Waddell & Reed Financial (WDR) 10-K 19 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 05, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	001-13913
Entity Registrant Name	WADDELL & REED FINANCIAL INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0261715
Entity Address, Address Line One	6300 Lamar Avenue
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66202
City Area Code	913
Local Phone Number	236-2000
Title of 12(b) Security	Class A Common Stock, $.01 par value
Trading Symbol	WDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 973.6
Entity Common Stock, Shares Outstanding		62,178,244
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001052100
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 273,756	$ 151,815
Cash and cash equivalents - restricted	63,594	74,325
Investment securities	486,765	688,346
Receivables:
Funds and separate accounts	14,837	15,167
Customers and other	68,466	80,089
Prepaid expenses and other current assets	36,318	31,655
Total current assets	943,736	1,041,397
Property and equipment, net	21,903	34,726
Goodwill and identifiable intangible assets	145,869	145,869
Deferred income taxes	19,200	14,418
Other non-current assets	23,123	29,918
Total assets	1,153,831	1,266,328
Liabilities:
Accounts payable	18,330	20,123
Payable to investment companies for securities	30,514	36,883
Payable to third party brokers	16,316	17,123
Payable to customers	82,165	84,558
Short-term notes payable	94,997
Accrued compensation	101,749	79,507
Other current liabilities	52,476	71,001
Total current liabilities	396,547	309,195
Long-term debt		94,926
Accrued pension and postretirement costs	446	3,145
Other non-current liabilities	29,081	30,960
Total liabilities	426,074	438,226
Redeemable noncontrolling interests		19,205
Stockholders' equity:
Preferred stock-$1.00 par value: 5,000 shares authorized; none issued
Class A Common stock-$0.01 par value: 250,000 shares authorized; 99,701 shares issued; 62,398 shares outstanding (68,847 at December 31, 2019)	997	997
Additional paid-in capital	303,757	312,693
Retained earnings	1,248,299	1,241,598
Cost of 37,303 common shares in treasury (30,854 at December 31, 2019)	(828,193)	(749,625)
Accumulated other comprehensive income	2,897	3,234
Total stockholders' equity	727,757	808,897
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,153,831	$ 1,266,328

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Preferred stock-par value (in dollars per share)	$ 1	$ 1
Preferred stock-shares authorized	5,000	5,000
Preferred stock-shares issued	0	0
Class A Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Class A Common stock-shares authorized	250,000	250,000
Class A Common stock-shares issued	99,701	99,701
Class A Common stock-shares outstanding	62,398	68,847
Common shares in treasury	37,303	30,854

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total Revenues	$ 1,049,497	$ 1,070,315	$ 1,160,301
Operating expenses:
Distribution	478,578	460,921	456,832
Compensation and benefits (including share-based compensation of $56,772, $46,613, and $51,565, respectively)	278,711	254,534	263,329
General and administrative	90,813	77,482	73,643
Technology	57,066	63,719	65,275
Occupancy	16,559	24,243	27,197
Marketing and advertising	6,253	8,964	10,323
Depreciation	12,833	19,829	25,649
Subadvisory fees	13,914	14,931	14,805
Intangible asset impairment			1,200
Total	954,727	924,623	938,253
Operating income	94,770	145,692	222,048
Investment and other income	14,243	18,886	22,705
Interest expense	(6,233)	(6,195)	(6,461)
Income before provision for income taxes	102,780	158,383	238,292
Provision for income taxes	30,123	41,418	55,480
Net income	72,657	116,965	182,812
Net income (loss) attributable to redeemable noncontrolling interests	2,200	1,973	(776)
Net income attributable to Waddell & Reed Financial, Inc.	$ 70,457	$ 114,992	$ 183,588
Net income per share attributable to Waddell and Reed Financial, Inc. common shareholders, basic and diluted:	$ 1.08	$ 1.57	$ 2.28
Weighted average shares outstanding, basic and diluted:	64,974	73,299	80,468
Investment management fees
Revenues:
Total Revenues	$ 419,728	$ 445,144	$ 507,906
Underwriting and distribution fees
Revenues:
Total Revenues	544,440	531,836	550,010
Shareholder service fees
Revenues:
Total Revenues	$ 85,329	$ 93,335	$ 102,385

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Income
Compensation and benefits, share-based compensation	$ 56,772	$ 46,613	$ 51,565

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income
Net income	$ 72,657	$ 116,965	$ 182,812
Other comprehensive (loss) income:
Unrealized gain on available for sale investment securities during the period, net of income tax expense of $62, $1,038 and $2, respectively	175	3,318	13
Postretirement (benefit) expense, net of income tax (benefit) expense of $(165), $(127) and $202, respectively	(512)	(415)	642
Comprehensive income	72,320	119,868	183,467
Comprehensive income (loss) attributable to redeemable noncontrolling interests	2,200	1,973	(776)
Comprehensive income attributable to Waddell & Reed Financial, Inc.	$ 70,120	$ 117,895	$ 184,243

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income
Unrealized (loss) gain on available for sale investment securities during the period, income tax expense	$ 62	$ 1,038	$ 2
Postretirement benefit, income tax (benefit) expense	$ (165)	$ (127)	$ 202

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interests - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained EarningsCumulative Effect of ASU Adoption	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive IncomeCumulative Effect of ASU Adoption	Accumulated Other Comprehensive Income	Total
Balance at the beginning of the period (ASU 2016-01) at Dec. 31, 2017			$ 812			$ (812)
Balance at the beginning of the period (ASU 2018-02) at Dec. 31, 2017			$ 36			$ (36)
Balance at the beginning of the period at Dec. 31, 2017	$ 997	$ 301,410		$ 1,092,394	$ (522,441)		$ 524	$ 872,884
Balance (in shares) at Dec. 31, 2017	99,701
Increase (Decrease) in Stockholders' Equity
Net income (loss)				183,588				183,588
Recognition of equity compensation		40,598		1,383				41,981
Net issuance/forfeiture of nonvested shares		(30,744)			30,744
Dividends accrued				(79,768)				(79,768)
Repurchase of common stock					(135,890)			(135,890)
Other comprehensive income (loss)							655	655
Balance at the end of the period at Dec. 31, 2018	$ 997	311,264		1,198,445	(627,587)		331	883,450
Balance (in shares) at Dec. 31, 2018	99,701
Balance at the beginning of the period at Dec. 31, 2017								14,509
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)								(776)
Net deconsolidation of redeemable noncontrolling interests in sponsored funds								(2,270)
Balance at the end of the period at Dec. 31, 2018								11,463
Increase (Decrease) in Stockholders' Equity
Net income (loss)				114,992				114,992
Recognition of equity compensation		33,610		423				34,033
Net issuance/forfeiture of nonvested shares		(32,181)			32,181
Dividends accrued				(72,262)				(72,262)
Repurchase of common stock					(154,219)			(154,219)
Other comprehensive income (loss)							2,903	2,903
Balance at the end of the period at Dec. 31, 2019	$ 997	312,693		1,241,598	(749,625)		3,234	808,897
Balance (in shares) at Dec. 31, 2019	99,701
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)								1,973
Net subscription of redeemable noncontrolling interests in sponsored funds								5,769
Balance at the end of the period at Dec. 31, 2019								19,205
Increase (Decrease) in Stockholders' Equity
Net income (loss)				70,457				70,457
Recognition of equity compensation		27,165		208				27,373
Net issuance/forfeiture of nonvested shares		(36,101)			36,101
Dividends accrued				(63,964)				(63,964)
Repurchase of common stock					(114,669)			(114,669)
Other comprehensive income (loss)							(337)	(337)
Balance at the end of the period at Dec. 31, 2020	$ 997	$ 303,757		$ 1,248,299	$ (828,193)		$ 2,897	727,757
Balance (in shares) at Dec. 31, 2020	99,701
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)								2,200
Net deconsolidation of redeemable noncontrolling interests in sponsored funds								$ (21,405)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interests (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interests
Dividends accrued (in dollars per share)	$ 0.25	$ 1	$ 1	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 72,657	$ 116,965	$ 182,812
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,591	19,970	28,278
Write-down of impaired assets	3,432	12,841	1,538
Amortization of deferred sales commissions	1,558	1,892	3,348
Share-based compensation	56,772	46,613	51,565
Investments and derivatives (gain) loss, net of collateral	(17,569)	(25,837)	26,312
Net purchases, maturities, and sales of trading and equity securities	97,580	(21,550)	(30,237)
Deferred income taxes	(4,679)	(3,009)	783
Pension and postretirement plan benefits	(3,254)	10,675	(15,380)
Net change in equity securities and trading debt securities held by consolidated sponsored funds	(10,886)	14,399	81,119
Other	2,899	1,786	1,158
Changes in assets and liabilities:
Customer and other receivables	(2,750)	53,977	(25,574)
Payable to investment companies for securities and payable to customers	(8,762)	(64,828)	76,017
Receivables from funds and separate accounts	330	2,945	7,552
Other assets	3,903	15,051	7,162
Accounts payable and payable to third party brokers	(3,208)	(8,528)	(18,764)
Other liabilities	(12,570)	(7,379)	(20,674)
Net cash provided by operating activities	188,044	165,983	357,015
Cash flows from investing activities:
Purchases of available for sale and equity method securities	(28,286)	(162,378)	(113,975)
Proceeds from sales of available for sale and equity method securities	15,142	19,667	1,157
Proceeds from maturities of available for sale securities	118,097	141,613	125,727
Additions to property and equipment	(8,564)	(5,753)	(2,566)
Proceeds from sales of property and equipment	2,271
Net cash provided by (used in) investing activities	98,660	(6,851)	10,343
Cash flows from financing activities:
Dividends paid	(65,576)	(74,291)	(81,215)
Repurchase of common stock	(115,594)	(155,807)	(133,378)
Repayment of short-term debt, net of debt issuance costs			(94,925)
Net subscriptions (redemptions, distributions and deconsolidations) of redeemable noncontrolling interests in sponsored funds	5,808	5,769	(2,270)
Other	(132)	(218)
Net cash used in financing activities	(175,494)	(224,547)	(311,788)
Net increase (decrease) in cash and cash equivalents	111,210	(65,415)	55,570
Cash, cash equivalents, and restricted cash at beginning of period	226,140	291,555	235,985
Cash, cash equivalents, and restricted cash at end of period	337,350	226,140	291,555
Cash paid for:
Income taxes, net	39,249	53,022	59,147
Interest	$ 5,493	$ 5,503	$ 7,948

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Amounts in the accompanying financial statements and notes are rounded to the nearest thousand unless otherwise stated. Certain amounts in the prior years’ financial statements have been reclassified for consistent presentation. Derivative activity was reclassified within operating activities on our consolidated statements of cash flows to provide a comprehensive view of the impact of the economic hedge program for our seed investment portfolio. The Company operates in one business segment as the Company’s management utilizes a consolidated approach to assess performance and allocate resources. Proposed Acquisition of Waddell & Reed Financial, Inc. by Macquarie On December 2, 2020, the Company announced a merger agreement with Macquarie Asset Management, the asset management division of Macquarie Group. Subject to the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Macquarie Management Holdings, Inc. (“Macquarie”), Merry Merger Sub, Inc. (“Merger Sub”) and (solely for limited purposes) Macquarie Financial Holdings Pty Ltd, Merger Sub will be merged with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Macquarie. Pursuant to the Merger Agreement, at the effective time of the merger, each share of the Company’s Class A common stock issued and outstanding immediately prior to the effective time will be converted into the right to receive $25.00 per share in cash, without interest and subject to any withholding of taxes required by applicable law in accordance with the Merger Agreement. On completion of the merger, Macquarie intends to sell our wealth management business to LPL Holdings, Inc. The proposed merger is expected to close by the end of April 2021, subject to regulatory approvals, Waddell & Reed Financial, Inc. stockholder approval and other customary closing conditions. ​ Consolidation In the normal course of our business, we sponsor and manage various types of investment products. These investment products include open-end mutual funds, a closed-end mutual fund and privately offered funds and, prior to their liquidations in 2019, exchange-traded managed funds and a Luxembourg SICAV. When creating and launching a new investment product, we typically fund the initial cash investment, commonly referred to as “seeding,” to allow the investment product the ability to generate an investment performance track record so that it is able to attract third party investors. Our initial investment in a new product typically represents 100% of the ownership in that product. We generally redeem our investment in seeded products when the related product establishes a sufficient track record, when third party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time we hold a majority interest in a product varies based on a number of factors, including market demand, market conditions and investment performance. Our exposure to risk in these investment products is generally limited to any investment we have in the product and any earned but uncollected management or other fund-related service fees. In accordance with financial accounting standards, we consolidate certain sponsored investment products in which we have a controlling interest or the investment product meets the criteria of a variable interest entity (“VIE”) and we are deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment product is a VIE or a voting interest entity (“VOE”). Assessing if an entity is a VIE or VOE involves judgment and analysis on an entity by entity basis. Factors included in this assessment include the legal organization of the entity, the Company’s contractual involvement with the entity and any implications resulting from or associated with related parties’ involvement with the entity. A VIE is an entity that does not have adequate equity to finance its activities without subordinated financial support, the equity investors do not have the normal characteristics of equity investors for a potential controlling financial interest as a group, or the voting rights are not proportional to their obligations to absorb the expected losses or their rights to receive the expected residual returns of the entity. The Company is deemed to be the primary beneficiary if it absorbs a majority of the VIE’s expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, we are required to consolidate the assets, liabilities, results of operations and cash flows of the VIE into our consolidated financial statements. ​ If an entity does not meet the criteria and is not considered a VIE, it is treated as a VOE, which is subject to traditional consolidation concepts based on ownership rights. Sponsored investment products that are considered VOEs are consolidated if we have a controlling financial interest in the entity absent substantive investor rights to replace the investment manager of the entity (kick-out rights). ​ Use of Estimates GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes, and related disclosures of commitments and contingencies. Estimates are used for, but are not limited to, depreciation and amortization, income taxes, valuation of assets, pension and postretirement obligations, and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Actual results could differ from our estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments. We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents. Cash and cash equivalents – restricted represents cash held for the benefit of customers and non-customers segregated in compliance with federal and other regulations. Disclosures About Fair Value of Financial Instruments Fair value of cash and cash equivalents, receivables and payables approximates carrying value. Fair values for investment securities are based on quoted market prices, where available. Otherwise, fair values for investment securities are based on Level 2 or Level 3 inputs as detailed in Note 4. Fair value of debt is disclosed in Note 8. Investment Securities and Investments in Sponsored Funds Our investments are comprised of debt and equity securities, investments in sponsored funds and sponsored privately offered funds. Sponsored funds, which include the Funds and the IGI Funds prior to their liquidation in 2018, are investments we have made to provide seed capital for new investment products. The Company has classified its investments in certain sponsored funds as either equity method investments (when the Company owns between 20% and 50% of the fund) or as equity securities measured at fair value through net income (when the Company owns less than 20% of the fund). Unrealized gains and losses on debt securities classified as available for sale, net of related tax effects, are excluded from earnings until realized and are reported as a separate component of comprehensive income. For debt securities classified as trading and equity securities, unrealized gains and losses are included in earnings. Realized gains and losses are computed using the specific identification method for all investment securities, other than sponsored funds. For sponsored funds, realized gains and losses are computed using the average cost method. The Company’s equity method investees are investment companies that record their underlying investments at fair value. Therefore, under the equity method of accounting, our share of the investee's underlying net income or loss is predominantly representative of fair value adjustments in the investments held by the equity method investee. Our share of the investee's net income or loss is based on the most current information available and is recorded as a net gain or loss on investments within investment and other income. Our available for sale debt securities are reviewed each quarter and adjusted for any allowance for credit losses. We consider factors affecting the issuer and the industry in which the issuer operates, general market trends including interest rates, and our ability and intent to hold an investment until it has recovered. Considerations include reviewing credit ratings, assessing the extent of losses, and considering the impact of market conditions for each individual security. Any adjustment to the allowance for credit losses is recognized in earnings. Property and Equipment Property and equipment held and used are carried at cost. The costs of improvements that extend the life of a fixed asset are capitalized, while the costs of repairs and maintenance are expensed as incurred. Depreciation and amortization are calculated and recorded using the straight-line method over the estimated useful life of the related asset (or lease term if shorter), generally four one one one two Software Developed for Internal Use Certain internal costs incurred in connection with developing or obtaining software for internal use are capitalized in accordance with ASC 350, “Intangibles – Goodwill and Other Topic.” one As of December 31, 2020, the Company had $4.8 million of capitalized implementation costs for hosting arrangements with $459 thousand of accumulated amortization in prepaid and other current assets on the consolidated balance sheet. Our hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of our asset management and wealth management businesses. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement. The year ended December 31, 2020, included merger-related asset impairments of $1.3 million related to capitalized software development costs for hosting arrangements for projects that were impacted by the proposed merger. These impairment charges are recorded in general and administrative expense in our consolidated statement of income. ​ Goodwill and Identifiable Intangible Assets Goodwill represents the excess of cost over fair value of the identifiable net assets of acquired companies. Indefinite-lived intangible assets represent advisory management contracts for managed assets obtained in acquisitions. The Company considers these contracts to be indefinite-lived intangible assets as they are expected to be renewed without significant cost or modification of terms. Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimates and judgment, including the valuation determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment. Additional information related to the indefinite-lived intangible assets is included in Note 7. Revenue Recognition Investment Management and Advisory Fees ​ We recognize investment management and advisory fees as earned over the period in which investment management and advisory services are provided. While our investment management and advisory contracts are long-term in nature, the performance obligations are generally satisfied daily or monthly based on AUM. We calculate investment management fees from the Funds daily based upon average daily net AUM in accordance with investment management agreements between the Funds and the Company. The majority of investment and/or advisory fees earned from institutional accounts are calculated either monthly or quarterly based upon an average of net AUM in accordance with such investment management agreements. The Company may waive certain fees for investment management services at its discretion, or in accordance with contractual expense limitations, and these waivers are reflected as a reduction to investment management fees on the consolidated statements of income. Waivers are recognized over the period in which related management and advisory services are provided. Our investment management business receives research products and services from broker-dealers through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended, the investment management business does not have any contractual obligation requiring it to pay for research products and services obtained through soft dollar arrangements with brokers. As a result, we present “soft dollar” arrangements on a net basis. The Company has contractual arrangements with third parties to provide subadvisory services. Investment advisory fees are recorded gross of any subadvisory payments and are included in investment management fees based on management’s determination that the Company is acting in the capacity of principal service provider with respect to its relationship with the Funds. Any corresponding fees paid to subadvisors are included in operating expenses. Underwriting, Distribution and Shareholder Service Fees ​ Fee-based advisory products offer clients a selection of traditional asset allocation models, as well as features such as systematic rebalancing and client and Advisor participation in determining asset allocation across asset classes. Underwriting and distribution fee-based advisory revenues are calculated monthly based upon beginning of month client assets and are earned over the period in which services are provided. Performance obligations are generally satisfied daily or monthly based on client assets. Under a Rule 12b-1 service plan, the Funds may charge a maximum fee of 0.25% of the average daily net AUM for Ivy Funds Class B C Y shares Class B distribution Underwriting and distribution commission revenues resulting from the sale of investment products are recorded upon satisfaction of performance obligations, which occurs on the trade date. For certain types of investment products, primarily variable annuities, distribution revenues are generally calculated based upon average daily net assets. Effective October 1, 2020, when a client purchases Class A or Class E shares (front-end load), the client pays an initial sales charge of up to 3.50% or 2.50%, respectively, of the amount invested, which is recognized at the time of the transaction. Prior to October 1, 2020, the initial sales charge for Class A client purchases was up to 5.75%. The sales charge for Class A or Class E shares typically declines as the investment amount increases. In addition, investors may combine their purchases of all fund shares to qualify for a reduced sales charge. When a client invests in a fee-based advisory product, Class I or Y shares are purchased at net asset value, and we do not charge an initial sales charge. Underwriting and distribution revenues resulting from payments from Advisors for office space, compliance oversight and affiliation fees are earned over the period in which the service is provided, which is generally monthly and is based on a fee schedule. Fees collected from Advisors for various services are recorded in underwriting and distribution fees on a gross basis, as the Company is the principal in these arrangements. Shareholder service fee revenue primarily includes transfer agency fees, custodian fees from retirement plan accounts, and portfolio accounting and administration fees. Transfer agency fees and portfolio accounting and administration fees are asset-based revenues or account-based revenues, while custodian fees from retirement plan accounts are based on the number of client accounts. Custodian fees, transfer agency fees and portfolio accounting and administration fees are earned upon completion of the service when all performance obligations have been satisfied. Advertising and Promotion We expense all advertising and promotion costs as the advertising or event takes place. Advertising expense was $5.8 million, $7.9 million and $8.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is classified in marketing and advertising expense in the consolidated statements of income. Leases The Company has operating and finance leases for corporate office space and equipment. Our leases have remaining lease terms leases leases Leases Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at inception (or the effective date of ASU 2016-02) based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the information available at inception (or the effective date of ASU 2016-02) in determining the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which we have elected not to separate. We have also elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. During January 2020, we signed a fifteen-year lease, which we expect to commence during 2022, relating to the development of a new 260,000 square foot innovative, distinctive and sustainably-designed corporate headquarters building in the heart of downtown Kansas City, Missouri. The lease will be recognized in the Company’s consolidated financial statements during the period that includes the lease’s commencement date. The impact that our proposed merger with Macquarie will have on our new corporate headquarters lease, including eligibility for state and local tax savings, has not been determined. ​ Share-Based Compensation We account for share-based compensation expense using the fair value method. Under the fair value method, share-based compensation expense reflects the fair value of share-based awards measured at grant date and is recognized over the service period. The Company’s Cash Settled RSU Plan (the “RSU Plan”) allows the Company to grant cash-settled restricted stock units (“Cash-settled RSUs”). Unvested RSUs have no purchase price and vest in 25% increments over four years, beginning on the first anniversary of the grant date. Once vested, RSU holders receive a lump sum cash payment equal to the fair market value on the vesting date (or the business date prior to the vesting date for shares granted beginning in March 2020) of one share of the Company’s common stock, par value $0.01, for each RSU that has vested, subject to applicable tax withholdings. We treat RSUs as liability-classified awards and, therefore, account for them at fair value based on the closing price of our common stock on the reporting date, which results in variable compensation expense over the vesting period. Accounting for Income Taxes Income tax expense is based on pre-tax income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance as prescribed by ASC 740, “ Income Taxes Topic. available evidence, it is more likely than not that all or some portion of the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates that will be in effect when they are expected to be realized or settled. The effect on the measurement of deferred tax assets and liabilities of a change in income tax law is recognized in earnings in the period that includes the enactment date.

New Accounting Guidance

New Accounting Guidance	12 Months Ended
	Dec. 31, 2020
New Accounting Guidance
New Accounting Guidance	2. New Accounting Guidance Accounting Guidance Adopted During Fiscal Year 2020 On January 1, 2020, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ​ On January 1, 2020, the Company adopted ASU 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment. ​ On January 1, 2020, the Company adopted ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ​ New Accounting Guidance Not Yet Adopted Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​ ​

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
Revenue Recognition
Revenue Recognition	3. Revenue Recognition All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers. The vast majority of revenue is determined based on average assets and is earned daily or monthly or is transactional and is earned on the trade date. As such, revenue from remaining performance obligations is not significant. The following table depicts the disaggregation of revenue by product and distribution channel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ ​ (in thousands) Investment management fees: ​ ​ ​ ​ Funds ​ ​ $ 407,396 430,028 ​ 486,181 Institutional ​ ​ ​ 12,332 15,116 ​ 21,725 Total investment management fees ​ ​ ​ 419,728 445,144 ​ 507,906 Underwriting and distribution fees: ​ ​ ​ ​ ​ ​ ​ ​ Unaffiliated ​ ​ ​ ​ ​ ​ ​ ​ Service and distribution fees ​ ​ ​ 58,507 ​ 65,227 ​ 78,041 Sales commissions ​ ​ ​ 1,065 ​ 1,730 ​ 1,886 Other revenues ​ ​ ​ 362 ​ 290 ​ 568 Total unaffiliated distribution fees ​ ​ ​ 59,934 ​ 67,247 ​ 80,495 Wealth Management ​ ​ ​ ​ ​ ​ ​ ​ Advisory fees ​ ​ ​ 318,964 ​ 284,188 ​ 269,069 Service and distribution fees ​ ​ ​ 59,547 ​ 63,197 ​ 70,938 Sales commissions ​ ​ ​ 71,333 ​ 80,785 ​ 91,026 Other revenues ​ ​ ​ 34,662 ​ 36,419 ​ 38,482 Total wealth management distribution fees ​ ​ ​ 484,506 ​ 464,589 ​ 469,515 Total distribution fees ​ ​ ​ 544,440 ​ 531,836 ​ 550,010 Shareholder service fees: ​ ​ ​ ​ ​ ​ ​ ​ Total shareholder service fees ​ ​ ​ 85,329 93,335 ​ 102,385 ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ ​ $ 1,049,497 1,070,315 ​ 1,160,301 ​

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2020
Investment Securities
Investment Securities	4. Investment Securities Investment securities at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2020 2019 ​ ​ ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 9,705 ​ 1,977 ​ Corporate bonds ​ ​ 157,832 ​ 254,291 ​ Total available for sale securities ​ 167,537 ​ 256,268 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ 11,785 ​ 1,977 ​ Corporate bonds ​ 76,734 ​ 84,920 ​ U.S. Treasury bills ​ ​ — ​ 5,979 ​ Mortgage-backed securities ​ 1 ​ 4 ​ Term loans ​ ​ 47,224 ​ 44,268 ​ Consolidated sponsored funds ​ — ​ 43,567 ​ Total trading securities ​ 135,744 ​ 180,715 ​ Equity securities: ​ ​ ​ ​ ​ ​ Common stock ​ 41,410 ​ 34,945 ​ Sponsored funds ​ ​ 81,019 ​ 178,386 ​ Sponsored privately offered funds ​ 1,165 ​ 845 ​ Total equity securities ​ ​ 123,594 ​ 214,176 ​ Equity method securities: ​ ​ ​ ​ ​ ​ Sponsored funds ​ 59,890 ​ 37,187 ​ Total securities ​ $ 486,765 ​ 688,346 ​ ​ Commercial paper and corporate bonds accounted for as available for sale and held as of December 31, 2020 mature as follows: ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ cost Fair value ​ (in thousands) Within one year $ 75,332 ​ 76,337 After one year but within five years ​ 88,658 ​ 91,200 ​ $ 163,990 ​ 167,537 ​ Commercial paper, corporate bonds, mortgage-backed securities and term loans accounted for as trading and held as of December 31, 2020 mature as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ (in thousands) Within one year ​ ​ $ 29,814 After one year but within five years ​ ​ ​ 83,139 After five years but within 10 years ​ ​ ​ 22,791 ​ ​ ​ $ 135,744 ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 9,720 ​ — ​ (15) ​ 9,705 ​ Corporate bonds ​ ​ 154,270 3,562 ​ — 157,832 ​ ​ ​ $ 163,990 3,562 (15) 167,537 ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 1,976 ​ 1 ​ — ​ 1,977 ​ Corporate bonds ​ ​ 250,982 3,314 ​ (5) 254,291 ​ ​ ​ $ 252,958 3,315 (5) 256,268 ​ ​ Net realized gains of $0.9 million and net realized losses of less than $0.1 million were recognized from the sale or call of $55.3 million and $19.7 million in available for sale securities during 2020 and 2019, respectively. No available for sale securities were sold during 2018. A summary of available for sale debt securities with fair values below carrying values at December 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Commercial paper ​ $ 2,414 ​ (15) ​ — ​ — ​ 2,414 ​ (15) ​ A summary of available for sale debt securities with fair values below carrying values at December 31, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Corporate bonds ​ $ 4,538 ​ — ​ 8,056 ​ (5) ​ 12,594 ​ (5) ​ The Company’s investment portfolio included one security which was in an unrealized loss position at December 31, 2020. The Company evaluated available for sale securities in an unrealized loss position at December 31, 2020, including reviewing credit ratings, assessing the extent of losses, and considering the impact of market conditions for each individual security. The Company concluded no allowance for credit losses was necessary as it expects to recover the entire amortized cost basis of each security. The unrealized losses in the Company’s investment portfolio were primarily caused by changes in interest rates. At this time, the Company does not intend to sell, and does not believe it will be required to sell these securities before recovery of their amortized cost. During 2018, we recorded pre-tax charges of $0.3 million to reflect the “other than temporary” decline in value of certain of the Company’s available for sale investments with fair value below amortized cost. These charges were recorded due to either an intent to sell prior to recovery of the amortized cost or the investment being in an unrealized loss position for an extended period of time where the losses were expected to become realized. These charges are recorded in investment and other income in the consolidated statement of income for 2018. For trading debt securities held at the end of each year, net unrealized gains of $0.9 million and $0.4 million, and net unrealized losses of $0.1 million were recognized for the years ended December 31, 2020, 2019 and 2018, respectively. For equity securities held at the end of each year, net unrealized gains of $12.3 million and $25.0 million and net unrealized losses of $22.8 million were recognized for the years ended December 31, 2020, 2019 and 2018, respectively. Sponsored Privately Offered Funds The Company holds a voting interest in a sponsored privately offered fund that is structured as an investment company in the legal form of a limited liability company. The Company held an investment in this fund totaling $1.2 million and $0.8 million as of December 31, 2020 and 2019, respectively, which is the maximum loss exposure. Consolidated Sponsored Funds The following table details the balances related to consolidated sponsored funds at December 31, 2020 and 2019, as well as the Company’s net interest in these funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ (in thousands) Cash $ — ​ ​ 1,530 Investments ​ — ​ 43,567 Other assets ​ — ​ 483 Redeemable noncontrolling interests ​ — ​ (19,205) Net interest in consolidated sponsored funds $ — ​ ​ 26,375 ​ During the year ended December 31, 2020, we deconsolidated one Ivy Fund in which we had provided initial seed capital at the time of the fund’s formation due to no longer have a controlling financial interest in the sponsored fund. There was no impact to the consolidated statements of income as a result of the Ivy Fund deconsolidation as the fund was carried at fair value. Fair Value Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of the asset. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset. An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs that are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows: ● Level 1 – Investments are valued using quoted prices in active markets for identical securities. ● Level 2 – Investments are valued using other significant observable inputs, including quoted prices in active markets for similar securities. ● Level 3 – Investments are valued using significant unobservable inputs, including the Company’s own assumptions in determining the fair value of investments. Assets classified as Level 2 can have a variety of observable inputs. These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value. The carrying amounts of certificates of deposit and commercial paper are measured at amortized cost, which approximates fair value due to the short time between purchase and expected maturity of the investments. Depending on the nature of the inputs, these investments are generally classified as Level 1 or 2 within the fair value hierarchy. U.S. Treasury bills are valued upon quoted market prices for similar assets in active markets, quoted prices for identical or similar assets that are not active and inputs other than quoted prices that are observable or corroborated by observable market data. The fair value of corporate bonds is measured using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads and fundamental data relating to the issuer. Term loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Term loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3. The fair value of equity derivatives is measured based on active market broker quotes, evaluated broker quotes and evaluated prices from vendors. The following tables summarize our investment securities as of December 31, 2020 and 2019 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 82,085 ​ — ​ — ​ — ​ 82,085 ​ Commercial paper ​ ​ — ​ 47,421 ​ — ​ — ​ 47,421 ​ Total cash equivalents ​ $ 82,085 ​ 47,421 ​ — ​ — ​ 129,506 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ — ​ 9,705 ​ — ​ — ​ 9,705 ​ Corporate bonds ​ ​ — ​ 157,832 ​ — ​ — ​ 157,832 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 11,785 ​ — ​ — ​ 11,785 ​ Corporate bonds ​ ​ — ​ 76,734 ​ — ​ ​ ​ 76,734 ​ Mortgage-backed securities ​ — 1 — — ​ 1 ​ Term loans ​ — 46,030 1,194 — ​ 47,224 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 41,079 ​ — ​ 331 ​ — ​ 41,410 ​ Sponsored funds ​ ​ 81,019 ​ — ​ — ​ — ​ 81,019 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 1,165 ​ 1,165 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 59,890 ​ — ​ — ​ — ​ 59,890 ​ Total investment securities ​ $ 181,988 ​ 302,087 ​ 1,525 ​ 1,165 ​ 486,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 4,203 ​ — ​ — ​ — ​ 4,203 ​ Commercial paper ​ ​ — ​ 38,143 ​ — ​ — ​ 38,143 ​ Total cash equivalents ​ $ 4,203 ​ 38,143 ​ — ​ — ​ 42,346 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 254,291 ​ — ​ — ​ 254,291 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 84,920 ​ — ​ ​ ​ 84,920 ​ U.S. Treasury bills ​ ​ — ​ 5,979 ​ — ​ — ​ 5,979 ​ Mortgage-backed securities ​ — 4 — — ​ 4 ​ Term loans ​ — 40,368 3,900 — ​ 44,268 ​ Consolidated sponsored funds ​ ​ — 43,567 — — ​ 43,567 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ 34,942 ​ — ​ 3 ​ — ​ 34,945 ​ Sponsored funds ​ 178,386 ​ — ​ — ​ — ​ 178,386 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 845 ​ 845 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 37,187 ​ — ​ — ​ — ​ 37,187 ​ Total investment securities ​ $ 250,515 ​ 433,083 ​ 3,903 ​ 845 ​ 688,346 ​ (1) Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at net asset value and are classified as Level 1. Cash investments in commercial paper are measured at cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization and are classified as Level 2. (2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (3) The Company’s equity method investments are investment companies that record their underlying investments at fair value. ​ The following table summarizes the activity of investments categorized as Level 3 for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2020 ​ ​ (in thousands) Level 3 assets at December 31, 2019 ​ $ 3,903 Purchases ​ 6,748 Transfers into level 3 ​ ​ 12,565 Transfers out of level 3 ​ ​ (17,583) Losses in Investment and other income ​ (970) Redemptions and paydowns ​ ​ (3,138) Level 3 assets at December 31, 2020 ​ $ 1,525 ​ ​ ​ ​ Change in unrealized losses for Level 3 assets held at December 31, 2020 ​ $ (395) ​ ​ ​ ​ ​ ​ ​ ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Financial Instruments
Derivative Financial Instruments	5. Derivative Financial Instruments The Company has in place an economic hedge program that uses total return swap contracts to hedge market risk related to its investments in certain sponsored funds. We do not hedge for speculative purposes. ​ The Company was party to 10 total return swap contracts with a combined notional value of $198.2 million and 14 total return swap contracts with a combined notional value of $228.2 million as of December 31, 2020 and 2019, respectively. These derivative instruments are not designated as hedges for accounting purposes. Changes in fair value of the total return swap contracts are recognized in investment and other income on the Company’s consolidated statements of income. ​ The Company posted $3.4 million and $3.7 million in cash collateral with the counterparties of the total return swap contracts as of December 31, 2020 and 2019, respectively. The cash collateral is included in customers and other receivables on the Company’s consolidated balance sheets. The Company does not record its fair value in derivative transactions against the posted collateral. ​ The following table presents the fair value of the derivative financial instruments as of December 31, 2020 and 2019 calculated based on Level 2 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ Balance sheet ​ ​ 2020 ​ ​ 2019 ​ location Fair value Fair value ​ ​ ​ (in thousands) Total return swap contracts ​ Other current liabilities ​ $ 3,464 ​ ​ 3,990 ​ The following is a summary of net losses recognized in income for the years ended December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ Income statement ​ December 31, ​ location ​ 2020 ​ 2019 ​ ​ ​ (in thousands) Total return swap contracts Investment and other income $ (26,030) ​ (38,240) ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Property and Equipment	​ 6. Property and Equipment A summary of property and equipment at December 31, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ 2020 ​ 2019 ​ useful lives ​ ​ (in thousands) ​ ​ ​ Leasehold improvements $ 21,988 20,414 1 15 years Furniture and fixtures ​ 18,653 23,872 4 years ​ Equipment ​ 5,211 12,561 2 10 years ​ Computer software ​ 88,135 92,033 1 years ​ Data processing equipment ​ 17,482 16,726 1 5 years ​ Buildings ​ 7,312 7,490 1 30 years ​ Land ​ 1,864 1,864 ​ ​ ​ ​ Property and equipment, at cost ​ 160,645 174,960 ​ ​ ​ ​ Accumulated depreciation ​ (138,742) (140,234) ​ ​ ​ ​ Property and equipment, net ​ $ 21,903 34,726 ​ ​ ​ ​ ​ Depreciation expense was $12.8 million, $19.8 million and $25.6 million during the years ended December 31, 2020, 2019 and 2018, respectively. The year ended December 31, 2020, included merger-related asset impairments of $2.1 million related to capitalized software development costs for projects that were impacted by the proposed merger. The years ended December 31, 2020 and 2019 included asset impairment charges of $0.9 million and $12.8 million, respectively, in connection with certain assets held for sale, including real property related to our corporate headquarters move planned for 2022 and aviation equipment. These impairment charges are recorded in general and administrative expense in our consolidated statements of income. During the third quarter of 2020, the aviation equipment was sold. As of December 31, 2020, $3.8 million of buildings and $1.9 million of land were held for sale. Assets held for sale

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Identifiable Intangible Assets
Goodwill and Identifiable Intangible Assets	7. Goodwill and Identifiable Intangible Assets Goodwill represents the excess of purchase price over the tangible assets and identifiable intangible assets of an acquired business. Our goodwill is not deductible for tax purposes. The Company performs an annual goodwill impairment assessment during the second quarter of each year and identified no impairment during the current year’s assessment. Goodwill and identifiable intangible assets (all considered indefinite-lived) at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ (in thousands) ​ Goodwill $ 106,970 106,970 ​ ​ ​ ​ ​ ​ ​ Mutual fund management advisory contracts ​ 38,699 38,699 ​ Other ​ 200 200 ​ Total identifiable intangible assets ​ 38,899 38,899 ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 145,869 145,869 ​ ​

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2020
Indebtedness
Indebtedness	8. Indebtedness On August 31, 2010, the Company entered into a note purchase agreement to complete a $190.0 million private placement of Series A and Series B senior unsecured notes. The $95.0 million Series A, senior unsecured notes that matured on January 13, 2018 were repaid. Interest is payable semi-annually in January and July of each year. The agreement requires the Company to maintain a consolidated leverage ratio not to exceed 3.0 to 1.0 for four consecutive quarters and a consolidated interest coverage ratio of not less than 4.0 to 1.0 for four consecutive quarters. The Company was in compliance with these covenants for all periods presented. As of December 31, 2020, the Company’s consolidated leverage ratio was 0.7 to 1.0, and the consolidated interest coverage ratio was 22.4 to 1.0. Debt is reported at its carrying amount in the consolidated balance sheet. The fair value of the Company’s Series B Senior Notes maturing January 13, 2021 was $95.1 million at December 31, 2020 compared to the carrying value net of debt issuance costs of $95.0 million, which is listed under short-term notes payable in the consolidated balance sheet. Fair value is calculated based on Level 2 inputs. In January 2021, the Company repaid the $95.0 million Series B Senior Notes. On October 20, 2020, we entered into a 364-day unsecured revolving credit facility (the “Credit Facility”) with various lenders, which initially provides for borrowings of up to $100.0 million and may be expanded to $200.0 million. The Credit Facility replaced the prior credit facility, which was set to terminate in October 2020. At December 31, 2020 and 2019, there were no borrowings outstanding under the Credit Facility or the prior credit facility, respectively. Borrowings under the Credit Facility bear interest at various rates including adjusted LIBOR or an alternative base rate plus, in each case, an incremental margin based on the Company’s debt rating. In the event LIBOR rates become unavailable, the Credit Facility contemplates the use of a secured overnight financing rate or an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar syndicated credit facilities. The Credit Facility also imposes a facility fee on the aggregate amount of commitments under the revolving facility (whether or not utilized). The facility fee is also based on the Company’s debt rating. The covenants in the Credit Facility are materially consistent with the covenants in the prior credit facility, including the required consolidated leverage ratio and the consolidated interest coverage ratio, which match those outlined above for the Senior Notes. ​ The execution of the Merger Agreement by the Company constituted an event of default under the Credit Facility; however, the lenders waived the event of default caused by entry into the Merger Agreement. Consummation of the merger would also result in an event of default under the Credit Facility; therefore, the Company anticipates that the Credit Facility will be terminated in connection with the consummation of the merger. ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	9. Income Taxes The provision for income taxes from continuing operations for the years ended December 31, 2020, 2019 and 2018 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Current taxes: ​ Federal $ 28,533 37,283 54,071 State ​ 6,269 7,144 625 ​ Foreign ​ — — 1 ​ ​ ​ 34,802 44,427 54,697 ​ Deferred taxes ​ (4,679) (3,009) 783 ​ Provision for income taxes ​ $ 30,123 41,418 55,480 ​ ​ The following table reconciles the statutory federal income tax rate with our effective income tax rate from continuing operations for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.3 ​ 3.4 ​ 2.4 ​ Share-based compensation ​ 1.2 ​ 1.4 ​ 1.8 ​ Uncertain tax positions (0.1) ​ (0.2) ​ (2.2) ​ Permanent differences 4.0 ​ 0.5 ​ 0.7 ​ Other items (1.1) ​ 0.1 ​ (0.4) ​ Effective income tax rate 29.3 % 26.2 % 23.3 % ​ The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ (in thousands) ​ Deferred tax assets: ​ Property and equipment ​ $ 5,254 ​ 2,194 ​ Accrued compensation and related costs ​ ​ 14,107 11,779 ​ Other accrued expenses ​ 2,649 2,780 ​ Share-based compensation ​ ​ 11,602 9,215 ​ Unused state tax credits ​ ​ 2,144 2,341 ​ State net operating loss carryforwards ​ ​ 6,223 7,082 ​ Operating lease liabilities ​ ​ 3,643 ​ 6,042 ​ Other ​ ​ 2,578 1,848 ​ Total gross deferred assets ​ 48,200 43,281 ​ Deferred tax liabilities: ​ ​ Identifiable intangible assets ​ $ (9,488) (9,301) ​ Unrealized gains on investments securities and partnerships ​ (7,279) ​ (3,469) ​ Prepaid expenses ​ (2,338) (2,283) ​ Operating lease right-of-use assets ​ ​ (3,258) ​ (5,630) ​ Other ​ ​ (61) ​ (308) ​ Total gross deferred liabilities ​ (22,424) (20,991) ​ Valuation allowance ​ (6,576) (7,872) ​ Net deferred tax asset ​ $ 19,200 14,418 ​ ​ ​ Certain subsidiaries of the Company have net operating loss carryforwards in certain states in which these companies file on a separate company basis. The deferred tax asset, net of federal tax effect, relating to these carryforwards as of December 31, 2020 and 2019 is approximately $6.2 million and $7.1 million, respectively. The carryforwards, if not utilized, will expire between 2021 and 2040. Management does not believe it is more likely than not that these subsidiaries will generate sufficient future taxable income in these states to realize the full benefit of the net operating loss carryforwards and, accordingly, a valuation allowance in the amount of $5.8 million and $7.1 million has been recorded at December 31, 2020 and 2019, respectively. The Company has state tax credit carryforwards of $2.1 million and $2.3 million as of December 31, 2020 and 2019, respectively. Of these state tax credit carryforwards, $1.9 million will expire between 2024 and 2033 if not utilized, $0.2 million will expire in 2026 if not utilized, and approximately $0.1 million can be carried forward indefinitely. Management does not believe that it is more likely than not that it will fully utilize some of these state tax credits before they expire and, accordingly, a valuation allowance in the amount of $0.8 million was recorded as of both December 31, 2020 and December 31, 2019. In the accompanying consolidated balance sheets, unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities; unrecognized tax benefits that are expected to be settled within the next 12 months are included as a reduction to income taxes receivable; unrecognized tax benefits that reduce a net operating loss, similar tax loss, or tax credit carryforward are presented as a reduction to non-current deferred income taxes. As of December 31, 2020 and December 31, 2019, the Company’s consolidated balance sheets included unrecognized tax benefits, including penalties and interest, of $1.9 million ($1.7 million net of federal benefit) and $2.0 million ($1.7 million net of federal benefit), respectively, that if recognized, would impact the Company’s effective tax rate. The following table summarizes the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest, for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Balance at beginning of year $ 1,618 2,070 6,843 Increases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross increases - tax positions in prior period ​ 57 345 712 ​ Gross increases - current-period tax positions ​ 22 44 331 ​ Decreases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross decreases - tax positions in prior period ​ (92) (135) (4,219) ​ Decreases due to settlements with taxing authorities ​ — (348) (1,385) ​ Decreases due to lapse of statute of limitations ​ (50) (358) (212) ​ Balance at end of year ​ $ 1,555 1,618 2,070 ​ ​ In the ordinary course of business, many transactions occur for which the ultimate tax outcome is uncertain. In addition, respective tax authorities periodically audit our income tax returns. These audits examine our significant tax filing positions, including the timing and amounts of deductions and the allocation of income among tax jurisdictions. The Company does not expect the resolution or settlement of any open audits, federal or state, to materially impact the consolidated financial statements. ​ Our 2017-2020 federal income tax returns are open tax years that remain subject to potential future audit. Our state income tax returns for all years after 2016 and, in certain states, income tax returns for 2016, are subject to potential future audit by tax authorities in the Company’s major state tax jurisdictions.

Pension Plan and Postretirement

Pension Plan and Postretirement Benefits Other Than Pension	12 Months Ended
	Dec. 31, 2020
Pension Plan and Postretirement Benefits Other Than Pension
Pension Plan and Postretirement Benefits Other Than Pension	10. Pension Plan and Postretirement Benefits Other Than Pension Benefits payable under our noncontributory retirement plan that covers substantially all employees and certain vested employees of our former parent company (the “Pension Plan”) were based on employees’ years of service and compensation during the final 10 years of employment. The Compensation Committee of the Company’s Board of Directors (“Compensation Committee”) approved an amendment to freeze the Pension Plan, effective September 30, 2017. After September 30, 2017, participants in the Pension Plan ceased accruing additional benefits for future service or compensation. Participants retained benefits accumulated as of September 30, 2017 in accordance with the terms of the Pension Plan. The Compensation Committee approved the termination of the Pension Plan, effective June 1, 2019. The Company is currently performing the administrative actions required to terminate the Pension Plan in a standard termination, as defined by the Pension Benefit Guaranty Corporation. In connection with the termination of the Pension Plan, in July 2020, the Company contributed $3.7 million to the Pension Plan. Payments were made in July 2020 from the Pension Plan to participants, beneficiaries and alternate payees that elected to receive a lump sum distribution and to the selected annuity provider that has assumed the liabilities of the Pension Plan. As part of the assumption of Pension Plan liabilities by the annuity provider, the Company removed the pension liability on its consolidated balance sheet and recorded a settlement loss in the amount of $1.3 million during 2020. We also sponsor an unfunded defined benefit postretirement medical plan that previously covered substantially all employees, as well as Advisors. The medical plan is contributory with participant contributions adjusted annually. The medical plan does not provide for benefits after age 65 A reconciliation of the funded status of these plans and the assumptions related to the obligations at December 31, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Change in projected benefit obligation: ​ Net benefit obligation at beginning of year ​ $ 186,480 ​ 154,528 ​ 184,245 726 1,048 2,195 ​ Interest cost ​ 3,070 ​ 6,146 ​ 5,986 15 33 54 ​ Benefits paid ​ (1,154) ​ (13,221) ​ (13,690) (827) (677) (602) ​ Actuarial loss (gain) ​ ​ 9,294 ​ 39,027 ​ (22,013) ​ 409 ​ 47 ​ (965) ​ Plan Termination ​ ​ (197,690) ​ — ​ — ​ — ​ — ​ — ​ Retiree contributions ​ ​ — ​ — ​ — ​ 220 ​ 275 ​ 366 ​ Net benefit obligation at end of year ​ $ — ​ 186,480 ​ 154,528 543 726 1,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Change in plan assets: ​ Fair value of plan assets at beginning of year ​ $ 183,903 ​ 162,999 ​ 170,881 — — — ​ Actual return on plan assets ​ 11,378 ​ 34,125 ​ 1,808 — — — ​ Employer contributions ​ 3,661 ​ — ​ 4,000 607 402 236 ​ Retiree contributions ​ — ​ — ​ — 220 275 366 ​ Benefits paid ​ (1,154) ​ (13,221) ​ (13,690) (827) (677) (602) ​ Plan Termination ​ ​ (197,788) ​ — ​ — ​ — ​ — ​ — ​ Fair value of plan assets at end of year ​ $ — ​ 183,903 ​ 162,999 — — — ​ Funded status at end of year ​ $ — ​ (2,577) ​ 8,471 (543) (726) (1,048) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands, except percentage data) ​ Amounts recognized in the statement of financial position: ​ ​ Noncurrent assets ​ $ — ​ — ​ 8,471 ​ ​ — ​ — ​ — ​ Current liabilities ​ ​ — ​ — ​ — ​ ​ (97) ​ (158) ​ (250) ​ Noncurrent liabilities ​ — ​ (2,577) ​ — ​ ​ (446) ​ (568) ​ (798) ​ Net amount recognized at end of year ​ $ — ​ (2,577) ​ 8,471 ​ ​ (543) ​ (726) ​ (1,048) ​ Weighted average assumptions used to determine benefit obligation at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ N/A ​ 3.32 % 4.45 % ​ 2.03 % 2.87 % 4.08 % ​ The discount rate assumption used to determine the pension and other postretirement benefits obligations was based on the Aon Hewitt AA Only Above Median Yield Curve. This discount rate was determined separately for each plan by plotting the expected benefit payments from each plan against a yield curve of high quality, zero coupon bonds and calculating the single rate that would produce the same present value of liabilities as the yield curve. In 2018, the Company implemented a new pension de-risking strategy designed to more closely match assets to the pension obligations by shifting exposure from return-seeking assets to liability-hedging assets. In 2019 and 2020, the Company further shifted plan assets towards cash. Plan assets were distributed in 2020 as part of the termination and therefore, there are no Pension Plan assets at December 31, 2020. We determine the fair value of our Pension Plan assets using broad levels of inputs as defined by related accounting standards and categorized as Level 1, Level 2 or Level 3, as described in Note 4. The following table summarizes our Pension Plan assets as of December 31, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) ​ Cash equivalents $ — 91,989 — ​ 91,989 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ — 19,311 — ​ ​ 19,311 ​ Corporate bonds ​ ​ — ​ 62,313 ​ — ​ ​ 62,313 ​ Foreign bonds ​ — 8,913 — ​ 8,913 ​ Total investment securities ​ — 182,526 — ​ 182,526 ​ Cash ​ ​ ​ ​ ​ ​ ​ ​ 1,377 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 183,903 ​ ​ In 2018, we adjusted the expected long-term rate of return to 5.00% to reflect a further decrease to the Plan’s equity securities’ holdings based on expected investment mix at the beginning of the year. During 2018, we accelerated the de-risking strategy and as such, further reduced the long-term rate of return in 2019 to 4.00%. In 2020, the long-term rate of return was reduced to 2.5% as we continued to de-risk Pension Plan assets in preparation for termination. Net periodic pension costs are recorded in investment and other income on the Company’s consolidated statements of income. The components of net periodic pension and other postretirement costs consisted of the following for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Components of net periodic benefit cost: ​ Interest cost ​ $ 3,070 6,146 5,986 15 33 54 ​ Expected return on plan assets ​ (2,617) (6,315) (8,320) — — — ​ Actuarial loss (gain) ​ ​ — ​ 11,217 ​ (15,501) ​ — ​ — ​ — ​ Actuarial gain amortization ​ — — — (269) (495) (120) ​ Prior service cost amortization ​ — — — — — (2) ​ Settlement loss ​ ​ 1,302 ​ — ​ — ​ — ​ — ​ — ​ Total ​ $ 1,755 11,048 (17,835) (254) (462) (68) ​ ​ ​ The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ 2020 ​ 2019 ​ 2018 Discount rate 3.07 % 4.45 % 3.76 % ​ 2.87 % 4.08 % 3.28 % Expected return on plan assets 2.50 % 4.00 % 5.00 % ​ Not applicable ​ Rate of compensation increase ​ Not applicable ​ ​ Not applicable ​ ________________________ ​ Under current plan provisions, we expect the following benefit payments to be paid. ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Postretirement ​ ​ Benefits ​ ​ (in thousands) 2021 ​ $ 97 ​ 2022 ​ 81 ​ 2023 ​ 58 ​ 2024 ​ 58 ​ 2025 ​ ​ 37 ​ 2026 through 2030 ​ 110 ​ ​ ​ $ 441 ​ ​ ​ Our policy with respect to funding the Pension Plan was to fund at least the minimum required by the Employee Retirement Income Security Act of 1974, as amended, and not more than the maximum amount deductible for tax purposes. In 2020, the Company contribution to the Pension Plan was related to the termination. No contributions were made to the Pension Plan for 2019 and all contributions for 2018 were voluntary. ​ All Company contributions to other postretirement medical benefits are voluntary, as the postretirement medical plan is not funded and is not subject to any minimum regulatory funding requirements. The contributions for each year represent claims paid for medical expenses, and we anticipate making the 2021 expected contribution with cash generated from operations. Participants also made contributions to the postretirement plan for the years ended December 31, 2020, 2019 and 2018. ​ For measurement purposes, the initial health care cost trend rate was 6.44% (prior to age 65) and 7.42% (subsequent to age 65) for 2020, 7.60% (prior to age 65) and 8.70% (subsequent to age 65) for 2019 and 8.05% (prior to age 65) and 9.30% (subsequent to age 65) for 2018. The health care cost trend rate reflects anticipated increases in health care costs. The initial growth rates for 2020 are assumed to gradually decline over the next 8 years to a rate of 4.5%. ​ At December 31, 2020, the accrued pension and postretirement liability recorded in the consolidated balance sheet was comprised of a liability for postretirement benefits in the amount of $0.4 million. The current portion of postretirement liability of $0.1 million is included in other current liabilities on the consolidated balance sheet. At December 31, 2019, the accrued pension and postretirement liability recorded in the consolidated balance sheet was comprised of a pension liability of $2.6 million and a liability for postretirement benefits in the amount of $0.6 million. The current portion of postretirement liability of $0.1 million is included in other current liabilities on the consolidated balance sheet.

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2020
Defined Contribution Plan
Defined Contribution Plan	11. Defined Contribution Plan We sponsor a defined contribution plan that qualifies under Section 401(k) of the IRC to provide retirement benefits to substantially all of our employees. As allowed under Section 401(k), the plan provides tax-deferred salary deductions for eligible employees. Our matching contributions to the plan for the years ended December 31, 2020, 2019 and 2018 were $5.2 million, $6.0 million and $6.8 million, respectively. ​ In 2017, in connection with the Pension Plan freeze, the Company amended its 401(k) plan to permit employer discretionary nonelective contributions to eligible participants. For the 2020 plan year, the Company approved a discretionary nonelective contribution in an amount equal to 2% of each participant’s eligible compensation. These contributions, which were expensed during 2020, totaled $2.5 million and will be funded and allocated to participant accounts during the first quarter of 2021. For the 2019 plan year, the Company approved a discretionary nonelective contribution in an amount equal to 2% of each participant’s eligible compensation. These contributions, which were expensed during 2019, totaled $2.6 million and were funded and allocated to participant accounts during the first quarter of 2020. ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Stockholders' Equity	12. Stockholders’ Equity Earnings per Share For the years ended December 31, 2020, 2019 and 2018, earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ (in thousands, except for per share amounts) ​ Net income attributable to Waddell & Reed Financial, Inc. $ 70,457 114,992 183,588 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic and diluted ​ 64,974 ​ 73,299 ​ 80,468 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share, basic and diluted ​ $ 1.08 ​ 1.57 ​ 2.28 ​ ​ Dividends The Board of Directors declared dividends on our common stock of $1.00 per share, $1.00 per share and $1.00 per share for the years ended December 31, 2020, 2019 and 2018, respectively. During the fourth quarter of 2020, the Board of Directors declared a quarterly dividend on our common stock of $0.25 per share that was paid on February 1, 2021 to stockholders of record as of January 11, 2021. As of December 31, 2020 and 2019, other current liabilities included $15.6 million and $17.2 million, respectively, for dividends payable to stockholders. Common Stock Repurchases The Board of Directors has authorized the repurchase of our common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including issuing shares to employees in our share-based compensation programs. There were 7,995,730 shares, 9,164,564 shares and 6,963,269 shares repurchased in the open market or privately during the years ended December 31, 2020, 2019 and 2018, respectively. The repurchased shares include 554,062 shares, 548,132 shares and 729,882 shares repurchased from employees who tendered shares to cover their income tax withholdings with respect to vesting of stock awards during the years ended December 31, 2020, 2019 and 2018, respectively. The terms of the Merger Agreement restrict our ability to repurchase shares of our common stock while the merger is pending; however, we may continue to repurchase shares of our common stock from employees to cover their tax withholdings in connection with the vesting of restricted shares. Accumulated Other Comprehensive Income The following tables summarize other comprehensive income activity for the years ended December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2020 ​ ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2019 ​ ​ $ 2,521 713 3,234 Other comprehensive income (loss) before reclassification ​ ​ ​ 823 (309) 514 ​ Amount reclassified from accumulated other comprehensive income ​ ​ ​ (648) (203) (851) ​ Net current period other comprehensive income (loss) ​ ​ ​ 175 ​ (512) (337) ​ Balance at December 31, 2020 ​ ​ ​ ​ $ 2,696 201 2,897 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2019 ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2018 ​ ​ $ (797) 1,128 331 Other comprehensive income (loss) before reclassification ​ ​ ​ 3,496 (36) 3,460 ​ Amount reclassified from accumulated other comprehensive income ​ ​ ​ (178) (379) (557) ​ Net current period other comprehensive income (loss) ​ ​ ​ 3,318 ​ (415) 2,903 ​ Balance at December 31, 2019 ​ ​ ​ ​ $ 2,521 713 3,234 ​ ​ Reclassifications from accumulated other comprehensive income and included in net income are summarized in the tables that follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ Pre-tax ​ expense ​ Net of tax ​ Statement of income line item ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income: ​ Gains on available for sale debt securities ​ $ 853 (205) 648 Investment and other income ​ Amortization of postretirement benefits ​ ​ 269 (66) 203 Compensation and benefits ​ Total ​ $ 1,122 (271) 851 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ ​ Pre-tax ​ expense ​ Net of tax ​ Statement of income line item ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income: ​ Gains on available for sale debt securities ​ $ 234 (56) 178 Investment and other income ​ Amortization of postretirement benefits ​ ​ 495 (116) 379 Compensation and benefits ​ Total ​ $ 729 (172) 557 ​ ​ ​ ​

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-Based Compensation
Share-Based Compensation	13. Share-Based Compensation The Company’s Stock Incentive Plan, as amended and restated (the “SI Plan”) allows us to grant equity-based compensation awards, including nonvested stock, as part of our overall compensation program to attract and retain key personnel and encourage a greater personal financial investment in the Company, thereby promoting the long-term growth of the Company. A maximum of 40.4 million shares of common stock are authorized for issuance under the SI Plan and as of December 31, 2020, 5,255,495 shares of common stock were available for issuance under the SI Plan. In addition, we may make incentive payments under the Company’s Executive Incentive Plan, as amended and restated (the “EIP”) in the form of cash, equity-based awards or a combination thereof. Incentive awards paid under the EIP in the form of equity-based awards are issued out of shares reserved for issuance under the SI Plan. Generally, shares of common stock subject to an award that expires or is cancelled, forfeited, exchanged, settled in cash or is terminated will again be available for awards under the SI Plan. Due to the terms of the Merger Agreement that restrict the Company’s ability to grant shares of common stock, the SI Plan was amended in December 2020 to allow the Company to grant restricted stock units that can be settled in shares of common stock or cash at the sole discretion of the Company, except that they will be settled in cash upon a change of control. As of December 31, 2020, no restricted stock units had been awarded pursuant to the SIP. Nonvested stock awards are valued on the date of grant and have no purchase price. These awards vest in 25% increments beginning on the first anniversary of the grant date. The Company has issued nonvested stock awards to non-employee directors. These awards generally have the same terms as awards issued to employees, except awards vest on the first anniversary of the grant date. Beginning in 2017, the Company established the RSU Plan, which allows the Company to grant cash-settled RSUs to attract and retain key personnel and enable them to participate in the long-term growth of the Company. Unvested cash-settled RSUs have no purchase price and vest in 25% increments over four years, beginning on the first anniversary of the grant date. On the vesting date, cash-settled RSU holders receive a lump sum cash payment equal to the fair market value of one share of the Company’s common stock, par value $0.01, for each cash-settled RSU that has vested, subject to applicable tax withholdings. We treat cash-settled RSUs as liability-classified awards and, therefore, account for them at fair value based on the closing price of our common stock on the reporting date, which results in variable compensation expense over the vesting period. Nonvested shares and nonvested cash-settled RSU’s are forfeited upon the termination of employment with or service to the Company, as applicable, or service on the Board of Directors, dependent upon the circumstances of termination. Except for restrictions placed on the transferability of nonvested shares, holders of nonvested shares have full stockholders’ rights during the term of restriction, including voting rights and the rights to receive cash dividends. Since nonvested cash-settled RSUs are not shares of Company stock, holders of nonvested cash-settled RSUs are not entitled to voting rights but are entitled to dividend equivalent payments for each RSU equal to the dividend paid on one share of our common stock. Under the terms of the Merger Agreement, vesting of nonvested shares and nonvested cash-settled RSUs accelerate upon consummation of the merger. A summary of nonvested share activity and related fair value for the year ended December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Nonvested ​ Grant Date ​ ​ Stock Shares ​ Fair Value Nonvested at December 31, 2019 3,641,985 ​ $ 19.60 ​ Granted 1,659,004 ​ 13.01 ​ Vested (1,649,155) ​ 20.31 ​ Forfeited (111,478) ​ 17.64 ​ Nonvested at December 31, 2020 3,540,356 ​ $ 16.24 ​ ​ A summary of nonvested cash-settled RSU activity for the year ended December 31, 2020 follows: ​ ​ ​ ​ ​ Nonvested ​ ​ Cash-Settled Units Nonvested at December 31, 2019 2,375,600 Granted 2,251,698 Vested (772,384) Forfeited (124,828) Nonvested at December 31, 2020 3,730,086 ​ For the years ended December 31, 2020, 2019 and 2018, compensation expense related to nonvested shares and nonvested cash-settled RSUs totaled $56.8 million, $46.6 million and $51.6 million, respectively. The deferred income tax benefit from the compensation expense related to nonvested stock and nonvested cash-settled RSUs was $13.8 million, $11.1 million and $11.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. These benefits will be recognized upon vesting and may increase or decrease depending on the fair value of the shares on the date of vesting. As of December 31, 2020, the remaining unamortized expense related to nonvested stock of $38.3 million is expected to be recognized over a weighted average period of 2.3 years. The total fair value of shares vested (at vest date) during the years ended December 31, 2020, 2019 and 2018, was $26.2 million, $29.1 million and $41.0 million, respectively. The Company withholds a portion of each employee’s vested shares to satisfy income tax withholding obligations of the Company with respect to vesting of the shares.

Uniform Net Capital Rule Requir

Uniform Net Capital Rule Requirements	12 Months Ended
	Dec. 31, 2020
Uniform Net Capital Rule Requirements
Uniform Net Capital Rule Requirements	14. Uniform Net Capital Rule Requirements Two of our subsidiaries, W&R and IDI are registered broker-dealers and members of FINRA. Broker-dealers are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15.0 to 1.0. The primary difference between net capital and stockholders’ equity is the non-allowable assets that are excluded from net capital. A broker-dealer may elect not to be subject to the Aggregate Indebtedness Standard of paragraph (a)(1)(i) of Rule 15c3-1, in which case net capital must exceed the greater of $250 thousand or 2%of aggregate debit items computed in accordance with the Formula for Determination of Reserve Requirements for broker-dealers. W&R made this election and thus is not subject to the aggregate indebtedness ratio as of December 31, 2020 or 2019. Net capital and aggregated indebtedness information for our broker-dealer subsidiaries is presented in the following table as of December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ (in thousands) ​ ​ W&R ​ IDI ​ W&R ​ IDI ​ Net capital $ 60,387 ​ ​ 16,813 60,758 ​ ​ 20,217 Required capital ​ 250 ​ ​ 2,026 250 ​ ​ 1,909 ​ Excess of required capital ​ $ 60,137 ​ ​ 14,787 60,508 ​ ​ 18,308 ​ Ratio of aggregate indebtedness to net capital ​ Not ​ ​ ​ Not ​ ​ ​ ​ ​ ​ ​ applicable ​ ​ ​ 1.81 to 1.0 ​ applicable ​ ​ ​ 1.42 to 1.0 ​ ​

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	15. Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 ​ ​ (in thousands) Operating Lease Cost ​ $ 10,316 $ 17,574 ​ ​ ​ ​ ​ ​ ​ Finance Lease Cost: ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 174 $ 283 Interest on lease liabilities ​ ​ 16 ​ 27 Total ​ $ 190 ​ $ 310 ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 11,437 $ 16,520 Operating cash flows from finance leases ​ 16 27 Financing cash flows from finance leases ​ ​ 210 ​ ​ 290 ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 665 ​ ​ 39,580 Finance leases ​ ​ 10 ​ ​ 40 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ (in thousands, except lease term and discount rate) Operating Leases: ​ ​ Operating lease ROU assets (Other non-current assets) ​ $ 13,461 $ 23,457 ​ ​ ​ ​ ​ ​ ​ Other current liabilities ​ $ 6,247 ​ $ 10,479 Other non-current liabilities ​ ​ 8,812 ​ ​ 14,694 Total operating lease liabilities ​ $ 15,059 ​ $ 25,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases: ​ ​ ​ ​ ​ ​ Property and equipment, gross ​ $ 333 ​ $ 985 Accumulated depreciation ​ ​ (277) ​ ​ (737) Property and equipment, net ​ $ 56 ​ $ 248 ​ ​ ​ ​ ​ ​ ​ Other current liabilities ​ $ 41 ​ $ 203 Other non-current liabilities ​ ​ 11 ​ ​ 55 Total finance lease liabilities ​ $ 52 ​ $ 258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4 years ​ ​ 4 years Finance leases ​ ​ 1 year ​ ​ 1 year ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.08% ​ ​ 4.32% Finance leases ​ ​ 6.00% ​ ​ 6.00% ​ Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ ​ Leases ​ ​ Leases ​ ​ (in thousands) Year ended December 31, ​ ​ ​ ​ ​ ​ 2021 $ 6,731 ​ 42 2022 ​ ​ 2,834 ​ ​ 11 2023 ​ 2,122 ​ — 2024 ​ 2,090 ​ — Thereafter ​ 2,613 ​ — Total lease payments ​ 16,390 ​ 53 Less imputed interest ​ ​ (1,331) ​ ​ (1) Total ​ $ 15,059 ​ 52 ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	16. Related Party Transactions We earn investment management fee revenues from the Funds and IGI Funds (prior to their liquidation in 2018) for which we act as an investment adviser, pursuant to an investment management agreement with each Fund. In addition, we have agreements with the Funds pursuant to Rule 12b-1 under the ICA for which distribution and service fees are collected from the Funds for distribution of mutual fund shares, for costs such as advertising and commissions paid to broker-dealers, and for providing ongoing services to shareholders of the Funds and/or maintaining shareholder accounts. We also earn service fee revenues by providing various services to the Funds and their shareholders pursuant to a shareholder servicing agreement with each Fund (except Ivy VIP) and an accounting service agreement with each Fund. Certain of our officers and directors are also officers and/or trustees for the various Funds for which we act as an investment adviser. These agreements are approved or renewed on an annual basis by each Fund’s board of trustees, including a majority of the disinterested members. Revenues for services provided or related to the Funds and IGI Funds for the years ended December 31, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Investment management fees $ 407,396 430,028 486,581 Service and distribution fees ​ 111,233 121,603 141,220 ​ Shareholder service fees ​ 85,329 93,335 102,385 ​ Total revenues ​ $ 603,958 644,966 730,186 ​ ​ ​ Included in Funds and separate accounts receivable at December 31, 2020 and 2019 are receivables due from the Funds of $12.1 and $12.8 million, respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Contingencies
Contingencies	17. Contingencies The Company is involved from time to time in various legal proceedings, regulatory investigations and claims incident to the normal conduct of business, which may include proceedings that are specific to us and others generally applicable to business practices within the industries in which we operate. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and on the results of operations in a particular quarter or year. The Company establishes reserves for litigation and similar matters when those matters present material loss contingencies that management determines to be both probable and reasonably estimable in accordance with ASC 450, “Contingencies.”

Concentrations of Risk

Concentrations of Risk	12 Months Ended
	Dec. 31, 2020
Concentrations of Risk
Concentrations of Risk	18. Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents held. The Company maintains cash and cash equivalents with various financial institutions. Cash deposits maintained at financial institutions may exceed the federally insured limit. ​ Our investments in sponsored funds and other corporate investments expose us to market risk. The underlying holdings of our AUM are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates. ​

Selected Quarterly Information

Selected Quarterly Information (Unaudited)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Information (Unaudited)
Selected Quarterly Information (Unaudited)	19. Selected Quarterly Information (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ (in thousands) ​ 2020 ​ Total revenues ​ $ 263,733 240,034 267,670 278,060 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 21,986 24,824 30,523 (6,877) ​ Net income per share, basic and diluted ​ $ 0.32 0.38 0.48 (0.11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ ​ (in thousands) ​ 2019 ​ ​ Total revenues ​ $ 259,410 270,154 270,680 270,071 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 32,053 33,948 33,054 15,936 ​ Net income per share, basic and diluted ​ $ 0.42 0.45 0.46 0.23 ​ ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	20. Subsequent Events Litigation Relating to the Merger Shiva Stein v. Waddell & Reed Financial, Inc. et al. Chris Burgess v. Waddell & Reed Financial, Inc. et al. Marc Waterman v. Waddell & Reed Financial, Inc. et al. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Description of Business and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Amounts in the accompanying financial statements and notes are rounded to the nearest thousand unless otherwise stated. Certain amounts in the prior years’ financial statements have been reclassified for consistent presentation. Derivative activity was reclassified within operating activities on our consolidated statements of cash flows to provide a comprehensive view of the impact of the economic hedge program for our seed investment portfolio. The Company operates in one business segment as the Company’s management utilizes a consolidated approach to assess performance and allocate resources.
Proposed Acquisition of Waddell & Reed Financial, Inc. by Macquarie Group	Proposed Acquisition of Waddell & Reed Financial, Inc. by Macquarie On December 2, 2020, the Company announced a merger agreement with Macquarie Asset Management, the asset management division of Macquarie Group. Subject to the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Macquarie Management Holdings, Inc. (“Macquarie”), Merry Merger Sub, Inc. (“Merger Sub”) and (solely for limited purposes) Macquarie Financial Holdings Pty Ltd, Merger Sub will be merged with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Macquarie. Pursuant to the Merger Agreement, at the effective time of the merger, each share of the Company’s Class A common stock issued and outstanding immediately prior to the effective time will be converted into the right to receive $25.00 per share in cash, without interest and subject to any withholding of taxes required by applicable law in accordance with the Merger Agreement. On completion of the merger, Macquarie intends to sell our wealth management business to LPL Holdings, Inc. The proposed merger is expected to close by the end of April 2021, subject to regulatory approvals, Waddell & Reed Financial, Inc. stockholder approval and other customary closing conditions.
Consolidation	Consolidation In the normal course of our business, we sponsor and manage various types of investment products. These investment products include open-end mutual funds, a closed-end mutual fund and privately offered funds and, prior to their liquidations in 2019, exchange-traded managed funds and a Luxembourg SICAV. When creating and launching a new investment product, we typically fund the initial cash investment, commonly referred to as “seeding,” to allow the investment product the ability to generate an investment performance track record so that it is able to attract third party investors. Our initial investment in a new product typically represents 100% of the ownership in that product. We generally redeem our investment in seeded products when the related product establishes a sufficient track record, when third party investments in the related product are sufficient to sustain the strategy, or when a decision is made to no longer pursue the strategy. The length of time we hold a majority interest in a product varies based on a number of factors, including market demand, market conditions and investment performance. Our exposure to risk in these investment products is generally limited to any investment we have in the product and any earned but uncollected management or other fund-related service fees. In accordance with financial accounting standards, we consolidate certain sponsored investment products in which we have a controlling interest or the investment product meets the criteria of a variable interest entity (“VIE”) and we are deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment product is a VIE or a voting interest entity (“VOE”). Assessing if an entity is a VIE or VOE involves judgment and analysis on an entity by entity basis. Factors included in this assessment include the legal organization of the entity, the Company’s contractual involvement with the entity and any implications resulting from or associated with related parties’ involvement with the entity. A VIE is an entity that does not have adequate equity to finance its activities without subordinated financial support, the equity investors do not have the normal characteristics of equity investors for a potential controlling financial interest as a group, or the voting rights are not proportional to their obligations to absorb the expected losses or their rights to receive the expected residual returns of the entity. The Company is deemed to be the primary beneficiary if it absorbs a majority of the VIE’s expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, we are required to consolidate the assets, liabilities, results of operations and cash flows of the VIE into our consolidated financial statements. ​ If an entity does not meet the criteria and is not considered a VIE, it is treated as a VOE, which is subject to traditional consolidation concepts based on ownership rights. Sponsored investment products that are considered VOEs are consolidated if we have a controlling financial interest in the entity absent substantive investor rights to replace the investment manager of the entity (kick-out rights). ​
Use of Estimates	Use of Estimates GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes, and related disclosures of commitments and contingencies. Estimates are used for, but are not limited to, depreciation and amortization, income taxes, valuation of assets, pension and postretirement obligations, and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Actual results could differ from our estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments. We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents. Cash and cash equivalents – restricted represents cash held for the benefit of customers and non-customers segregated in compliance with federal and other regulations.
Disclosures About Fair Value of Financial Instruments	Disclosures About Fair Value of Financial Instruments Fair value of cash and cash equivalents, receivables and payables approximates carrying value. Fair values for investment securities are based on quoted market prices, where available. Otherwise, fair values for investment securities are based on Level 2 or Level 3 inputs as detailed in Note 4. Fair value of debt is disclosed in Note 8.
Investment Securities and Investments in Sponsored Funds	Investment Securities and Investments in Sponsored Funds Our investments are comprised of debt and equity securities, investments in sponsored funds and sponsored privately offered funds. Sponsored funds, which include the Funds and the IGI Funds prior to their liquidation in 2018, are investments we have made to provide seed capital for new investment products. The Company has classified its investments in certain sponsored funds as either equity method investments (when the Company owns between 20% and 50% of the fund) or as equity securities measured at fair value through net income (when the Company owns less than 20% of the fund). Unrealized gains and losses on debt securities classified as available for sale, net of related tax effects, are excluded from earnings until realized and are reported as a separate component of comprehensive income. For debt securities classified as trading and equity securities, unrealized gains and losses are included in earnings. Realized gains and losses are computed using the specific identification method for all investment securities, other than sponsored funds. For sponsored funds, realized gains and losses are computed using the average cost method. The Company’s equity method investees are investment companies that record their underlying investments at fair value. Therefore, under the equity method of accounting, our share of the investee's underlying net income or loss is predominantly representative of fair value adjustments in the investments held by the equity method investee. Our share of the investee's net income or loss is based on the most current information available and is recorded as a net gain or loss on investments within investment and other income. Our available for sale debt securities are reviewed each quarter and adjusted for any allowance for credit losses. We consider factors affecting the issuer and the industry in which the issuer operates, general market trends including interest rates, and our ability and intent to hold an investment until it has recovered. Considerations include reviewing credit ratings, assessing the extent of losses, and considering the impact of market conditions for each individual security. Any adjustment to the allowance for credit losses is recognized in earnings.
Property and Equipment	Property and Equipment Property and equipment held and used are carried at cost. The costs of improvements that extend the life of a fixed asset are capitalized, while the costs of repairs and maintenance are expensed as incurred. Depreciation and amortization are calculated and recorded using the straight-line method over the estimated useful life of the related asset (or lease term if shorter), generally four one one one two
Software Developed for Internal Use	Software Developed for Internal Use Certain internal costs incurred in connection with developing or obtaining software for internal use are capitalized in accordance with ASC 350, “Intangibles – Goodwill and Other Topic.” one As of December 31, 2020, the Company had $4.8 million of capitalized implementation costs for hosting arrangements with $459 thousand of accumulated amortization in prepaid and other current assets on the consolidated balance sheet. Our hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of our asset management and wealth management businesses. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement. The year ended December 31, 2020, included merger-related asset impairments of $1.3 million related to capitalized software development costs for hosting arrangements for projects that were impacted by the proposed merger. These impairment charges are recorded in general and administrative expense in our consolidated statement of income. ​
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill represents the excess of cost over fair value of the identifiable net assets of acquired companies. Indefinite-lived intangible assets represent advisory management contracts for managed assets obtained in acquisitions. The Company considers these contracts to be indefinite-lived intangible assets as they are expected to be renewed without significant cost or modification of terms. Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimates and judgment, including the valuation determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment. Additional information related to the indefinite-lived intangible assets is included in Note 7.
Revenue Recognition	Revenue Recognition Investment Management and Advisory Fees ​ We recognize investment management and advisory fees as earned over the period in which investment management and advisory services are provided. While our investment management and advisory contracts are long-term in nature, the performance obligations are generally satisfied daily or monthly based on AUM. We calculate investment management fees from the Funds daily based upon average daily net AUM in accordance with investment management agreements between the Funds and the Company. The majority of investment and/or advisory fees earned from institutional accounts are calculated either monthly or quarterly based upon an average of net AUM in accordance with such investment management agreements. The Company may waive certain fees for investment management services at its discretion, or in accordance with contractual expense limitations, and these waivers are reflected as a reduction to investment management fees on the consolidated statements of income. Waivers are recognized over the period in which related management and advisory services are provided. Our investment management business receives research products and services from broker-dealers through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended, the investment management business does not have any contractual obligation requiring it to pay for research products and services obtained through soft dollar arrangements with brokers. As a result, we present “soft dollar” arrangements on a net basis. The Company has contractual arrangements with third parties to provide subadvisory services. Investment advisory fees are recorded gross of any subadvisory payments and are included in investment management fees based on management’s determination that the Company is acting in the capacity of principal service provider with respect to its relationship with the Funds. Any corresponding fees paid to subadvisors are included in operating expenses. Underwriting, Distribution and Shareholder Service Fees ​ Fee-based advisory products offer clients a selection of traditional asset allocation models, as well as features such as systematic rebalancing and client and Advisor participation in determining asset allocation across asset classes. Underwriting and distribution fee-based advisory revenues are calculated monthly based upon beginning of month client assets and are earned over the period in which services are provided. Performance obligations are generally satisfied daily or monthly based on client assets. Under a Rule 12b-1 service plan, the Funds may charge a maximum fee of 0.25% of the average daily net AUM for Ivy Funds Class B C Y shares Class B distribution Underwriting and distribution commission revenues resulting from the sale of investment products are recorded upon satisfaction of performance obligations, which occurs on the trade date. For certain types of investment products, primarily variable annuities, distribution revenues are generally calculated based upon average daily net assets. Effective October 1, 2020, when a client purchases Class A or Class E shares (front-end load), the client pays an initial sales charge of up to 3.50% or 2.50%, respectively, of the amount invested, which is recognized at the time of the transaction. Prior to October 1, 2020, the initial sales charge for Class A client purchases was up to 5.75%. The sales charge for Class A or Class E shares typically declines as the investment amount increases. In addition, investors may combine their purchases of all fund shares to qualify for a reduced sales charge. When a client invests in a fee-based advisory product, Class I or Y shares are purchased at net asset value, and we do not charge an initial sales charge. Underwriting and distribution revenues resulting from payments from Advisors for office space, compliance oversight and affiliation fees are earned over the period in which the service is provided, which is generally monthly and is based on a fee schedule. Fees collected from Advisors for various services are recorded in underwriting and distribution fees on a gross basis, as the Company is the principal in these arrangements. Shareholder service fee revenue primarily includes transfer agency fees, custodian fees from retirement plan accounts, and portfolio accounting and administration fees. Transfer agency fees and portfolio accounting and administration fees are asset-based revenues or account-based revenues, while custodian fees from retirement plan accounts are based on the number of client accounts. Custodian fees, transfer agency fees and portfolio accounting and administration fees are earned upon completion of the service when all performance obligations have been satisfied.
Advertising and Promotion	Advertising and Promotion We expense all advertising and promotion costs as the advertising or event takes place. Advertising expense was $5.8 million, $7.9 million and $8.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is classified in marketing and advertising expense in the consolidated statements of income.
Leases	Leases The Company has operating and finance leases for corporate office space and equipment. Our leases have remaining lease terms leases leases Leases Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at inception (or the effective date of ASU 2016-02) based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the information available at inception (or the effective date of ASU 2016-02) in determining the present value of lease payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which we have elected not to separate. We have also elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. During January 2020, we signed a fifteen-year lease, which we expect to commence during 2022, relating to the development of a new 260,000 square foot innovative, distinctive and sustainably-designed corporate headquarters building in the heart of downtown Kansas City, Missouri. The lease will be recognized in the Company’s consolidated financial statements during the period that includes the lease’s commencement date. The impact that our proposed merger with Macquarie will have on our new corporate headquarters lease, including eligibility for state and local tax savings, has not been determined. ​
Share-Based Compensation	Share-Based Compensation We account for share-based compensation expense using the fair value method. Under the fair value method, share-based compensation expense reflects the fair value of share-based awards measured at grant date and is recognized over the service period. The Company’s Cash Settled RSU Plan (the “RSU Plan”) allows the Company to grant cash-settled restricted stock units (“Cash-settled RSUs”). Unvested RSUs have no purchase price and vest in 25% increments over four years, beginning on the first anniversary of the grant date. Once vested, RSU holders receive a lump sum cash payment equal to the fair market value on the vesting date (or the business date prior to the vesting date for shares granted beginning in March 2020) of one share of the Company’s common stock, par value $0.01, for each RSU that has vested, subject to applicable tax withholdings. We treat RSUs as liability-classified awards and, therefore, account for them at fair value based on the closing price of our common stock on the reporting date, which results in variable compensation expense over the vesting period.
Accounting for Income Taxes	Accounting for Income Taxes Income tax expense is based on pre-tax income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance as prescribed by ASC 740, “ Income Taxes Topic. available evidence, it is more likely than not that all or some portion of the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates that will be in effect when they are expected to be realized or settled. The effect on the measurement of deferred tax assets and liabilities of a change in income tax law is recognized in earnings in the period that includes the enactment date.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue Recognition
Summary of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ended December 31, ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ ​ (in thousands) Investment management fees: ​ ​ ​ ​ Funds ​ ​ $ 407,396 430,028 ​ 486,181 Institutional ​ ​ ​ 12,332 15,116 ​ 21,725 Total investment management fees ​ ​ ​ 419,728 445,144 ​ 507,906 Underwriting and distribution fees: ​ ​ ​ ​ ​ ​ ​ ​ Unaffiliated ​ ​ ​ ​ ​ ​ ​ ​ Service and distribution fees ​ ​ ​ 58,507 ​ 65,227 ​ 78,041 Sales commissions ​ ​ ​ 1,065 ​ 1,730 ​ 1,886 Other revenues ​ ​ ​ 362 ​ 290 ​ 568 Total unaffiliated distribution fees ​ ​ ​ 59,934 ​ 67,247 ​ 80,495 Wealth Management ​ ​ ​ ​ ​ ​ ​ ​ Advisory fees ​ ​ ​ 318,964 ​ 284,188 ​ 269,069 Service and distribution fees ​ ​ ​ 59,547 ​ 63,197 ​ 70,938 Sales commissions ​ ​ ​ 71,333 ​ 80,785 ​ 91,026 Other revenues ​ ​ ​ 34,662 ​ 36,419 ​ 38,482 Total wealth management distribution fees ​ ​ ​ 484,506 ​ 464,589 ​ 469,515 Total distribution fees ​ ​ ​ 544,440 ​ 531,836 ​ 550,010 Shareholder service fees: ​ ​ ​ ​ ​ ​ ​ ​ Total shareholder service fees ​ ​ ​ 85,329 93,335 ​ 102,385 ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ ​ $ 1,049,497 1,070,315 ​ 1,160,301

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investment Securities
Schedule of investment securities	Investment securities at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2020 2019 ​ ​ ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 9,705 ​ 1,977 ​ Corporate bonds ​ ​ 157,832 ​ 254,291 ​ Total available for sale securities ​ 167,537 ​ 256,268 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ 11,785 ​ 1,977 ​ Corporate bonds ​ 76,734 ​ 84,920 ​ U.S. Treasury bills ​ ​ — ​ 5,979 ​ Mortgage-backed securities ​ 1 ​ 4 ​ Term loans ​ ​ 47,224 ​ 44,268 ​ Consolidated sponsored funds ​ — ​ 43,567 ​ Total trading securities ​ 135,744 ​ 180,715 ​ Equity securities: ​ ​ ​ ​ ​ ​ Common stock ​ 41,410 ​ 34,945 ​ Sponsored funds ​ ​ 81,019 ​ 178,386 ​ Sponsored privately offered funds ​ 1,165 ​ 845 ​ Total equity securities ​ ​ 123,594 ​ 214,176 ​ Equity method securities: ​ ​ ​ ​ ​ ​ Sponsored funds ​ 59,890 ​ 37,187 ​ Total securities ​ $ 486,765 ​ 688,346 ​
Summary of maturities of securities held	Commercial paper and corporate bonds accounted for as available for sale and held as of December 31, 2020 mature as follows: ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ cost Fair value ​ (in thousands) Within one year $ 75,332 ​ 76,337 After one year but within five years ​ 88,658 ​ 91,200 ​ $ 163,990 ​ 167,537 ​ Commercial paper, corporate bonds, mortgage-backed securities and term loans accounted for as trading and held as of December 31, 2020 mature as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ (in thousands) Within one year ​ ​ $ 29,814 After one year but within five years ​ ​ ​ 83,139 After five years but within 10 years ​ ​ ​ 22,791 ​ ​ ​ $ 135,744
Summary of the gross unrealized gains (losses) related to securities	The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 9,720 ​ — ​ (15) ​ 9,705 ​ Corporate bonds ​ ​ 154,270 3,562 ​ — 157,832 ​ ​ ​ $ 163,990 3,562 (15) 167,537 ​ ​ The following is a summary of the gross unrealized gains (losses) related to securities classified as available for sale at December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Unrealized Unrealized ​ ​ ​ cost ​ gains ​ losses ​ Fair value ​ ​ (in thousands) ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 1,976 ​ 1 ​ — ​ 1,977 ​ Corporate bonds ​ ​ 250,982 3,314 ​ (5) 254,291 ​ ​ ​ $ 252,958 3,315 (5) 256,268 ​
Summary of available for sale sponsored funds with fair values below carrying values	A summary of available for sale debt securities with fair values below carrying values at December 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Commercial paper ​ $ 2,414 ​ (15) ​ — ​ — ​ 2,414 ​ (15) ​ A summary of available for sale debt securities with fair values below carrying values at December 31, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or longer ​ Total ​ ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ Fair value losses Fair value losses Fair value losses ​ ​ (in thousands) Corporate bonds ​ $ 4,538 ​ — ​ 8,056 ​ (5) ​ 12,594 ​ (5)
Summary of balances related to consolidated sponsored funds as well the company's net interest in these funds	The following table details the balances related to consolidated sponsored funds at December 31, 2020 and 2019, as well as the Company’s net interest in these funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ (in thousands) Cash $ — ​ ​ 1,530 Investments ​ — ​ 43,567 Other assets ​ — ​ 483 Redeemable noncontrolling interests ​ — ​ (19,205) Net interest in consolidated sponsored funds $ — ​ ​ 26,375
Schedule of fair value of investment securities	The following tables summarize our investment securities as of December 31, 2020 and 2019 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 82,085 ​ — ​ — ​ — ​ 82,085 ​ Commercial paper ​ ​ — ​ 47,421 ​ — ​ — ​ 47,421 ​ Total cash equivalents ​ $ 82,085 ​ 47,421 ​ — ​ — ​ 129,506 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ — ​ 9,705 ​ — ​ — ​ 9,705 ​ Corporate bonds ​ ​ — ​ 157,832 ​ — ​ — ​ 157,832 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 11,785 ​ — ​ — ​ 11,785 ​ Corporate bonds ​ ​ — ​ 76,734 ​ — ​ ​ ​ 76,734 ​ Mortgage-backed securities ​ — 1 — — ​ 1 ​ Term loans ​ — 46,030 1,194 — ​ 47,224 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 41,079 ​ — ​ 331 ​ — ​ 41,410 ​ Sponsored funds ​ ​ 81,019 ​ — ​ — ​ — ​ 81,019 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 1,165 ​ 1,165 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 59,890 ​ — ​ — ​ — ​ 59,890 ​ Total investment securities ​ $ 181,988 ​ 302,087 ​ 1,525 ​ 1,165 ​ 486,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Level 1 Level 2 Level 3 Other Assets Held at Net Asset Value ​ Total ​ ​ (in thousands) Cash equivalents: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 4,203 ​ — ​ — ​ — ​ 4,203 ​ Commercial paper ​ ​ — ​ 38,143 ​ — ​ — ​ 38,143 ​ Total cash equivalents ​ $ 4,203 ​ 38,143 ​ — ​ — ​ 42,346 ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 254,291 ​ — ​ — ​ 254,291 ​ Trading debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ 1,977 ​ — ​ — ​ 1,977 ​ Corporate bonds ​ ​ — ​ 84,920 ​ — ​ ​ ​ 84,920 ​ U.S. Treasury bills ​ ​ — ​ 5,979 ​ — ​ — ​ 5,979 ​ Mortgage-backed securities ​ — 4 — — ​ 4 ​ Term loans ​ — 40,368 3,900 — ​ 44,268 ​ Consolidated sponsored funds ​ ​ — 43,567 — — ​ 43,567 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ 34,942 ​ — ​ 3 ​ — ​ 34,945 ​ Sponsored funds ​ 178,386 ​ — ​ — ​ — ​ 178,386 ​ Sponsored privately offered funds measured at net asset value (2) ​ ​ — ​ — ​ — ​ 845 ​ 845 ​ Equity method securities: (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsored funds ​ ​ 37,187 ​ — ​ — ​ — ​ 37,187 ​ Total investment securities ​ $ 250,515 ​ 433,083 ​ 3,903 ​ 845 ​ 688,346 ​ (1) Cash equivalents include highly liquid investments with original maturities of 90 days or less. Cash investments in actively traded money market funds are measured at net asset value and are classified as Level 1. Cash investments in commercial paper are measured at cost, which approximates fair value because of the short time between purchase of the instrument and its expected realization and are classified as Level 2. (2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (3) The Company’s equity method investments are investment companies that record their underlying investments at fair value. ​
Schedule of activity of investments categorized as Level 3	The following table summarizes the activity of investments categorized as Level 3 for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2020 ​ ​ (in thousands) Level 3 assets at December 31, 2019 ​ $ 3,903 Purchases ​ 6,748 Transfers into level 3 ​ ​ 12,565 Transfers out of level 3 ​ ​ (17,583) Losses in Investment and other income ​ (970) Redemptions and paydowns ​ ​ (3,138) Level 3 assets at December 31, 2020 ​ $ 1,525 ​ ​ ​ ​ Change in unrealized losses for Level 3 assets held at December 31, 2020 ​ $ (395)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Financial Instruments
Schedule of fair value of the derivative financial instruments	The following table presents the fair value of the derivative financial instruments as of December 31, 2020 and 2019 calculated based on Level 2 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ Balance sheet ​ ​ 2020 ​ ​ 2019 ​ location Fair value Fair value ​ ​ ​ (in thousands) Total return swap contracts ​ Other current liabilities ​ $ 3,464 ​ ​ 3,990
summary of net losses recognized in income	The following is a summary of net losses recognized in income for the years ended December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ Income statement ​ December 31, ​ location ​ 2020 ​ 2019 ​ ​ ​ (in thousands) Total return swap contracts Investment and other income $ (26,030) ​ (38,240)

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Schedule of property and equipment, net	A summary of property and equipment at December 31, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ 2020 ​ 2019 ​ useful lives ​ ​ (in thousands) ​ ​ ​ Leasehold improvements $ 21,988 20,414 1 15 years Furniture and fixtures ​ 18,653 23,872 4 years ​ Equipment ​ 5,211 12,561 2 10 years ​ Computer software ​ 88,135 92,033 1 years ​ Data processing equipment ​ 17,482 16,726 1 5 years ​ Buildings ​ 7,312 7,490 1 30 years ​ Land ​ 1,864 1,864 ​ ​ ​ ​ Property and equipment, at cost ​ 160,645 174,960 ​ ​ ​ ​ Accumulated depreciation ​ (138,742) (140,234) ​ ​ ​ ​ Property and equipment, net ​ $ 21,903 34,726 ​ ​ ​ ​

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Identifiable Intangible Assets
Schedule of goodwill and identifiable intangible assets	Goodwill represents the excess of purchase price over the tangible assets and identifiable intangible assets of an acquired business. Our goodwill is not deductible for tax purposes. The Company performs an annual goodwill impairment assessment during the second quarter of each year and identified no impairment during the current year’s assessment. Goodwill and identifiable intangible assets (all considered indefinite-lived) at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ (in thousands) ​ Goodwill $ 106,970 106,970 ​ ​ ​ ​ ​ ​ ​ Mutual fund management advisory contracts ​ 38,699 38,699 ​ Other ​ 200 200 ​ Total identifiable intangible assets ​ 38,899 38,899 ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 145,869 145,869 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of provision for income taxes	The provision for income taxes from continuing operations for the years ended December 31, 2020, 2019 and 2018 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Current taxes: ​ Federal $ 28,533 37,283 54,071 State ​ 6,269 7,144 625 ​ Foreign ​ — — 1 ​ ​ ​ 34,802 44,427 54,697 ​ Deferred taxes ​ (4,679) (3,009) 783 ​ Provision for income taxes ​ $ 30,123 41,418 55,480 ​
Schedule of reconciliation of statutory federal income tax rate with effective income tax rate	The following table reconciles the statutory federal income tax rate with our effective income tax rate from continuing operations for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.3 ​ 3.4 ​ 2.4 ​ Share-based compensation ​ 1.2 ​ 1.4 ​ 1.8 ​ Uncertain tax positions (0.1) ​ (0.2) ​ (2.2) ​ Permanent differences 4.0 ​ 0.5 ​ 0.7 ​ Other items (1.1) ​ 0.1 ​ (0.4) ​ Effective income tax rate 29.3 % 26.2 % 23.3 %
Schedule of deferred tax liabilities and deferred tax assets	The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ (in thousands) ​ Deferred tax assets: ​ Property and equipment ​ $ 5,254 ​ 2,194 ​ Accrued compensation and related costs ​ ​ 14,107 11,779 ​ Other accrued expenses ​ 2,649 2,780 ​ Share-based compensation ​ ​ 11,602 9,215 ​ Unused state tax credits ​ ​ 2,144 2,341 ​ State net operating loss carryforwards ​ ​ 6,223 7,082 ​ Operating lease liabilities ​ ​ 3,643 ​ 6,042 ​ Other ​ ​ 2,578 1,848 ​ Total gross deferred assets ​ 48,200 43,281 ​ Deferred tax liabilities: ​ ​ Identifiable intangible assets ​ $ (9,488) (9,301) ​ Unrealized gains on investments securities and partnerships ​ (7,279) ​ (3,469) ​ Prepaid expenses ​ (2,338) (2,283) ​ Operating lease right-of-use assets ​ ​ (3,258) ​ (5,630) ​ Other ​ ​ (61) ​ (308) ​ Total gross deferred liabilities ​ (22,424) (20,991) ​ Valuation allowance ​ (6,576) (7,872) ​ Net deferred tax asset ​ $ 19,200 14,418 ​
Summary of the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest	The following table summarizes the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest, for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Balance at beginning of year $ 1,618 2,070 6,843 Increases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross increases - tax positions in prior period ​ 57 345 712 ​ Gross increases - current-period tax positions ​ 22 44 331 ​ Decreases during the year: ​ ​ ​ ​ ​ ​ ​ ​ Gross decreases - tax positions in prior period ​ (92) (135) (4,219) ​ Decreases due to settlements with taxing authorities ​ — (348) (1,385) ​ Decreases due to lapse of statute of limitations ​ (50) (358) (212) ​ Balance at end of year ​ $ 1,555 1,618 2,070 ​

Pension Plan and Postretireme_2

Pension Plan and Postretirement Benefits Other Than Pension (Tables)	12 Months Ended
	Dec. 31, 2020
Pension Plan and Postretirement Benefits Other Than Pension
Schedule of changes in net funded status, disclosure of amounts recognized in the balance sheet, and the assumptions used to determine the benefit obligation	A reconciliation of the funded status of these plans and the assumptions related to the obligations at December 31, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Change in projected benefit obligation: ​ Net benefit obligation at beginning of year ​ $ 186,480 ​ 154,528 ​ 184,245 726 1,048 2,195 ​ Interest cost ​ 3,070 ​ 6,146 ​ 5,986 15 33 54 ​ Benefits paid ​ (1,154) ​ (13,221) ​ (13,690) (827) (677) (602) ​ Actuarial loss (gain) ​ ​ 9,294 ​ 39,027 ​ (22,013) ​ 409 ​ 47 ​ (965) ​ Plan Termination ​ ​ (197,690) ​ — ​ — ​ — ​ — ​ — ​ Retiree contributions ​ ​ — ​ — ​ — ​ 220 ​ 275 ​ 366 ​ Net benefit obligation at end of year ​ $ — ​ 186,480 ​ 154,528 543 726 1,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Change in plan assets: ​ Fair value of plan assets at beginning of year ​ $ 183,903 ​ 162,999 ​ 170,881 — — — ​ Actual return on plan assets ​ 11,378 ​ 34,125 ​ 1,808 — — — ​ Employer contributions ​ 3,661 ​ — ​ 4,000 607 402 236 ​ Retiree contributions ​ — ​ — ​ — 220 275 366 ​ Benefits paid ​ (1,154) ​ (13,221) ​ (13,690) (827) (677) (602) ​ Plan Termination ​ ​ (197,788) ​ — ​ — ​ — ​ — ​ — ​ Fair value of plan assets at end of year ​ $ — ​ 183,903 ​ 162,999 — — — ​ Funded status at end of year ​ $ — ​ (2,577) ​ 8,471 (543) (726) (1,048) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands, except percentage data) ​ Amounts recognized in the statement of financial position: ​ ​ Noncurrent assets ​ $ — ​ — ​ 8,471 ​ ​ — ​ — ​ — ​ Current liabilities ​ ​ — ​ — ​ — ​ ​ (97) ​ (158) ​ (250) ​ Noncurrent liabilities ​ — ​ (2,577) ​ — ​ ​ (446) ​ (568) ​ (798) ​ Net amount recognized at end of year ​ $ — ​ (2,577) ​ 8,471 ​ ​ (543) ​ (726) ​ (1,048) ​ Weighted average assumptions used to determine benefit obligation at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ N/A ​ 3.32 % 4.45 % ​ 2.03 % 2.87 % 4.08 %
Summary of entity's pension plan assets fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) ​ Cash equivalents $ — 91,989 — ​ 91,989 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ — 19,311 — ​ ​ 19,311 ​ Corporate bonds ​ ​ — ​ 62,313 ​ — ​ ​ 62,313 ​ Foreign bonds ​ — 8,913 — ​ 8,913 ​ Total investment securities ​ — 182,526 — ​ 182,526 ​ Cash ​ ​ ​ ​ ​ ​ ​ ​ 1,377 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 183,903 ​
Schedule of components of net periodic pension and other postretirement costs	Net periodic pension costs are recorded in investment and other income on the Company’s consolidated statements of income. The components of net periodic pension and other postretirement costs consisted of the following for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Components of net periodic benefit cost: ​ Interest cost ​ $ 3,070 6,146 5,986 15 33 54 ​ Expected return on plan assets ​ (2,617) (6,315) (8,320) — — — ​ Actuarial loss (gain) ​ ​ — ​ 11,217 ​ (15,501) ​ — ​ — ​ — ​ Actuarial gain amortization ​ — — — (269) (495) (120) ​ Prior service cost amortization ​ — — — — — (2) ​ Settlement loss ​ ​ 1,302 ​ — ​ — ​ — ​ — ​ — ​ Total ​ $ 1,755 11,048 (17,835) (254) (462) (68) ​
Schedule of weighted average assumptions used to determine net periodic cost	The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ Pension Benefits ​ ​ Postretirement Benefits ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ 2020 ​ 2019 ​ 2018 Discount rate 3.07 % 4.45 % 3.76 % ​ 2.87 % 4.08 % 3.28 % Expected return on plan assets 2.50 % 4.00 % 5.00 % ​ Not applicable ​ Rate of compensation increase ​ Not applicable ​ ​ Not applicable ​ ________________________
Schedule of expected benefit payments to be paid	Under current plan provisions, we expect the following benefit payments to be paid. ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Postretirement ​ ​ Benefits ​ ​ (in thousands) 2021 ​ $ 97 ​ 2022 ​ 81 ​ 2023 ​ 58 ​ 2024 ​ 58 ​ 2025 ​ ​ 37 ​ 2026 through 2030 ​ 110 ​ ​ ​ $ 441 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Components of basic and diluted earnings per share	For the years ended December 31, 2020, 2019 and 2018, earnings per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ (in thousands, except for per share amounts) ​ Net income attributable to Waddell & Reed Financial, Inc. $ 70,457 114,992 183,588 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic and diluted ​ 64,974 ​ 73,299 ​ 80,468 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share, basic and diluted ​ $ 1.08 ​ 1.57 ​ 2.28 ​
Summary of accumulated other comprehensive income activity	The following tables summarize other comprehensive income activity for the years ended December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2020 ​ ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2019 ​ ​ $ 2,521 713 3,234 Other comprehensive income (loss) before reclassification ​ ​ ​ 823 (309) 514 ​ Amount reclassified from accumulated other comprehensive income ​ ​ ​ (648) (203) (851) ​ Net current period other comprehensive income (loss) ​ ​ ​ 175 ​ (512) (337) ​ Balance at December 31, 2020 ​ ​ ​ ​ $ 2,696 201 2,897 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Unrealized ​ Postretirement ​ accumulated ​ ​ ​ ​ gains (losses) on ​ benefits ​ other ​ ​ ​ ​ AFS investment ​ unrealized ​ comprehensive Year ended December 31, 2019 ​ ​ ​ securities ​ gains (losses) ​ income (loss) ​ ​ ​ ​ ​ (in thousands) ​ Balance at December 31, 2018 ​ ​ $ (797) 1,128 331 Other comprehensive income (loss) before reclassification ​ ​ ​ 3,496 (36) 3,460 ​ Amount reclassified from accumulated other comprehensive income ​ ​ ​ (178) (379) (557) ​ Net current period other comprehensive income (loss) ​ ​ ​ 3,318 ​ (415) 2,903 ​ Balance at December 31, 2019 ​ ​ ​ ​ $ 2,521 713 3,234 ​
Summary of reclassifications from accumulated other comprehensive income and included in net income	Reclassifications from accumulated other comprehensive income and included in net income are summarized in the tables that follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ Pre-tax ​ expense ​ Net of tax ​ Statement of income line item ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income: ​ Gains on available for sale debt securities ​ $ 853 (205) 648 Investment and other income ​ Amortization of postretirement benefits ​ ​ 269 (66) 203 Compensation and benefits ​ Total ​ $ 1,122 (271) 851 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ ​ Pre-tax ​ expense ​ Net of tax ​ Statement of income line item ​ ​ (in thousands) ​ ​ ​ Reclassifications included in net income: ​ Gains on available for sale debt securities ​ $ 234 (56) 178 Investment and other income ​ Amortization of postretirement benefits ​ ​ 495 (116) 379 Compensation and benefits ​ Total ​ $ 729 (172) 557 ​ ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-Based Compensation
Summary of nonvested share activity and related fair value	A summary of nonvested share activity and related fair value for the year ended December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Nonvested ​ Grant Date ​ ​ Stock Shares ​ Fair Value Nonvested at December 31, 2019 3,641,985 ​ $ 19.60 ​ Granted 1,659,004 ​ 13.01 ​ Vested (1,649,155) ​ 20.31 ​ Forfeited (111,478) ​ 17.64 ​ Nonvested at December 31, 2020 3,540,356 ​ $ 16.24 ​
Schedule of nonvested cash settled unit activity	A summary of nonvested cash-settled RSU activity for the year ended December 31, 2020 follows: ​ ​ ​ ​ ​ Nonvested ​ ​ Cash-Settled Units Nonvested at December 31, 2019 2,375,600 Granted 2,251,698 Vested (772,384) Forfeited (124,828) Nonvested at December 31, 2020 3,730,086

Uniform Net Capital Rule Requ_2

Uniform Net Capital Rule Requirements (Tables)	12 Months Ended
	Dec. 31, 2020
Uniform Net Capital Rule Requirements
Schedule of net capital and aggregated indebtedness information for broker/dealer subsidiaries	Net capital and aggregated indebtedness information for our broker-dealer subsidiaries is presented in the following table as of December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ (in thousands) ​ ​ W&R ​ IDI ​ W&R ​ IDI ​ Net capital $ 60,387 ​ ​ 16,813 60,758 ​ ​ 20,217 Required capital ​ 250 ​ ​ 2,026 250 ​ ​ 1,909 ​ Excess of required capital ​ $ 60,137 ​ ​ 14,787 60,508 ​ ​ 18,308 ​ Ratio of aggregate indebtedness to net capital ​ Not ​ ​ ​ Not ​ ​ ​ ​ ​ ​ ​ applicable ​ ​ ​ 1.81 to 1.0 ​ applicable ​ ​ ​ 1.42 to 1.0 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 ​ ​ (in thousands) Operating Lease Cost ​ $ 10,316 $ 17,574 ​ ​ ​ ​ ​ ​ ​ Finance Lease Cost: ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 174 $ 283 Interest on lease liabilities ​ ​ 16 ​ 27 Total ​ $ 190 ​ $ 310 ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 11,437 $ 16,520 Operating cash flows from finance leases ​ 16 27 Financing cash flows from finance leases ​ ​ 210 ​ ​ 290 ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 665 ​ ​ 39,580 Finance leases ​ ​ 10 ​ ​ 40
Schedule of supplemental balance sheet information	Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ (in thousands, except lease term and discount rate) Operating Leases: ​ ​ Operating lease ROU assets (Other non-current assets) ​ $ 13,461 $ 23,457 ​ ​ ​ ​ ​ ​ ​ Other current liabilities ​ $ 6,247 ​ $ 10,479 Other non-current liabilities ​ ​ 8,812 ​ ​ 14,694 Total operating lease liabilities ​ $ 15,059 ​ $ 25,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases: ​ ​ ​ ​ ​ ​ Property and equipment, gross ​ $ 333 ​ $ 985 Accumulated depreciation ​ ​ (277) ​ ​ (737) Property and equipment, net ​ $ 56 ​ $ 248 ​ ​ ​ ​ ​ ​ ​ Other current liabilities ​ $ 41 ​ $ 203 Other non-current liabilities ​ ​ 11 ​ ​ 55 Total finance lease liabilities ​ $ 52 ​ $ 258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4 years ​ ​ 4 years Finance leases ​ ​ 1 year ​ ​ 1 year ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.08% ​ ​ 4.32% Finance leases ​ ​ 6.00% ​ ​ 6.00%
Schedule of maturities of operating leases	Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ ​ Leases ​ ​ Leases ​ ​ (in thousands) Year ended December 31, ​ ​ ​ ​ ​ ​ 2021 $ 6,731 ​ 42 2022 ​ ​ 2,834 ​ ​ 11 2023 ​ 2,122 ​ — 2024 ​ 2,090 ​ — Thereafter ​ 2,613 ​ — Total lease payments ​ 16,390 ​ 53 Less imputed interest ​ ​ (1,331) ​ ​ (1) Total ​ $ 15,059 ​ 52
Schedule of maturities of finance leases	Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ Finance ​ ​ Leases ​ ​ Leases ​ ​ (in thousands) Year ended December 31, ​ ​ ​ ​ ​ ​ 2021 $ 6,731 ​ 42 2022 ​ ​ 2,834 ​ ​ 11 2023 ​ 2,122 ​ — 2024 ​ 2,090 ​ — Thereafter ​ 2,613 ​ — Total lease payments ​ 16,390 ​ 53 Less imputed interest ​ ​ (1,331) ​ ​ (1) Total ​ $ 15,059 ​ 52

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Schedule of revenues for services provided or related to the Funds and IGI	Revenues for services provided or related to the Funds and IGI Funds for the years ended December 31, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ (in thousands) ​ Investment management fees $ 407,396 430,028 486,581 Service and distribution fees ​ 111,233 121,603 141,220 ​ Shareholder service fees ​ 85,329 93,335 102,385 ​ Total revenues ​ $ 603,958 644,966 730,186 ​

Selected Quarterly Informatio_2

Selected Quarterly Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Information (Unaudited)
Schedule of selected quarterly Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ (in thousands) ​ 2020 ​ Total revenues ​ $ 263,733 240,034 267,670 278,060 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 21,986 24,824 30,523 (6,877) ​ Net income per share, basic and diluted ​ $ 0.32 0.38 0.48 (0.11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ ​ (in thousands) ​ 2019 ​ ​ Total revenues ​ $ 259,410 270,154 270,680 270,071 ​ Net income attributable to Waddell & Reed Financial, Inc. ​ $ 32,053 33,948 33,054 15,936 ​ Net income per share, basic and diluted ​ $ 0.42 0.45 0.46 0.23 ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Presentation and Consolidation (Details)	12 Months Ended
	Dec. 31, 2020segment	Dec. 02, 2020$ / shares
Number of operating business segments | segment	1
Macquarie Asset Management
Cash per share to be received (in dollars per share) | $ / shares		$ 25

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Summary of property and equipment
Depreciation on assets held for sale	$ 0
Capitalized implementation costs for hosting arrangements	4,800
Accumulated amortization of hosting arrangement	459
Asset impairment of hosting arrangement	$ 1,300
Furniture and fixtures | Minimum
Summary of property and equipment
Estimated useful lives	4 years
Furniture and fixtures | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Computer software | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Computer software | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Data processing equipment | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Data processing equipment | Maximum
Summary of property and equipment
Estimated useful lives	5 years
Buildings | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Buildings | Maximum
Summary of property and equipment
Estimated useful lives	30 years
Other equipment | Minimum
Summary of property and equipment
Estimated useful lives	2 years
Other equipment | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Leasehold improvements | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Leasehold improvements | Maximum
Summary of property and equipment
Estimated useful lives	15 years
Software Developed for Internal Use
Summary of property and equipment
Internal costs capitalized	$ 1,400	$ 3,500
Software Developed for Internal Use | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Software Developed for Internal Use | Maximum
Summary of property and equipment
Estimated useful lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Deferred Sales Commissions and Revenue Recognition (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020
Ivy Funds Class B
Revenue Recognition
Maximum service plan fee (as a percent)			0.25%
Maximum distribution plan fee (as a percent)			0.75%
Ivy Funds Class C
Revenue Recognition
Maximum service plan fee (as a percent)			0.25%
Maximum distribution plan fee (as a percent)			0.75%
Ivy Funds Class E
Revenue Recognition
Maximum service plan fee (as a percent)			0.25%
Ivy Funds Class E | Maximum
Revenue Recognition
Sales charge (as a percent)	2.50%
Ivy Funds Class Y
Revenue Recognition
Maximum service plan fee (as a percent)			0.25%
Ivy Funds Class R
Revenue Recognition
Maximum service plan fee (as a percent)			0.50%
Ivy Funds Class A
Revenue Recognition
Maximum service plan fee (as a percent)			0.25%
Maximum distribution plan fee (as a percent)			0.25%
Ivy Funds Class A | Maximum
Revenue Recognition
Sales charge (as a percent)	3.50%	5.75%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Advertising and Promotion (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Advertising and Promotion
Advertising expense	$ 5.8	$ 7.9	$ 8.1

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leases (Details) - ft²	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2020
Leases
Option to extend - Operating	true
Option to extend - Finance	true
Option to terminate - Operating	true
Option to terminate - Finance	true
Corporate Headquarters
Leases
Lease term - Finance		15 years
Square footage		260,000
Minimum
Leases
Lease term - Operating	1 year
Lease term - Finance	1 year
Maximum
Leases
Lease term - Operating	5 years
Lease term - Finance	5 years
Option to extend period - Operating	20 years
Option to extend period - Finance	20 years
Option to terminate period - Operating	1 year
Option to terminate period - Finance	1 year

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Share Based Compensation and Accounting for Income Taxes (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Percentage increments vested on anniversaries on the grant date	25.00%
Par value, common stock	$ 0.01	$ 0.01
Cash Settled RSU Plan
Percentage increments vested on anniversaries on the grant date	25.00%
Vesting period	4 years
Number of share of par value $0.01 on which lump sum cash payment is received by RSU holders	1
Par value, common stock	$ 0.01

New Accounting Guidance (Detail

New Accounting Guidance (Details)	Jan. 01, 2020	Dec. 31, 2019
ASU 2016-13
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2017-14
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2018-15
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2019-12
New Accounting Guidance
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue Recognition
Total Revenues	$ 1,049,497	$ 1,070,315	$ 1,160,301
Investment management fees
Revenue Recognition
Total Revenues	419,728	445,144	507,906
Funds
Revenue Recognition
Total Revenues	407,396	430,028	486,181
Institutional
Revenue Recognition
Total Revenues	12,332	15,116	21,725
Underwriting and distribution fees
Revenue Recognition
Total Revenues	544,440	531,836	550,010
Unaffiliated
Revenue Recognition
Total Revenues	59,934	67,247	80,495
Unaffiliated service and distribution fees
Revenue Recognition
Total Revenues	58,507	65,227	78,041
Unaffiliated sales commissions
Revenue Recognition
Total Revenues	1,065	1,730	1,886
Unaffiliated Other revenues
Revenue Recognition
Total Revenues	362	290	568
Wealth Management
Revenue Recognition
Total Revenues	484,506	464,589	469,515
Wealth Management Advisory Fees
Revenue Recognition
Total Revenues	318,964	284,188	269,069
Wealth Management Service and distribution fees
Revenue Recognition
Total Revenues	59,547	63,197	70,938
Wealth Management Sales commissions
Revenue Recognition
Total Revenues	71,333	80,785	91,026
Wealth Management Other revenues
Revenue Recognition
Total Revenues	34,662	36,419	38,482
Shareholder service fees
Revenue Recognition
Total Revenues	$ 85,329	$ 93,335	$ 102,385

Investment Securities - Investm

Investment Securities - Investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available for sale securities:
Available for sale securities	$ 167,537	$ 256,268
Trading debt securities:
Trading debt securities	135,744	180,715
Equity securities:
Equity securities	123,594	214,176
Equity method securities:
Total investment securities	486,765	688,346
Commercial paper
Available for sale securities:
Available for sale securities	9,705	1,977
Trading debt securities:
Trading debt securities	11,785	1,977
Corporate bonds
Available for sale securities:
Available for sale securities	157,832	254,291
Trading debt securities:
Trading debt securities	76,734	84,920
U.S. treasury bills
Trading debt securities:
Trading debt securities		5,979
Mortgage-backed securities
Trading debt securities:
Trading debt securities	1	4
Term loans
Trading debt securities:
Trading debt securities	47,224	44,268
Consolidated Sponsored Funds
Trading debt securities:
Trading debt securities		43,567
Common Stock
Equity securities:
Equity securities	41,410	34,945
Sponsored funds
Equity securities:
Equity securities	81,019	178,386
Equity method securities:
Equity method securities	59,890	37,187
Sponsored privately offered funds
Equity securities:
Equity securities	$ 1,165	$ 845

Investment Securities - Maturit

Investment Securities - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Within one year	$ 75,332
After one year but within five years	88,658
Amortized Cost	163,990	$ 252,958
Fair value
Within one year	76,337
After one year but within five years	91,200
Total fair value	167,537	$ 256,268
Fair value
Within one year	29,814
After one year but within five years	83,139
After five years but within 10 years	22,791
Total fair value	$ 135,744

Investment Securities - Inves_2

Investment Securities - Investment securities and summary of the gains (losses) related to securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available for sale securities:
Amortized Cost	$ 163,990	$ 252,958
Unrealized gains	3,562	3,315
Unrealized losses	(15)	(5)
Fair value	167,537	256,268
Commercial paper
Available for sale securities:
Amortized Cost	9,720	1,976
Unrealized gains		1
Unrealized losses	(15)
Fair value	9,705	1,977
Corporate bonds
Available for sale securities:
Amortized Cost	154,270	250,982
Unrealized gains	3,562	3,314
Unrealized losses		(5)
Fair value	$ 157,832	$ 254,291

Investment Securities - Sponsor

Investment Securities - Sponsored Privately Offered Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment Securities
Net realized gains (losses) on sale of available for sale securities	$ 0.9	$ (0.1)
Proceeds from sales of available for sale and equity method securities	$ 55.3	$ 19.7	$ 0
Sponsored funds | Investment and other income (loss)
Investment Securities
Pre-tax charge to reflect the "other than temporary" decline in value of investments			$ 0.3

Investment Securities - Availab

Investment Securities - Available for sale sponsored funds with fair values below carrying values (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Unrealized losses
Securities in an unrealized loss position | security	1
Allowance for credit losses	$ 0
Net unrealized gains (losses) on trading debt securities	900	$ 400	$ (100)
Net unrealized gains (losses) on equity securities	12,300	25,000	$ (22,800)
Commercial paper
Fair value
Less than 12 months	2,414
Total fair value	2,414
Unrealized losses
Less than 12 months	(15)
Total unrealized losses	$ (15)
Corporate bonds
Fair value
Less than 12 months		4,538
12 months or longer		8,056
Total fair value		12,594
Unrealized losses
12 months or longer		(5)
Total unrealized losses		$ (5)

Investment Securities - Consoli

Investment Securities - Consolidated Sponsored Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment Securities
Cash	$ 273,756	$ 151,815
Redeemable noncontrolling interests		(19,205)
Consolidated Sponsored Funds
Investment Securities
Cash		1,530
Investments		43,567
Other assets		483
Redeemable noncontrolling interests		(19,205)
Net interest in consolidated sponsored funds		$ 26,375

Investment Securities - Fair va

Investment Securities - Fair value of investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair value of investments
Cash equivalents	$ 129,506	$ 42,346
Available for sale securities	167,537	256,268
Trading debt securities	135,744	180,715
Equity securities	123,594	214,176
Total investment securities	486,765	688,346
Money market funds
Fair value of investments
Cash equivalents	82,085	4,203
Commercial paper
Fair value of investments
Cash equivalents	47,421	38,143
Available for sale securities	9,705	1,977
Trading debt securities	11,785	1,977
Corporate bonds
Fair value of investments
Available for sale securities	157,832	254,291
Trading debt securities	76,734	84,920
U.S. treasury bills
Fair value of investments
Trading debt securities		5,979
Mortgage-backed securities
Fair value of investments
Trading debt securities	1	4
Term loans
Fair value of investments
Trading debt securities	47,224	44,268
Consolidated Sponsored Funds
Fair value of investments
Trading debt securities		43,567
Common Stock
Fair value of investments
Equity securities	41,410	34,945
Sponsored funds
Fair value of investments
Equity securities	81,019	178,386
Equity method securities	59,890	37,187
Sponsored privately offered funds
Fair value of investments
Equity securities	1,165	845
Level 1
Fair value of investments
Cash equivalents	82,085	4,203
Total investment securities	181,988	250,515
Level 1 | Money market funds
Fair value of investments
Cash equivalents	82,085	4,203
Level 1 | Common Stock
Fair value of investments
Equity securities	41,079	34,942
Level 1 | Sponsored funds
Fair value of investments
Equity securities	81,019	178,386
Equity method securities	59,890	37,187
Level 2
Fair value of investments
Cash equivalents	47,421	38,143
Total investment securities	302,087	433,083
Level 2 | Commercial paper
Fair value of investments
Cash equivalents	47,421	38,143
Available for sale securities	9,705	1,977
Trading debt securities	11,785	1,977
Level 2 | Corporate bonds
Fair value of investments
Available for sale securities	157,832	254,291
Trading debt securities	76,734	84,920
Level 2 | U.S. treasury bills
Fair value of investments
Trading debt securities		5,979
Level 2 | Mortgage-backed securities
Fair value of investments
Trading debt securities	1	4
Level 2 | Term loans
Fair value of investments
Trading debt securities	46,030	40,368
Level 2 | Consolidated Sponsored Funds
Fair value of investments
Trading debt securities		43,567
Level 3
Fair value of investments
Total investment securities	1,525	3,903
Level 3 | Term loans
Fair value of investments
Trading debt securities	1,194	3,900
Level 3 | Common Stock
Fair value of investments
Equity securities	331	3
Other Assets Held at Net Value
Fair value of investments
Total investment securities	1,165	845
Other Assets Held at Net Value | Sponsored privately offered funds
Fair value of investments
Equity securities	$ 1,165	$ 845

Investment Securities - Inves_3

Investment Securities - Investment category (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets at beginning of period	$ 3,903
Additions	6,748
Transfers into level 3	12,565
Transfers out of level 3	(17,583)
Losses in Investment and other income	$ (970)
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income [Extensible List]	Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
Redemptions / Paydowns	$ (3,138)
Level 3 assets at end of period	1,525
Change in unrealized gains (losses) for Level 3 assets held	$ (395)

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - Not designated as a hedge - Total return swap contracts $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Derivative Financial Instruments
Number of contracts | contract	10	14
Notional value	$ 198,200	$ 228,200
Cash collateral with the counterparties	3,400	3,700
Investment and other income (loss) | Level 2
Derivative Financial Instruments
Net (losses) gains recognized in income	(26,030)	(38,240)
Other current liabilities | Level 2
Derivative Financial Instruments
Fair value - liabilities	$ 3,464	$ 3,990

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of property and equipment
Property and equipment, at cost	$ 160,645	$ 174,960
Accumulated depreciation	(138,742)	(140,234)
Property and equipment, net	21,903	34,726
Depreciation	12,833	19,829	$ 25,649
Asset impairment charges	900	12,800
Assets held for sale	21,903	34,726
Equipment
Summary of property and equipment
Property and equipment, net		3,100
Assets held for sale		3,100
Buildings
Summary of property and equipment
Property and equipment, net	3,800	3,800
Assets held for sale	3,800	3,800
Land
Summary of property and equipment
Property and equipment, net		1,900
Assets held for sale		1,900
Leasehold improvements
Summary of property and equipment
Property and equipment, at cost	$ 21,988	20,414
Leasehold improvements | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Leasehold improvements | Maximum
Summary of property and equipment
Estimated useful lives	15 years
Furniture and fixtures
Summary of property and equipment
Property and equipment, at cost	$ 18,653	23,872
Furniture and fixtures | Minimum
Summary of property and equipment
Estimated useful lives	4 years
Furniture and fixtures | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Equipment
Summary of property and equipment
Property and equipment, at cost	$ 5,211	12,561
Equipment | Minimum
Summary of property and equipment
Estimated useful lives	2 years
Equipment | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Computer software
Summary of property and equipment
Property and equipment, at cost	$ 88,135	92,033
Asset impairment related to merger	$ 2,100
Computer software | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Computer software | Maximum
Summary of property and equipment
Estimated useful lives	10 years
Data processing equipment
Summary of property and equipment
Property and equipment, at cost	$ 17,482	16,726
Data processing equipment | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Data processing equipment | Maximum
Summary of property and equipment
Estimated useful lives	5 years
Buildings
Summary of property and equipment
Property and equipment, at cost	$ 7,312	7,490
Buildings | Minimum
Summary of property and equipment
Estimated useful lives	1 year
Buildings | Maximum
Summary of property and equipment
Estimated useful lives	30 years
Land
Summary of property and equipment
Property and equipment, at cost	$ 1,864	$ 1,864
Property and equipment, net	1,900
Assets held for sale	$ 1,900

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Identifiable Intangible Assets
Impairment of goodwill	$ 0
Goodwill	106,970	$ 106,970
Mutual fund management advisory contracts	38,699	38,699
Other	200	200
Total identifiable intangible assets	38,899	38,899
Total goodwill and identifiable intangible assets	$ 145,869	$ 145,869

Indebtedness (Details)

Indebtedness (Details) $ in Thousands	Jan. 31, 2021USD ($)	Oct. 20, 2020USD ($)	Jan. 13, 2018USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2010USD ($)
Indebtedness
Short-term notes payable				$ 94,997
Repayment of short-term debt					$ 94,925
Long-term debt						$ 94,926
Credit Facility
Indebtedness
Revolving credit facility term		364 days
Maximum borrowing capacity		$ 100,000
Amount that borrowing capacity can be expanded upon entity's request		$ 200,000
Borrowing outstanding under the facility				$ 0		$ 0
Senior Notes
Indebtedness
Face amount of notes issued and sold							$ 190,000
Consolidated leverage ratio				0.7
Number of consecutive quarters for which the maximum consolidated leverage ratio is required to be maintained under financial covenants | item				4
Number of consecutive quarters for which the minimum consolidated interest coverage ratio is required to be maintained under financial covenants | item				4
Consolidated interest coverage ratio				22.4
Senior Notes | Maximum
Indebtedness
Consolidated leverage ratio				3
Senior Notes | Minimum
Indebtedness
Consolidated interest coverage ratio				4
Senior 5.75% unsecured notes due, 2021 ("Series B Notes")
Indebtedness
Short-term notes payable				$ 95,000
Fair value of outstanding short-term indebtedness				$ 95,100
Senior 5.75% unsecured notes due, 2021 ("Series B Notes") | Subsequent Event
Indebtedness
Notes repaid	$ 95,000
Senior 5.0% unsecured notes due, 2018 ("Series A Notes")
Indebtedness
Repayment of short-term debt			$ 95,000

Income Taxes - Provision for in

Income Taxes - Provision for income taxes and reconciliation of statutory federal income tax rate with effective income tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current taxes:
Federal	$ 28,533	$ 37,283	$ 54,071
State	6,269	7,144	625
Foreign			1
Total current taxes	34,802	44,427	54,697
Deferred Income Tax Expense (Benefit)	(4,679)	(3,009)	783
Provision for income taxes	$ 30,123	$ 41,418	$ 55,480
Reconciliation of statutory federal income tax rate with the entity's effective income tax rate
Statutory federal income tax rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal tax benefit (as a percent)	4.30%	3.40%	2.40%
Share-based compensation (as a percent)	1.20%	1.40%	1.80%
Uncertain tax positions (as a percent)	(0.10%)	(0.20%)	(2.20%)
Permanent differences (as a percent)	4.00%	0.50%	0.70%
Other items (as a percent)	(1.10%)	0.10%	(0.40%)
Effective income tax rate (as a percent)	29.30%	26.20%	23.30%

Income Taxes - Deferred tax lia

Income Taxes - Deferred tax liabilities and deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Property and equipment	$ 5,254	$ 2,194
Accrued compensation and related costs	14,107	11,779
Other accrued expenses	2,649	2,780
Share-based compensation	11,602	9,215
Unused state tax credits	2,144	2,341
State net operating loss carryforwards	6,223	7,082
Operating lease liabilities	3,643	6,042
Other	2,578	1,848
Total gross deferred assets	48,200	43,281
Deferred tax liabilities:
Identifiable intangible assets	(9,488)	(9,301)
Unrealized gains on investments securities and partnerships	(7,279)	(3,469)
Prepaid expenses	(2,338)	(2,283)
Operating lease right-of-use assets	(3,258)	(5,630)
Other	(61)	(308)
Total gross deferred liabilities	(22,424)	(20,991)
Valuation allowance	(6,576)	(7,872)
Net deferred tax asset	19,200	14,418
Deferred tax assets, operating loss carryforwards, subject to expiration	6,200	7,100
Operating loss carryforward, valuation allowance	5,800	7,100
State tax credit carryforwards	2,100	2,300
State tax credit carryforwards that will expire between 2024 and 2033 if not utilized	1,900
State tax credit carryforwards that will expire in 2026 if not utilized	200
State tax credit carryforwards, indefinite carryforward	100
State tax credit carryforwards, valuation allowance	$ 800	$ 800

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Unrecognized tax benefits, including penalties and interest that if recognized would impact effective tax rate	$ 1.9	$ 2
Unrecognized tax benefits, including penalties and interest, net of federal tax benefit that if recognized would affect effective tax rate	$ 1.7	$ 1.7

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of unrecognized tax benefits, excluding penalties and interest
Balance at the beginning of the period	$ 1,618	$ 2,070	$ 6,843
Increases during the year:
Gross increases - tax positions in prior period	57	345	712
Gross increases - current-period tax positions	22	44	331
Decreases during the year:
Gross decreases - tax positions in prior period	(92)	(135)	(4,219)
Decreases due to settlements with taxing authorities		(348)	(1,385)
Decreases due to lapse of statute of limitations	(50)	(358)	(212)
Balance at the end of the period	$ 1,555	$ 1,618	$ 2,070

Pension Plan and Postretireme_3

Pension Plan and Postretirement Benefits Other Than Pension - Changes in net funded status, disclosure of amounts recognized in the balance sheet, and the assumptions used to determine the benefit (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized in the statement of financial position:
Noncurrent liabilities		$ (446)	$ (3,145)
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Final number of years of employee's compensation to determine the benefits payable		10 years
Settlement loss		$ 1,302
Change in projected benefit obligation:
Net benefit obligation at beginning of year		186,480	154,528	$ 184,245
Interest cost		3,070	6,146	5,986
Benefits paid		(1,154)	(13,221)	(13,690)
Actuarial loss (gain)		9,294	39,027	(22,013)
Plan Termination		(197,690)
Net benefit obligation at end of year			186,480	154,528
Change in plan assets:
Fair value of plan assets at beginning of year		183,903	162,999	170,881
Actual return on plan assets		11,378	34,125	1,808
Employer contributions	$ 3,700	3,661	0	4,000
Benefits paid		(1,154)	(13,221)	(13,690)
Plan Termination		$ (197,788)
Fair value of plan assets at end of year			183,903	162,999
Funded status at end of year			(2,577)	8,471
Amounts recognized in the statement of financial position:
Noncurrent assets				8,471
Noncurrent liabilities			(2,577)
Net amount recognized at end of year			$ (2,577)	$ 8,471
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate (as a percent)			3.32%	4.45%
Other Postretirement Benefits
Pension Plan and Postretirement Benefits Other than Pension
Age of employees after which the plan does not provide benefits		65 years
Change in projected benefit obligation:
Net benefit obligation at beginning of year		$ 726	$ 1,048	$ 2,195
Interest cost		15	33	54
Benefits paid		(827)	(677)	(602)
Actuarial loss (gain)		409	47	(965)
Retiree contributions		220	275	366
Net benefit obligation at end of year		543	726	1,048
Change in plan assets:
Employer contributions		607	402	236
Retiree contributions		220	275	366
Benefits paid		(827)	(677)	(602)
Funded status at end of year		(543)	(726)	(1,048)
Amounts recognized in the statement of financial position:
Current liabilities		(97)	(158)	(250)
Noncurrent liabilities		(446)	(568)	(798)
Net amount recognized at end of year		$ (543)	$ (726)	$ (1,048)
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate (as a percent)		2.03%	2.87%	4.08%

Pension Plan and Postretireme_4

Pension Plan and Postretirement Benefits Other Than Pension - Plan assets fair value (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	$ 183,903	$ 162,999	$ 170,881
Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	182,526
Cash equivalents
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	91,989
U.S. treasuries
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	19,311
Corporate bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	62,313
Foreign bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	8,913
Cash
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	1,377
Level 2 | Total investment securities
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	182,526
Level 2 | Cash equivalents
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	91,989
Level 2 | U.S. treasuries
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	19,311
Level 2 | Corporate bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	62,313
Level 2 | Foreign bonds
Pension Plan and Postretirement Benefits Other than Pension
Total fair value	$ 8,913

Pension Plan and Postretireme_5

Pension Plan and Postretirement Benefits Other Than Pension - Components of net periodic costs, weighted average assumptions, and expected benefit payments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Components of net periodic benefit cost:
Interest cost		$ 3,070	$ 6,146	$ 5,986
Expected return on plan assets		(2,617)	(6,315)	(8,320)
Actuarial (gain) loss			11,217	(15,501)
Settlement loss		1,302
Total		$ 1,755	$ 11,048	$ (17,835)
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)		3.07%	4.45%	3.76%
Expected return on plan assets (as a percent)		2.50%	4.00%	5.00%
Expected benefit payments
Employer contributions	$ 3,700	$ 3,661	$ 0	$ 4,000
Other Postretirement Benefits
Components of net periodic benefit cost:
Interest cost		15	33	54
Actuarial gain amortization		(269)	(495)	(120)
Prior service cost amortization				(2)
Total		$ (254)	$ (462)	$ (68)
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (as a percent)		2.87%	4.08%	3.28%
Expected benefit payments
2021		$ 97
2022		81
2023		58
2024		58
2025		37
2026 through 2030		110
Total		441
Employer contributions		$ 607	$ 402	$ 236

Pension Plan and Postretireme_6

Pension Plan and Postretirement Benefits Other Than Pension - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Plan and Postretirement Benefits Other than Pension
Defined benefit plan liabilities	$ 446	$ 3,145
Pension Benefits
Pension Plan and Postretirement Benefits Other than Pension
Defined benefit plan assets			$ 8,471
Defined benefit plan liabilities		$ 2,577
Other Postretirement Benefits
Pension Plan and Postretirement Benefits Other than Pension
Initial health care cost trend rate prior to age 65 (as a percent)	6.44%	7.60%	8.05%
Initial health care cost trend rate subsequent to age 65 (as a percent)	7.42%	8.70%	9.30%
Rate to which the cost trend rate is assumed to decline (as a percent)	4.50%
Defined benefit plan liabilities	$ 446	$ 568	$ 798
Current portion of postretirement liability	97	158	$ 250
Other Postretirement Benefits | Other current liabilities
Pension Plan and Postretirement Benefits Other than Pension
Current portion of postretirement liability	$ 100	$ 100

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan
Employer's matching contribution to the plan	$ 5.2	$ 6	$ 6.8
Percentage of participant's eligible compensation for discretionary nonelective contribution	2.00%	2.00%
Defined Contribution Plan Employer Discretionary Contribution Amount	$ 2.5	$ 2.6

Stockholders' Equity - Earnings

Stockholders' Equity - Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of basic and diluted earnings per share
Net income attributable to Waddell & Reed Financial, Inc.	$ (6,877)	$ 30,523	$ 24,824	$ 21,986	$ 15,936	$ 33,054	$ 33,948	$ 32,053	$ 70,457	$ 114,992	$ 183,588
Weighted average shares outstanding - basic and diluted									64,974,000	73,299,000	80,468,000
Earnings per share:
Earnings per share, basic and diluted (in dollars per share)									$ 1.08	$ 1.57	$ 2.28
Dividends
Dividends declared (in dollars per share)	$ 0.25								$ 1	$ 1	$ 1
Dividends payable to stockholders	$ 15,600				$ 17,200				$ 15,600	$ 17,200
Common stock repurchases
Shares repurchased in the open market or privately									7,995,730	9,164,564	6,963,269
Shares repurchased from employees to cover income tax withholdings									554,062	548,132	729,882

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated other comprehensive income activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	$ 808,897	$ 883,450
Balance at the end of the period	727,757	808,897
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	3,234	331
Other comprehensive income (loss) before reclassification	514	3,460
Amount reclassified from accumulated other comprehensive income	(851)	(557)
Net current period other comprehensive income (loss)	(337)	2,903
Balance at the end of the period	2,897	3,234
Unrealized gains (losses) on AFS investment securities
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	2,521	(797)
Other comprehensive income (loss) before reclassification	823	3,496
Amount reclassified from accumulated other comprehensive income	(648)	(178)
Net current period other comprehensive income (loss)	175	3,318
Balance at the end of the period	2,696	2,521
Postretirement benefits unrealized gains (losses)
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of the period	713	1,128
Other comprehensive income (loss) before reclassification	(309)	(36)
Amount reclassified from accumulated other comprehensive income	(203)	(379)
Net current period other comprehensive income (loss)	(512)	(415)
Balance at the end of the period	$ 201	$ 713

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassifications from accumulated other comprehensive income and included in net income (Details) - Reclassifications from accumulated other comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reclassifications included in net income:
Pre-tax	$ 1,122	$ 729
Tax expense	(271)	(172)
Net of tax	851	557
Gains (losses) on available for sale debt securities | Investment and other income (loss)
Reclassifications included in net income:
Pre-tax	853	234
Tax expense	(205)	(56)
Net of tax	648	178
Postretirement benefits unrealized gains (losses) | Compensation and benefits
Reclassifications included in net income:
Pre-tax	269	495
Tax expense	(66)	(116)
Net of tax	$ 203	$ 379

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation
Percentage increments vested on anniversaries of the grant date	25.00%
Par value, common stock	$ 0.01	$ 0.01
Cash Settled RSU Plan
Share-Based Compensation
Vesting period	4 years
Percentage increments vested on anniversaries of the grant date	25.00%
Number of share of par value $0.01 on which lump sum cash payment is received by RSU holders	1
Par value, common stock	$ 0.01
Number of shares of common stock on which each RSU holders are entitled to dividend equivalent payments	1
Restricted stock units awarded	0
1998 Stock Incentive Plan ("SI Plan")
Share-Based Compensation
Maximum number of shares of common stock authorized for issuance	40,400,000
Number of shares of common stock available for issuance	5,255,495

Share-Based Compensation - Nonv

Share-Based Compensation - Nonvested share activity and related fair value (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Nonvested Stock Shares, Weighted Average Grant Date Fair Value
Compensation expense	$ 56,772	$ 46,613	$ 51,565
Nonvested stock awards
Nonvested Stock Shares
Nonvested at the beginning of the period (in shares)	3,641,985
Granted (in shares)	1,659,004
Vested (in shares)	(1,649,155)
Forfeited (in shares)	(111,478)
Nonvested at the end of the period (in shares)	3,540,356	3,641,985
Nonvested Stock Shares, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 19.60
Granted (in dollars per share)	13.01
Vested (in dollars per share)	20.31
Forfeited (in dollars per share)	17.64
Nonvested at the end of the period (in dollars per share)	$ 16.24	$ 19.60
Compensation expense	$ 56,800	$ 46,600	51,600
Related income tax benefit recognized	13,800	11,100	11,900
Remaining unamortized expense of nonvested stock expected to be recognized	$ 38,300
Period for expense amortized	2 years 3 months 18 days
Total fair value of shares vested	$ 26,200	$ 29,100	$ 41,000
Cash Settled RSU Plan
Nonvested Stock Shares
Nonvested at the beginning of the period (in shares)	2,375,600
Granted (in shares)	2,251,698
Vested (in shares)	(772,384)
Forfeited (in shares)	(124,828)
Nonvested at the end of the period (in shares)	3,730,086	2,375,600

Uniform Net Capital Rule Requ_3

Uniform Net Capital Rule Requirements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)subsidiary	Dec. 31, 2019USD ($)
Uniform Net Capital Rule Requirements
Number of subsidiaries registered as broker dealers | subsidiary	2
Maximum ratio of aggregate indebtedness to net capital	15
Minimum net capital | $	$ 250	$ 250
Net capital percentage of debit balances	2.00%	2.00%

Uniform Net Capital Rule Requ_4

Uniform Net Capital Rule Requirements - Net capital and aggregated indebtedness information for broker/dealer subsidiaries (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Waddell & Reed, Inc. (W&R)
Net capital and aggregated indebtedness information for entity's broker/dealer subsidiaries
Net capital	$ 60,387	$ 60,758
Required capital	250	250
Excess of required capital	60,137	60,508
Ivy Funds Distributor, Inc. (IFDI)
Net capital and aggregated indebtedness information for entity's broker/dealer subsidiaries
Net capital	16,813	20,217
Required capital	2,026	1,909
Excess of required capital	$ 14,787	$ 18,308
Ratio of aggregate indebtedness to net capital	1.81	1.42

Leases - Components of Lease (D

Leases - Components of Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Components of lease expense
Operating Lease Cost	$ 10,316	$ 17,574
Amortization of ROU assets	174	283
Interest on lease liabilities	16	27
Total	$ 190	$ 310

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating cash flows from operating leases	$ 11,437	$ 16,520
Operating cash flows from finance leases	16	27
Financing cash flows from finance leases	210	290
ROU assets obtained in exchange for lease obligations - Operating leases	665	39,580
ROU assets obtained in exchange for lease obligations - Finance leases	$ 10	$ 40

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating lease ROU assets	$ 13,461	$ 23,457
Financial position	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Operating lease liabilities - current	$ 6,247	$ 10,479
Financial position	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities - noncurrent	$ 8,812	$ 14,694
Financial position	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total Operating lease liabilities	$ 15,059	$ 25,173
Property and equipment, gross	160,645	174,960
Accumulated depreciation	(138,742)	(140,234)
Financing Lease ROU assets	$ 56	$ 248
Financial position	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Finance lease liabilities - current	$ 41	$ 203
Financial position	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Finance lease liabilities - noncurrent	$ 11	$ 55
Financial position	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Finance lease liabilities	$ 52	$ 258
Weighted average remaining lease term - Operating leases	4 years	4 years
Weighted average remaining lease term - Financing leases	1 year	1 year
Weighted average discount rate - Operating leases	4.08%	4.32%
Weighted average discount rate - Financing leases	6.00%	6.00%
Finance lease assets
Leases
Property and equipment, gross	$ 333	$ 985
Accumulated depreciation	$ (277)	$ (737)

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases maturities:
2021	$ 6,731
2022	2,834
2023	2,122
2024	2,090
Thereafter	2,613
Total lease payments	16,390
Less imputed interest	(1,331)
Total	15,059	$ 25,173
Finance Leases maturities:
2021	42
2022	11
Total lease payments	53
Less imputed interest	(1)
Total	$ 52	$ 258

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions
Total revenues	$ 603,958	$ 644,966	$ 730,186
Receivables due from the Funds	12,100	12,800
Investment management fees
Related Party Transactions
Total revenues	407,396	430,028	486,581
Service and distribution fees
Related Party Transactions
Total revenues	111,233	121,603	141,220
Shareholder service fees
Related Party Transactions
Total revenues	$ 85,329	$ 93,335	$ 102,385

Selected Quarterly Informatio_3

Selected Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Information (Unaudited)
Total revenues	$ 278,060	$ 267,670	$ 240,034	$ 263,733	$ 270,071	$ 270,680	$ 270,154	$ 259,410
Net income attributable to Waddell & Reed Financial, Inc.	$ (6,877)	$ 30,523	$ 24,824	$ 21,986	$ 15,936	$ 33,054	$ 33,948	$ 32,053	$ 70,457	$ 114,992	$ 183,588
Net income per share, basic and diluted	$ (0.11)	$ 0.48	$ 0.38	$ 0.32	$ 0.23	$ 0.46	$ 0.45	$ 0.42	$ 1.08	$ 1.57	$ 2.28

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 31, 2021complaint
Subsequent Event
Subsequent Events
Number of complaints filed by purported stockholders of the Company	3