 — 587 81,189 Other income 30,608 351 2,068 2,506 35,533 Total revenues $ 875,015 $ 55,614 $ 101,945 $ 3,441 $ 1,036,015 Contract Balances For each of its insurance policies, the Company receives an initial up-front (first year) commission as well as annual trailing commission payments for each policy renewal. The Company will incur commission expenses related to the trailing commission payments for each policy renewal as well. The timing of revenue recognition, cash collections, and commission expense on the insurance policies results in contract assets and contract liabilities. The following table provides information about contract assets and contract liabilities from contracts with customers. Estimated trailing commissions are included in insurance trailing commissions receivable, net while estimated expenses on trailing commissions are included in commissions and fees payable on the condensed consolidated statement of financial condition: As of September 30, 2019 As of December 31, 2018 Contract assets - Insurance trailing commissions $ 67,290 $ 64,300 Contract liabilities - Insurance trailing commissions 32,630 31,854 Performance obligations related to insurance brokerage revenue are considered satisfied when the sale of the initial insurance policies are completed, including expected future trailing commissions due to the Company each year upon customer renewals of the policies sold. Upon receipt of the annual trailing commission, the Company pays a corresponding commission expense. Based on historical data, customer renewal periods are estimated at approximately eight years from the sale of the initial policy. Increases to the contract asset were a result of $7,461 and $20,256 in estimated trailing commissions from new policies during the three and nine months ended September 30, 2019, respectively, while decreases were driven by $5,541 and $17,266 in actual commissions received during the three and nine months ended September 30, 2019, respectively. Increases to the contract liability were a result of $3,276 and $9,583 in estimated commission expense from new policies during the three and nine months ended September 30, 2019, respectively, while decreases were driven by $2,812 and $8,807 in actual commissions paid during the three and nine months ended September 30, 2019, respectively. Costs to Obtain a Contract with a Customer The Company capitalizes the incremental costs of obtaining a contract with a customer (independent financial advisor) if the costs (1) relate directly to an existing contract or anticipated contract, (2) generate or enhance resources that will be used to satisfy performance obligations in the future, and (3) are expected to be recovered. These costs are included in contract acquisition costs, net in the condensed consolidated statements of financial condition and are amortized over the estimated customer relationship period. The Company uses an amortization method that is consistent with the pattern of transfer of goods or services to its customers. Any costs that are not incremental costs of obtaining a contract with a customer, such as costs of onboarding, training and support of independent financial advisors, would not qualify for capitalization. The Company pays fees to third-party recruiters and bonuses to employees for recruiting independent financial advisors, and thereby bring their customers’ accounts to the Company, which generates ongoing advisory fee revenue, commissions revenue, and monthly service fee revenue to the Company. An additional cost to obtain an independent financial advisor may include forgivable loans. Forgivable loans take many forms, but they are differentiated by the fact that at inception the loan is intended to be forgiven over time by the Company. The loans are given as an inducement to attract independent financial advisors to become affiliated with the Company's independent advisory and brokerage subsidiaries. Each of the Company’s independent advisory and brokerage subsidiaries may offer new independent financial advisors a forgivable loan as part of his/her affiliation offer letter. These amounts are paid upfront and are capitalized, then amortized over the expected useful lives of the independent financial advisor’s relationship period with the independent advisory and brokerage firm. The balance of contract acquisition costs, net, was $86,520 as of September 30, 2019, an increase of $5,794 compared to December 31, 2018. Amortization on these contract acquisition costs was $8,639 during the nine months ended September 30, 2019. There were no impairments or changes to underlying assumptions related to contract acquisition costs, net, for the period. Transaction Price Allocated to Remaining Performance Obligation Contract liabilities represent accrued commission expense associated with the accrued insurance trailing commission contract assets. The Company does not have any contract liabilities representing revenues that will be recognized in future periods upon the satisfaction of any remaining performance obligations.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3 — Unobservable inputs which reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability. The following tables present the carrying values and estimated fair values at September 30, 2019 and December 31, 2018 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. September 30, 2019 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 251,033 $ 251,033 $ — $ 251,033 Receivables from clearing brokers 27,835 — 27,835 27,835 Receivables from other broker-dealers 5,597 — 5,597 5,597 Notes receivables, net (1) 7,459 — 7,459 7,459 Other receivables, net 67,419 — 67,419 67,419 Insurance trailing commissions receivable 67,290 — 67,290 67,290 $ 426,633 $ 251,033 $ 175,600 $ 426,633 Liabilities Accrued compensation $ 36,871 $ — $ 36,871 $ 36,871 Commissions and fees payable 106,004 — 106,004 106,004 Accounts payable and accrued liabilities (2) 34,677 — 34,677 34,677 Accrued interest — — — — Notes payable, net (3) 315,898 — 333,145 333,145 $ 493,450 $ — $ 510,697 $ 510,697 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $2,520 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed. December 31, 2018 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 182,693 $ 182,693 $ — $ 182,693 Receivables from clearing brokers 24,068 — 24,068 24,068 Receivables from other broker-dealers 7,078 — 7,078 7,078 Notes receivables, net (1) 5,809 — 5,809 5,809 Other receivables, net 68,942 — 68,942 68,942 Insurance trailing commissions receivable 64,300 64,300 64,300 $ 352,890 $ 182,693 $ 170,197 $ 352,890 Liabilities Accrued compensation $ 39,264 $ — $ 39,264 $ 39,264 Commissions and fees payable 105,306 — 105,306 105,306 Accounts payable and accrued liabilities (2) 46,511 — 46,511 46,511 Accrued interest 123 — 123 123 Notes payable, net (3) 254,072 — 266,844 266,844 $ 445,276 $ — $ 458,048 $ 458,048 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $2,230 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed. The following tables present the financial assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018: September 30, 2019 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 289 $ 289 $ — $ — $ 289 Debt securities 627 — 627 — 627 U.S. treasury notes 711 — 711 — 711 Common stock and warrants 2,974 326 2,648 — 2,974 Total $ 4,601 $ 615 $ 3,986 $ — $ 4,601 Liabilities Contingent consideration payable $ 2,520 $ — $ — $ 2,520 $ 2,520 Debt securities 29 — 29 — 29 Common stock and warrants 6 6 — — 6 Total $ 2,555 $ 6 $ 29 $ 2,520 $ 2,555 December 31, 2018 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 426 $ 426 $ — $ — $ 426 Debt securities 1,447 — 1,447 — 1,447 U.S. treasury notes 794 — 794 — 794 Common stock and warrants 8,256 7,070 1,186 — 8,256 Total $ 10,923 $ 7,496 $ 3,427 $ — $ 10,923 Liabilities Contingent consideration payable $ 2,230 $ — $ — $ 2,230 $ 2,230 Debt securities 196 — 196 — 196 Common stock and warrants 2,379 2,379 — — 2,379 Total $ 4,805 $ 2,379 $ 196 $ 2,230 $ 4,805 As of September 30, 2019 and December 31, 2018, approximately $3,599 and $9,763 , respectively, of securities owned were deposited with clearing brokers and may be sold or hypothecated by the clearing brokers pursuant to clearing agreements with such clearing brokers. Securities sold, but not yet purchased, represents obligations of the Company’s subsidiaries to purchase the specified financial instrument at the then current market price. Accordingly, these transactions result in off-balance-sheet risk as the Company’s subsidiaries’ ultimate obligation to repurchase such securities may exceed the amount recognized in the consolidated statements of financial condition. Debt securities and U.S. Treasury notes are valued based on recently executed transactions, market price quotations, and pricing models that factor in, as applicable, interest rates and bond default risk spreads. Warrants are carried at a discount to fair value as determined by using the Black-Scholes option pricing model due to illiquidity. This model takes into account the underlying securities' current market values, the underlying securities' market volatility, the terms of the warrants, exercise prices and risk-free return rate. As of September 30, 2019 and December 31, 2018, the fair values of the warrants were $959 and $1,052 , respectively, and are included in common stock and warrants (Level 2) above. From time to time, Ladenburg receives common stock as compensation for investment banking services. These securities are restricted under applicable securities laws and may be freely traded only upon the effectiveness of a registration statement covering them or upon the satisfaction of the requirements of Rule 144 of the Securities Act of 1933, as amended (the "Securities Act"), including the requisite holding period. Restricted common stock is classified as Level 2 securities. Set forth below are changes in the carrying value of contingent consideration related to acquisitions, which is included in accounts payable and accrued liabilities: Fair value of contingent consideration as of December 31, 2017 $ 2,104 Payments (1,353 ) Change in fair value of contingent consideration 238 Fair value of contingent consideration in connection with KFG and FSFG acquisitions 1,241 Fair value of contingent consideration as of December 31, 2018 $ 2,230 Change in fair value of contingent consideration 290 Fair value of contingent consideration as of September 30, 2019 $ 2,520

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases The Company's lease agreements primarily cover office facilities and equipment and expire at various dates. The Company's leases are predominantly operating leases, which are included in right-of-use assets and lease liabilities on the Company's Condensed Consolidated Statements of Financial Condition. The Company's current lease arrangements expire from 2019 through 2030, some of which include options to extend or terminate the lease. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the right-of-use asset and lease liabilities balances. The Company’s lease population does not include any residual value guarantees, and therefore none were considered in the calculation of the lease balances. The Company has leases with variable payments, most commonly in the form of common area maintenance charges which are based on actual costs incurred. These variable payments were excluded from the right-of-use asset and lease liability balances since they are not fixed or in-substance fixed payments. Leases with variable rate adjustments, such as Consumer Price Index (CPI) adjustments, were reflected based on contractual lease payments as outlined within the lease agreement and not adjusted for any CPI increases or decreases. The Company has lease agreements with lease and non-lease components. The Company has elected the practical expedient to account for lease and non-lease components as a single lease component. For leases with terms greater than 12 months, right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is the interest rate implicit in the lease, or when that is not readily determinable, the Company utilizes its incremental borrowing rate. Our lease agreements generally do not provide a readily determinable implicit rate nor is it available to us from our lessors. Instead, the Company estimates the Company’s incremental borrowing rate based on information available at either the implementation date of Topic 842 or at lease commencement for leases entered into thereafter in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the Condensed Consolidated Statements of Financial Condition; the Company recognizes lease expense for these leases on a straight-line basis over the term of the lease. Lease cost . The Company’s components of lease cost for the three and nine months ended September 30, 2019 were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 2,346 $ 7,106 Short-term lease cost 89 146 Variable lease cost 194 676 Amortization of finance lease assets 31 91 Interest on finance lease liabilities 2 6 Sublease income (25 ) (74 ) Total lease cost $ 2,637 $ 7,951 Lease commitments . The table below summarizes the Company’s scheduled future minimum lease payments under operating and finance leases, recorded on the Condensed Consolidated Statements of Financial Condition as of September 30, 2019: Operating and Finance Leases Remainder of 2019 $ 2,344 2020 8,218 2021 6,114 2022 5,339 2023 3,903 Thereafter 15,750 Total lease payments 41,668 Less imputed interest (6,870 ) Present value of lease payments $ 34,798 As of September 30, 2019, the Company has additional operating leases, primarily for additional office space at Securities America, that have not yet commenced. In connection with an office lease entered into in March 2016, Securities America has exercised an option to lease additional office space, which is under construction, for 12 years and would require the payment of an estimated average annual rent of $1,700 plus operating expenses, subject to certain adjustments. The Company currently expects that this lease would commence in 2020 upon completion of the construction. Such estimated rent amounts are not included in the total minimum lease payments above. The table below presents additional information related to our leases as of September 30, 2019: Weighted Average Remaining Lease Term: Operating leases 7.04 years Weighted Average Discount Rate: Operating leases 4.42 % Supplemental cash flow information . The table below presents supplemental cash flow information related to leases during the nine months ended September 30, 2019: Nine months ended September 30, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating and finance leases $ 8,280 Non-cash investing and financing activities . The Right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2019 was: Nine months ended September 30, 2019 Operating and finance leases $ 6,861 Subleases and lessor activity . The Company had rental income from subleasing activity during the period ended September 30, 2019 which was immaterial to the Company’s consolidated financial statements.
Leases	Leases The Company's lease agreements primarily cover office facilities and equipment and expire at various dates. The Company's leases are predominantly operating leases, which are included in right-of-use assets and lease liabilities on the Company's Condensed Consolidated Statements of Financial Condition. The Company's current lease arrangements expire from 2019 through 2030, some of which include options to extend or terminate the lease. However, the Company in general is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not considered in the lease term or the right-of-use asset and lease liabilities balances. The Company’s lease population does not include any residual value guarantees, and therefore none were considered in the calculation of the lease balances. The Company has leases with variable payments, most commonly in the form of common area maintenance charges which are based on actual costs incurred. These variable payments were excluded from the right-of-use asset and lease liability balances since they are not fixed or in-substance fixed payments. Leases with variable rate adjustments, such as Consumer Price Index (CPI) adjustments, were reflected based on contractual lease payments as outlined within the lease agreement and not adjusted for any CPI increases or decreases. The Company has lease agreements with lease and non-lease components. The Company has elected the practical expedient to account for lease and non-lease components as a single lease component. For leases with terms greater than 12 months, right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is the interest rate implicit in the lease, or when that is not readily determinable, the Company utilizes its incremental borrowing rate. Our lease agreements generally do not provide a readily determinable implicit rate nor is it available to us from our lessors. Instead, the Company estimates the Company’s incremental borrowing rate based on information available at either the implementation date of Topic 842 or at lease commencement for leases entered into thereafter in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the Condensed Consolidated Statements of Financial Condition; the Company recognizes lease expense for these leases on a straight-line basis over the term of the lease. Lease cost . The Company’s components of lease cost for the three and nine months ended September 30, 2019 were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 2,346 $ 7,106 Short-term lease cost 89 146 Variable lease cost 194 676 Amortization of finance lease assets 31 91 Interest on finance lease liabilities 2 6 Sublease income (25 ) (74 ) Total lease cost $ 2,637 $ 7,951 Lease commitments . The table below summarizes the Company’s scheduled future minimum lease payments under operating and finance leases, recorded on the Condensed Consolidated Statements of Financial Condition as of September 30, 2019: Operating and Finance Leases Remainder of 2019 $ 2,344 2020 8,218 2021 6,114 2022 5,339 2023 3,903 Thereafter 15,750 Total lease payments 41,668 Less imputed interest (6,870 ) Present value of lease payments $ 34,798 As of September 30, 2019, the Company has additional operating leases, primarily for additional office space at Securities America, that have not yet commenced. In connection with an office lease entered into in March 2016, Securities America has exercised an option to lease additional office space, which is under construction, for 12 years and would require the payment of an estimated average annual rent of $1,700 plus operating expenses, subject to certain adjustments. The Company currently expects that this lease would commence in 2020 upon completion of the construction. Such estimated rent amounts are not included in the total minimum lease payments above. The table below presents additional information related to our leases as of September 30, 2019: Weighted Average Remaining Lease Term: Operating leases 7.04 years Weighted Average Discount Rate: Operating leases 4.42 % Supplemental cash flow information . The table below presents supplemental cash flow information related to leases during the nine months ended September 30, 2019: Nine months ended September 30, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating and finance leases $ 8,280 Non-cash investing and financing activities . The Right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2019 was: Nine months ended September 30, 2019 Operating and finance leases $ 6,861 Subleases and lessor activity . The Company had rental income from subleasing activity during the period ended September 30, 2019 which was immaterial to the Company’s consolidated financial statements.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets At September 30, 2019 and December 31, 2018, intangible assets subject to amortization consisted of the following: September 30, 2019 December 31, 2018 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 23,774 $ 25,563 $ 22,187 Relationships with financial advisors 14.3 126,122 67,430 126,122 59,584 Covenants not-to-compete 3.8 6,964 6,610 6,964 6,258 Trade names 7.7 16,921 14,860 16,916 14,472 Total $ 175,570 $ 112,674 $ 175,565 $ 102,501 Aggregate amortization expense for the nine months ended September 30, 2019 and 2018 amounted to $10,173 and $11,552 , respectively. The weighted-average amortization period for total amortizable intangibles at September 30, 2019 is 9.81 years. As of September 30, 2019, the remaining estimated amortization expense for each of the five succeeding years or remaining period of such, and thereafter is as follows: Remainder of 2019 $ 2,898 2020 11,466 2021 6,628 2022 6,555 2023 6,217 2024 - 2036 29,132 $ 62,896

Notes Receivable from Financial

Notes Receivable from Financial Advisors	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Notes Receivable from Financial Advisors	Notes Receivable from Financial Advisors From time to time, the Company’s subsidiaries may make loans to their financial advisors. The notes receivable balance is comprised of unsecured non-interest-bearing and interest-bearing loans (interest of up to 10.0% ) to the financial advisors. These notes have various schedules for repayment or forgiveness and mature at various dates through 2026. The notes are amortized over the forgiveness period, which generally ranges from 3 to 5 years. Receivables are continually evaluated for collectability and possible write-offs and an allowance for doubtful accounts is provided where a loss is considered probable. As of September 30, 2019 and December 31, 2018, the allowance amounted to $1,585 and $1,528 , respectively.

Net Capital Requirements

Net Capital Requirements	9 Months Ended
	Sep. 30, 2019
Banking and Thrift [Abstract]
Net Capital Requirements	Net Capital Requirements The Company’s broker-dealer subsidiaries are subject to the SEC’s Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital. Each of Securities America, Triad, Investacorp, KMS, SSN and Ladenburg has elected to compute its net capital under the alternative method allowed by this rule, and at September 30, 2019, each, had a $250 minimum net capital requirement. At September 30, 2019, Securities America had regulatory net capital of $15,375 , Triad had regulatory net capital of $9,690 , Investacorp had regulatory net capital of $8,657 , KMS had regulatory net capital of $7,534 , SSN had regulatory net capital of $6,618 and Ladenburg had regulatory net capital of $23,428 . Each of Securities America, Triad, Investacorp, KMS, SSN and Ladenburg claim exemptions from the provisions of the SEC’s Rule 15c3-3 pursuant to paragraphs (k)(2)(i) and (k)(2)(ii) as they clear their customer transactions through correspondent brokers on a fully disclosed basis. Premier Trust, chartered by the state of Nevada, is subject to regulation by the Nevada Department of Business and Industry Financial Institutions Division. Under Nevada law, Premier Trust must maintain minimum stockholders’ equity of at least $1,000 , including at least $250 in cash. At September 30, 2019, Premier Trust had stockholders’ equity of $4,826 , including at least $250 in cash.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s interim income tax provision or benefit consists of U.S. federal and state income taxes based on the estimated annual effective rate that the Company expects for the full year together with the tax effect of discrete items. Each quarter, the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. As of September 30, 2019, the estimated annual effective tax rate for 2019 (exclusive of discrete items) is approximately 28% of projected pre-tax income. Our estimated annual tax expense consists of a provision for federal and state and local income taxes. For the three and nine months ended September 30, 2019, the Company recorded an income tax expense of $4,020 on pre-tax income of $15,297 and an income tax expense of $7,421 on a pre-tax income of $29,638 . The estimated annual effective tax rate is higher than the statutory rate of 21% related primarily to state and local taxes and certain non-deductible expenses including meals and entertainment and IRC §162(m). For the three and nine months ended September 30, 2018, the Company recorded an income tax expense of $3,207 on a pre-tax income of $12,657 and an income tax expense of $9,953 on a pre-tax income of $34,177 . In assessing the realizability of deferred tax assets, we evaluate whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As of September 30, 2019, the Company concluded that its deferred tax assets were realizable on a more-likely-than-not basis with the exception of certain separate company state net operating losses. On January 1, 2018, the Company adopted ASC 606. Upon adoption, the Company recorded a net deferred tax liability of $3,600 with an offset to retained earnings. During the fourth quarter of 2018, the Company determined that the deferred tax liability recorded on adoption of ASC 606 with respect to Highland was overstated, and the Company made an additional retained earnings adjustment of $665 to correct this item as of January 1, 2018. As such, the net deferred tax liability related to ASC 606 is $2,935 .

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following: September 30, December 31, Note payable under subsidiary's term loan with bank $ 5,728 $ — Note payable under subsidiary's revolver with bank — 89 Notes payable to Kestler Financial Group's former shareholders 5,242 5,399 Notes payable to Four Seasons Financial Group's former shareholders 290 364 6.5% Senior Notes, net of $61 and $67 of unamortized discount in 2019 and 2018, respectively 82,748 82,742 7% Senior Notes, net of $41 and $44 of unamortized discount in 2019 and 2018, respectively 42,479 42,475 7.25% Senior Notes 60,000 60,000 7.75% Senior Notes 57,500 — 7.25% December 2018 Notes, net of $5,779 and $6,261 of unamortized discount in 2019 and 2018, respectively 70,571 70,089 Less: Unamortized debt issuance costs (8,660 ) (7,086 ) Total $ 315,898 $ 254,072 The Company estimates that the fair value of notes payable was $ 333,145 at September 30, 2019 and $ 266,844 at December 31, 2018 based on then current interest rates at which similar amounts of debt could then be borrowed (Level 2 inputs). As of September 30, 2019, the Company was in compliance with all covenants in its debt agreements. Senior Notes On November 21, 2017, the Company sold $72,500 principal amount of its 6.5% senior notes due November 2027 (" 6.5% Senior Notes") pursuant to an underwritten offering. Interest on the 6.5% Senior Notes accrues from November 21, 2017 and is paid quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Company may redeem the 6.5% Senior Notes in whole or in part on or after November 30, 2020, at its option, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest. On December 12, 2017, the underwriters exercised their option to purchase an additional $4,069 principal amount of the 6.5% Senior Notes, which resulted in total gross proceeds of $76,569 , before deducting the underwriting discount paid to unaffiliated underwriters and offering expenses aggregating $3,313 , including $1,187 of brokerage commissions earned by employees of Ladenburg, which served as the lead underwriter in the offering. In connection with the offering of 6.5% Senior Notes, certain members of the Company's management and Board of Directors purchased $10,400 of the 6.5% Senior Notes offered by the Company. In February 2018, the Company entered into a note distribution agreement under which the Company may sell up to $25,000 principal amount of additional 6.5% Senior Notes from time to time in an "at the market" offering in accordance with Rule 415 under the Securities Act. Ladenburg is acting as the representative of the agents named in the note distribution agreement in the "at the market" offering and may receive commissions of up to 2% of gross sales. During 2018, the Company sold $6,240 principal amount of 6.5% Senior Notes pursuant to the "at the market" offering. The Company did not sell any 6.5% Senior Notes pursuant to the "at the market" offering during the nine months ended September 30, 2019. On May 22, 2018, the Company sold $40,000 principal amount of its 7% senior notes due May 2028 (" 7% Senior Notes") pursuant to an underwritten offering. Interest on the 7% Senior Notes accrues from May 30, 2018 and is paid quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Company may redeem the 7% Senior Notes in whole or in part on or after May 31, 2021, at its option, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest. On June 22, 2018, the underwriters exercised their option to purchase an additional $1,412 principal amount of the 7% Senior Notes, which resulted in total gross proceeds of $41,412 , before deducting the underwriting discount paid to unaffiliated underwriters and offering expenses aggregating $2,020 , including $464 of brokerage commissions earned by employees of Ladenburg, which served as the lead underwriter in the offering. In June 2018, the Company entered into a note distribution agreement under which the Company may sell up to $25,000 principal amount of additional 7% Senior Notes from time to time in an "at the market" offering. Ladenburg is acting as the representative of the agents named in the note distribution agreement in the "at the market" offering and may receive commissions of up to 2% of gross sales. During 2018, the Company sold $2,729 principal amount of 7% Senior Notes pursuant to the "at the market" offering. The Company did not sell any 7% Senior Notes pursuant to the "at the market" offering during the nine months ended September 30, 2019. At September 30, 2019, Ladenburg held $1,622 of 7% Senior Notes, which are not included in notes payable. On August 9, 2018, the Company sold $60,000 principal amount of its 7.25% senior notes due September 2028 (" 7.25% Senior Notes") pursuant to an underwritten offering. Interest on the 7.25% Senior Notes accrues from August 16, 2018 and is paid quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Company may redeem the 7.25% Senior Notes in whole or in part on or after September 30, 2021 at its option, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest. The offering resulted in total gross proceeds of $60,000 , before deducting the underwriting discount paid to unaffiliated underwriters and offering expenses aggregating $2,135 , including $120 of brokerage commissions earned by employees of Ladenburg, which served as one of the five underwriters in the offering. On May 29, 2019, the Company sold $57,500 principal amount of its 7.75% senior notes due June 2029 (" 7.75% Senior Notes") pursuant to an underwritten offering. Interest on the 7.75% Senior Notes accrues from May 29, 2019 and is paid quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Company may redeem the 7.75% Senior Notes in whole or in part on or after June 30, 2022 at its option, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest. The offering resulted in total gross proceeds of $57,500 , before deducting the underwriting discount paid to unaffiliated underwriters and offering expenses aggregating $2,068 . Promissory Note - KFG On August 31, 2018, as part of the consideration paid for the acquisition of Kestler Financial Group ("KFG"), the Company issued a promissory note (the "KFG Note") to the former shareholders of KFG in the aggregate principal amount of $5,450 , bearing interest at 4.00% per annum and payable in equal monthly installments beginning on September 15, 2018, with the final installment being due and payable on or before November 15, 2036. The KFG Note may be prepaid in full or in part at any time without premium or penalty. The KFG Note contains customary events of default, which if uncured, entitle the holder to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the KFG Note. Promissory Note - FSFG In November 2018, as part of the consideration paid for the acquisition of Four Seasons Financial Group ("FSFG"), Highland issued two promissory notes (the "FSFG Notes") to the former shareholders of FSFG in the aggregate principal amount of $372 , one bearing interest at 3.99% per annum and payable in equal monthly installments beginning on November 1, 2018, with the final installment being due and payable on or before October 1, 2021 and the other bearing interest at 4.75% per annum and payable in equal monthly installments beginning on November 15, 2018, with the final installment being due and payable on or before January 15, 2024. The FSFG Notes may be prepaid in full or in part at any time without premium or penalty. The FSFG Notes contains customary events of default, which if uncured, entitle the holder to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the FSFG Notes. Promissory Notes - December 2018 Notes On December 24, 2018, the Company entered into an agreement (the “Repurchase Agreement”) with its former principal shareholder, Phillip Frost, M.D., and an entity affiliated with Dr. Frost, Frost Nevada Investments Trust (together with Dr. Frost, the “Sellers”), pursuant to which the Company agreed to repurchase 50,900,000 shares of its common stock directly from the Sellers (the “Share Repurchase”) in a private transaction at a price of $2.50 per share. The Company funded the Share Repurchase with $50,900 in cash on hand and by issuing $76,350 in aggregate principal amount of 7.25% Senior Notes due 2028 (the “December 2018 Notes”) to the Sellers. Also, under the Repurchase Agreement, options to purchase 3,610,000 shares of the Common Stock held by Dr. Frost were cancelled in exchange for $3,000 in cash. The December 2018 Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness. The December 2018 Notes are effectively subordinated in right of payment to all of the Company’s existing and future secured indebtedness and structurally subordinated to all existing and future indebtedness of the Company’s subsidiaries. The December 2018 Notes bear interest from December 24, 2018 at the rate of 7.25% per annum, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing on March 31, 2019, and at maturity. The December 2018 Notes mature on September 30, 2028. The Company may, at its option, at any time and from time to time, on or after September 30, 2021, redeem the December 2018 Notes, in whole or in part, at a redemption price equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest to, but excluding, the date fixed for redemption. On and after any redemption date, interest will cease to accrue on the redeemed December 2018 Notes. The December 2018 Notes contain exchange and resale registration rights that require the Company, at the written request of the note holders, to use commercially reasonable efforts to issue in exchange for the December 2018 Notes a new series of notes under our existing Indenture, dated as of November 21, 2017, as amended and supplemented from time to time, on substantially the same terms as the Company's outstanding publicly-traded 7.25% Senior Notes due 2028, which have substantially the same terms as the December 2018 Notes, effect the registration with the Securities and Exchange Commission of the resale and listing of the December 2018 Notes on the NYSE American, and assist in marketing the December 2018 Notes for resale. The Company has received such written request from the note holders regarding the exchange and resale registration rights. Bank Loan - Securities America On February 6, 2019, Securities America Financial Corporation entered into an amendment to its loan agreement with a third-party financial institution to provide for a term loan in the aggregate principal amount of $7,000 , with interest accruing at the rate of 5.52% . Securities America began monthly payments of principal and interest under the term loan in the amount of $212 on March 6, 2019. The term loan matures on February 6, 2022. The loan is collateralized by Securities America's assets. The loan agreement contains certain affirmative and negative covenants, including covenants regarding Securities America's client asset levels and number of financial advisors. Total interest expense related to the term loan was $210 for the nine months ended September 30, 2019. At September 30, 2019, $5,728 was outstanding under the term loan.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory Matters In December 2014 and January 2015, two purported class action suits were filed in the U.S. District Court for the Southern District of New York against American Realty Capital Partners, Inc. (“ARCP”), certain affiliated entities and individuals, ARCP’s auditing firm, and the underwriters of ARCP’s May 2014 $1,656,000 common stock offering (“May 2014 Offering”) and three prior note offerings. The complaints have been consolidated. Ladenburg was named as a defendant as one of 17 underwriters of the May 2014 Offering and as one of eight underwriters of ARCP’s July 2013 offering of $300,000 in convertible notes. The complaint alleges, among other things, that the offering materials were misleading based on financial reporting of expenses, improperly-calculated AFFO (adjusted funds from operations), and false and misleading Sarbanes-Oxley certifications, including statements as to ARCP’s internal controls, and that the underwriters are liable for violations of federal securities laws. The plaintiffs seek an unspecified amount of compensatory damages, as well as other relief. In June 2016, the court denied the underwriters’ motions to dismiss the complaint. In August 2017, the court granted the plaintiffs’ motion for class certification. In September 2019 the parties entered into a stipulation of settlement that provides for resolution of the matter with no contribution from Ladenburg or the other underwriter defendants. In October 2019, the court entered an order granting preliminary approval to the settlement. A final hearing seeking court approval of the settlement agreement is scheduled for January 2020. In the event that the lawsuit proceeds, Ladenburg intends to vigorously defend against these claims. In November 2015, two purported class action complaints were filed in state court in Tennessee against Miller Energy Resources, Inc. (“Miller”), officers, directors, auditors and nine firms that underwrote six securities offerings in 2013 and 2014, which offerings raised approximately $151,000 . Ladenburg was one of the underwriters of two of the offerings. The complaints allege, among other things, that the offering materials were misleading based on the purportedly overstated valuation of certain assets, and that the underwriters are liable for violations of federal securities laws. The plaintiffs seek an unspecified amount of compensatory damages, as well as other relief. In December 2015 the defendants removed the complaints to the U.S. District Court for the Eastern District of Tennessee; in November 2016, the cases were consolidated. In August 2017, the court granted in part and denied in part the underwriters' motion to dismiss the complaint. The plaintiffs’ motions for class certification and to remand the case to state court are pending. Ladenburg intends to vigorously defend against these claims. SEC examination reports provided to Triad and Securities America Advisors, Inc. in May and August 2016, respectively, asserted that the firms had acted inconsistently with their fiduciary duties (including the requirement to seek best execution) in recommending and selecting mutual fund share classes that paid 12b-1 fees where lower cost share classes also were available in those same funds. The SEC also asserted that the firms’ disclosures of potential conflicts of interest and compensation related to the mutual fund share classes that paid 12b-1 fees were insufficient. Triad has revised its disclosures and completed restitution to its affected clients in 2016. On April 6, 2018, the SEC issued an order against Securities America Advisors on consent that includes a cease and desist order and imposes remedial sanctions of disgorgement, prejudgment interest, and a fine; the combined total amount is $5,828 , which had previously been reserved. Securities America Advisors has completed its distribution of the funds pursuant to the terms of the order. In February 2018, the SEC announced a Share Class Selection Disclosure Initiative (“Initiative”) to encourage registered investment advisory firms to self-report failures to disclose conflicts of interest to clients concerning the selection of mutual fund share classes that paid fees pursuant to Rule 12b-1 of the Investment Company Act of 1940 for the period 2014-2016. Under the Initiative, the SEC requires self-reporting firms, among other things, to disgorge to clients the 12b-1 fees received during the relevant period when lower-cost share classes were available. Three of the Company's investment advisory subsidiaries determined to self-report under the Initiative. On March 11, 2019, the SEC issued orders on consent against SSN Advisory, Inc. and Investacorp Advisory Services, Inc. that include cease and desist orders and impose remedial sanctions of disgorgement and prejudgment interest; the combined total amount is $2,149 , which had previously been reserved. The matter was closed as to the third investment advisory subsidiary without formal action. SSN Advisory, Inc. and Investacorp Advisory Services, Inc. are paying out the funds pursuant to the terms of the orders. Two arbitration claims were filed against Securities America in June and September 2018, and one complaint was filed in the United States District Court for the Southern District of New York in February 2019, by a total of 14 customers asserting that a former registered representative of Securities America defrauded them through, among other things, the use of improper wire transfers and false account documents. The customers asserted, among other claims, claims for fraud, negligence, §10(b) violations, failure to supervise, respondeat superior, breach of fiduciary and other duties. In November and December 2018, settlements were reached resolving the two arbitration claims; the amounts paid in connection with those two claims were not material. Securities America has moved to compel arbitration of the complaint, which asserts a total of $18,000 in compensatory damages. In August and September 2019, four purported class action complaints were filed in Florida courts, three in state court and one in federal court, against Greenlane Holdings, Inc. (“Greenlane”), as well as its officers, directors, and five underwriters of Greenlane’s initial public offering in April 2019, which raised approximately $110,000 . Ladenburg was one of the five underwriters. The complaints allege, among other things, that the offering materials were misleading based on the failures to disclose risks that Greenlane, a large distributor of JUUL electronic cigarette products, faces from initiatives in several large cities to limit or ban the manufacture and/or sale of electronic cigarette products. The complaints also allege that the underwriters are liable for violations of federal securities laws. The plaintiffs seek an unspecified amount of compensatory damages, as well as other relief. The three state court cases have been consolidated and an amended complaint is expected to be filed by December 2019. Ladenburg intends to vigorously defend against these claims. From July to October 2019, six customers filed arbitration claims against Triad, asserting, among other things, that Triad was negligent in permitting Triad's registered representatives to solicit investments in private placements offered by GPB Capital Holdings, because of purported excessive risk and unsuitability. The customers assert, among other claims, claims for negligence, breach of contract, failure to supervise, and breach of fiduciary duty. Total compensatory damages sought for investments in GPB Capital Holdings that occurred at Triad are approximately $1,650 . Also, a purported class action lawsuit was filed in United States District Court for the Western District of Texas in October 2019 against GPB Capital Holdings, and a number of other defendants including its founder, distributing broker-dealer, auditor, fund administrator and 76 broker-dealers that offered its funds, including Triad. The lawsuit alleges, among other things, fraud, breach of fiduciary duty, negligence, and violations of the Texas Securities Act in connection with sales of private placements offered by GPB Capital Holdings. Damages are unspecified. Triad has not yet been served with the lawsuit. Triad intends to vigorously defend against all of these matters. In the ordinary course of business, in addition to the above disclosed matters, the Company's subsidiaries are defendants in other litigation, arbitration and regulatory proceedings and may be subject to unasserted claims primarily in connection with their activities as securities broker-dealers or as a result of services provided in connection with securities offerings. Such litigation and claims may involve substantial or indeterminate amounts and are in varying stages of legal proceedings. The Company had accrued liabilities in the amount of approximately $3,718 at September 30, 2019 and $9,869 at December 31, 2018 for certain pending matters which are included in accounts payable and accrued liabilities. Amounts accrued are based on judgment and currently available information and involve a variety of factors, including, but not limited to, the type and nature of the litigation, claim or proceeding, the progress of the matter, advice of counsel, available defenses, potential recoveries from other parties, experience in similar cases of proceedings, as well as assessment of matters, including settlements, involving other defendants in similar or related cases of proceedings. During the three and nine months ended September 30, 2019, the Company charged $444 and $1,812 , respectively, to operations with respect to such matters. For other pending matters, the Company was unable to estimate a range of possible loss; however, in the opinion of management, after consultation with counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

Off-Balance-Sheet Risk and Conc

Off-Balance-Sheet Risk and Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2019
Risks and Uncertainties [Abstract]
Off-Balance-Sheet Risk and Concentration of Credit Risk	Off-Balance-Sheet Risk and Concentration of Credit Risk Securities America, Triad, Investacorp, KMS, SSN and Ladenburg do not carry accounts for customers or perform custodial functions related to customers’ securities. They introduce all of their customer transactions, which are not reflected in these financial statements, to clearing brokers, which maintain cash and the customers’ accounts and clear such transactions. Also, the clearing brokers provide the clearing and depository operations for proprietary securities transactions. These activities create exposure to off-balance-sheet risk in the event that customers do not fulfill their obligations to the clearing brokers, as each of Securities America, Triad, Investacorp, KMS, SSN and Ladenburg has agreed to indemnify such clearing brokers for any resulting losses. Each of such entities continually assesses risk associated with each customer who is on margin credit and records an estimated loss when management believes collection from the customer is unlikely. The clearing operations for the Securities America, Triad, Investacorp, KMS, SSN and Ladenburg securities transactions are provided by two clearing brokers. At September 30, 2019, the amount due from these clearing brokers was $27,835 , which represents a substantial concentration of credit risk should these clearing brokers be unable to fulfill their obligations. In the normal course of business, Securities America, Triad, Investacorp, KMS, SSN and Ladenburg may enter into transactions in financial instruments with off-balance sheet risk. As of September 30, 2019, Securities America, Triad and Ladenburg sold securities that they do not own and will therefore be obligated to purchase such securities at a future date. These obligations have been recorded in the statements of financial condition at the market values of the related securities, and such entities will incur a loss if, at the time of purchase, the market value of the securities has increased since the applicable date of sale. The Company and its subsidiaries maintain cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Repurchase Program In March 2007, October 2011, November 2014, November 2016 and April 2019, the Company’s board of directors authorized, in the aggregate, the repurchase of up to 37,500,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, depending on market conditions. Since inception through September 30, 2019, 27,226,063 shares of common stock have been repurchased for $73,194 under the program and have been retired, including the repurchase of 155,571 for $526 and 2,041,958 shares for $7,078 during the three and nine months ended September 30, 2019. As of September 30, 2019, 10,273,937 shares remained available for purchase under the program. Stock Compensation Plans As of September 30, 2019, there was $56 of unrecognized compensation cost for stock-based compensation related to options. This cost is expected to be recognized over the remaining vesting periods of the options, which on a weighted-average basis is approximately 0.29 year for all grants. Options were exercised to purchase 444,481 and 3,193,408 shares of the Company’s common stock during the three and nine months ended September 30, 2019, respectively, for which the intrinsic value on dates of exercise was $583 and $6,917 , respectively. Restricted stock granted during the nine months ended September 30, 2019 was as follows: Grant Date Final Vesting Date Shares Fair Value (1) January 10, 2019 (2) January 10, 2023 2,295,000 $ 7,436 January 25, 2019 (3) January 25, 2021 30,000 86 April 22, 2019 (2) April 22, 2023 250,000 945 June 13, 2019 (3) June 13, 2021 210,000 737 2,785,000 $ 9,204 (1) Fair value is calculated using the closing price on the grant date. (2) Vests in four equal annual installments beginning on the first anniversary of the grant date. (3) Vests in two equal annual installments beginning on the first anniversary of the grant date. During the three and nine months ended September 30, 2019, 0 and 82,500 shares of restricted stock were forfeited, respectively. As of September 30, 2019, there was $12,363 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $7,431 related to the 2019 grants described above. This cost is expected to be recognized over the vesting periods of the restricted stock, which on a weighted-average basis are approximately 2.68 years for all grants and approximately 3.16 years for the 2019 grants. Stock-based compensation, including options and restricted stock, attributed to employees was $1,536 and $4,459 for the three and nine months ended September 30, 2019, respectively. Stock-based compensation for consultants and independent financial advisors was $0 and $15 for the three and nine months ended September 30, 2019, respectively. In the three and nine months ended September 30, 2019, $0 and 1,002,460 shares were surrendered to cover payment of taxes. Capital Stock During the three months ended September 30, 2019, the Company sold no shares of Series A Preferred Stock under the Company's "at the market" offering program and incurred costs of $18 in connection with such program. For the nine months ended September 30, 2019, the Company sold 389,207 shares of Series A Preferred Stock under its "at the market" offering program, which provided to the Company net proceeds of $9,431 . For the three and nine months ended September 30, 2019, the Company paid dividends of $8,702 and $25,987 , on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share. For the three and nine months ended September 30, 2019, the Company paid a quarterly dividend of $0.0125 per share on its outstanding common stock. For the three and nine months ended September 30, 2019, the Company paid dividends of $1,793 and $5,380 on its outstanding common stock.

Per Share Data

Per Share Data	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Per Share Data	Per Share Data Basic net income (loss) per common share is computed by dividing net income (loss) attributable to the Company, decreased in the case of income and increased in the case of loss by dividends declared on preferred stock, by the weighted-average number of common shares outstanding. The dilutive effect of incremental common shares potentially issuable under outstanding options and warrants and unvested restricted stock is included in diluted earnings per share utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Basic weighted-average shares 143,092,912 196,381,910 143,281,873 196,281,283 Effect of dilutive securities: Options to purchase common stock 4,310,499 10,616,368 — — Restricted shares of common stock 556,598 1,388,958 — — Dilutive potential common shares 4,867,097 12,005,326 — — Weighted average common shares outstanding and dilutive potential common shares 147,960,009 208,387,236 143,281,873 196,281,283 Basic weighted-average shares do not include 5,336,500 and 4,215,270 unvested restricted shares of common stock for the three and nine months ended September 30, 2019 and 2018, respectively. For the three months ended September 30, 2019, options to purchase 7,894,000 shares of common stock and 2,921,250 unvested restricted shares of common stock and for the nine months ended September 30, 2019, options to purchase 17,424,872 shares of common stock and 5,336,500 unvested restricted shares of common stock were not included in the computation of diluted income (loss) per share as the effect would have been anti-dilutive. For the three months ended September 30, 2018, options to purchase 4,289,000 shares of common stock and 437,000 unvested restricted shares of common stock and for the nine months ended September 30, 2018 options to purchase 26,371,583 shares of common stock and 4,215,270 unvested restricted shares of common stock were not included in the computation of diluted income (loss) per share as the effect would have been anti-dilutive.

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest Arbor Point Advisors, LLC (“APA”), a registered investment advisor, which began operations in 2013, provides investment advisory services through APA's licensed investment advisor representatives. Securities America holds an 80% interest in APA and an unaffiliated entity owns a 20% interest. Because Securities America is the controlling managing member of APA, the results of operations of APA are included in the Company's consolidated financial statements, and amounts attributable to the 20% unaffiliated investor are recorded as a noncontrolling interest.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three operating segments. The independent advisory and brokerage services segment includes the investment advisory and broker-dealer services provided by the Company's independent advisory and brokerage subsidiaries to their independent contractor financial advisors and the wealth management services provided by Premier Trust. The Ladenburg segment includes the investment banking, sales and trading, asset management services and investment activities conducted by Ladenburg and LTAM. The insurance brokerage segment includes the wholesale insurance brokerage activities provided by Highland, which delivers life insurance, fixed and equity indexed annuities and long-term care solutions to investment and insurance providers, and an affiliate of Highland, which provides marketing strategies, product expertise, and back-office processing for fixed and equity-indexed annuities. Earnings before interest, taxes, depreciation and amortization, or EBITDA, as adjusted for acquisition-related expense, amortization of retention and forgivable loans, amortization of contract acquisition costs, change in fair value of contingent consideration related to acquisitions, non-cash compensation expense, financial advisor recruiting expense and other expense, which includes excise and franchise tax expense, severance costs and compensation expense that may be paid in stock, is the primary profit measure the Company's management uses in evaluating financial performance for its reportable segments. EBITDA, as adjusted, is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. The Company considers EBITDA, as adjusted, important in evaluating its financial performance on a consistent basis across various periods. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance, such as acquisition-related expense, amortization of retention and forgivable loans, amortization of contract acquisition costs and financial advisor recruiting expenses, or do not involve a cash outlay, such as stock-related compensation, which is expected to remain a key element in our long-term incentive compensation program. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, income (loss) before income taxes, net income (loss) and cash flows provided by (used in) operating activities. Segment information for the three and nine months ended September 30, 2019 and 2018 was as follows: Three Months Ended September 30, 2019 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 305,204 $ 23,519 $ 44,914 $ 895 $ 374,532 Income (loss) before income taxes 20,238 5,191 1,719 (11,851 ) (1) 15,297 EBITDA, as adjusted (3) 28,466 5,210 2,343 (4,933 ) 31,086 Identifiable assets (2) 539,991 58,679 101,780 117,674 818,124 Depreciation and amortization 4,653 120 468 5 5,246 Interest 133 1 58 6,026 6,218 Capital expenditures 2,892 — 2 (3 ) 2,891 Non-cash compensation 251 178 — 1,107 1,536 Three Months Ended September 30, 2018 Revenues $ 300,015 $ 15,180 $ 32,960 $ 720 $ 348,875 Income (loss) before income taxes 18,538 821 (145 ) (6,557 ) (1) 12,657 EBITDA, as adjusted (3) 27,224 1,110 239 (3,264 ) 25,309 Identifiable assets (2) 509,270 49,841 90,920 150,560 800,591 Depreciation and amortization 5,457 122 261 5 5,845 Interest 311 2 76 2,817 3,206 Capital expenditures 3,780 95 31 (8 ) 3,898 Non-cash compensation 317 176 — 887 1,380 Nine Months Ended September 30, 2019 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 890,024 $ 56,763 $ 124,689 $ 2,091 $ 1,073,567 Income (loss) before income taxes 52,334 8,524 2,254 (33,474 ) (1) 29,638 EBITDA, as adjusted (3) 78,040 9,217 4,160 (13,246 ) 78,171 Identifiable assets (2) 539,991 58,679 101,780 117,674 818,124 Depreciation and amortization 15,270 359 1,412 16 17,057 Interest 365 (10 ) 177 16,308 16,840 Capital expenditures 9,100 — 35 (91 ) 9,044 Non-cash compensation 765 536 — 3,173 4,474 Nine Months Ended September 30, 2018 Revenues $ 875,015 $ 55,614 $ 101,945 $ 3,441 $ 1,036,015 Income (loss) before income taxes 45,926 7,113 556 (19,418 ) (1) 34,177 EBITDA, as adjusted (3) 72,456 8,029 2,093 (11,266 ) 71,312 Identifiable assets (2) 509,270 49,841 90,920 150,560 800,591 Depreciation and amortization 16,332 345 726 13 17,416 Interest 861 50 415 5,900 7,226 Capital expenditures 10,035 351 101 16 10,503 Non-cash compensation 936 529 113 2,864 4,442 (1) Includes interest expense, compensation, professional fees, and other general and administrative expenses related to the Corporate segment. (2) Identifiable assets are presented as of the end of the period. (3) The following table reconciles income before income taxes for the three and nine months ended September 30, 2019 and 2018 to EBITDA, as adjusted. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Income before income taxes $ 15,297 $ 12,657 $ 29,638 $ 34,177 Adjustments: Interest income (882 ) (810 ) (2,138 ) (1,688 ) Change in fair value of contingent consideration 93 54 290 165 Interest expense 6,218 3,206 16,840 7,226 Depreciation and amortization 5,246 5,845 17,057 17,416 Non-cash compensation expense 1,536 1,380 4,474 4,442 Amortization of retention and forgivable loans 139 97 391 280 Amortization of contract acquisition costs 2,988 2,488 8,639 7,059 Financial advisor recruiting expense 9 115 18 291 Acquisition-related expense — — 24 913 Income attributable to noncontrolling interest 79 (13 ) 58 (22 ) Other (1) (2) 363 290 2,880 1,053 EBITDA, as adjusted $ 31,086 $ 25,309 $ 78,171 $ 71,312 EBITDA, as adjusted Independent Advisory and Brokerage Services $ 28,466 $ 27,224 $ 78,040 $ 72,456 Ladenburg 5,210 1,110 9,217 8,029 Insurance Brokerage 2,343 239 4,160 2,093 Corporate (4,933 ) (3,264 ) (13,246 ) (11,266 ) Total segments $ 31,086 $ 25,309 $ 78,171 $ 71,312 (1) Includes severance costs of $160 and $1,269 , excise and franchise tax expense of $134 and $416 , compensation expense that may be paid in stock of $399 and $1,256 , non-recurring expenses related to a block repurchase of our common stock and other legal matters of $(55) and $214 and reversal of a write-off for a sublease commitment of $(275) for the three and nine months ended September 30, 2019. (2) Includes severance costs of $0 and $174 , excise and franchise tax expense of $164 and $486 and compensation expense that may be paid in stock of $126 and $393 for the three and nine months ended September 30, 2018.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented. Because of the nature of the Company’s business, interim period results may not be indicative of full year or future results. The unaudited condensed consolidated financial statements do not include all information and notes required in annual audited financial statements in conformity with GAAP. The statement of financial condition at December 31, 2018 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statement presentation. Please refer to the notes to the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 for additional disclosures and a description of accounting policies. Certain amounts in the prior period financial statements were reclassified to conform with the current period financial statement presentation.
New Accounting Standards Adopted and Accounting Standards Issued, But Not Yet Effective	New Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic 842 on January 1, 2019, using the modified retrospective approach and the option presented under ASU 2018-11 to transition only active leases as of January 1, 2019. All comparative periods prior to January 1, 2019 are not adjusted and continue to be reported in accordance with Topic 840. The Company elected to utilize the transition package of practical expedients permitted within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off the Company’s Consolidated Statements of Financial Condition which resulted in recognizing those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. The Company did not elect the hindsight practical expedient when determining the lease terms. Adoption of the new standard resulted in the recording of right-of-use assets and corresponding lease liabilities of $36,522 and $39,483 , respectively, as of January 1, 2019. The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing deferred rent balances recorded under Topic 840. The adoption of the new standard did not materially impact the Company's Consolidated Statements of Operations and had no impact on the Company's Consolidated Statements of Cash Flows. The Company's current lease arrangements expire through 2030. See Note 4 for further information. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees by aligning the accounting with the requirements for employee share-based compensation. ASU 2018-07 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The adoption of ASU 2018-07 was effective January 1, 2019 and did not have any impact on the consolidated financial statements. Accounting Standards Issued, But Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU amends the requirement on the measurement and recognition of expected credit losses for financial assets held. The ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted, but not earlier than annual and interim periods beginning after December 15, 2018. This amendment should be applied on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. As amended, an entity will recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative test for a reporting unit to determine if the quantitative impairment test is necessary. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and applies prospectively. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. The Company has not elected to early adopt ASU 2017-04. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. The update eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and introduces a requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company plans to adopt this new accounting standard on January 1, 2020. Adoption is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	In the following table, revenue is disaggregated by service line and segment: For the Three Months Ended September 30, 2019 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 133,904 $ 2,087 $ 44,404 $ — $ 180,395 Advisory fees 130,464 2,299 — — 132,763 Investment banking 238 18,454 — — 18,692 Principal transactions 7 (237 ) — (28 ) (258 ) Interest and dividends 650 263 — 561 1,474 Service fees 30,318 551 — 268 31,137 Other income 9,623 102 510 94 10,329 Total revenues $ 305,204 $ 23,519 $ 44,914 $ 895 $ 374,532 For the Three Months Ended September 30, 2018 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 137,054 $ 2,590 $ 32,464 $ — $ 172,108 Advisory fees 122,848 1,644 — 58 124,550 Investment banking 129 10,038 — (185 ) 9,982 Principal transactions (2 ) 48 — (1 ) 45 Interest and dividends 700 185 — 549 1,434 Service fees 27,868 635 — 199 28,702 Other income 11,418 40 496 100 12,054 Total revenues $ 300,015 $ 15,180 $ 32,960 $ 720 $ 348,875 For the Nine Months Ended September 30, 2019 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 396,949 $ 7,161 $ 122,966 $ — $ 527,076 Advisory fees 366,916 5,748 — — 372,664 Investment banking 584 39,476 — — 40,060 Principal transactions 19 1,403 — (151 ) 1,271 Interest and dividends 1,964 789 — 1,265 4,018 Service fees 93,237 1,716 — 774 95,727 Other income 30,355 470 1,723 203 32,751 Total revenues $ 890,024 $ 56,763 $ 124,689 $ 2,091 $ 1,073,567 For the Nine Months Ended September 30, 2018 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Commissions $ 407,159 $ 8,739 $ 99,877 $ — $ 515,775 Advisory fees 356,051 5,352 — 168 361,571 Investment banking 558 38,497 — (854 ) 38,201 Principal transactions 5 433 — 7 445 Interest and dividends 1,854 420 — 1,027 3,301 Service fees 78,780 1,822 — 587 81,189 Other income 30,608 351 2,068 2,506 35,533 Total revenues $ 875,015 $ 55,614 $ 101,945 $ 3,441 $ 1,036,015
Contract Balances	The following table provides information about contract assets and contract liabilities from contracts with customers. Estimated trailing commissions are included in insurance trailing commissions receivable, net while estimated expenses on trailing commissions are included in commissions and fees payable on the condensed consolidated statement of financial condition: As of September 30, 2019 As of December 31, 2018 Contract assets - Insurance trailing commissions $ 67,290 $ 64,300 Contract liabilities - Insurance trailing commissions 32,630 31,854

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis	The following tables present the carrying values and estimated fair values at September 30, 2019 and December 31, 2018 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. September 30, 2019 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 251,033 $ 251,033 $ — $ 251,033 Receivables from clearing brokers 27,835 — 27,835 27,835 Receivables from other broker-dealers 5,597 — 5,597 5,597 Notes receivables, net (1) 7,459 — 7,459 7,459 Other receivables, net 67,419 — 67,419 67,419 Insurance trailing commissions receivable 67,290 — 67,290 67,290 $ 426,633 $ 251,033 $ 175,600 $ 426,633 Liabilities Accrued compensation $ 36,871 $ — $ 36,871 $ 36,871 Commissions and fees payable 106,004 — 106,004 106,004 Accounts payable and accrued liabilities (2) 34,677 — 34,677 34,677 Accrued interest — — — — Notes payable, net (3) 315,898 — 333,145 333,145 $ 493,450 $ — $ 510,697 $ 510,697 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $2,520 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed. December 31, 2018 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 182,693 $ 182,693 $ — $ 182,693 Receivables from clearing brokers 24,068 — 24,068 24,068 Receivables from other broker-dealers 7,078 — 7,078 7,078 Notes receivables, net (1) 5,809 — 5,809 5,809 Other receivables, net 68,942 — 68,942 68,942 Insurance trailing commissions receivable 64,300 64,300 64,300 $ 352,890 $ 182,693 $ 170,197 $ 352,890 Liabilities Accrued compensation $ 39,264 $ — $ 39,264 $ 39,264 Commissions and fees payable 105,306 — 105,306 105,306 Accounts payable and accrued liabilities (2) 46,511 — 46,511 46,511 Accrued interest 123 — 123 123 Notes payable, net (3) 254,072 — 266,844 266,844 $ 445,276 $ — $ 458,048 $ 458,048 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $2,230 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed.
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables present the financial assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018: September 30, 2019 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 289 $ 289 $ — $ — $ 289 Debt securities 627 — 627 — 627 U.S. treasury notes 711 — 711 — 711 Common stock and warrants 2,974 326 2,648 — 2,974 Total $ 4,601 $ 615 $ 3,986 $ — $ 4,601 Liabilities Contingent consideration payable $ 2,520 $ — $ — $ 2,520 $ 2,520 Debt securities 29 — 29 — 29 Common stock and warrants 6 6 — — 6 Total $ 2,555 $ 6 $ 29 $ 2,520 $ 2,555 December 31, 2018 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 426 $ 426 $ — $ — $ 426 Debt securities 1,447 — 1,447 — 1,447 U.S. treasury notes 794 — 794 — 794 Common stock and warrants 8,256 7,070 1,186 — 8,256 Total $ 10,923 $ 7,496 $ 3,427 $ — $ 10,923 Liabilities Contingent consideration payable $ 2,230 $ — $ — $ 2,230 $ 2,230 Debt securities 196 — 196 — 196 Common stock and warrants 2,379 2,379 — — 2,379 Total $ 4,805 $ 2,379 $ 196 $ 2,230 $ 4,805
Schedule of Changes in Carrying Value of Contingent Consideration	Set forth below are changes in the carrying value of contingent consideration related to acquisitions, which is included in accounts payable and accrued liabilities: Fair value of contingent consideration as of December 31, 2017 $ 2,104 Payments (1,353 ) Change in fair value of contingent consideration 238 Fair value of contingent consideration in connection with KFG and FSFG acquisitions 1,241 Fair value of contingent consideration as of December 31, 2018 $ 2,230 Change in fair value of contingent consideration 290 Fair value of contingent consideration as of September 30, 2019 $ 2,520

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Leases	The table below presents additional information related to our leases as of September 30, 2019: Weighted Average Remaining Lease Term: Operating leases 7.04 years Weighted Average Discount Rate: Operating leases 4.42 % Supplemental cash flow information . The table below presents supplemental cash flow information related to leases during the nine months ended September 30, 2019: Nine months ended September 30, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating and finance leases $ 8,280 Non-cash investing and financing activities . The Right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2019 was: Nine months ended September 30, 2019 Operating and finance leases $ 6,861 The Company’s components of lease cost for the three and nine months ended September 30, 2019 were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 2,346 $ 7,106 Short-term lease cost 89 146 Variable lease cost 194 676 Amortization of finance lease assets 31 91 Interest on finance lease liabilities 2 6 Sublease income (25 ) (74 ) Total lease cost $ 2,637 $ 7,951
Schedule of Future Minimum Operating Lease Payments Under Operating and Finance Leases	The table below summarizes the Company’s scheduled future minimum lease payments under operating and finance leases, recorded on the Condensed Consolidated Statements of Financial Condition as of September 30, 2019: Operating and Finance Leases Remainder of 2019 $ 2,344 2020 8,218 2021 6,114 2022 5,339 2023 3,903 Thereafter 15,750 Total lease payments 41,668 Less imputed interest (6,870 ) Present value of lease payments $ 34,798
Schedule of Future Minimum Finance Lease Payments Under Operating and Finance Leases	The table below summarizes the Company’s scheduled future minimum lease payments under operating and finance leases, recorded on the Condensed Consolidated Statements of Financial Condition as of September 30, 2019: Operating and Finance Leases Remainder of 2019 $ 2,344 2020 8,218 2021 6,114 2022 5,339 2023 3,903 Thereafter 15,750 Total lease payments 41,668 Less imputed interest (6,870 ) Present value of lease payments $ 34,798

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Finite Lived	At September 30, 2019 and December 31, 2018, intangible assets subject to amortization consisted of the following: September 30, 2019 December 31, 2018 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 23,774 $ 25,563 $ 22,187 Relationships with financial advisors 14.3 126,122 67,430 126,122 59,584 Covenants not-to-compete 3.8 6,964 6,610 6,964 6,258 Trade names 7.7 16,921 14,860 16,916 14,472 Total $ 175,570 $ 112,674 $ 175,565 $ 102,501
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2019, the remaining estimated amortization expense for each of the five succeeding years or remaining period of such, and thereafter is as follows: Remainder of 2019 $ 2,898 2020 11,466 2021 6,628 2022 6,555 2023 6,217 2024 - 2036 29,132 $ 62,896

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consisted of the following: September 30, December 31, Note payable under subsidiary's term loan with bank $ 5,728 $ — Note payable under subsidiary's revolver with bank — 89 Notes payable to Kestler Financial Group's former shareholders 5,242 5,399 Notes payable to Four Seasons Financial Group's former shareholders 290 364 6.5% Senior Notes, net of $61 and $67 of unamortized discount in 2019 and 2018, respectively 82,748 82,742 7% Senior Notes, net of $41 and $44 of unamortized discount in 2019 and 2018, respectively 42,479 42,475 7.25% Senior Notes 60,000 60,000 7.75% Senior Notes 57,500 — 7.25% December 2018 Notes, net of $5,779 and $6,261 of unamortized discount in 2019 and 2018, respectively 70,571 70,089 Less: Unamortized debt issuance costs (8,660 ) (7,086 ) Total $ 315,898 $ 254,072

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Restricted Stock Granted	Restricted stock granted during the nine months ended September 30, 2019 was as follows: Grant Date Final Vesting Date Shares Fair Value (1) January 10, 2019 (2) January 10, 2023 2,295,000 $ 7,436 January 25, 2019 (3) January 25, 2021 30,000 86 April 22, 2019 (2) April 22, 2023 250,000 945 June 13, 2019 (3) June 13, 2021 210,000 737 2,785,000 $ 9,204 (1) Fair value is calculated using the closing price on the grant date. (2) Vests in four equal annual installments beginning on the first anniversary of the grant date. (3) Vests in two equal annual installments beginning on the first anniversary of the grant date.

Per Share Data (Tables)

Per Share Data (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Basic weighted-average shares 143,092,912 196,381,910 143,281,873 196,281,283 Effect of dilutive securities: Options to purchase common stock 4,310,499 10,616,368 — — Restricted shares of common stock 556,598 1,388,958 — — Dilutive potential common shares 4,867,097 12,005,326 — — Weighted average common shares outstanding and dilutive potential common shares 147,960,009 208,387,236 143,281,873 196,281,283

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment information for the three and nine months ended September 30, 2019 and 2018 was as follows: Three Months Ended September 30, 2019 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 305,204 $ 23,519 $ 44,914 $ 895 $ 374,532 Income (loss) before income taxes 20,238 5,191 1,719 (11,851 ) (1) 15,297 EBITDA, as adjusted (3) 28,466 5,210 2,343 (4,933 ) 31,086 Identifiable assets (2) 539,991 58,679 101,780 117,674 818,124 Depreciation and amortization 4,653 120 468 5 5,246 Interest 133 1 58 6,026 6,218 Capital expenditures 2,892 — 2 (3 ) 2,891 Non-cash compensation 251 178 — 1,107 1,536 Three Months Ended September 30, 2018 Revenues $ 300,015 $ 15,180 $ 32,960 $ 720 $ 348,875 Income (loss) before income taxes 18,538 821 (145 ) (6,557 ) (1) 12,657 EBITDA, as adjusted (3) 27,224 1,110 239 (3,264 ) 25,309 Identifiable assets (2) 509,270 49,841 90,920 150,560 800,591 Depreciation and amortization 5,457 122 261 5 5,845 Interest 311 2 76 2,817 3,206 Capital expenditures 3,780 95 31 (8 ) 3,898 Non-cash compensation 317 176 — 887 1,380 Nine Months Ended September 30, 2019 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 890,024 $ 56,763 $ 124,689 $ 2,091 $ 1,073,567 Income (loss) before income taxes 52,334 8,524 2,254 (33,474 ) (1) 29,638 EBITDA, as adjusted (3) 78,040 9,217 4,160 (13,246 ) 78,171 Identifiable assets (2) 539,991 58,679 101,780 117,674 818,124 Depreciation and amortization 15,270 359 1,412 16 17,057 Interest 365 (10 ) 177 16,308 16,840 Capital expenditures 9,100 — 35 (91 ) 9,044 Non-cash compensation 765 536 — 3,173 4,474 Nine Months Ended September 30, 2018 Revenues $ 875,015 $ 55,614 $ 101,945 $ 3,441 $ 1,036,015 Income (loss) before income taxes 45,926 7,113 556 (19,418 ) (1) 34,177 EBITDA, as adjusted (3) 72,456 8,029 2,093 (11,266 ) 71,312 Identifiable assets (2) 509,270 49,841 90,920 150,560 800,591 Depreciation and amortization 16,332 345 726 13 17,416 Interest 861 50 415 5,900 7,226 Capital expenditures 10,035 351 101 16 10,503 Non-cash compensation 936 529 113 2,864 4,442 (1) Includes interest expense, compensation, professional fees, and other general and administrative expenses related to the Corporate segment. (2) Identifiable assets are presented as of the end of the period. (3) The following table reconciles income before income taxes for the three and nine months ended September 30, 2019 and 2018 to EBITDA, as adjusted. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Income before income taxes $ 15,297 $ 12,657 $ 29,638 $ 34,177 Adjustments: Interest income (882 ) (810 ) (2,138 ) (1,688 ) Change in fair value of contingent consideration 93 54 290 165 Interest expense 6,218 3,206 16,840 7,226 Depreciation and amortization 5,246 5,845 17,057 17,416 Non-cash compensation expense 1,536 1,380 4,474 4,442 Amortization of retention and forgivable loans 139 97 391 280 Amortization of contract acquisition costs 2,988 2,488 8,639 7,059 Financial advisor recruiting expense 9 115 18 291 Acquisition-related expense — — 24 913 Income attributable to noncontrolling interest 79 (13 ) 58 (22 ) Other (1) (2) 363 290 2,880 1,053 EBITDA, as adjusted $ 31,086 $ 25,309 $ 78,171 $ 71,312 EBITDA, as adjusted Independent Advisory and Brokerage Services $ 28,466 $ 27,224 $ 78,040 $ 72,456 Ladenburg 5,210 1,110 9,217 8,029 Insurance Brokerage 2,343 239 4,160 2,093 Corporate (4,933 ) (3,264 ) (13,246 ) (11,266 ) Total segments $ 31,086 $ 25,309 $ 78,171 $ 71,312 (1) Includes severance costs of $160 and $1,269 , excise and franchise tax expense of $134 and $416 , compensation expense that may be paid in stock of $399 and $1,256 , non-recurring expenses related to a block repurchase of our common stock and other legal matters of $(55) and $214 and reversal of a write-off for a sublease commitment of $(275) for the three and nine months ended September 30, 2019. (2) Includes severance costs of $0 and $174 , excise and franchise tax expense of $164 and $486 and compensation expense that may be paid in stock of $126 and $393 for the three and nine months ended September 30, 2018.

Description of Business and B_3

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 31,815
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 36,522
Lease liabilities		$ 39,483

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - Accounting Standards Update 2014-09 $ in Thousands	Jan. 01, 2018USD ($)
Disaggregation of Revenue [Line Items]
Increase the opening balance of retained earnings	$ 24,109
Additional retained earnings adjustment	$ 665

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 374,532	$ 348,875	$ 1,073,567	$ 1,036,015
Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	305,204	300,015	890,024	875,015
Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	23,519	15,180	56,763	55,614
Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	44,914	32,960	124,689	101,945
Corporate
Disaggregation of Revenue [Line Items]
Total revenues	895	720	2,091	3,441
Commissions
Disaggregation of Revenue [Line Items]
Total revenues	180,395	172,108	527,076	515,775
Commissions | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	133,904	137,054	396,949	407,159
Commissions | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	2,087	2,590	7,161	8,739
Commissions | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	44,404	32,464	122,966	99,877
Commissions | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	132,763	124,550	372,664	361,571
Advisory fees | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	130,464	122,848	366,916	356,051
Advisory fees | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	2,299	1,644	5,748	5,352
Advisory fees | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Advisory fees | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	0	58	0	168
Investment banking
Disaggregation of Revenue [Line Items]
Total revenues	18,692	9,982	40,060	38,201
Investment banking | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	238	129	584	558
Investment banking | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	18,454	10,038	39,476	38,497
Investment banking | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Investment banking | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	0	(185)	0	(854)
Principal transactions
Disaggregation of Revenue [Line Items]
Total revenues	(258)	45	1,271	445
Principal transactions | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	7	(2)	19	5
Principal transactions | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	(237)	48	1,403	433
Principal transactions | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Principal transactions | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	(28)	(1)	(151)	7
Interest and dividends
Disaggregation of Revenue [Line Items]
Total revenues	1,474	1,434	4,018	3,301
Interest and dividends | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	650	700	1,964	1,854
Interest and dividends | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	263	185	789	420
Interest and dividends | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Interest and dividends | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	561	549	1,265	1,027
Service fees
Disaggregation of Revenue [Line Items]
Total revenues	31,137	28,702	95,727	81,189
Service fees | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	30,318	27,868	93,237	78,780
Service fees | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	551	635	1,716	1,822
Service fees | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Service fees | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	268	199	774	587
Other income
Disaggregation of Revenue [Line Items]
Total revenues	10,329	12,054	32,751	35,533
Other income | Operating Segments | Independent Advisory and Brokerage Services
Disaggregation of Revenue [Line Items]
Total revenues	9,623	11,418	30,355	30,608
Other income | Operating Segments | Ladenburg
Disaggregation of Revenue [Line Items]
Total revenues	102	40	470	351
Other income | Operating Segments | Insurance Brokerage
Disaggregation of Revenue [Line Items]
Total revenues	510	496	1,723	2,068
Other income | Corporate
Disaggregation of Revenue [Line Items]
Total revenues	$ 94	$ 100	$ 203	$ 2,506

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Contract Balances and Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract assets - Insurance trailing commissions	$ 67,290		$ 67,290		$ 64,300
Contract liabilities - Insurance trailing commissions	32,630		$ 32,630		31,854
Contract renewal period			8 years
Estimated trailing commissions from new policies	7,461		$ 20,256
Actual commissions received	5,541		17,266
Estimated commission expense from new policies	3,276		9,583
Actual commissions paid	2,812		8,807
Contract acquisition costs, net	86,520		86,520		$ 80,726
Increase in contract acquisition costs, net			5,794
Amortization of contract acquisition costs	$ 2,988	$ 2,488	$ 8,639	$ 7,059

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Receivables from clearing brokers	$ 27,835	$ 24,068
Receivables from other broker-dealers	5,597	7,078
Liabilities
Contingent consideration liabilities	2,520	2,230
Fair Value | Level 2
Liabilities
Notes payable, net	333,145	266,844
Fair Value, Measurements, Nonrecurring | Carrying Value
Assets
Cash and cash equivalents	251,033	182,693
Receivables from clearing brokers	27,835	24,068
Receivables from other broker-dealers	5,597	7,078
Notes receivable, net	7,459	5,809
Other receivables, net	67,419	68,942
Insurance trailing commissions receivable	67,290	64,300
Total assets	426,633	352,890
Liabilities
Accrued compensation	36,871	39,264
Commissions and fees payable	106,004	105,306
Accounts payable and accrued liabilities	34,677	46,511
Accrued interest	0	123
Notes payable, net	315,898	254,072
Total liabilities	493,450	445,276
Fair Value, Measurements, Nonrecurring | Fair Value
Assets
Cash and cash equivalents	251,033	182,693
Receivables from clearing brokers	27,835	24,068
Receivables from other broker-dealers	5,597	7,078
Notes receivable, net	7,459	5,809
Other receivables, net	67,419	68,942
Insurance trailing commissions receivable	67,290	64,300
Total assets	426,633	352,890
Liabilities
Accrued compensation	36,871	39,264
Commissions and fees payable	106,004	105,306
Accounts payable and accrued liabilities	34,677	46,511
Accrued interest	0	123
Notes payable, net	333,145	266,844
Total liabilities	510,697	458,048
Fair Value, Measurements, Nonrecurring | Fair Value | Level 1
Assets
Cash and cash equivalents	251,033	182,693
Receivables from clearing brokers	0	0
Receivables from other broker-dealers	0	0
Notes receivable, net	0	0
Other receivables, net	0	0
Insurance trailing commissions receivable	0
Total assets	251,033	182,693
Liabilities
Accrued compensation	0	0
Commissions and fees payable	0	0
Accounts payable and accrued liabilities	0	0
Accrued interest	0	0
Notes payable, net	0	0
Total liabilities	0	0
Fair Value, Measurements, Nonrecurring | Fair Value | Level 2
Assets
Cash and cash equivalents	0	0
Receivables from clearing brokers	27,835	24,068
Receivables from other broker-dealers	5,597	7,078
Notes receivable, net	7,459	5,809
Other receivables, net	67,419	68,942
Insurance trailing commissions receivable	67,290	64,300
Total assets	175,600	170,197
Liabilities
Accrued compensation	36,871	39,264
Commissions and fees payable	106,004	105,306
Accounts payable and accrued liabilities	34,677	46,511
Accrued interest	0	123
Notes payable, net	333,145	266,844
Total liabilities	$ 510,697	$ 458,048

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Securities owned, at fair value	$ 4,601	$ 10,923
Liabilities
Contingent consideration payable	2,520	2,230
Liabilities	35	2,575
Fair Value, Measurements, Recurring | Carrying Value
Assets
Total assets	4,601	10,923
Liabilities
Contingent consideration payable	2,520	2,230
Total liabilities	2,555	4,805
Fair Value, Measurements, Recurring | Carrying Value | Certificates of deposit
Assets
Securities owned, at fair value	289	426
Fair Value, Measurements, Recurring | Carrying Value | Debt securities
Assets
Securities owned, at fair value	627	1,447
Liabilities
Liabilities	29	196
Fair Value, Measurements, Recurring | Carrying Value | U.S. treasury notes
Assets
Securities owned, at fair value	711	794
Fair Value, Measurements, Recurring | Carrying Value | Common stock and warrants
Assets
Securities owned, at fair value	2,974	8,256
Liabilities
Liabilities	6	2,379
Fair Value, Measurements, Recurring | Fair Value
Assets
Total assets	4,601	10,923
Liabilities
Contingent consideration payable	2,520	2,230
Total liabilities	2,555	4,805
Fair Value, Measurements, Recurring | Fair Value | Certificates of deposit
Assets
Securities owned, at fair value	289	426
Fair Value, Measurements, Recurring | Fair Value | Debt securities
Assets
Securities owned, at fair value	627	1,447
Liabilities
Liabilities	29	196
Fair Value, Measurements, Recurring | Fair Value | U.S. treasury notes
Assets
Securities owned, at fair value	711	794
Fair Value, Measurements, Recurring | Fair Value | Common stock and warrants
Assets
Securities owned, at fair value	2,974	8,256
Liabilities
Liabilities	6	2,379
Fair Value, Measurements, Recurring | Fair Value | Level 1
Assets
Total assets	615	7,496
Liabilities
Contingent consideration payable	0	0
Total liabilities	6	2,379
Fair Value, Measurements, Recurring | Fair Value | Level 1 | Certificates of deposit
Assets
Securities owned, at fair value	289	426
Fair Value, Measurements, Recurring | Fair Value | Level 1 | Debt securities
Assets
Securities owned, at fair value	0	0
Liabilities
Liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 1 | U.S. treasury notes
Assets
Securities owned, at fair value	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 1 | Common stock and warrants
Assets
Securities owned, at fair value	326	7,070
Liabilities
Liabilities	6	2,379
Fair Value, Measurements, Recurring | Fair Value | Level 2
Assets
Total assets	3,986	3,427
Liabilities
Contingent consideration payable	0	0
Total liabilities	29	196
Fair Value, Measurements, Recurring | Fair Value | Level 2 | Certificates of deposit
Assets
Securities owned, at fair value	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 2 | Debt securities
Assets
Securities owned, at fair value	627	1,447
Liabilities
Liabilities	29	196
Fair Value, Measurements, Recurring | Fair Value | Level 2 | U.S. treasury notes
Assets
Securities owned, at fair value	711	794
Fair Value, Measurements, Recurring | Fair Value | Level 2 | Common stock and warrants
Assets
Securities owned, at fair value	2,648	1,186
Liabilities
Liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 3
Assets
Total assets	0	0
Liabilities
Contingent consideration payable	2,520	2,230
Total liabilities	2,520	2,230
Fair Value, Measurements, Recurring | Fair Value | Level 3 | Certificates of deposit
Assets
Securities owned, at fair value	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 3 | Debt securities
Assets
Securities owned, at fair value	0	0
Liabilities
Liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 3 | U.S. treasury notes
Assets
Securities owned, at fair value	0	0
Fair Value, Measurements, Recurring | Fair Value | Level 3 | Common stock and warrants
Assets
Securities owned, at fair value	0	0
Liabilities
Liabilities	$ 0	$ 0

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Securities owned deposited with the Company's subsidiaries clearing broker	$ 3,599	$ 9,763
Securities owned, at fair value	4,601	10,923
Common Stock and Warrants | Warrants to purchase common stock | Level 2
Debt and Equity Securities, FV-NI [Line Items]
Securities owned, at fair value	$ 959	$ 1,052

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance of contingent consideration	$ 2,230	$ 2,104
Payments		(1,353)
Change in fair value of contingent consideration	290	238
Fair value of contingent consideration in connection with KFG and FSFG acquisitions		1,241
Ending balance of contingent consideration	$ 2,520	$ 2,230

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,346	$ 7,106
Short-term lease cost	89	146
Variable lease cost	194	676
Amortization of finance lease assets	31	91
Interest on finance lease liabilities	2	6
Sublease income	(25)	(74)
Total lease cost	$ 2,637	$ 7,951

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating and Finance Leases
Remainder of 2019	$ 2,344
2020	8,218
2021	6,114
2022	5,339
2023	3,903
Thereafter	15,750
Total lease payments	41,668
Less imputed interest	(6,870)
Present value of lease payments	$ 34,798

Leases - Additional Information

Leases - Additional Information Related to Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Lease not yet commenced, term of contract	12 years
Lease not yet commenced, amount of lease	$ 1,700
Weighted Average Remaining Lease Term:
Operating leases	7 years 15 days
Weighted Average Discount Rate:
Operating leases	4.42%
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating and finance leases	$ 8,280
Right-of-use assets obtained in exchange for lease obligations, operating and finance leases	$ 6,861

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	9 years 8 months 52 days
Gross Carrying Amount	$ 175,570	$ 175,565
Accumulated Amortization	$ 112,674	102,501
Technology
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years 10 months 24 days
Gross Carrying Amount	$ 25,563	25,563
Accumulated Amortization	$ 23,774	22,187
Relationships with financial advisors
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	14 years 3 months 12 days
Gross Carrying Amount	$ 126,122	126,122
Accumulated Amortization	$ 67,430	59,584
Covenants not-to-compete
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	3 years 8 months 55 days
Gross Carrying Amount	$ 6,964	6,964
Accumulated Amortization	$ 6,610	6,258
Trade names
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years 7 months 55 days
Gross Carrying Amount	$ 16,921	16,916
Accumulated Amortization	$ 14,860	$ 14,472

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,173	$ 11,552
Weighted-average amortization period	9 years 8 months 52 days

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 2,898
2020	11,466
2021	6,628
2022	6,555
2023	6,217
2024 - 2036	29,132
Estimated amortization expense	$ 62,896

Notes Receivable from Financi_2

Notes Receivable from Financial Advisors (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage bearing variable interest rate	10.00%
Allowance for doubtful accounts	$ 1,585	$ 1,528
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans amortized over repayment period	3 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans amortized over repayment period	5 years

Net Capital Requirements (Detai

Net Capital Requirements (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	$ 248,781,000	$ 253,126,000
Securities America
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	15,375,000
Securities America | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Triad
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	9,690,000
Triad | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Investacorp Inc.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	8,657,000
Investacorp Inc. | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
KMS Financial Services, Inc. (KMS)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	7,534,000
KMS Financial Services, Inc. (KMS) | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Securities Service Network, Inc. (SSN)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	6,618,000
Ladenburg
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	23,428,000
Premier
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	4,826,000
Premier | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	1,000,000
Premier | Minimum | Cash
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	$ 250,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate				28.00%
Income tax provision (benefit)		$ 4,020	$ 3,207	$ 7,421	$ 9,953
Pre-tax income (loss)		$ 15,297	$ 12,657	$ 29,638	$ 34,177
Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net deferred tax liability						$ 2,935
Additional retained earnings adjustment	$ (665)
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net deferred tax liability	$ 3,600

Notes Payable - Components of N

Notes Payable - Components of Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	May 29, 2019	Dec. 31, 2018	Aug. 09, 2018	May 22, 2018	Nov. 21, 2017
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (8,660)		$ (7,086)
Total	315,898		254,072
Unamortized discount	5,881		6,372
Notes Payable | Note payable under subsidiary's term loan with bank
Debt Instrument [Line Items]
Note payable	5,728		0
Notes Payable | Note payable under subsidiary's revolver with bank
Debt Instrument [Line Items]
Note payable	0		89
Notes Payable | Notes payable to Kestler Financial Group's former shareholders
Debt Instrument [Line Items]
Note payable	5,242		5,399
Notes Payable | Notes payable to Four Seasons Financial Group's former shareholders
Debt Instrument [Line Items]
Note payable	290		364
Senior Notes | 6.5% Senior notes
Debt Instrument [Line Items]
Senior Notes	$ 82,748		82,742
Interest rate	6.50%					6.50%
Unamortized discount	$ 61		67
Senior Notes | 7% Senior Notes
Debt Instrument [Line Items]
Senior Notes	42,479		$ 42,475
Total	$ 1,622
Interest rate	7.00%		7.00%		7.00%
Unamortized discount	$ 41		$ 44
Senior Notes | 7.25% Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 60,000		60,000
Interest rate	7.25%			7.25%
Senior Notes | 7.75% Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 57,500		0
Interest rate	7.75%	7.75%
Senior Notes | 7.25% December 2018 Notes
Debt Instrument [Line Items]
Senior Notes	$ 70,571		70,089
Interest rate	7.25%
Unamortized discount	$ 5,779		$ 6,261

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	May 29, 2019	Mar. 06, 2019	Dec. 24, 2018	Aug. 09, 2018	Jun. 22, 2018	May 22, 2018	Dec. 12, 2017	Nov. 21, 2017	Jun. 30, 2018	Feb. 28, 2018	Sep. 30, 2019	Dec. 31, 2018	Apr. 30, 2019	Feb. 06, 2019	Nov. 30, 2018	Aug. 31, 2018
Line of Credit Facility [Line Items]
Notes payable, debt issuance costs											$ 8,660,000	$ 7,086,000
Long-term debt											315,898,000	254,072,000
Shares authorized for repurchase (in shares) (up to)													37,500,000
Fair Value | Level 2
Line of Credit Facility [Line Items]
Notes payable, net											$ 333,145,000	266,844,000
Senior Notes | 6.5% Senior notes
Line of Credit Facility [Line Items]
Face amount of debt							$ 76,569,000	$ 72,500,000
Interest rate								6.50%			6.50%
Redemption percentage								100.00%
Option to exercise amount							4,069,000
Notes payable, debt issuance costs							3,313,000
Commissions							$ 1,187,000
Debt sold										$ 25,000,000		$ 6,240,000
Commissions receivable, percentage										2.00%
Senior Notes | 6.5% Senior notes | Management and board of directors
Line of Credit Facility [Line Items]
Notes purchased by directors								$ 10,400,000
Senior Notes | 7% Senior Notes
Line of Credit Facility [Line Items]
Face amount of debt					$ 41,412,000	$ 40,000,000
Interest rate						7.00%					7.00%	7.00%
Redemption percentage						100.00%
Option to exercise amount					1,412,000
Notes payable, debt issuance costs					2,020,000
Commissions					$ 464,000
Debt sold									$ 25,000,000			$ 2,729,000
Commissions receivable, percentage						2.00%
Long-term debt											$ 1,622,000
Senior Notes | 7.25% Senior Notes
Line of Credit Facility [Line Items]
Face amount of debt				$ 60,000,000
Interest rate				7.25%							7.25%
Redemption percentage				100.00%
Notes payable, debt issuance costs				$ 2,135,000
Commissions				120,000
Proceeds from issuance of debt				$ 60,000,000
Senior Notes | 7.25% Senior Notes | Repurchase Agreement
Line of Credit Facility [Line Items]
Face amount of debt			$ 76,350,000
Interest rate			7.25%
Senior Notes | 7.75% Senior Notes
Line of Credit Facility [Line Items]
Face amount of debt	$ 57,500,000
Interest rate	7.75%										7.75%
Redemption percentage	100.00%
Notes payable, debt issuance costs	$ 2,068,000
Proceeds from issuance of debt	$ 57,500,000
Notes Payable | Notes payable to Kestler Financial Group's former shareholders | Kestler Financial Group
Line of Credit Facility [Line Items]
Face amount of debt																$ 5,450,000
Interest rate																4.00%
Notes Payable | Notes payable to Four Seasons Financial Group's former shareholders | Four Seasons Financial Group
Line of Credit Facility [Line Items]
Face amount of debt															$ 372,000
Notes Payable | Promissory notes Interest rate at 3.99% per annum | Four Seasons Financial Group
Line of Credit Facility [Line Items]
Interest rate															3.99%
Notes Payable | Promissory notes Interest rate at 4.75% per annum | Four Seasons Financial Group
Line of Credit Facility [Line Items]
Interest rate															4.75%
Notes Payable | Notes Payable to Frost former shareholders | Repurchase Agreement
Line of Credit Facility [Line Items]
Interest rate												7.25%
Redemption percentage											100.00%
Shares authorized for repurchase (in shares) (up to)			50,900,000
Share price (in USD per share)			$ 2.50
Cash used in transaction			$ 50,900,000
Shares of common stock canceled (in shares)			3,610,000
Cash exchanged for cancellation			$ 3,000,000
Term Loan | Bank Term Loan | Securities America
Line of Credit Facility [Line Items]
Face amount of debt														$ 7,000,000
Interest rate														5.52%
Long-term debt											$ 5,728,000
Monthly payments		$ 212,000
Interest expense on note											$ 210,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands

Apr. 06, 2018USD ($)

Oct. 31, 2019broker_dealer

Apr. 30, 2019USD ($)

Feb. 28, 2019plaintiffclaim

Nov. 30, 2015claim

Sep. 30, 2019USD ($)federal_claim

Sep. 30, 2019USD ($)firm

Sep. 30, 2019USD ($)claim

Sep. 30, 2019USD ($)underwriter

Sep. 30, 2019USD ($)state_claim

Jan. 31, 2015USD ($)note_offeringclaimunderwriter

Sep. 30, 2019USD ($)

Oct. 31, 2019USD ($)claim

Sep. 30, 2018claim

Sep. 30, 2019USD ($)

Dec. 31, 2014USD ($)security_offeringfirmunderwriter

Dec. 31, 2018USD ($)

Loss Contingencies [Line Items]

Number of prior note offerings | note_offering

3

Number of firms that underwrote security offerings | firm

9

Number of security offerings | security_offering

6

Loss in period

$ 444

$ 1,812

Loss contingency accrual, product liability

$ 3,718

$ 3,718

$ 3,718

$ 3,718

$ 3,718

$ 3,718

3,718

$ 9,869

Ladenburg

Loss Contingencies [Line Items]

Number of underwriters | underwriter

1

Number of security offerings | security_offering

2

Securities America

Loss Contingencies [Line Items]

Number of new claims filed | claim

2

Number of plaintiffs | plaintiff

14

Damages sought by plaintiff

$ 5,828

18,000

Number of unfiled claims | claim

1

Greenlane Holdings, Inc

Loss Contingencies [Line Items]

Proceeds from initial public offering

$ 110

Convertible Notes Payable

Loss Contingencies [Line Items]

Proceeds from issuance of public offering

$ 300,000

Common Stock

Loss Contingencies [Line Items]

Proceeds from issuance of public offering

$ 1,656,000

Compensatory damages

Loss Contingencies [Line Items]

Number of new claims filed | claim

2

2

Number of underwriters | underwriter

1

Number of plaintiffs | underwriter

17

Damages sought by plaintiff

$ 151,000

Compensatory damages | ARCP July 2013 Offering

Loss Contingencies [Line Items]

Number of underwriters | underwriter

1

Number of plaintiffs | underwriter

8

SEC Initiative

Loss Contingencies [Line Items]

Loss in period

$ 2,149

Pending Litigation | Ladenburg

Loss Contingencies [Line Items]

Number of underwriters | underwriter

1

Number of firms that underwrote security offerings | underwriter

5

Pending Litigation | Greenlane Holdings, Inc

Loss Contingencies [Line Items]

Number of new claims filed

1

4

3

Number of firms that underwrote security offerings | firm

5

Pending Litigation | Triad | Subsequent Event

Loss Contingencies [Line Items]

Number of new claims filed | claim

6

Damages sought by plaintiff

$ 1,650

Number of broker dealers | broker_dealer

76

Off-Balance-Sheet Risk and Co_2

Off-Balance-Sheet Risk and Concentration of Credit Risk (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)clearing_broker	Dec. 31, 2018USD ($)
Risks and Uncertainties [Abstract]
Number of clearing brokers | clearing_broker	2
Receivables from clearing brokers | $	$ 27,835	$ 24,068

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		151 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Apr. 30, 2019
Capital Unit [Line Items]
Shares authorized for repurchase (in shares) (up to)						37,500,000
Repurchase and retirement of common stock	$ 526	$ 5,318	$ 10,873	$ 8,746
Restricted stock units forfeited (in shares)	0		82,500
Non-cash compensation expense	$ 1,536	1,380	$ 4,474	$ 4,442
Shares surrendered for tax withholdings (in shares)			1,002,460	247,379
Preferred stock issued, net of underwriting discount and expense	(18)	(91)	$ 9,431	$ (180)
Preferred stock dividends declared and paid	8,702	8,507	25,987	25,523
Common stock dividends declared and paid	$ 1,793	2,448	$ 5,380	6,377
Common Stock
Capital Unit [Line Items]
Repurchase and retirement of common stock (in shares)	155,571		2,041,958		27,226,063
Repurchase and retirement of common stock	$ 526		$ 7,078		$ 73,194
Shares available for purchase (in shares)	10,273,937		10,273,937		10,273,937
Common stock cash dividend (in dollars per share)	$ 0.0125		$ 0.0125
Common stock dividends declared and paid	$ 1,793		$ 5,380
Series A Preferred Stock
Capital Unit [Line Items]
Preferred stock issued, net of underwriting discount and expense (in shares)	0		389,207
Preferred stock issued, net of underwriting discount and expense	$ 18		$ 9,431
Preferred stock dividends declared and paid	8,702		$ 25,987
Dividends paid per share on monthly basis (in dollars per share)			$ 0.1667
Employees
Capital Unit [Line Items]
Stock-based compensation	1,536	1,373	$ 4,459	4,408
Consultants and Independent Financial Advisors
Capital Unit [Line Items]
Stock-based compensation	0	$ 7	15	$ 34
Options
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	$ 56		$ 56		$ 56
Unrecognized compensation cost for stock based compensation, period of recognition			1 month 75 days
Purchase of shares (in shares)	444,481		3,193,408
Intrinsic value of options exercised	$ 583		$ 6,917
Restricted shares
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	12,363		$ 12,363		12,363
Unrecognized compensation cost for stock based compensation, period of recognition			2 years 6 months 66 days
Restricted shares | Employees
Capital Unit [Line Items]
Non-cash compensation expense	1,536		$ 4,459
Restricted shares | Awards Granted In 2019
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	$ 7,431		$ 7,431		$ 7,431
Unrecognized compensation cost for stock based compensation, period of recognition			3 years 1 month 27 days
Options, Warrants, and Other
Capital Unit [Line Items]
Shares surrendered for tax withholdings (in shares)	0		1,002,460

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock (Details) - Restricted shares $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)installmentshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	2,785,000
Fair Value | $	$ 9,204
January 10, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	2,295,000
Fair Value | $	$ 7,436
Number of vesting installments | installment	4
January 25, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	30,000
Fair Value | $	$ 86
Number of vesting installments | installment	4
April 22, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	250,000
Fair Value | $	$ 945
Number of vesting installments | installment	2
June 13, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	210,000
Fair Value | $	$ 737
Number of vesting installments | installment	2

Per Share Data - Computations o

Per Share Data - Computations of Basic and Diluted Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic weighted-average shares (in shares)	143,092,912	196,381,910	143,281,873	196,281,283
Effect of dilutive securities:
Dilutive potential common shares (in shares)	4,867,097	12,005,326	0	0
Weighted average common shares outstanding and dilutive potential common shares (in shares)	147,960,009	208,387,236	143,281,873	196,281,283
Options
Effect of dilutive securities:
Options to purchase and restricted shares - common stock (in shares)	4,310,499	10,616,368	0	0
Restricted shares
Effect of dilutive securities:
Options to purchase and restricted shares - common stock (in shares)	556,598	1,388,958	0	0

Per Share Data - Narrative (Det

Per Share Data - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,921,250	437,000	5,336,500	4,215,270
Options and warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,894,000	4,289,000	17,424,872	26,371,583

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Arbor Point Advisors, LLC	Sep. 30, 2019
Noncontrolling Interest [Line Items]
Ownership percentage by parent	80.00%
Ownership percentage by noncontrolling owners	20.00%

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 374,532	$ 348,875	$ 1,073,567	$ 1,036,015
Income (loss) before income taxes	15,297	12,657	29,638	34,177
EBITDA, as adjusted	31,086	25,309	78,171	71,312
Identifiable assets	818,124	800,591	818,124	800,591	$ 740,904
Depreciation and amortization	5,246	5,845	17,057	17,416
Interest	6,218	3,206	16,840	7,226
Capital expenditures	2,891	3,898	9,044	10,503
Non-cash compensation	1,536	1,380	4,474	4,442
Corporate
Segment Reporting Information [Line Items]
Revenues	895	720	2,091	3,441
Income (loss) before income taxes	(11,851)	(6,557)	(33,474)	(19,418)
EBITDA, as adjusted	(4,933)	(3,264)	(13,246)	(11,266)
Identifiable assets	117,674	150,560	117,674	150,560
Depreciation and amortization	5	5	16	13
Interest	6,026	2,817	16,308	5,900
Capital expenditures	(3)	(8)	(91)	16
Non-cash compensation	1,107	887	3,173	2,864
Independent Advisory and Brokerage Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	305,204	300,015	890,024	875,015
Income (loss) before income taxes	20,238	18,538	52,334	45,926
EBITDA, as adjusted	28,466	27,224	78,040	72,456
Identifiable assets	539,991	509,270	539,991	509,270
Depreciation and amortization	4,653	5,457	15,270	16,332
Interest	133	311	365	861
Capital expenditures	2,892	3,780	9,100	10,035
Non-cash compensation	251	317	765	936
Ladenburg | Operating Segments
Segment Reporting Information [Line Items]
Revenues	23,519	15,180	56,763	55,614
Income (loss) before income taxes	5,191	821	8,524	7,113
EBITDA, as adjusted	5,210	1,110	9,217	8,029
Identifiable assets	58,679	49,841	58,679	49,841
Depreciation and amortization	120	122	359	345
Interest	1	2	(10)	50
Capital expenditures	0	95	0	351
Non-cash compensation	178	176	536	529
Insurance Brokerage | Operating Segments
Segment Reporting Information [Line Items]
Revenues	44,914	32,960	124,689	101,945
Income (loss) before income taxes	1,719	(145)	2,254	556
EBITDA, as adjusted	2,343	239	4,160	2,093
Identifiable assets	101,780	90,920	101,780	90,920
Depreciation and amortization	468	261	1,412	726
Interest	58	76	177	415
Capital expenditures	2	31	35	101
Non-cash compensation	$ 0	$ 0	$ 0	$ 113

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ 15,297	$ 12,657	$ 29,638	$ 34,177
Adjustments:
Interest income	(882)	(810)	(2,138)	(1,688)
Change in fair value of contingent consideration	93	54	290	165
Interest	6,218	3,206	16,840	7,226
Depreciation and amortization	5,246	5,845	17,057	17,416
Non-cash compensation expense	1,536	1,380	4,474	4,442
Amortization of retention and forgivable loans	139	97	391	280
Amortization of contract acquisition costs	2,988	2,488	8,639	7,059
Financial advisor recruiting expense	9	115	18	291
Acquisition-related expense	0	0	24	913
Income attributable to noncontrolling interest	79	(13)	58	(22)
Other	363	290	2,880	1,053
EBITDA, as adjusted	31,086	25,309	78,171	71,312
Non-cash compensation expense	1,536	1,380	4,474	4,442
Professional services	4,810	4,531	14,514	14,860
Reversal of write off of sublease commitment	(275)		(275)
Other Adjustments to Income
Adjustments:
Severance costs	160	0	1,269	174
Excise and franchise tax expense	134	164	416	486
Non-cash compensation expense	399	126	1,256	393
Professional services	(55)		214
Corporate
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(11,851)	(6,557)	(33,474)	(19,418)
Adjustments:
Interest	6,026	2,817	16,308	5,900
Depreciation and amortization	5	5	16	13
Non-cash compensation expense	1,107	887	3,173	2,864
EBITDA, as adjusted	(4,933)	(3,264)	(13,246)	(11,266)
Independent Advisory and Brokerage Services | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	20,238	18,538	52,334	45,926
Adjustments:
Interest	133	311	365	861
Depreciation and amortization	4,653	5,457	15,270	16,332
Non-cash compensation expense	251	317	765	936
EBITDA, as adjusted	28,466	27,224	78,040	72,456
Ladenburg | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	5,191	821	8,524	7,113
Adjustments:
Interest	1	2	(10)	50
Depreciation and amortization	120	122	359	345
Non-cash compensation expense	178	176	536	529
EBITDA, as adjusted	5,210	1,110	9,217	8,029
Insurance Brokerage | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	1,719	(145)	2,254	556
Adjustments:
Interest	58	76	177	415
Depreciation and amortization	468	261	1,412	726
Non-cash compensation expense	0	0	0	113
EBITDA, as adjusted	$ 2,343	$ 239	$ 4,160	$ 2,093

Uncategorized Items - lts-20190

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 24,785,000
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	11,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 24,774,000