LPL Financial (LPLA) 10-Q30 Oct 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
Document and Entity Information Document	Sep. 30, 2013	Oct. 21, 2013
Entity Information [Line Items]
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	1397911
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	30-Sep-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		101,719,374

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES:
Commission	$527,419	$442,129	$1,521,390	$1,353,025
Advisory	299,101	267,334	878,421	786,507
Asset-based	107,447	100,024	318,718	300,049
Transaction and other	93,799	84,730	271,808	238,196
Interest income, net of interest expense	4,509	4,629	13,343	14,139
Other	20,937	8,382	43,248	24,928
Total net revenues	1,053,212	907,228	3,046,928	2,716,844
EXPENSES:
Commission and advisory	724,835	620,165	2,086,075	1,858,139
Compensation and benefits	102,310	91,309	299,317	273,355
Promotional	36,807	31,844	85,276	74,797
Depreciation and amortization	21,432	18,423	61,451	53,010
Occupancy and equipment	16,568	13,914	49,649	42,418
Professional services	18,955	15,672	47,588	46,992
Brokerage, clearing and exchange	11,360	9,938	32,958	29,007
Communications and data processing	11,017	10,249	31,401	28,945
Regulatory fees and other	8,234	6,979	23,339	21,416
Restructuring charges	6,482	1,211	19,851	4,962
Other	20,547	20,460	37,116	36,573
Total operating expenses	978,547	840,164	2,774,021	2,469,614
Non-operating interest expense	13,363	12,826	38,190	42,297
Loss on extinguishment of debt	0	0	7,962	16,524
Total expenses	991,910	852,990	2,820,173	2,528,435
INCOME BEFORE PROVISION FOR INCOME TAXES	61,302	54,238	226,755	188,409
PROVISION FOR INCOME TAXES	23,671	19,939	89,316	73,429
NET INCOME	$37,631	$34,299	$137,439	$114,980
EARNINGS PER SHARE (Note 12):
Basic	$0.36	$0.31	$1.30	$1.05
Diluted	$0.36	$0.31	$1.29	$1.02

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income	$37,631	$34,299	$137,439	$114,980
Other comprehensive income, net of tax:
Unrealized loss on cash flow hedges, net of tax expense of $155 for the three and nine months ended September 30, 2013	-250	0	-250	0
Adjustment for items reclassified to earnings, net of tax expense of $527 during the nine months ended September 30, 2012	0	0	0	850
Total other comprehensive income, net of tax	-250	0	-250	850
TOTAL COMPREHENSIVE INCOME	$37,381	$34,299	$137,189	$115,830

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Tax expense on unrealized loss on cash flow hedges	$155,000	$0	$155,000	$0
Tax expense on adjustment for items reclassified to earnings	$0	$0	$0	$527,000

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$585,740	$466,261
Cash and securities segregated under federal and other regulations	428,043	577,433
Receivables from:
Clients, net of allowance of $567 at September 30, 2013 and $587 at December 31, 2012	341,387	369,814
Product sponsors, broker-dealers and clearing organizations	152,582	152,950
Others, net of allowance of $7,200 at September 30, 2013 and $6,675 at December 31, 2012	252,864	241,324
Securities owned:
Trading â€” at fair value	8,848	8,088
Held-to-maturity	6,761	10,202
Securities borrowed	10,616	9,448
Income taxes receivable	9,030	5,215
Fixed assets, net of accumulated depreciation and amortization of $288,411 at September 30, 2013 and $324,684 at December 31, 2012	140,846	130,847
Debt issuance costs, net of accumulated amortization of $6,671 at September 30, 2013 and $4,903 at December 31, 2012	17,361	21,254
Goodwill	1,361,361	1,371,523
Intangible assets, net of accumulated amortization of $256,555 at September 30, 2013 and $237,681 at December 31, 2012	474,253	503,528
Other assets	124,396	120,637
Total assets	3,914,088	3,988,524
LIABILITIES:
Drafts payable	178,151	203,132
Payables to clients	538,083	749,505
Payables to broker-dealers and clearing organizations	23,043	53,031
Accrued commission and advisory expenses payable	128,601	128,459
Accounts payable and accrued liabilities	244,565	216,138
Unearned revenue	63,474	61,808
Securities sold, but not yet purchased â€” at fair value	318	366
Senior secured credit facilities	1,537,806	1,317,825
Deferred income taxes â€” net	108,390	118,240
Total liabilities	2,822,431	2,848,504
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 116,854,124 shares issued at September 30, 2013 and 115,713,741 shares issued at December 31, 2012	117	116
Additional paid-in capital	1,274,947	1,228,075
Treasury stock, at cost â€” 14,313,119 shares at September 30, 2013 and 9,421,800 shares at December 31, 2012	-471,653	-287,998
Accumulated other comprehensive loss	-250	0
Retained earnings	288,496	199,827
Total stockholders' equity	1,091,657	1,140,020
Total liabilities and stockholders' equity	$3,914,088	$3,988,524

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Allowances on receivables from clients	$567	$587
Allowances on receivables from others	7,200	6,675
Accumulated depreciation and amortization, Fixed assets	288,411	324,684
Accumulated amortization, Debt issuance costs	6,671	4,903
Accumulated amortization, Intangible assets	$256,555	$237,681
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	116,854,124	115,713,741
Treasury stock, shares	14,313,119	9,421,800

Condensed_Consolidated_Stateme5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $)	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
In Thousands, except Share data	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2011	$1,344,748	$110	$1,137,723	($89,037)	($850)	$296,802
BEGINNING BALANCE, shares at Dec. 31, 2011		110,532,000		2,618,000
Net income and other comprehensive income, net of tax expense	115,830				850	114,980
Issuance of common stock to settle restricted stock units (Note11)	0	3	-3
Issuance of common stock to settle restricted stock units (Note 11), shares		2,823,000
Treasury stock purchases	-110,533			-110,533
Treasury stock purchases, shares				3,610,000
Cash dividends on common stock	-235,799					-235,799
Stock option exercises and other	12,834	2	12,832
Stock option exercises and other, shares		2,054,000
Share-based compensation	16,451		16,451
Share-based compensation, shares		22,000
Excess tax benefits from share-based compensation	49,753		49,753
ENDING BALANCE at Sep. 30, 2012	1,193,284	115	1,216,756	-199,570	0	175,983
ENDING BALANCE, shares at Sep. 30, 2012		115,431,000		6,228,000
BEGINNING BALANCE at Dec. 31, 2012	1,140,020	116	1,228,075	-287,998	0	199,827
BEGINNING BALANCE, shares at Dec. 31, 2012		115,714,000		9,422,000
Net income and other comprehensive income, net of tax expense	137,189				-250	137,439
Treasury stock purchases	-184,318			-184,318
Treasury stock purchases, shares				4,910,000
Cash dividends on common stock	-48,672					-48,672
Stock option exercises and other	28,189	1	27,623	663		-98
Stock option exercises and other, shares		1,140,000		-19,000
Share-based compensation	17,330		17,330
Excess tax benefits from share-based compensation	1,919		1,919
ENDING BALANCE at Sep. 30, 2013	$1,091,657	$117	$1,274,947	($471,653)	($250)	$288,496
ENDING BALANCE, shares at Sep. 30, 2013		116,854,000		14,313,000

Condensed_Consolidated_Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$137,439	$114,980
Noncash items:
Depreciation and amortization	61,451	53,010
Amortization of debt issuance costs	3,285	3,470
Share-based compensation	17,330	16,451
Excess tax benefits related to share-based compensation	-1,919	-49,753
Provision for bad debts	1,911	1,221
Deferred income tax provision	-9,850	-12,297
Loss on extinguishment of debt	7,962	16,524
Net changes in estimated fair value of contingent consideration obligations	4,131	9,882
Closure of NestWise (Note 1)	9,294	0
Other	1,886	1,791
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	149,390	-10,678
Receivables from clients	28,447	-25,656
Receivables from product sponsors, broker-dealers and clearing organizations	368	8,051
Receivables from others	-14,472	-22,242
Securities owned	-1,373	-633
Securities borrowed	-1,168	-2,149
Other assets	625	-37,575
Drafts payable	-24,981	-21,564
Payables to clients	-211,422	-50,697
Payables to broker-dealers and clearing organizations	-29,988	3,044
Accrued commission and advisory expenses payable	142	-1,991
Accounts payable and accrued liabilities	13,697	3,637
Income taxes receivable/payable	-1,896	47,330
Unearned revenue	1,666	-2,665
Securities sold, but not yet purchased	-48	59,936
Net cash provided by operating activities	141,907	101,427
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	-40,787	-32,534
Purchase of securities classified as held-to-maturity	-2,495	-2,914
Proceeds from maturity of securities classified as held-to-maturity	5,900	6,350
Deposits of restricted cash	-1,500	-67
Release of restricted cash	613	6,800
Acquisitions, net of cash acquired	0	-43,684
Purchases of minority interest investments	-2,500	-1,575
Net cash used in investing activities	-40,769	-67,624
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured credit facilities	-863,869	-1,354,118
Proceeds from senior secured credit facilities	1,078,957	1,330,681
Payment of debt issuance costs	-2,461	-4,431
Repurchase of common stock	-175,722	-107,524
Dividends on common stock	-48,672	-235,799
Excess tax benefits related to share-based compensation	1,919	49,753
Proceeds from stock option exercises and other	28,189	12,834
Net cash provided by (used in) financing activities	18,341	-308,604
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	119,479	-274,801
CASH AND CASH EQUIVALENTS - Beginning of period	466,261	720,772
CASH AND CASH EQUIVALENTS - End of period	585,740	445,971
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	38,433	42,288
Income taxes paid	100,999	36,971
NONCASH DISCLOSURES:
Fixed assets acquired under built-to-suit lease	9,088	5,599
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	4,893	19,319
Pending settlement of treasury stock purchases	$8,596	$3,009

Organization_and_Description_o

Organization and Description of the Company	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company		Organization and Description of the Company
		LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”) provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively “advisors”) in the United States of America. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services enabling its advisors to offer independent financial advice and brokerage services to retail investors (their “clients”).
		On August 15, 2013, investment funds affiliated with Hellman & Friedman LLC ("H&F") distributed an aggregate of 12.6 million shares of LPLFH's common stock to their respective partners (the "H&F Distribution"), representing all of the outstanding shares held by H&F as of the date of the H&F Distribution. In addition, two members of the Company's board of directors (the "Board of Directors") who had been designated to serve as directors by H&F tendered their resignations concurrent with the H&F Distribution, consistent with the terms of the Company's stockholders agreement.
		One of the Company’s subsidiaries, NestWise LLC (“NestWise”), was established in 2012 to train, develop and support advisors who focused on the efficient delivery of planning and investment services to the mass market. On August 28, 2013, the Company informed employees of its decision to close the operations of NestWise (the “NestWise Closure”). NestWise ceased operations on September 30, 2013 (see Notes 4 and 6).
Shares distributed by H&F	12.6

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Presentation — *Quarterly Reporting* — The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. The Company’s results for any interim period are not necessarily indicative of results for a full year or any other interim period. Certain reclassifications were made to previously reported amounts in the unaudited condensed consolidated financial statements and notes thereto to make them consistent with the current period presentation.
	The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of financial position, results of income, comprehensive income and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2012, contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company has evaluated subsequent events up to and including the date these unaudited condensed consolidated financial statements were issued.
	Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.
	Comprehensive Income — The Company presents its unaudited condensed consolidated statements of comprehensive income separately and immediately following its unaudited condensed consolidated statements of income. The Company’s comprehensive income is composed of net income and the effective portion of the gains on financial derivatives in cash flow hedge relationships, net of related tax effects.
	Use of Estimates — The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates estimates, including those related to revenue and related expense recognition, asset impairment, valuation of accounts receivable, valuation of financial instruments, contingent consideration obligations, contingencies and litigation, valuation and recognition of share-based payments, dividends and income taxes. These accounting policies are stated in the notes to the audited consolidated financial statements for the year ended December 31, 2012, contained in the Annual Report on Form 10-K as filed with the SEC. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates under different assumptions or conditions and the differences may be material to the unaudited condensed consolidated financial statements.
	Reportable Segment — The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels qualify as individual operating segments and are aggregated and viewed as one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment.
	Prior to the third quarter of 2013, the Company's internal reporting was organized into three service channels: Independent Advisor Services, Institution Services and Custom Clearing Services. During the third quarter of 2013, functions within Institution Services and Customer Clearing Services were unified under a single service channel: Institution Services.
	Derivative Financial Instruments — The Company uses derivative financial instruments, consisting of non-deliverable foreign currency forward contracts, to mitigate foreign currency exchange rate risk related to operating expenses that are subject to repricing (see Note 9).
	The Company has designated these derivative financial instruments as cash flow hedges, all of which qualify for hedge accounting. To qualify for hedge accounting, the derivative must be formally designated as a hedge through documentation of the relationship between the derivative and the hedged item. The documentation must include a description of the hedging instrument, the hedge item, the risk being hedged, the Company's risk management objective and strategy for undertaking the hedge, the method for assessing the effectiveness of the hedge and the method for measuring hedge ineffectiveness. In addition, the hedge relationship must be expected to be highly effective at offsetting changes in either the fair value or cash flows of the hedged item at both inception of the hedge and on an ongoing basis.
	The Company assesses the ongoing effectiveness of its cash flow hedges through the use of the critical terms match method which is based on conventional calculations including foreign currency exchange rates and forecasted hedge transactions, and the evaluation of counterparty credit risk. Changes in the fair value of the effective portion of the Company's cash flow hedges are presented in other comprehensive income (loss), and reclassified into earnings to match the timing of the underlying hedged item. Hedge ineffectiveness is measured at the end of each fiscal quarter, with any gains or losses realized into earnings in the current period.
	Fair Value of Financial Instruments — The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its indebtedness. The Company carries its indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4 for additional detail regarding the Company’s fair value measurements. As of September 30, 2013, the carrying amount and fair value of the Company’s indebtedness was approximately $1,537.8 million and $1,526.3 million, respectively. As of December 31, 2012, the carrying amount and fair value was approximately $1,317.8 million and $1,320.4 million, respectively.
	Contingent Consideration — The Company may be required to pay future consideration to the former shareholders of acquired companies, depending upon the terms of the applicable purchase agreement, that is contingent upon the achievement of certain financial or operating targets. The fair value of the contingent consideration is determined using financial forecasts and other estimates, which assess the probability and timing of the financial targets being reached, and measuring the associated cash payments at their present value using a risk-adjusted rate of return. The estimated fair value of the contingent consideration on the acquisition date is included in the purchase price of the acquired company. At each reporting date, or whenever there are significant changes in underlying key assumptions, a review of these assumptions is performed and the contingent consideration liability is updated to its estimated fair value. If there are no significant changes in the assumptions, the quarterly determination of the fair value of contingent consideration reflects the implied interest for the passage of time. Changes in the estimated fair value of the contingent consideration obligations may result from changes in the terms of the contingent payments, changes in discount periods and rates, changes in assumptions with respect to the timing and likelihood of achieving the applicable targets and other related developments. Actual progress toward achieving the financial targets for the remaining measurement periods may be different than the Company's expectations of future performance. The change in the estimated fair value of contingent consideration has been classified as other expenses in the unaudited condensed consolidated statements of income.
	Recently Issued Accounting Pronouncements — Recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2013, as compared to the recent accounting pronouncements described in the Company's 2012 Annual Report on Form 10-K, that are of significance, or potential significance, to the Company are discussed below.
	In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2013-02, Comprehensive Income (Topic 220)—Clarifying Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which updates disclosure requirements to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2012. This update is only disclosure related and has no impact on the Company's results of operations, financial condition or cash flows.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2013
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring
	Service Value Commitment
	On February 5, 2013, the Company committed to an expansion of its Service Value Commitment, an ongoing effort to position the Company for sustainable long-term growth by improving the service experience of its advisors and delivering efficiencies in its operating model. The Company assessed its information technology delivery, governance, organization and strategy and committed to undertake a course of action (the “Program”) to reposition its labor force and invest in technology, human capital, marketing and other key areas to enable future growth. The Program is expected to be completed in 2015.
	The Company estimates total charges in connection with the Program to be approximately $65.0 million. These expenditures are comprised of outsourcing and other related costs, technology transformation costs, employee severance obligations and other related costs and non-cash charges for impairment of certain fixed assets related to internally developed software.
	The following table summarizes the balance of accrued expenses and the changes in the accrued amounts for the Program as of and for the nine months ended September 30, 2013 (in thousands):


		Accrued		Costs		Payments			Non-cash			Accrued Balance at September 30, 2013		Total
		Balance at		Incurred(1)										Expected
		December 31,												Restructuring
		2012												Costs(2)
	Outsourcing and other related costs	$	—	$	9,278	$	(8,666	)	$	—		$	612	$	26,000

	Technology transformation costs	—		6,474		(6,464		)	—			10		23,000

	Employee severance obligations and other related costs	—		1,588		(878		)	—			710		15,000

	Asset impairments	—		842		—			(842		)	—		1,000

	Total	$	—	$	18,182	$	(16,008	)	$	(842	)	$	1,332	$	65,000

	________________________________

	-1	At September 30, 2013, costs incurred represent the total cumulative costs incurred under the Program to date.

	-2	At September 30, 2013, total expected restructuring costs exclude approximately $25.0 million of internally developed software and computer and networking equipment related to the Program that is expected to be capitalized with a useful life ranging from three to seven years, and with expense being recorded as depreciation and amortization within the unaudited condensed consolidated statements of income. As of September 30, 2013, approximately $21.7 million has been spent on technology infrastructure of which approximately $14.7 million has been capitalized, with the remainder included in costs incurred.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

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

	•	Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

	•	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
	There have been no transfers of assets or liabilities between these fair value measurement classifications during the nine months ended September 30, 2013.
	The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At September 30, 2013, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis:
	Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets.
	Securities Owned and Securities Sold, But Not Yet Purchased — The Company's trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasury obligations, mutual funds, certificates of deposit and traded equity and debt securities.
	The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At September 30, 2013, the Company did not adjust prices received from the independent third-party pricing services.
	Other Assets — The Company’s other assets include deferred compensation plan assets that are invested in money market and other mutual funds which are actively traded and valued based on quoted market prices and certain non-traded real estate investment trusts which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data.
	Accounts Payable and Accrued Liabilities — The Company's accounts payable and accrued liabilities include cash flow hedges, which are measured using Level 2 inputs, and contingent consideration liabilities, which are measured using Level 3 inputs. The fair value of the cash flow hedges are determined using quoted prices for similar cash flow hedges, taking into account counterparty credit risk and the Company's own non-performance risk. The contingent consideration liabilities result from the Company's acquisitions of National Retirement Partners, Inc. ("NRP"), Concord Capital Partners ("Concord") and Veritat Advisors, Inc. ("Veritat").
	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2013 (in thousands):


		Quoted			Significant				Significant			Fair Value
		Prices in			Other				Unobservable			Measurements
		Active			Observable				Inputs
		Markets for			Inputs				(Level 3)
		Identical			(Level 2)
		Assets
		(Level 1)
	At September 30, 2013:
	Assets
	Cash equivalents	$	294,811		$	—			$	—		$	294,811

	Securities owned — trading:
	Money market funds	395			—				—			395

	Mutual funds	6,315			—				—			6,315

	Equity securities	234			—				—			234

	Debt securities	—			1,004				—			1,004

	U.S. treasury obligations	900			—				—			900

	Total securities owned — trading	7,844			1,004				—			8,848

	Other assets	43,325			1,665				—			44,990

	Total assets at fair value	$	345,980		$	2,669			$	—		$	348,649

	Liabilities
	Securities sold, but not yet purchased:
	Mutual funds	$	3		$	—			$	—		$	3

	Equity securities	211			—				—			211

	Debt securities	—			49				—			49

	Certificates of deposit	—			55				—			55

	Total securities sold, but not yet purchased	214			104				—			318

	Accounts payable and accrued liabilities	—			405				32,248			32,653

	Total liabilities at fair value	$	214		$	509			$	32,248		$	32,971


	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2012 (in thousands):


	Quoted			Significant				Significant			Fair Value
	Prices in			Other				Unobservable			Measurements
	Active			Observable				Inputs
	Markets for			Inputs				(Level 3)
	Identical			(Level 2)
	Assets
	(Level 1)
At December 31, 2012:
Assets
Cash equivalents	$	177,393		$	—			$	—		$	177,393

Securities owned — trading:

Money market funds	302			—				—			302

Mutual funds	5,737			—				—			5,737

Equity securities	414			—				—			414

Debt securities	—			235				—			235

U.S. treasury obligations	1,400			—				—			1,400

Total securities owned — trading	7,853			235				—			8,088

Other assets	28,624			—				—			28,624

Total assets at fair value	$	213,870		$	235			$	—		$	214,105

Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	38		$	—			$	—		$	38

Equity securities	247			—				—			247

Debt securities	—			55				—			55

Certificates of deposit	—			26				—			26

Total securities sold, but not yet purchased	285			81				—			366

Accounts payable and accrued liabilities	—			—				35,887			35,887

Total liabilities at fair value	$	285		$	81			$	35,887		$	36,253

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


		Fair Value			Valuation Technique		Unobservable Input		Range
Contingent consideration obligations		$	32.2		Probability weighted		Discount rate		3% - 13%
					discounted cash flow
The Company determines the fair value for its contingent consideration obligations using an income approach whereby the Company assesses the probability and timing of the achievement of the applicable milestones, which are based on contractually negotiated financial or operating targets that vary by acquisition transaction, such as revenues, gross margin, EBITDA and assets under custody. The contingent payments are estimated using a probability weighted, multi-scenario analysis of expected future performance of the acquired businesses. The Company then discounts these expected payment amounts to calculate the fair value as of the valuation date. The Company's management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management's expectations.
The principal significant unobservable input used in the valuations of the Company's contingent consideration obligations is a risk-adjusted discount rate. Whereas management's underlying projections adjust for market penetration and adoption rates, the discount rate is risk-adjusted for key factors such as advisor attrition, advisor recruitment, expenses and overhead costs, average client assets, revenue generation of client assets and credit risk. An increase in the discount rate will result in a decrease in the fair value of contingent consideration. Conversely, a decrease in the discount rate will result in an increase in the fair value of contingent consideration.
The contingent consideration obligation related to the acquisition of NRP is based on the achievement of certain revenue-based targets for the twelve-month period ending November 30, 2013 (the "Performance Measurement Period"), in aggregate for those advisors joining LPL Financial LLC ("LPL Financial") subsequent to the NRP acquisition for whom retirement plans comprise a significant part of their business. During the first nine months of 2013, as a result of greater than expected recruitment of new advisors who serve retirement plans, which growth is expected to continue throughout the Performance Measurement Period, the Company revised its revenue estimates and made certain changes in the probability assumptions with respect to the likelihood of achieving the revenue targets. These revisions, combined with implied interest, resulted in a $7.7 million increase in the fair value of the contingent consideration obligation related to NRP during the nine months ended September 30, 2013 which is recorded in other expenses in the unaudited condensed consolidated statements of income.
The contingent consideration obligation related to the acquisition of Concord is based on the achievement of targeted levels of gross margin attributed to Concord for the year ending December 31, 2013. Gross margin is calculated as Concord net revenues less production expenses. Net revenue includes revenues attributed to Concord's business activities and assets under administration on Concord's software platform. Production expenses include all expenses directly incurred to generate Concord net revenues, including commission and advisory expense and brokerage, clearing and exchange expense. During the first quarter of 2013, the Company revised its estimates of the amount and timing of projected 2013 gross margin and adjusted its assumptions regarding the likelihood of payment. The revisions resulted in a $3.8 million decrease in the fair value of the contingent consideration obligation related to Concord during the nine months ended September 30, 2013 which is recorded in other expenses in the unaudited condensed consolidated statements of income. The fair value of the contingent consideration obligation as of September 30, 2013 reflects assumptions regarding the likelihood and amount of payment under the transaction agreements, including as a result of pending disputes with certain contractual counterparties. The maximum amount of contingent consideration under the agreement is $15.0 million.
The Company established a contingent consideration liability related to the acquisition of Veritat, based on the achievement of targeted levels of assets under management and earnings, as well as, the retention of key employees. During the third quarter of 2013, the Company ceased operations of NestWise, which held the assets acquired from Veritat. Based on this information, the Company revised its estimate of the potential payment obligation that it may be required to pay the former shareholders of Veritat, which resulted in a $7.8 million reduction of the contingent consideration obligation, which was recorded in other expenses in the unaudited condensed consolidated statements of income. At September 30, 2013, the fair value of the contingent consideration obligation reflects assumptions regarding the likelihood and amount of payment under the purchase agreement, including the potential negotiated resolutions with the former shareholders.
Set forth below is a reconciliation of the Company's aggregate contingent consideration for the nine months ended September 30, 2013 (in thousands):


Fair value at December 31, 2012	$	35,887

Net changes in estimated fair value of contingent consideration obligations	4,131

Closure of NestWise	(7,770		)
Fair value at September 30, 2013	$	32,248

HeldtoMaturity_Securities

Held-to-Maturity Securities	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities

	The Company holds certain investments in securities including U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments to maturity. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company discloses the fair value of its securities held-to-maturity using quoted prices in active markets, which is a Level 1 fair value measurement.

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


		September 30,			December 31,
		2013			2012
	U.S. government notes:
	Amortized cost	$	6,761		$	10,202

	Gross unrealized (loss) gain	(37		)	6

	Fair value	$	6,724		$	10,208


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


		Within one year			After one but within five years		After five but within ten years		Total
	U.S. government notes — at amortized cost	$	3,516		$	1,750	$	1,495	$	6,761

	U.S. government notes — at fair value	$	3,517		$	1,750	$	1,457	$	6,724

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets

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


	Balance at December 31, 2012	$	1,371,523

	Closure of NestWise	(10,162		)
	Balance at September 30, 2013	$	1,361,361


	In conjunction with the NestWise Closure, certain assets of NestWise, including goodwill, were determined to have no future economic benefit. Accordingly, the Company derecognized $10.2 million of goodwill held at NestWise during the third quarter of 2013, representing the carrying value of goodwill held at NestWise at the time of closure, which is included within other expenses on the unaudited condensed consolidated statements of income.

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


		Weighted		Gross		Accumulated			Net
		Average Life		Carrying		Amortization			Carrying
		Remaining		Value					Value
		(in years)
	At September 30, 2013:
	Definite-lived intangible assets:
	Advisor and financial institution relationships	12.1		$	439,763	$	(165,358	)	$	274,405

	Product sponsor relationships	12.3		230,916		(85,621		)	145,295

	Client relationships	10.4		19,110		(5,406		)	13,704

	Trade names	8.6		1,200		(170		)	1,030

	Total definite-lived intangible assets			$	690,989	$	(256,555	)	$	434,434

	Indefinite-lived intangible assets:
	Trademark and trade name								39,819

	Total intangible assets								$	474,253


	At December 31, 2012:
	Definite-lived intangible assets:
	Advisor and financial institution relationships	12.8		$	450,164	$	(157,470	)	$	292,694

	Product sponsor relationships	13		230,916		(76,230		)	154,686

	Client relationships	11.1		19,110		(3,901		)	15,209

	Trade names	9.3		1,200		(80		)	1,120

	Total definite-lived intangible assets			$	701,390	$	(237,681	)	$	463,709

	Indefinite-lived intangible assets:
	Trademark and trade name								39,819

	Total intangible assets								$	503,528


	Total amortization expense of intangible assets was $9.7 million and $10.0 million for the three months ended September 30, 2013 and 2012, respectively, and $29.3 million and $29.8 million for the nine months ended September 30, 2013 and 2012, respectively. Amortization expense for each of the fiscal years ending December 31, 2013 through 2017 and thereafter is estimated as follows (in thousands):


	2013 — remainder	$	9,731

	2014	38,680

	2015	37,775

2016	37,619

2017	36,752

Thereafter	273,877

Total	$	434,434

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	The Company’s effective income tax rate differs from the federal corporate tax rate of 35.0%, primarily as a result of state taxes, settlement contingencies and expenses that are not deductible for tax purposes. These items resulted in effective tax rates of 38.6% and 36.8% for the three months ended September 30, 2013 and 2012, respectively, and 39.4% and 39.0% for the nine months ended September 30, 2013 and 2012, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
	For the three and nine months ended September 30, 2012, the Company's effective tax rate was impacted by matters related to its stock acquisition of Concord that lowered the rate by approximately 3.0% for the three months ended September 30, 2012.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Indebtedness	Indebtedness

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

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

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

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

	The Term Loan A Repayment prepaid the Mandatory Amortization. Quarterly repayments of the principal for Amended Term Loan B will total 1.0% per year with the remaining principal due upon maturity. Any outstanding principal under the Revolving Credit Facility will be due upon maturity.

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

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

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

	Borrowings under Term Loan A and Amended Term Loan B bear interest at a base rate equal to either one, two, three, six, nine or twelve-month LIBOR (the "Eurodollar Rate") plus the applicable margin, or an alternative base rate (“ABR”) plus the applicable margin. The ABR is equal to the greatest of (a) the prime rate in effect on such day, (b) the effective federal funds rate in effect on such day plus 0.50%, (c) the Eurodollar Rate plus 1.00% and (d) solely in the case of Amended Term Loan B, 1.75%. The Company may voluntarily repay outstanding loans under its Amended Credit Agreement at any time without premium or penalty, other than customary breakage costs with respect to LIBOR loans and with the exception of certain repricing transactions in respect of Amended Term Loan B consummated before November 13, 2013, which will be subject to a premium of 1.0% of the principal amount of Amended Term Loan B subject to such repricing transaction.

	Borrowings under Prior Term Loan B bore interest at a base rate equal to either the Eurodollar Rate plus the applicable margin or an ABR plus the applicable margin. The ABR was equal to the greatest of (a) the prime rate in effect on such day, (b) the effective federal funds rate in effect on such day plus 0.50%, (c) the Eurodollar Rate plus 1.00% and (d) 2.00%.

	The applicable margin for borrowings with respect to both Term Loan A and Amended Term Loan B is currently 1.50% for base rate borrowings and 2.50% for LIBOR borrowings. The LIBOR rate with respect to Amended Term Loan B shall in no event be less than 0.75%. The applicable margin for borrowings under the Revolving Credit Facility is currently 1.50% for base rate borrowings and 2.50% for LIBOR borrowings with a commitment fee of 0.50%.

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

	The Previous Credit Agreement, dated as of March 29, 2012, allowed the Company to repay all outstanding principal borrowings under the Company's Third Amended and Restated Credit Agreement, dated as of May 24, 2010 ("Original Credit Agreement"). Accordingly, in the first quarter of 2012, the Company accelerated the recognition of $16.5 million of debt issuance costs related to borrowings under the Original Credit Agreement, which has been recorded as loss on extinguishment of debt within the unaudited condensed consolidated statements of income.
	The Company’s outstanding borrowings were as follows (dollars in thousands):


				September 30, 2013								December 31, 2012
								Interest								Interest
		Maturity		Balance				Rate				Balance				Rate
	Senior secured term loans:
	Term Loan A	3/29/17		$	459,375			2.68	%	-1		$	707,438			2.71	%	-3

	Prior Term Loan B	3/29/19		—				—	%			610,387				4	%	-4

	Amended Term Loan B	3/29/19		1,078,431				3.25	%	-2		—				—	%

	Total borrowings			1,537,806								1,317,825

	Less current borrowings (maturities within 12 months)			10,839								42,900

	Long-term borrowings — net of current portion			$	1,526,967							$	1,274,925

	_____________________

	-1	As of September 30, 2013, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.18%, plus the applicable interest rate margin of 2.50%.

	-2	The variable interest rate for Amended Term Loan B is based on the greater of the LIBOR rate for the period selected (one, three, six, nine or twelve months) or 0.75%, plus the applicable interest rate margin of 2.50%. As of September 30, 2013, the Company elected the following variable interest rates for borrowings under its Amended Term Loan B: six-month LIBOR for $537.8 million which was designated on September 26, 2013 at an interest rate of 0.37%; and six-month LIBOR for $540.6 million which was designated on June 26, 2013 at an interest rate of 0.42%.

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

	-4	As of December 31, 2012, the variable interest rate for Prior Term Loan B is based on the greater of the one-month LIBOR of 0.21% or 1.00%, plus the applicable interest rate margin of 3.00%.
	Bank Loans Payable — The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The other line had a $200.0 million and $150.0 million limit at September 30, 2013 and December 31, 2012, respectively, and allows for both collateralized and uncollateralized borrowings. The lines were utilized in 2013 and 2012; however, there were no balances outstanding at September 30, 2013 or December 31, 2012.

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


		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2013				2012				2013				2012
	Average balance outstanding	$	80			$	11			$	4,637			$	144

Weighted-average interest rate	1.5		%		1.5		%		1.8		%		1.63		%

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


2013 — remainder	$	2,710

2014	10,838

2015	10,838

2016	10,838

2017	470,214

Thereafter	1,032,368

Total	$	1,537,806

Derivative_Financial_Instrumen

Derivative Financial Instruments Derivative Financial Instruments

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

In the second quarter of 2013, in conjunction with its commitment to expand its Service Value Commitment, the Company entered into a long-term contractual obligation (the "Agreement") with a third-party provider to enhance the quality, speed and cost of processes by outsourcing certain functions. The Agreement enables the third-party provider to use the services of its affiliates in India to provide services to the Company. The Agreement provides for the Company to settle the cost of its contractual obligation to the third-party provider in US dollars each month. However, the Agreement provides that on each annual anniversary date, the price for services (denominated in US dollars) is to be adjusted for the then-current exchange rate between the US dollar ("USD") and the Indian rupee ("INR"). The Agreement provides that, once an annual adjustment is calculated, there are no further modifications to the amounts paid by the Company to the third-party provider for fluctuations in the exchange rate between the US dollar and the Indian rupee until the reset on the next anniversary date. The third-party provider bears the risk of currency movement from the date of signing the Agreement until the reset on the first anniversary of its signing, and during each period until the next annual reset. The Company bears the risk of currency movement at each of the annual reset dates following the first anniversary.

To mitigate foreign currency risk arising from these annual anniversary events, the Company uses derivative financial instruments consisting solely of non-deliverable foreign currency contracts, all of which have been designated as cash flow hedges.

The details related to the non-deliverable foreign currency contracts at September 30, 2013 are as follows:

(in millions, except foreign exchange rate)

Settlement Date

Hedged Notional Amount (INR)

Contractual INR/USD Foreign Exchange Rate

Hedged Notional Amount (USD)

Cash flow hedge #1

6/3/14

560.4

65.96

8.5

Cash flow hedge #2

6/2/15

560.4

69.35

8.1

Cash flow hedge #3

6/2/16

560.4

72.21

7.8

Cash flow hedge #4

6/2/17

560.4

74.2

7.5

Total hedged amount

31.9

The Company held an interest rate swap agreement with a notional balance of $65.0 million, which expired on June 30, 2012. The interest rate swap agreement qualified for hedge accounting and was designated as a cash flow hedge against specific payments due on the Company’s Prior Term Loan B. Prior to its expiration the Company assessed the interest rate swap agreement as being highly effective.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Leases — The Company leases certain office space and equipment under various operating leases. These leases are generally subject to scheduled base rent and maintenance cost increases, which are recognized on a straight-line basis over the period of the leases. Total rental expense for all operating leases was approximately $4.8 million and $5.0 million for the three months ended September 30, 2013 and 2012, respectively, and $14.7 million and $14.1 million for the nine months ended September 30, 2013 and 2012, respectively.
	Service Contracts — The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings.
	Future minimum payments under leases, lease commitments, service contracts and other contractual obligations with remaining terms greater than one year as of September 30, 2013, are as follows (in thousands):


	2013 — remainder	$	5,340

	2014	37,235

	2015	36,659

	2016	35,846

	2017	28,737

	Thereafter	261,095

	Total(1)(2)	$	404,912

	_________________

	-1	In the second quarter of 2013, the Company entered into a long-term contractual obligation with a third-party service provider to enhance the quality, speed and cost of processes that support the Company by outsourcing certain functions. The table above includes the minimum payments due over the duration of the contract. The contractual obligation may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The amount constituting the termination penalty steps down ratably through the passage of time. Future minimum payments have not been reduced by this termination penalty.


	-2	Future minimum payments have not been reduced by minimum sublease rental income of $4.1 million due in the future under noncancellable subleases.
	Guarantees — The Company occasionally enters into certain types of contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts.
	The Company’s subsidiary, LPL Financial, provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions.
	Loan Commitments — From time to time, LPL Financial makes loans to its advisors which may be forgivable, primarily to newly recruited advisors to assist in the transition process. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no significant unfunded commitments at September 30, 2013.
	Legal Proceedings
	The Company is involved in legal proceedings from time to time arising out of its business operations, including arbitrations and lawsuits involving private claimants, and subpoenas, investigations and other actions by government authorities and self-regulatory organizations. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases in which claimants seek substantial or indeterminate damages, the Company cannot predict with certainty what the eventual loss or range of loss related to such matters will be. The Company recognizes a liability with regard to a legal proceeding when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company maintains insurance coverage, including general liability, errors and omissions, excess entity errors and omissions and fidelity bond insurance. The Company records legal reserves and related insurance recoveries on a gross basis.
	Defense costs with regard to legal proceedings are expensed as incurred and classified as professional services within the unaudited condensed consolidated statements of income. When there is indemnification or insurance, the Company may engage in defense or settlement and subsequently seek reimbursement for such matters.
	Disputed Matters — Among others, claims involving client complaints or disclosures about risks related to purchased securities or other financial products are typically arbitrated pursuant to the Financial Industry Regulatory Authority's ("FINRA") procedures for arbitration rather than litigated in court. In an arbitration, neutral third parties review evidence in the form of documents and testimony, listen to arguments and render a decision on the disputed matter. Through arbitration, the opportunity for appeal is foregone in virtually all matters as the decisions are final and binding.
	The Company maintains insurance coverage for client claims. With respect to these matters, the estimated losses on the majority of pending matters are less than the applicable deductibles of the insurance policies. The Company believes, based on the information available at this time, after consultation with counsel, consideration of amounts accrued, insurance, if any, and indemnifications provided by the third-party indemnitors, if any, that the outcomes of matters with estimated losses in excess of applicable deductibles will not have a material impact on the unaudited condensed consolidated statements of income, financial condition or cash flows.
	Regulatory — In July 2012, the Internal Revenue Service (the “IRS”) issued a Notice of Proposed Adjustment (the “Notice”) asserting that the Company is subject to a penalty with respect to an alleged untimely deposit of withholding taxes related to the exercise of certain non-qualified stock options in connection with the Company's initial public offering in 2010. In 2012, the Company recorded an estimate of probable loss within accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition. During the first quarter of 2013, the IRS issued a Summary of Employment Tax Examination (the "Summary") and the Company remitted payment which approximated amounts previously accrued in accordance with the Summary. During the third quarter of 2013, the matter was concluded.
	In June of 2013, the Company reached an agreement with its principal regulator to resolve a matter related to email surveillance and production. During the first quarter of 2013, the Company recorded an estimate of a probable loss within professional services in the unaudited condensed consolidated statement of income and accounts payable and accrued liabilities in the unaudited condensed consolidated statement of financial condition. The outcome of this matter did not differ materially from the amount recorded in the unaudited condensed consolidated statements of income, financial condition or cash flows as of and for the three and nine months ended September 30, 2013.
	Other Commitments — As of September 30, 2013, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $343.7 million, which it can sell, re-pledge or loan. Of this amount, approximately $25.5 million was pledged with client-owned securities to the Options Clearing Corporation ("OCC") as collateral to secure client obligations related to options positions. Additionally, approximately $140.7 million are held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. The remainder of $177.5 million has not been re-pledged, loaned or sold, and as of September 30, 2013 there are no restrictions that materially limit the Company's ability to re-pledge, loan or sell the remaining $318.2 million of client collateral.
	As of December 31, 2012, the Company had received collateral primarily in connection with client margin loans with a market value of approximately $375.8 million, which it can sell, re-pledge or loan. Of this amount, approximately $41.5 million had been pledged or loaned as of December 31, 2012; $22.2 million was pledged with client-owned securities to the OCC as collateral to secure client obligations related to options positions, and $19.3 million was loaned to the NSCC through participation in its Stock Borrow Program. Additionally, approximately $40.3 million were held at banks in connection with unutilized secured margin lines of credit; these securities may be used as collateral for loans from these banks. The remainder of $294.0 million had not been re-pledged, loaned or sold, and as of December 31, 2012 there were no restrictions that materially limited the Company's ability to re-pledge, loan or sell the remaining $334.3 million of client collateral. In May 2013, the Company ended its participation in the National Securities Clearing Corporation ("NSCC") Stock Borrow Program and all pledged collateral was returned to the Company.
	Trading securities on the unaudited condensed consolidated statements of financial condition includes $0.9 million pledged to clearing organizations at September 30, 2013 and December 31, 2012, respectively.
	LPL Financial provides brokerage, clearing and custody services on a fully disclosed basis; offers its investment advisory programs and platforms; and provides technology and additional processing and related services to the advisors of the broker-dealer subsidiary of a large global insurance company and their clients under a multi-year agreement. Termination fees may be payable by a terminating or breaching party depending on the specific cause of termination.

Stockholders_Equity_Notes

Stockholders' Equity (Notes)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity
	Stock Plan Summary
	On November 17, 2010, the Company adopted a 2010 Omnibus Incentive Plan (the "2010 Plan"), which provides for the granting of stock options, warrants, restricted stock awards and restricted stock units. The 2010 Plan serves as the successor to the 2005 Stock Option Plan for Incentive Stock Options, the 2005 Stock Option Plan for Non-qualified Stock Options, the 2008 Advisor and Institution Incentive Plan, the 2008 Stock Option Plan and the Director Restricted Stock Plan (collectively, the "Predecessor Plans"). Upon adoption of the 2010 Plan, awards were no longer made under the Predecessor Plans. To the extent not already exercised, awards previously granted under the Predecessor Plans remain outstanding. Stock options granted under the 2010 Plan are either incentive stock options, or non-qualified stock options, as defined in the 2010 Plan. The Company has issued new shares under the 2010 Plan and is also permitted to reissue treasury shares.
	Under the 2010 Plan, the Company may grant up to 12.1 million new shares in addition to the shares available for grant under the Predecessor Plans. As of September 30, 2013, the Company had approximately 6.9 million of authorized unissued shares reserved for issuance upon exercise and conversion of outstanding awards.
	Stock Options and Warrants
	The Company grants stock options to certain employees, advisors, officers and non-employee directors. The Company has also granted warrants to certain financial institutions. Stock options and warrants generally vest in equal increments over a three- to five-year period and expire on the tenth anniversary following the date of grant.
	The Company recognizes share-based compensation for stock options awarded to employees, officers and directors based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized share-based compensation related to the vesting of these awards of $2.5 million and $4.1 million during the three months ended September 30, 2013 and 2012, respectively, and $9.8 million and $12.4 million during the nine months ended September 30, 2013 and 2012, respectively, which is included in compensation and benefits on the unaudited condensed consolidated statements of income. As of September 30, 2013, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, officers and directors was $29.8 million, which is expected to be recognized over a weighted-average period of 3.29 years.
	The Company recognizes share-based compensation for stock options and warrants awarded to its advisors and to financial institutions based on the fair value of the awards at each interim reporting period. The Company recognized share-based compensation of $1.6 million and $0.1 million during the three months ended September 30, 2013 and 2012, respectively, and $5.9 million and $2.9 million for during the nine months ended September 30, 2013 and 2012, respectively, related to the vesting of stock options and warrants awarded to its advisors and financial institutions, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of September 30, 2013, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to advisors and financial institutions was $16.5 million, which is expected to be recognized over a weighted-average period of 3.18 years.
	Restricted Stock
	The Company recognizes share-based compensation for restricted stock awards and restricted stock units granted to its employees, officers and directors by measuring such awards at their grant date fair value. Share-based compensation is recognized ratably over the requisite service period, which generally equals the vesting period. The Company recognized $0.6 million and $0.1 million of share-based compensation related to the vesting of restricted stock awards and restricted stock units during the three months ended September 30, 2013 and 2012, respectively, and $1.6 million and $0.4 million during the nine months ended September 30, 2013 and 2012, respectively, which is included in compensation and benefits on the unaudited condensed consolidated statements of income. As of September 30, 2013, total unrecognized compensation cost for restricted stock awards and restricted stock units granted to employees, officers and directors was $6.6 million, which is expected to be recognized over a weighted-average remaining period of 1.49 years.
	2008 Nonqualified Deferred Compensation Plan
	On November 19, 2008, the Company established an unfunded, unsecured deferred compensation plan (the "Deferred Compensation Plan") to permit employees and former employees who held non-qualified stock options issued under the 2005 Stock Option Plan for Incentive Stock Options and 2005 Stock Option Plan for Non-qualified Stock Options that were set to expire in 2009 and 2010, to receive stock units under the Deferred Compensation Plan. On February 22, 2012, the Company distributed 1,673,556 shares, net of shares withheld to satisfy withholding tax requirements, pursuant to the terms of the Deferred Compensation Plan. Distributions to participants were made in the form of whole shares of common stock equal to the number of stock units allocated to the participant's account, with fractional shares paid out in cash. Participants authorized the Company to withhold shares from their distribution of common stock to satisfy their withholding tax obligations. Accordingly on February 22, 2012, the Company repurchased 1,149,896 shares and paid $37.5 million of cash consideration related to tax withholdings. The repurchase of shares was executed under the share repurchase program approved by the Board of Directors on August 16, 2011.
	Share Repurchases
	The Board of Directors has approved several share repurchase programs pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. Purchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company's management.
	For the three months ended September 30, 2013 and 2012, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):


									2013					2012
	Approval Date		Authorized Repurchase Amount			Amount Remaining at September 30, 2013			Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
	16-Aug-11		$	70		$	—		—	$	—	$	—	186,190	$	27.56	$	5.1

	25-May-12		$	75		—			—	$	—	—		1,719,739	$	28.79	49.5

	27-Sep-12		$	150		—			759,786	$	38.4	29.2		—	$	—	—

	28-May-13		$	200		102.7			2,566,630	$	37.94	97.3		—	$	—	—

						$	102.7		3,326,416	$	38.04	$	126.5	1,905,929	$	28.67	$	54.6


	For the nine months ended September 30, 2013 and 2012, the Company had the following activity under its approved share repurchase programs (in millions, except share and per share data):


									2013					2012
	Approval Date		Authorized Repurchase Amount			Amount Remaining at September 30, 2013			Shares Purchased	Weighted Average Price Paid Per Share		Total Cost		Shares Purchased	Weighted Average Price Paid Per Share		Total Cost
	16-Aug-11		$	70		$	—		—	$	—	$	—	1,891,072	$	32.27	$	61

	25-May-12		$	75		—			—	$	—	—		1,719,739	$	28.79	49.5

	27-Sep-12		$	150		—			2,343,651	$	37.1	87		—	$	—	—

	28-May-13		$	200		102.7			2,566,630	$	37.94	97.3		—	$	—	—

						$	102.7		4,910,281	$	37.54	$	184.3	3,610,811	$	30.61	$	110.5


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


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

	Second quarter	$	0.135		$	14.4		$	2	$	222.6

	Third quarter	$	0.19		$	19.9		$	0.12	$	13.2

Earnings_per_Share

Earnings per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share

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


		For the Three				For the Nine
		Months Ended				Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Net income	$	37,631	$	34,299	$	137,439	$	114,980


	Basic weighted average number of shares outstanding	104,271		110,213		105,670		109,997

	Dilutive common share equivalents	1,434		1,664		1,264		2,439

	Diluted weighted average number of shares outstanding	105,705		111,877		106,934		112,436


	Basic earnings per share	$	0.36	$	0.31	$	1.3	$	1.05

	Diluted earnings per share	$	0.36	$	0.31	$	1.29	$	1.02


	The computation of diluted earnings per share excludes stock options, warrants and restricted stock units that are anti-dilutive. For the three months ended September 30, 2013 and 2012, stock options, warrants and restricted stock units representing common share equivalents of 3,075,389 shares and 4,307,637 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2013 and 2012, stock options, warrants and restricted stock units representing common share equivalents of 3,744,198 shares and 4,120,953 shares, respectively, were anti-dilutive.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2013
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions

	Aplifi, Inc. ("Aplifi"), a privately held technology company in which the Company holds an equity interest, provides software licensing for annuity order entry and compliance. The Company paid $0.8 million and $0.5 million to Aplifi for such services during the nine months ended September 30, 2013 and 2012, respectively.

	The Company’s significant shareholder, TPG Capital, has an ownership interest in several portfolio companies that provide the Company with services, as noted below:

	American Beacon Advisor, Inc. (“American Beacon”), a company majority-owned by TPG Capital, pays fees in exchange for product distribution and record-keeping services. During the nine months ended September 30, 2013 and 2012, the Company earned $0.4 million and $0.3 million, respectively, in fees from American Beacon.

	TPG Capital owns a minority interest in XOJET, Inc. ("XOJET"), which provides chartered aircraft services. The Company paid $0.5 million to XOJET during the nine months ended September 30, 2012.

	Certain entities affiliated with SunGard Data Systems Inc. ("SunGard"), a company minority-owned by TPG Capital, provide data center recovery services. The Company paid $0.2 million and $0.2 million to SunGard during the nine months ended September 30, 2013 and 2012, respectively.

	TPG Capital provided the Company with consulting services. During the nine months ended September 30, 2013 and 2012, the Company paid $0.1 million and $0.2 million, respectively, to TPG Capital.

Net_Capital_and_Regulatory_Req

Net Capital and Regulatory Requirements	9 Months Ended
Net Capital and Regulatory Requirements	Sep. 30, 2013
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements
	The Company operates in a highly regulated industry. Applicable laws and regulations restrict permissible activities and investments and require compliance with various financial and customer-related regulations. The consequences of noncompliance can include substantial monetary and non-monetary sanctions. In addition, the Company is also subject to comprehensive examinations and supervision by various governmental and self-regulatory agencies. These regulatory agencies generally have broad discretion to prescribe greater limitations on the operations of a regulated entity for the protection of investors or public interest. Furthermore, where the agencies determine that such operations are unsafe or unsound, fail to comply with applicable law, or are otherwise inconsistent with the laws and regulations or with the supervisory policies, greater restrictions may be imposed.
	The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital, as defined. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and had net capital of $183.1 million with a minimum net capital requirement of $6.3 million and net capital in excess of the minimum requirement of $176.8 million as of September 30, 2013.
	The Company's subsidiary, The Private Trust Company N.A. ("PTC"), operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts to PTC's operations.
	As of September 30, 2013 and December 31, 2012, LPL Financial and PTC met all capital adequacy requirements to which they are subject.

Financial_Instruments_with_Off

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2013
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract]
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk
	LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor's client, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary.
	LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors' clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally three business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when, as, and if issued securities. When, as, and if issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash and/or securities into their account prior to placing an order.
	LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the unaudited condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Subsequent_Event

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event

	On October 29, 2013, the Board of Directors declared a cash dividend of $0.19 per share on the Company's outstanding common stock to be paid on November 26, 2013 to all stockholders of record on November 11, 2013.

	******

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Accounting Policies [Abstract]
Consolidation	Consolidation — These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.
Comprehensive Income	Comprehensive Income — The Company presents its unaudited condensed consolidated statements of comprehensive income separately and immediately following its unaudited condensed consolidated statements of income. The Company’s comprehensive income is composed of net income and the effective portion of the gains on financial derivatives in cash flow hedge relationships, net of related tax effects.
Use of Estimates	Use of Estimates — The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates estimates, including those related to revenue and related expense recognition, asset impairment, valuation of accounts receivable, valuation of financial instruments, contingent consideration obligations, contingencies and litigation, valuation and recognition of share-based payments, dividends and income taxes. These accounting policies are stated in the notes to the audited consolidated financial statements for the year ended December 31, 2012, contained in the Annual Report on Form 10-K as filed with the SEC. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates under different assumptions or conditions and the differences may be material to the unaudited condensed consolidated financial statements.
Reportable Segment	Reportable Segment — The Company's internal reporting is organized into two service channels: Independent Advisor Services and Institution Services. These service channels qualify as individual operating segments and are aggregated and viewed as one reportable segment due to their similar economic characteristics, products and services, production and distribution processes, and regulatory environment.
Derivative Financial Instruments	Derivative Financial Instruments — The Company uses derivative financial instruments, consisting of non-deliverable foreign currency forward contracts, to mitigate foreign currency exchange rate risk related to operating expenses that are subject to repricing (see Note 9).
	The Company has designated these derivative financial instruments as cash flow hedges, all of which qualify for hedge accounting. To qualify for hedge accounting, the derivative must be formally designated as a hedge through documentation of the relationship between the derivative and the hedged item. The documentation must include a description of the hedging instrument, the hedge item, the risk being hedged, the Company's risk management objective and strategy for undertaking the hedge, the method for assessing the effectiveness of the hedge and the method for measuring hedge ineffectiveness. In addition, the hedge relationship must be expected to be highly effective at offsetting changes in either the fair value or cash flows of the hedged item at both inception of the hedge and on an ongoing basis.
	The Company assesses the ongoing effectiveness of its cash flow hedges through the use of the critical terms match method which is based on conventional calculations including foreign currency exchange rates and forecasted hedge transactions, and the evaluation of counterparty credit risk. Changes in the fair value of the effective portion of the Company's cash flow hedges are presented in other comprehensive income (loss), and reclassified into earnings to match the timing of the underlying hedged item. Hedge ineffectiveness is measured at the end of each fiscal quarter, with any gains or losses realized into earnings in the current period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments — The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its indebtedness. The Company carries its indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 4 for additional detail regarding the Company’s fair value measurements. As of September 30, 2013, the carrying amount and fair value of the Company’s indebtedness was approximately $1,537.8 million and $1,526.3 million, respectively. As of December 31, 2012, the carrying amount and fair value was approximately $1,317.8 million and $1,320.4 million, respectively.
Contingent Consideration	Contingent Consideration — The Company may be required to pay future consideration to the former shareholders of acquired companies, depending upon the terms of the applicable purchase agreement, that is contingent upon the achievement of certain financial or operating targets. The fair value of the contingent consideration is determined using financial forecasts and other estimates, which assess the probability and timing of the financial targets being reached, and measuring the associated cash payments at their present value using a risk-adjusted rate of return. The estimated fair value of the contingent consideration on the acquisition date is included in the purchase price of the acquired company. At each reporting date, or whenever there are significant changes in underlying key assumptions, a review of these assumptions is performed and the contingent consideration liability is updated to its estimated fair value. If there are no significant changes in the assumptions, the quarterly determination of the fair value of contingent consideration reflects the implied interest for the passage of time. Changes in the estimated fair value of the contingent consideration obligations may result from changes in the terms of the contingent payments, changes in discount periods and rates, changes in assumptions with respect to the timing and likelihood of achieving the applicable targets and other related developments. Actual progress toward achieving the financial targets for the remaining measurement periods may be different than the Company's expectations of future performance. The change in the estimated fair value of contingent consideration has been classified as other expenses in the unaudited condensed consolidated statements of income.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — Recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2013, as compared to the recent accounting pronouncements described in the Company's 2012 Annual Report on Form 10-K, that are of significance, or potential significance, to the Company are discussed below.
Recently Issued Accounting Pronouncements	In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2013-02, Comprehensive Income (Topic 220)—Clarifying Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which updates disclosure requirements to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2012. This update is only disclosure related and has no impact on the Company's results of operations, financial condition or cash flows.

Restructuring_Tables

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2013
Restructuring and Related Activities [Abstract]
Summary of changes in accrued restructuring expense balances	The following table summarizes the balance of accrued expenses and the changes in the accrued amounts for the Program as of and for the nine months ended September 30, 2013 (in thousands):


		Accrued		Costs		Payments			Non-cash			Accrued Balance at September 30, 2013		Total
		Balance at		Incurred(1)										Expected
		December 31,												Restructuring
		2012												Costs(2)
	Outsourcing and other related costs	$	—	$	9,278	$	(8,666	)	$	—		$	612	$	26,000

	Technology transformation costs	—		6,474		(6,464		)	—			10		23,000

	Employee severance obligations and other related costs	—		1,588		(878		)	—			710		15,000

	Asset impairments	—		842		—			(842		)	—		1,000

	Total	$	—	$	18,182	$	(16,008	)	$	(842	)	$	1,332	$	65,000

	________________________________

	-1	At September 30, 2013, costs incurred represent the total cumulative costs incurred under the Program to date.

	-2	At September 30, 2013, total expected restructuring costs exclude approximately $25.0 million of internally developed software and computer and networking equipment related to the Program that is expected to be capitalized with a useful life ranging from three to seven years, and with expense being recorded as depreciation and amortization within the unaudited condensed consolidated statements of income. As of September 30, 2013, approximately $21.7 million has been spent on technology infrastructure of which approximately $14.7 million has been capitalized, with the remainder included in costs incurred.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2013 (in thousands):


		Quoted				Significant			Significant			Fair Value
		Prices in				Other			Unobservable			Measurements
		Active				Observable			Inputs
		Markets for				Inputs			(Level 3)
		Identical				(Level 2)
		Assets
		(Level 1)
	At September 30, 2013:
	Assets
	Cash equivalents	$	294,811			$	—		$	—		$	294,811

	Securities owned — trading:
	Money market funds	395				—			—			395

	Mutual funds	6,315				—			—			6,315

	Equity securities	234				—			—			234

	Debt securities	—				1,004			—			1,004

	U.S. treasury obligations	900				—			—			900

	Total securities owned — trading	7,844				1,004			—			8,848

	Other assets	43,325				1,665			—			44,990

	Total assets at fair value	$	345,980			$	2,669		$	—		$	348,649

	Liabilities
	Securities sold, but not yet purchased:
	Mutual funds	$	3			$	—		$	—		$	3

	Equity securities	211				—			—			211

	Debt securities	—				49			—			49

	Certificates of deposit	—				55			—			55

	Total securities sold, but not yet purchased	214				104			—			318

	Accounts payable and accrued liabilities	—				405			32,248			32,653

	Total liabilities at fair value	$	214			$	509		$	32,248		$	32,971

	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2012 (in thousands):


		Quoted				Significant			Significant			Fair Value
		Prices in				Other			Unobservable			Measurements
		Active				Observable			Inputs
		Markets for				Inputs			(Level 3)
		Identical				(Level 2)
		Assets
		(Level 1)
	At December 31, 2012:
	Assets
	Cash equivalents	$	177,393			$	—		$	—		$	177,393

	Securities owned — trading:

	Money market funds	302				—			—			302

Mutual funds	5,737				—			—			5,737

Equity securities	414				—			—			414

Debt securities	—				235			—			235

U.S. treasury obligations	1,400				—			—			1,400

Total securities owned — trading	7,853				235			—			8,088

Other assets	28,624				—			—			28,624

Total assets at fair value	$	213,870			$	235		$	—		$	214,105

Liabilities
Securities sold, but not yet purchased:
Mutual funds	$	38			$	—		$	—		$	38

Equity securities	247				—			—			247

Debt securities	—				55			—			55

Certificates of deposit	—				26			—			26

Total securities sold, but not yet purchased	285				81			—			366

Accounts payable and accrued liabilities	—				—			35,887			35,887

Total liabilities at fair value	$	285			$	81		$	35,887		$	36,253

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


			Fair Value				Valuation Technique	Unobservable Input		Range
	Contingent consideration obligations		$	32.2			Probability weighted	Discount rate		3% - 13%
							discounted cash flow
Reconciliation of contingent consideration classified as a liability using significant unobservable inputs (Level 3)	Set forth below is a reconciliation of the Company's aggregate contingent consideration for the nine months ended September 30, 2013 (in thousands):


	Fair value at December 31, 2012	$	35,887

	Net changes in estimated fair value of contingent consideration obligations	4,131

	Closure of NestWise	(7,770		)
	Fair value at September 30, 2013	$	32,248

HeldtoMaturity_Securities_Tabl

Held-to-Maturity Securities (Tables)	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity	The amortized cost, gross unrealized loss or gain and fair value of securities held-to-maturity were as follows (in thousands):


		September 30,			December 31,
		2013			2012
	U.S. government notes:
	Amortized cost	$	6,761		$	10,202

	Gross unrealized (loss) gain	(37		)	6

	Fair value	$	6,724		$	10,208

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


		Within one year			After one but within five years		After five but within ten years		Total
	U.S. government notes — at amortized cost	$	3,516		$	1,750	$	1,495	$	6,761

	U.S. government notes — at fair value	$	3,517		$	1,750	$	1,457	$	6,724

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of activity in goodwill	A summary of the activity in goodwill is presented below (in thousands):


	Balance at December 31, 2012	$	1,371,523

	Closure of NestWise	(10,162		)
	Balance at September 30, 2013	$	1,361,361

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


		Weighted		Gross		Accumulated			Net
		Average Life		Carrying		Amortization			Carrying
		Remaining		Value					Value
		(in years)
	At September 30, 2013:
	Definite-lived intangible assets:
	Advisor and financial institution relationships	12.1		$	439,763	$	(165,358	)	$	274,405

	Product sponsor relationships	12.3		230,916		(85,621		)	145,295

	Client relationships	10.4		19,110		(5,406		)	13,704

	Trade names	8.6		1,200		(170		)	1,030

	Total definite-lived intangible assets			$	690,989	$	(256,555	)	$	434,434

	Indefinite-lived intangible assets:
	Trademark and trade name								39,819

	Total intangible assets								$	474,253


	At December 31, 2012:
	Definite-lived intangible assets:
	Advisor and financial institution relationships	12.8		$	450,164	$	(157,470	)	$	292,694

	Product sponsor relationships	13		230,916		(76,230		)	154,686

	Client relationships	11.1		19,110		(3,901		)	15,209

	Trade names	9.3		1,200		(80		)	1,120

	Total definite-lived intangible assets			$	701,390	$	(237,681	)	$	463,709

	Indefinite-lived intangible assets:
	Trademark and trade name								39,819

	Total intangible assets								$	503,528

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


	2013 — remainder	$	9,731

	2014	38,680

	2015	37,775

	2016	37,619

	2017	36,752

	Thereafter	273,877

	Total	$	434,434

Indebtedness_Tables

Indebtedness (Tables)	9 Months Ended
Indebtedness (Tables)	Sep. 30, 2013
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding borrowings were as follows (dollars in thousands):


				September 30, 2013								December 31, 2012
								Interest								Interest
		Maturity		Balance				Rate				Balance				Rate
	Senior secured term loans:
	Term Loan A	3/29/17		$	459,375			2.68	%	-1		$	707,438			2.71	%	-3
	Term Loan A	3/29/17		$	459,375			2.68	%	-1		$	707,438			2.71	%	-3
	Prior Term Loan B	3/29/19		—				—	%			610,387				4	%	-4
	Prior Term Loan B	3/29/19		—				—	%			610,387				4	%	-4
	Amended Term Loan B	3/29/19		1,078,431				3.25	%	-2		—				—	%
	Amended Term Loan B	3/29/19		1,078,431				3.25	%	-2		—				—	%
	Total borrowings			1,537,806								1,317,825
	Total borrowings			1,537,806								1,317,825
	Less current borrowings (maturities within 12 months)			10,839								42,900
	Less current borrowings (maturities within 12 months)			10,839								42,900
	Long-term borrowings — net of current portion			$	1,526,967							$	1,274,925
	Long-term borrowings — net of current portion			$	1,526,967							$	1,274,925
	_____________________

	-1	As of September 30, 2013, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.18%, plus the applicable interest rate margin of 2.50%.

	-2	The variable interest rate for Amended Term Loan B is based on the greater of the LIBOR rate for the period selected (one, three, six, nine or twelve months) or 0.75%, plus the applicable interest rate margin of 2.50%. As of September 30, 2013, the Company elected the following variable interest rates for borrowings under its Amended Term Loan B: six-month LIBOR for $537.8 million which was designated on September 26, 2013 at an interest rate of 0.37%; and six-month LIBOR for $540.6 million which was designated on June 26, 2013 at an interest rate of 0.42%.

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

	-4	As of December 31, 2012, the variable interest rate for Prior Term Loan B is based on the greater of the one-month LIBOR of 0.21% or 1.00%, plus the applicable interest rate margin of 3.00%.
Summary of borrowing activity in the revolving and uncommitted line of credit facilities	The following summarizes borrowing activity in the revolving and uncommitted line of credit facilities (dollars in thousands):


		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2013				2012				2013				2012
	Average balance outstanding	$	80			$	11			$	4,637			$	144
	Average balance outstanding	$	80			$	11			$	4,637			$	144
	Weighted-average interest rate	1.5		%		1.5		%		1.8		%		1.63		%
Summary of minimum calendar year payments and maturities of the senior secured borrowings	The minimum calendar year payments and maturities of the senior secured borrowings as of September 30, 2013 are as follows (in thousands):


	2013 — remainder	$	2,710
	2013 — remainder	$	2,710
	2014	10,838
	2014	10,838
	2015	10,838
	2015	10,838
	2016	10,838
	2016	10,838
	2017	470,214
	2017	470,214
	Thereafter	1,032,368
	Thereafter	1,032,368
	Total	$	1,537,806
	Total	$	1,537,806

Derivative_Financial_Instrumen1

Derivative Financial Instruments Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of non-deliverable foreign currency contracts	The details related to the non-deliverable foreign currency contracts at September 30, 2013 are as follows:


	(in millions, except foreign exchange rate)	Settlement Date	Hedged Notional Amount (INR)	Contractual INR/USD Foreign Exchange Rate	Hedged Notional Amount (USD)
	Cash flow hedge #1	6/3/14	560.4	65.96	$	8.5

	Cash flow hedge #2	6/2/15	560.4	69.35	8.1

	Cash flow hedge #3	6/2/16	560.4	72.21	7.8

	Cash flow hedge #4	6/2/17	560.4	74.2	7.5

	Total hedged amount				$	31.9

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments under leases, lease commitments and other non cancellable contractual obligations	Future minimum payments under leases, lease commitments, service contracts and other contractual obligations with remaining terms greater than one year as of September 30, 2013, are as follows (in thousands):


	2013 — remainder	$	5,340

	2014	37,235

	2015	36,659

	2016	35,846

	2017	28,737

	Thereafter	261,095

	Total(1)(2)	$	404,912

	_________________

	-1	In the second quarter of 2013, the Company entered into a long-term contractual obligation with a third-party service provider to enhance the quality, speed and cost of processes that support the Company by outsourcing certain functions. The table above includes the minimum payments due over the duration of the contract. The contractual obligation may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The amount constituting the termination penalty steps down ratably through the passage of time. Future minimum payments have not been reduced by this termination penalty.


	-2	Future minimum payments have not been reduced by minimum sublease rental income of $4.1 million due in the future under noncancellable subleases.

Stockholders_Equity_Stockholde

Stockholders' Equity Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Attributable to Parent [Abstract]
Schedule of Dividends Paid per Common Share [Table Text Block]	The payment, timing and amount of any dividends permitted under the Company's credit facilities are subject to approval by the Board of Directors, including both timing and amount. Cash dividends per share of common stock and total cash dividends paid during each quarter were as follows (in millions, except per share data):


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

	Second quarter	$	0.135	$	14.4	$	2	$	222.6

	Third quarter	$	0.19	$	19.9	$	0.12	$	13.2

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Basic and diluted earnings per share computations	The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 is as follows (in thousands, except per share data):


		For the Three				For the Nine
		Months Ended				Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Net income	$	37,631	$	34,299	$	137,439	$	114,980


	Basic weighted average number of shares outstanding	104,271		110,213		105,670		109,997

	Dilutive common share equivalents	1,434		1,664		1,264		2,439

	Diluted weighted average number of shares outstanding	105,705		111,877		106,934		112,436


	Basic earnings per share	$	0.36	$	0.31	$	1.3	$	1.05

	Diluted earnings per share	$	0.36	$	0.31	$	1.29	$	1.02

Summary_of_Significant_Account2

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Senior secured credit facilities	$1,537,806,000	$1,317,825,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$1,526,300,000	$1,320,400,000

Restructuring_Restructuring_De

Restructuring Restructuring (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Restructuring and Related Activities [Abstract]
Total Expected Restructuring Costs	$65

Restructuring_Table_Details_1

Restructuring Table (Details 1) (USD $)	9 Months Ended
Restructuring Table (Details 1) (USD $)	Sep. 30, 2013
Restructuring Reserve [Roll Forward]
Total Expected Restructuring Costs	$65,000,000
Restructuring Charges [Member]
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	18,182,000	[1]
Payments	-16,008,000
Non-cash	-842,000
Accrued Balance, End of Period	1,332,000
Total Expected Restructuring Costs	65,000,000	[2]
Outsourcing and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	9,278,000	[1]
Payments	-8,666,000
Non-cash	0
Accrued Balance, End of Period	612,000
Total Expected Restructuring Costs	26,000,000	[2]
Technology transformation costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	6,474,000	[1]
Payments	-6,464,000
Non-cash	0
Accrued Balance, End of Period	10,000
Total Expected Restructuring Costs	23,000,000	[2]
Employee severance obligations and other related costs
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	1,588,000	[1]
Payments	-878,000
Non-cash	0
Accrued Balance, End of Period	710,000
Total Expected Restructuring Costs	15,000,000	[2]
Asset impairments
Restructuring Reserve [Roll Forward]
Accrued Balance, Beginning of Period	0
Costs incurred	842,000	[1]
Payments	0
Non-cash	-842,000
Accrued Balance, End of Period	0
Total Expected Restructuring Costs	1,000,000	[2]
Restructuring Related Costs Excluded from Total Restructuring Cost Estimate [Member]
Restructuring Reserve [Roll Forward]
Internally developed software and computer and networking equipment, expected to be capitalized	25,000,000
Payments for technology infrastructure	21,700,000
Capitalized software and equipment	$14,700,000
Minimum [Member] \| Restructuring Related Costs Excluded from Total Restructuring Cost Estimate [Member]
Restructuring Reserve [Roll Forward]
Capitalized software and equipment, useful life	3 years
Maximum [Member] \| Restructuring Related Costs Excluded from Total Restructuring Cost Estimate [Member]
Restructuring Reserve [Roll Forward]
Capitalized software and equipment, useful life	7 years

[1]	At SeptemberÂ 30, 2013, costs incurred represent the total cumulative costs incurred under the Program to date.
[2]	At SeptemberÂ 30, 2013, total expected restructuring costs exclude approximately $25.0 million of internally developed software and computer and networking equipment related to the Program that is expected to be capitalized with a useful life ranging from three to seven years, and with expense being recorded as depreciation and amortization within the unaudited condensed consolidated statements of income. As of SeptemberÂ 30, 2013, approximately $21.7 million has been spent on technology infrastructure of which approximately $14.7 million has been capitalized, with the remainder included in costs incurred.

Fair_Value_Measurements_Financ

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	$8,848	$8,088
Securities sold, but not yet purchased	318	366
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	294,811	177,393
Securities owned-trading	7,844	7,853
Other assets	43,325	28,624
Total assets at fair value	345,980	213,870
Securities sold, but not yet purchased	214	285
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	214	285
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	1,004	235
Other assets	1,665	0
Total assets at fair value	2,669	235
Securities sold, but not yet purchased	104	81
Accounts payable and accrued liabilities	405	0
Total liabilities at fair value	509	81
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned-trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities	32,248	35,887
Total liabilities at fair value	32,248	35,887
Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	294,811	177,393
Securities owned-trading	8,848	8,088
Other assets	44,990	28,624
Total assets at fair value	348,649	214,105
Securities sold, but not yet purchased	318	366
Accounts payable and accrued liabilities	32,653	35,887
Total liabilities at fair value	32,971	36,253
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	3	38
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	3	38
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	211	247
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	211	247
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	49	55
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	49	55
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	55	26
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Certificates of Deposit [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	55	26
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	395	302
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	395	302
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	6,315	5,737
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Mutual Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	6,315	5,737
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	234	414
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Equity Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	234	414
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	1,004	235
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
Debt Securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	1,004	235
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	900	1,400
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	0	0
US Treasury Obligations [Member] \| Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned-trading	$900	$1,400

Fair_Value_Measurements_Signif

Fair Value Measurements Significant Level 3 Liabilities (Details) (Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Recurring [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Liabilities, Quantitative Information [Line Items]
Fair Value at period end	$32,248	$35,887
Fair Value Measurements, Valuation Technique	Probability weighted discounted cash flow
Minimum [Member]
Fair Value, Liabilities, Quantitative Information [Line Items]
Fair Value Measurements, Discount Rate	3.00%
Maximum [Member]
Fair Value, Liabilities, Quantitative Information [Line Items]
Fair Value Measurements, Discount Rate	13.00%

Fair_Value_Measurements_Change

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details) (USD $)	9 Months Ended				9 Months Ended	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
			Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	National Retirement Partners, Concord Capital Partners and NestWise [Member]	NestWise [Member]	NestWise [Member]
			Fair Value, Measurements, Recurring [Member]	Fair Value, Measurements, Recurring [Member]	Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]
					Fair Value, Measurements, Recurring [Member]	Fair Value, Measurements, Recurring [Member]	Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at December 31, 2012			$32,248	$35,887
Net changes in estimated fair value of contingent consideration obligations	4,131	9,882			4,131	-7,770	-7,770
Closure of NestWise	4,131	9,882			4,131	-7,770	-7,770
Fair value at September 30, 2013			$32,248	$35,887

Fair_Value_Measurements_Change1

Fair Value Measurements Changes in Level 3 Recurring Fair Value Measurements (Details Textuals) (USD $)	9 Months Ended				9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
			National Retirement Partners [Member]	Concord Capital Partners [Member]	Concord Capital Partners [Member]	NestWise [Member]	NestWise [Member]
			Fair Value, Measurements, Recurring [Member]		Fair Value, Measurements, Recurring [Member]	Fair Value, Measurements, Recurring [Member]	Fair Value, Measurements, Recurring [Member]
			Fair Value, Inputs, Level 3 [Member]		Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net changes in estimated fair value of contingent consideration obligations	$4,131,000	$9,882,000	$7,700,000		($3,800,000)	($7,770,000)	($7,770,000)
Maximum amount of contingent consideration				$15,000,000

HeldtoMaturity_Securities_Deta

Held-to-Maturity Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Amortized Cost	$6,761	$10,202
US government notes [Member]
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
Amortized Cost	6,761	10,202
Gross Unrealized (Loss) Gain	-37
Gross Unrealized (Loss) Gain		6
Fair Value, Inputs, Level 1 [Member] \| US government notes [Member]
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at fair value	$6,724	$10,208

HeldtoMaturity_Securities_Deta1

Held-to-Maturity Securities (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost	$6,761	$10,202
US government notes [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,516
U.S. government notes - at amortized cost, After one but within five years	1,750
U.S. government notes - at amortized cost, After five through ten years	1,495
U.S. government notes - at amortized cost	6,761
U.S. government notes - at fair value, Within one year	3,517
U.S. government notes - at fair value, After one but within five years	1,750
U.S. government notes - at fair value, After five through ten years	1,457
U.S. government notes - at fair value	$6,724

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets Goodwill and Intangible Assets (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Goodwill [Roll Forward]
Goodwill, beginning balance	$1,371,523
Closure of NestWise	-10,162
Goodwill, ending balance	$1,361,361

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets (Details 1) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Definite-lived intangible assets:
Gross Carrying Value	$690,989	$701,390
Accumulated Amortization	-256,555	-237,681
Net Carrying Value	434,434	463,709
The components of intangible assets
Total intangible assets	474,253	503,528
Trademark and trade name
Indefinite-lived intangible assets:
Net Carrying Value	39,819	39,819
Advisor and financial institution relationships
Intangible Assets [Line Items]
Weighted Average Life Remaining	12 years 1 month	12 years 10 months
Definite-lived intangible assets:
Gross Carrying Value	439,763	450,164
Accumulated Amortization	-165,358	-157,470
Net Carrying Value	274,405	292,694
Product sponsor relationships
Intangible Assets [Line Items]
Weighted Average Life Remaining	12 years 3 months	13 years
Definite-lived intangible assets:
Gross Carrying Value	230,916	230,916
Accumulated Amortization	-85,621	-76,230
Net Carrying Value	145,295	154,686
Client relationships
Intangible Assets [Line Items]
Weighted Average Life Remaining	10 years 5 months	11 years 1 month
Definite-lived intangible assets:
Gross Carrying Value	19,110	19,110
Accumulated Amortization	-5,406	-3,901
Net Carrying Value	13,704	15,209
Trade names
Intangible Assets [Line Items]
Weighted Average Life Remaining	8 years 7 months	9 years 3 months 15 days
Definite-lived intangible assets:
Gross Carrying Value	1,200	1,200
Accumulated Amortization	-170	-80
Net Carrying Value	$1,030	$1,120

Goodwill_and_Intangible_Assets4

Goodwill and Intangible Assets (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Amortization expense
2013 - remainder	$9,731
2014	38,680
2015	37,775
2016	37,619
2017	36,752
Thereafter	273,877
Total	$434,434	$463,709

Goodwill_and_Intangible_Assets5

Goodwill and Intangible Assets (Details Textuals) (USD $)	3 Months Ended		9 Months Ended
Goodwill and Intangible Assets (Details Textuals) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Derecognition of goodwill held at NestWise			($10,162,000)
Total amortization expense of intangible assets	$9,700,000	$10,000,000	$29,300,000	$29,800,000

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	38.60%	36.80%	39.40%	39.00%
Other adjustments affecting effective income tax rate		3.00%

Indebtedness_Details

Indebtedness (Details) (USD $)	Sep. 30, 2013		13-May-13	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013		13-May-13	Dec. 31, 2012
Senior secured term loans:
Balance	$1,537,806			$1,317,825
Less current borrowings (maturities within 12 months)	10,839			42,900
Long-term borrowings - net of current portion	1,526,967			1,274,925
Term Loan A [Member]
Senior secured term loans:
Balance	459,375			707,438
Interest Rate	2.68%	[1]		2.71%	[2]
Prior Term Loan B [Member]
Senior secured term loans:
Balance	0		608,900	610,387
Interest Rate	0.00%			4.00%	[3]
Amended Term Loan B [Member]
Senior secured term loans:
Balance	$1,078,431			$0
Interest Rate	3.25%	[4]		0.00%

[1]	As of SeptemberÂ 30, 2013, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.18%, plus the applicable interest rate margin of 2.50%.
[2]	As of DecemberÂ 31, 2012, the variable interest rate for Term Loan A is based on the one-month LIBOR of 0.21%, plus the applicable interest rate margin of 2.50%.
[3]	As of DecemberÂ 31, 2012, the variable interest rate for Prior Term Loan B is based on the greater of the one-month LIBOR of 0.21% or 1.00%, plus the applicable interest rate margin of 3.00%.
[4]	The variable interest rate for Amended Term Loan B is based on the greater of the LIBOR rate for the period selected (one, three, six, nine or twelve months) or 0.75%, plus the applicable interest rate margin of 2.50%. As of September 30, 2013, the Company elected the following variable interest rates for borrowings under its Amended Term Loan B: six-month LIBOR for $537.8 million which was designated on September 26, 2013 at an interest rate of 0.37%; and six-month LIBOR for $540.6 million which was designated on June 26, 2013 at an interest rate of 0.42%.

Indebtedness_Details_1

Indebtedness (Details 1) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Summary of borrowing activity in the revolving and uncommitted line of credit facilities
Average balance outstanding	$80	$11	$4,637	$144
Weighted-average interest rate	1.50%	1.50%	1.80%	1.63%

Indebtedness_Details_2

Indebtedness (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Summary of minimum calendar year payments and maturities of the senior secured borrowings
2013 - remainder	$2,710
2014	10,838
2015	10,838
2016	10,838
2017	470,214
Thereafter	1,032,368
Total	$1,537,806	$1,317,825

Indebtedness_Details_Textuals

Indebtedness (Details Textuals) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Mar. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

13-May-13

Dec. 31, 2012

Mar. 29, 2012

Jun. 30, 2013

Sep. 30, 2013

13-May-13

Dec. 31, 2012

Jun. 30, 2013

Sep. 30, 2013

13-May-13

Dec. 31, 2012

Mar. 29, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Revolving Line Of Credit [Member]

Original Credit Agreement

Bank Loans Payable [Member]

Term Loan A [Member]

Amended Term Loan B [Member]

Prior Term Loan B [Member]

Revolving Line Of Credit [Member]

Base Rate [Member]

Libor Rate [Member]

Libor Rate 1 Month [Member]

Alternative Base Rate [Member]

Eurodollar Rate [Member]

Minimum alternative base rate [Member]

Repricing Transaction [Member]

Year two [Member]

Years three, four and five [Member]

September 26, 2013 [Member]

June 26, 2013 [Member]

Prior Term Loan B [Member]

Term Loan A and Amended Term Loan B [Member]

Revolving Line Of Credit [Member]

Term Loan A [Member]

Amended Term Loan B [Member]

Prior Term Loan B [Member]

Term Loan A and Amended Term Loan B [Member]

Revolving Line Of Credit [Member]

Amended Term Loan B [Member]

Prior Term Loan B [Member]

Term Loan A and Amended Term Loan B [Member]

Prior Term Loan B [Member]

Term Loan A and Amended Term Loan B [Member]

Amended Term Loan B [Member]

Prior Term Loan B [Member]

Amended Term Loan B [Member]

Term Loan A [Member]

Amended Term Loan B [Member]

Libor Rate 6 month [Member]

Amended Term Loan B [Member]

Libor Rate 6 month [Member]

Minimum [Member]

Debt Instrument [Line Items]

Aggregate principal amount of senior secured term loans

$735,000,000

$1,083,900,000

$615,000,000

Line of Credit Facility, Maximum Borrowing Capacity

200,000,000

150,000,000

250,000,000

Amount of line of credit facility used to support irrevocable letters of credit

21,400,000

Line of Credit Facility, Remaining Borrowing Capacity

228,600,000

Debt instrument periodic payment principal, percent

1.00%

5.00%

10.00%

Debt Instrument, Basis Spread on Variable Rate

2.00%

1.50%

2.50%

3.00%

2.50%

0.50%

1.00%

1.75%

2.00%

1.00%

Secured Debt

1,537,806,000

1,317,825,000

459,375,000

707,438,000

1,078,431,000

608,900,000

610,387,000

537,800,000

540,600,000

Benchmark short-term interest rate

0.75%

1.00%

0.18%

0.21%

0.75%

1.00%

0.37%

0.42%

Percentage of commitment fee

0.50%

Amortization of Financing Costs

3,285,000

3,470,000

16,500,000

8,000,000

Repayment of Debt

238,900,000

Debt Issuance Cost

7,400,000

Number of uncommitted lines of credit

Number of uncommitted lines of credit, unspecified limit

Uncommitted lines of credit, amount outstanding

Derivative_Financial_Instrumen2

Derivative Financial Instruments Derivative Financial Instruments (Details 1)	Sep. 30, 2013	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Millions, unless otherwise specified	USD ($)	USD ($)	Cash Flow Hedge 1 [Member]	Cash Flow Hedge 1 [Member]	Cash Flow Hedge 2 [Member]	Cash Flow Hedge 2 [Member]	Cash Flow Hedge 3 [Member]	Cash Flow Hedge 3 [Member]	Cash Flow Hedge 4 [Member]	Cash Flow Hedge 4 [Member]
			USD ($)	INR	USD ($)	INR	USD ($)	INR	USD ($)	INR
Derivative [Line Items]
Hedged Notional Amount	$31.90	$65	$8.50	560.4	$8.10	560.4	$7.80	560.4	$7.50	560.4
Contractual INR/USD Foreign Exchange Rate			65.96	65.96	69.35	69.35	72.21	72.21	74.2	74.2

Derivative_Financial_Instrumen3

Derivative Financial Instruments Derivative Financial Instruments (Details Textuals) (USD $)	Sep. 30, 2013	Jun. 30, 2012
In Millions, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedged Notional Amount	$31.90	$65

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
2013 - remainder	$5,340
2014	37,235
2015	36,659
2016	35,846
2017	28,737
Thereafter	261,095
Total	$404,912	[1],[2]

[1]	In the second quarter of 2013, the Company entered into a long-term contractual obligation with a third-party service provider to enhance the quality, speed and cost of processes that support the Company by outsourcing certain functions. The table above includes the minimum payments due over the duration of the contract. The contractual obligation may be canceled, subject to a termination penalty that is approximately equal to the initial annual minimum payment. The amount constituting the termination penalty steps down ratably through the passage of time. Future minimum payments have not been reduced by this termination penalty.
[2]	Future minimum payments have not been reduced by minimum sublease rental income of $4.1 million due in the future under noncancellable subleases.

Commitments_and_Contingencies_2

Commitments and Contingencies (Details Textuals) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Commitments and Contingencies [Line Items]
Operating leases rental expense	$4.80	$5	$14.70	$14.10
Minimum sublease rental income	4.1		4.1
Other Commitments [Abstract]
Collateral security	343.7		343.7		375.8
Fair value of securities received as collateral that have been resold or repledged					41.5
Collateral security pledged in bank	140.7		140.7		40.3
Collateral security remaining unpledged	177.5		177.5		294
Total remaining collateral security	318.2		318.2		334.3
Receivables from clearing organizations	0.9		0.9		0.9
Options Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that have been resold or repledged	25.5		25.5		22.2
National Securities Clearing Corporation [Member]
Other Commitments [Abstract]
Fair value of securities received as collateral that have been resold or repledged					$19.30

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Feb. 22, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Nonqualified Deferred Compensation Plan [Member]

Employee Stock Option Awards [Member]

Advisors And Financial Institutions [Member]

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

12,100,000

Share Based Compensation Arrangement By Share Based Payment Award Shares Reserved

6,900,000

Share-based compensation:

Share-based compensation - options and warrants

$2,500,000

$4,100,000

$9,800,000

$12,400,000

$1,600,000

$100,000

$5,900,000

$2,900,000

$600,000

$100,000

$1,600,000

$400,000

Share-based compensation cost unrecognized

29,800,000

16,500,000

6,600,000

Non-vested compensation cost weighted-average period

3 years 3 months 15 days

3 years 2 months 5 days

1 year 5 months 25 days

2008 Nonqualified deferred compensation plan:

Common shares distributed, net of shares withheld to satisfy withholding tax requirements

1,673,556

Treasury stock purchases, shares

1,149,896

Treasury stock purchases

($184,318,000)

($110,533,000)

$37,500,000

Stockholders_Equity_Share_Repu

Stockholders' Equity Share Repurchase Program (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Remaining Authorized Repurchase Amount	$102.70		$102.70
Shares Repurchased During Period	3,326,416	1,905,929	4,910,281	3,610,811
Weighted-Average Price Paid Per Share	$38.04	$28.67	$37.54	$30.61
Total Cost of Stock Repurchased During Period	126.5	54.6	184.3	110.5
Aug-11
Authorized Repurchase Amount	70		70
Remaining Authorized Repurchase Amount	0		0
Shares Repurchased During Period	0	186,190	0	1,891,072
Weighted-Average Price Paid Per Share	$0	$27.56	$0	$32.27
Total Cost of Stock Repurchased During Period	0	5.1	0	61
May-12
Authorized Repurchase Amount	75		75
Remaining Authorized Repurchase Amount	0		0
Shares Repurchased During Period	0	1,719,739	0	1,719,739
Weighted-Average Price Paid Per Share	$0	$28.79	$0	$28.79
Total Cost of Stock Repurchased During Period	0	49.5	0	49.5
Sep-12
Authorized Repurchase Amount	150		150
Remaining Authorized Repurchase Amount	0		0
Shares Repurchased During Period	759,786	0	2,343,651	0
Weighted-Average Price Paid Per Share	$38.40	$0	$37.10	$0
Total Cost of Stock Repurchased During Period	29.2	0	87	0
May-13
Authorized Repurchase Amount	200		200
Remaining Authorized Repurchase Amount	102.7		102.7
Shares Repurchased During Period	2,566,630	0	2,566,630	0
Weighted-Average Price Paid Per Share	$37.94	$0	$37.94	$0
Total Cost of Stock Repurchased During Period	$97.30	$0	$97.30	$0

Stockholders_Equity_Dividends_

Stockholders' Equity Dividends (Details) (USD $)	3 Months Ended						9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Sep. 30, 2012
Dividend per share of common stock	$0.19	$0.14	$0.14	$0.12	$2	$0
Cash dividends on common stock	$19,900	$14,400	$14,400	$13,200	$222,600	$0	($48,672)	($235,799)

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Net income	$37,631	$34,299	$137,439	$114,980
Basic weighted average number of shares outstanding	104,271	110,213	105,670	109,997
Dilutive common share equivalents	1,434	1,664	1,264	2,439
Diluted weighted average number of shares outstanding	105,705	111,877	106,934	112,436
Basic earnings per share	$0.36	$0.31	$1.30	$1.05
Diluted earnings per share	$0.36	$0.31	$1.29	$1.02

Earnings_per_Share_Details_Tex

Earnings per Share (Details Textuals)	3 Months Ended		9 Months Ended
Earnings per Share (Details Textuals)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	3,075,389	4,307,637	3,744,198	4,120,953

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Aplifi, Inc.
Related Party Transaction [Line Items]
Related party transactions expenses	$0.80	$0.50
American Beacon Advisor, Inc.
Related Party Transaction [Line Items]
Revenue from related party transactions	0.4	0.3
XOJET
Related Party Transaction [Line Items]
Related party transactions expenses		0.5
SunGard Data Systems Inc.
Related Party Transaction [Line Items]
Related party transactions expenses	0.2	0.2
TPG Capital
Related Party Transaction [Line Items]
Related party transactions expenses	$0.10	$0.20

Net_Capital_and_Regulatory_Req1

Net Capital and Regulatory Requirements (Details) (Lpl Financial Llc [Member], USD $)	Sep. 30, 2013
In Millions, unless otherwise specified	Sep. 30, 2013
Lpl Financial Llc [Member]
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$183.10
Minimum Net Capital Required	6.3
Excess Net Capital	$176.80

Subsequent_Event_Subsequent_Ev

Subsequent Event Subsequent Events (Details) (USD $)	0 Months Ended
Subsequent Event Subsequent Events (Details) (USD $)	Oct. 29, 2013
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	0.19
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared	29-Oct-13
Dividends Payable, Date to be Paid	26-Nov-13
Dividends Payable, Date of Record	11-Nov-13