LPL Financial (LPLA) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Entity Information [Line Items]
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	1,397,911
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		89,155,100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES:
Commission	$ 431,686	$ 480,271	$ 1,314,168	$ 1,513,359
Advisory	321,911	341,217	964,298	1,028,213
Asset-based	138,291	123,921	412,339	369,625
Transaction and fee	108,413	105,593	312,927	305,099
Interest income, net of interest expense	5,372	5,221	15,940	14,976
Other	11,767	(1,478)	22,254	23,436
Total net revenues	1,017,440	1,054,745	3,041,926	3,254,708
EXPENSES:
Commission and advisory	657,432	701,585	1,954,123	2,179,686
Compensation and benefits	107,988	110,494	327,816	335,111
Promotional	42,609	42,040	113,010	104,416
Depreciation, Depletion and Amortization	18,434	17,231	56,145	50,856
Amortization of Intangible Assets	9,502	9,535	28,536	28,708
Occupancy and equipment	23,530	19,760	67,347	61,957
Professional services	17,045	15,341	49,184	43,914
Brokerage, clearing and exchange	13,098	13,403	40,296	39,680
Communications and data processing	10,333	11,253	31,801	33,974
Restructuring charges	0	3,071	0	11,487
Other	25,356	28,852	69,512	86,796
Total operating expenses	925,327	972,565	2,737,770	2,976,585
Non-operating interest expense	23,889	13,493	71,583	40,671
INCOME BEFORE PROVISION FOR INCOME TAXES	68,224	68,687	232,573	237,452
PROVISION FOR INCOME TAXES	16,270	27,635	82,378	95,480
NET INCOME	$ 51,954	$ 41,052	$ 150,195	$ 141,972
EARNINGS PER SHARE (NOTE 11)
Earnings per share, basic	$ 0.58	$ 0.43	$ 1.69	$ 1.48
Earnings per share, diluted	$ 0.58	$ 0.43	$ 1.67	$ 1.46
Weighted-average shares outstanding, basic	89,092	94,972	89,025	95,744
Weighted-average shares outstanding, diluted	89,951	96,472	89,732	97,303

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
NET INCOME	$ 51,954	$ 41,052	$ 150,195	$ 141,972
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedges, net of tax expense (benefit) of $85, ($98), $133, and $96 for the three and nine months ended September 30, 2016 and 2015, respectively	135	(156)	209	121
Reclassification adjustment for realized gain on cash flow hedges included in professional services in the condensed consolidated statements of income, net of tax expense of $48, $62, $204, and $290 for the three and nine months ended September 30, 2016 and 2015, respectively	(70)	(100)	(318)	(463)
Total other comprehensive income (loss), net of tax	65	(256)	(109)	(342)
TOTAL COMPREHENSIVE INCOME	$ 52,019	$ 40,796	$ 150,086	$ 141,630

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Tax expense (benefit) on unrealized gain (loss) on cash flow hedges	$ 85	$ (98)	$ 133	$ 96
Tax expense on adjustment for items reclassified to earnings	$ 48	$ 62	$ 204	$ 290

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 787,364	$ 724,529
Cash and securities segregated under federal and other regulations	597,114	671,339
Restricted cash	38,471	27,839
Receivables from:
Clients, net of allowance of $1,629 at September 30, 2016 and $1,464 at December 31, 2015	292,549	339,089
Product sponsors, broker-dealers, and clearing organizations	176,741	161,224
Advisor loans, net of allowance of $697 at September 30, 2016 and $697 at December 31, 2015	178,924	148,978
Others, net of allowance of $12,486 at September 30, 2016 and $9,856 at December 31, 2015	191,874	180,161
Securities owned:
Trading — at fair value	11,835	11,995
Held-to-maturity — at amortized cost	9,864	9,847
Securities borrowed	10,446	6,001
Income taxes receivable	2,305	0
Fixed assets, net of accumulated depreciation and amortization of $378,764 at September 30, 2016 and $328,880 at December 31, 2015	373,098	275,419
Goodwill	1,365,838	1,365,838
Intangible assets, net of accumulated amortization of $371,276 at September 30, 2016 and $342,740 at December 31, 2015	363,495	392,031
Other assets	209,838	206,771
Total assets	4,609,756	4,521,061
LIABILITIES:
Drafts payable	161,444	189,083
Payables to clients	715,289	747,421
Payables to broker-dealers and clearing organizations	51,890	48,032
Accrued commission and advisory expenses payable	129,249	129,512
Accounts payable and accrued liabilities	367,096	332,492
Income taxes payable	0	8,680
Unearned revenue	72,959	65,480
Securities sold, but not yet purchased — at fair value	85	268
Senior secured credit facilities, net of unamortized debt issuance cost of $23,139 at September 30, 2016 and $26,797 at December 31, 2015	2,178,641	2,188,240
Leasehold Financing Obligation	105,939	59,940
Deferred income taxes, net	36,038	36,303
Total liabilities	3,818,630	3,805,451
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 119,766,574 shares issued at September 30, 2016 and 119,572,352 shares issued at December 31, 2015	120	119
Additional paid-in capital	1,435,037	1,418,298
Treasury stock, at cost — 30,638,748 shares at September 30, 2016 and 30,048,027 shares at December 31, 2015	(1,195,282)	(1,172,490)
Accumulated other comprehensive income	444	553
Retained earnings	550,807	469,130
Total stockholders' equity	791,126	715,610
Total liabilities and stockholders' equity	$ 4,609,756	$ 4,521,061

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accumulated depreciation and amortization, Fixed assets	$ 378,764	$ 328,880
Accumulated amortization, Intangible assets	371,276	342,740
Debt Issuance Costs, Net	$ 23,139	$ 26,797
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	119,766,574	119,572,352
Treasury stock, shares	30,638,748	30,048,027
Receivables from clients [Member]
Allowances on receivables	$ 1,629	$ 1,464
Receivables from others [Member]
Allowances on receivables	12,486	9,856
Advisor Loans [Member]
Allowances on receivables	$ 697	$ 697

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2014	$ 971,600	$ 118	$ 1,355,085	$ (780,661)	$ 937	$ 396,121
BEGINNING BALANCE, shares at Dec. 31, 2014		118,235,000		21,090,000
Net income and other comprehensive income (loss), net of tax expense	141,630				(342)
NET INCOME	141,972					141,972
Issuance of common stock to settle restricted stock units, net	(2,867)	$ 1		$ (2,868)
Issuance of common stock to settle restricted stock units, net, shares		172,000		64,000
Treasury stock purchases	(140,835)			$ (140,835)
Treasury stock purchases, shares				3,325,000
Cash dividends on common stock	(72,056)					(72,056)
Stock option exercises and other (in shares)		832,000		(44,000)
Stock option exercises and other	23,900		22,331	$ 1,547		22
Share-based compensation	22,577		22,577
Excess tax benefits (tax deficiency) from share-based compensation	1,448		1,448
ENDING BALANCE at Sep. 30, 2015	945,397	$ 119	1,401,441	$ (922,817)	595	466,059
ENDING BALANCE, shares at Sep. 30, 2015		119,239,000		24,435,000
BEGINNING BALANCE at Dec. 31, 2015	715,610	$ 119	1,418,298	$ (1,172,490)	553	469,130
BEGINNING BALANCE, shares at Dec. 31, 2015		119,572,000		30,048,000
Net income and other comprehensive income (loss), net of tax expense	150,086				(109)
NET INCOME	150,195					150,195
Issuance of common stock to settle restricted stock units, net	(1,098)	$ 1		$ (1,099)
Issuance of common stock to settle restricted stock units, net, shares		141,000		49,000
Treasury stock purchases	$ (25,013)			$ (25,013)
Treasury stock purchases, shares	634,651			635,000
Cash dividends on common stock	$ (66,773)					(66,773)
Stock option exercises and other (in shares)	57,297,000	54,000		(93,000)
Stock option exercises and other	$ 2,896		1,321	$ 3,320		(1,745)
Share-based compensation	16,875		16,875
Excess tax benefits (tax deficiency) from share-based compensation	(1,457)		(1,457)
ENDING BALANCE at Sep. 30, 2016	$ 791,126	$ 120	$ 1,435,037	$ (1,195,282)	$ 444	$ 550,807
ENDING BALANCE, shares at Sep. 30, 2016		119,767,000		30,639,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 150,195	$ 141,972
Noncash items:
Depreciation and amortization	56,145	50,856
Amortization of Intangible Assets	28,536	28,708
Amortization of debt issuance costs	4,318	2,198
Share-based compensation	16,875	22,577
Excess tax benefits related to share-based compensation	(20)	(2,420)
Provision for bad debts	2,885	1,632
Deferred income tax provision	(194)	(1,354)
Loan forgiveness	32,646	27,469
Other	(3,522)	1,194
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	74,225	98,208
Deposit of restricted cash related to captive insurance subsidiary	(15,939)	(26,829)
Release of restricted cash related to captive insurance subsidiary	3,863	4,867
Receivables from clients	46,376	20,948
Receivables from product sponsors, broker-dealers and clearing organizations	(15,518)	23,164
Advisor loans	(62,592)	(51,633)
Receivables from others	(14,343)	(9,890)
Securities owned	686	(3,763)
Securities borrowed	(4,446)	(1,453)
Other assets	1,657	3,457
Drafts payable	(27,639)	(35,792)
Payables to clients	(32,132)	(94,174)
Payables to broker-dealers and clearing organizations	3,858	(1,896)
Accrued commission and advisory expenses payable	(263)	(13,822)
Accounts payable and accrued liabilities	20,095	31,820
Income taxes receivable/payable	(10,964)	(14,866)
Unearned revenue	7,479	7,365
Securities sold, but not yet purchased	(182)	(76)
Net cash provided by operating activities	262,085	208,467
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(97,448)	(51,553)
Purchase of securities classified as held-to-maturity	(4,020)	(4,602)
Proceeds from maturity of securities classified as held-to-maturity	4,000	2,350
Deposits of restricted cash	0	(500)
Release of restricted cash	1,443	1,109
Net cash used in investing activities	(96,025)	(53,196)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	0	456,000
Repayments of revolving credit facility	0	(416,000)
Repayment of senior secured term loans	(13,257)	(8,129)
Tax payments related to settlement of restricted stock units	(1,098)	(2,867)
Repurchase of common stock	(25,013)	(140,835)
Dividends on common stock	(66,773)	(72,056)
Excess tax benefits related to share-based compensation	20	2,420
Proceeds from stock option exercises and other	2,896	23,900
Net cash used in financing activities	(103,225)	(157,567)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	62,835	(2,296)
CASH AND CASH EQUIVALENTS - Beginning of period	724,529	412,332
CASH AND CASH EQUIVALENTS - End of period	787,364	410,036
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	69,170	38,509
Income taxes paid	94,997	112,899
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	20,931	7,843
Finance obligation related to real estate project	$ 45,998	$ 43,182

Organization and Description of

Organization and Description of the Company	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	Organization and Description of the Company LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”) provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (collectively “advisors”) in the United States of America. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services enabling its advisors to offer independent financial advice and brokerage services to retail investors (their “clients”). Description of Subsidiaries LPL Holdings, Inc. (“LPLH”), a Massachusetts holding corporation, owns 100% of the issued and outstanding common stock or other ownership interest in each of LPL Financial LLC (“LPL Financial”), Fortigent Holdings Company, Inc., Independent Advisers Group Corporation (“IAG”), LPL Insurance Associates, Inc. (“LPLIA”), LPL Independent Advisor Services Group LLC (“IASG”), and UVEST Financial Services Group, Inc. (“UVEST”). LPLH is also the majority stockholder in PTC Holdings, Inc. (“PTCH”), and owns 100% of the issued and outstanding voting common stock. Each member of PTCH's board of directors meets the direct equity ownership interest requirements that are required by the Office of the Comptroller of the Currency. The Company has established a wholly-owned series captive insurance entity that underwrites insurance for various legal and regulatory risks. LPL Financial, with primary offices in Boston, San Diego, and Charlotte, is a clearing broker-dealer and an investment advisor that principally transacts business as an agent for its advisors and financial institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. Fortigent Holdings Company, Inc. and its subsidiaries (“Fortigent”), acquired in April 2012, provides solutions and consulting services to registered investment advisors, banks, and trust companies serving high-net-worth clients. PTCH is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account custodial services for LPL Financial. IAG is a registered investment adviser that offers an investment advisory platform for clients of advisors working for other financial institutions. LPLIA operates as an insurance brokerage general agency that offers life, long-term care, and disability insurance products and services for LPL Financial advisors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. The Company’s results for any interim period are not necessarily indicative of results for a full year or any other interim period. 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 results of income, comprehensive income, financial position, and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2015 , contained in the Company’s Annual Report on Form 10-K as filed with the SEC. The Company’s significant accounting policies are included in Note 2 . Summary of Significant Accounting Policies , in the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2015 . There have been no significant changes to these accounting policies during the first nine months of 2016 . Consolidation These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates. Reportable Segment Management has determined that the Company operates in one segment, given the similar characteristics between our operations and the common nature of our products and services, production and distribution processes, and regulatory environment. Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness. The Company carries its held-to-maturity securities and indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 3 . Fair Value Measurements , for additional detail regarding the Company’s fair value measurements. As of September 30, 2016 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,201.8 million and $2,223.9 million , respectively. As of December 31, 2015 , the carrying amount and fair value was approximately $2,215.0 million and $2,200.0 million , respectively. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (ASU 2015-14), which deferred the effective date for implementation of ASU 2014-09 by one year and is now effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted but not earlier than the original effective date. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the Company's consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases , which replaces the existing guidance in ASC 840, Leases . The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The guidance will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The amendments in ASU 2016-15 are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted. The Company is currently evaluating the impact the new rule will have on its consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
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 under current market conditions. 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, 2016 . 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, 2016 , 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, 2016 , the Company did not adjust prices received from the independent third-party pricing services. Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data; and (3) cash flow hedges, which are measured using quoted prices for similar cash flow hedges, taking into account counterparty credit risk and the Company's own non-performance risk. Accounts Payable and Accrued Liabilities — The Company's accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs. Level 3 Recurring Fair Value Measurements The Company determines the fair value for its contingent consideration obligations using an income approach whereby the Company assesses the expected future performance of the acquired assets. The contingent payment is estimated using a discounted cash flow of the expected payment amount 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 following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2016 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 92,670 $ — $ — $ 92,670 Securities owned — trading: Money market funds 326 — — 326 Mutual funds 7,629 — — 7,629 Equity securities 37 — — 37 Debt securities — 343 — 343 U.S. treasury obligations 3,500 — — 3,500 Total securities owned — trading 11,492 343 — 11,835 Other assets 130,223 6,527 — 136,750 Total assets at fair value $ 234,385 $ 6,870 $ — $ 241,255 Liabilities Securities sold, but not yet purchased: Mutual funds $ 5 $ — $ — $ 5 Equity securities 65 — — 65 Debt securities — 15 — 15 Total securities sold, but not yet purchased 70 15 — 85 Accounts payable and accrued liabilities — 5 527 532 Total liabilities at fair value $ 70 $ 20 $ 527 $ 617 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 252,393 $ — $ — $ 252,393 Securities owned — trading: Money market funds 261 — — 261 Mutual funds 7,267 — — 7,267 Equity securities 56 — — 56 Debt securities — 103 — 103 U.S. treasury obligations 4,308 — — 4,308 Total securities owned — trading 11,892 103 — 11,995 Other assets 99,962 3,350 — 103,312 Total assets at fair value $ 364,247 $ 3,453 $ — $ 367,700 Liabilities Securities sold, but not yet purchased: Mutual funds $ 1 $ — $ — $ 1 Equity securities 267 — — 267 Total securities sold, but not yet purchased 268 — — 268 Accounts payable and accrued liabilities — — 527 527 Total liabilities at fair value $ 268 $ — $ 527 $ 795

Held-to-Maturity Securities

Held-to-Maturity Securities	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities The Company holds certain investments in securities, primarily U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments to maturity. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The amortized cost, gross unrealized gain or loss, and fair value of securities held-to-maturity were as follows (in thousands): September 30, December 31, Amortized cost $ 9,864 $ 9,847 Gross unrealized gain (loss) 25 (26 ) Fair value $ 9,889 $ 9,821 At September 30, 2016 , 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 $ 4,000 $ 5,364 $ 500 $ 9,864 U.S. government notes — at fair value $ 4,002 $ 5,367 $ 520 $ 9,889

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments In May 2013, in conjunction with its Service Value Commitment initiative, the Company entered into a long-term contractual obligation (the “Agreement”) with a third-party provider to enhance the quality, speed, and cost of its processes by outsourcing certain functions. The Agreement provides that on each annual anniversary date of the signing of the Agreement, the price for services (denominated in U.S. dollars) is to be adjusted for the then-current exchange rate between the U.S. dollar (“USD”) and the Indian rupee (“INR”). The Company bears the risk of currency movement at each of the annual reset dates. To mitigate foreign currency risk arising from these annual reset events, the Company entered into four non-deliverable foreign currency contracts, all of which have been designated as cash flow hedges. The first two cash flow hedges settled in 2014 and 2015 and have been fully recognized in net income. The third cash flow hedge, with a notional amount of 560.4 million INR, or $7.8 million , settled in June 2016. The Company received a settlement of $0.6 million , which will be reclassified out of accumulated other comprehensive income and recognized in net income ratably over 12-month period ending May 31, 2017 to match the timing of the underlying hedged item. The details related to the remaining non-deliverable foreign currency contracts at September 30, 2016 , 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 #4 6/2/2017 560.4 74.20 $ 7.5 Total hedged amount $ 7.5 The fair value of the derivative instruments, which are included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands): September 30, December 31, Cash flow hedges $ 566 $ 741

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The balances in goodwill and intangible assets were a result of various acquisitions. See Note 8 . Goodwill and Other Intangible Assets , in the Company's audited consolidated financial statements and the related notes in the 2015 Annual Report on Form 10-K for a discussion of the components of goodwill and additional information regarding intangible assets.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Senior Secured Credit Facilities In November 2015, LPLFH and LPLH entered into a third amendment, extension, and incremental assumption agreement with respect to its existing credit agreement (as amended, the "Credit Agreement") for purposes of raising capital, increasing the leverage allowable under the Credit Agreement, and extending the maturity of a portion of the existing Term Loan B. The Company’s outstanding borrowings as of the dates below were as follows (dollars in thousands): September 30, 2016 December 31, 2015 Senior Secured Credit Facilities Maturity Balance Interest Rate Balance Interest Rate Senior secured term loans: Term Loan A 9/30/2019 $ 459,375 3.02 % (1) $ 459,375 2.74 % 2019 Term Loan B 3/29/2019 421,401 3.25 % (2) 424,676 3.25 % 2021 Term Loan B 3/29/2021 626,254 4.25 % (3) 630,986 4.25 % 2022 Term Loan B 11/20/2022 694,750 4.75 % (4) 700,000 4.75 % Total borrowings 2,201,780 2,215,037 Less Unamortized Debt Issuance Cost 23,139 26,797 Long-term borrowings — net of unamortized debt issuance cost $ 2,178,641 $ 2,188,240 _____________________ (1) The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a leverage based grid) (2) The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps ) (3) The variable interest rate per annum is either (a) 250 bps over the base rate or (b) 350 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps ) (4) The variable interest rate per annum is either (a) 300 bps over the base rate or (b) 400 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps ) The Company is required to make quarterly payments on Term Loan B with a payment of the remaining balance due at maturity. The Company also has a revolving credit facility with borrowing capacity of $400.0 million maturing on September 30, 2019. As of September 30, 2016 , the Company also had $14.6 million of irrevocable letters of credit, with an applicable interest rate margin of 2.50% , which were supported by the Company's revolving credit facility. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2016 , the Company was in compliance with such covenants. Bank Loans Payable The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $200 million limit, and allows for both collateralized and uncollateralized borrowings. During the three months ended September 30, 2016 , the Company drew $90.0 million on one of the lines of credit, which was outstanding for one day at an interest rate of 1.50% . During the three months ended September 30, 2015 , the Company drew $55.0 million on one of the lines of credit, which was outstanding for one day at an interest rate of 1.50% . The lines were not otherwise utilized in 2016 and were not otherwise utilized in 2015. There were no balances outstanding at September 30, 2016 or December 31, 2015 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company leases office space and equipment under various operating leases. These leases are generally subject to scheduled base rent and maintenance cost increases, which are recognized on a straight-line basis over the period of the leases. Total rental expense for all operating leases was approximately $6.3 million and $6.2 million for the three months ended September 30, 2016 and 2015 , respectively, and $18.6 million and $19.4 million for the nine months ended September 30, 2016 and 2015 , respectively. Service and Development Contracts The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings. The Company also has contractual obligations related to the development of a real estate project in Fort Mill, South Carolina for office space. Under development and agency contracts the Company expects to pay a pro rata share equal to 27.5% of the design and construction costs. The remaining amounts will be paid by the landlord. The Company’s share of these costs is expected to be approximately $74.7 million , incurred through 2017. Additionally, the Company has entered into lease agreements for the office space once developed. These leases have an initial lease term of 20 years that commence once the development is complete and the Company takes occupancy of the buildings. Guarantees The Company occasionally enters into certain types of contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts. The Company’s subsidiary, LPL Financial, provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the potential requirement for the Company to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions. Loan Commitments From time to time, LPL Financial makes loans to its advisors, primarily to newly recruited advisors to assist in the transition process, which may be forgivable. Due to timing differences, LPL Financial may make commitments to issue such loans prior to actually funding them. These commitments are generally contingent upon certain events occurring, including but not limited to the advisor joining LPL Financial. LPL Financial had no such significant unfunded commitments at September 30, 2016 . Legal & Regulatory Matters The Company is subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation costs. Assessing the probability of a loss occurring and the amount of any loss related to a legal proceeding or regulatory matter is inherently difficult. While the Company exercises significant and complex judgments to make certain estimates presented in its consolidated financial statements, there are particular uncertainties and complexities involved when assessing the potential outcomes of legal proceedings and regulatory matters. The Company's assessment process considers a variety of factors and assumptions, which may include: the procedural status of the matter and any recent developments; prior experience and the experience of others in similar matters; the size and nature of potential exposures; available defenses; the progress of fact discovery; the opinions of counsel and experts; potential opportunities for settlement and the status of any settlement discussions; as well as the potential for insurance coverage and indemnification, if available. The Company monitors these factors and assumptions for new developments and re-assesses the likelihood that a loss will occur and the estimated range or amount of loss, if those amounts can be reasonably determined. The Company has established an accrual for those legal proceedings and regulatory matters for which a loss is both probable and the amount can be reasonably estimated, except as otherwise covered by third-party insurance or self-insurance through its captive insurance subsidiary, as discussed below. A putative class action lawsuit has been filed against the Company and certain of its executive officers in federal district court alleging certain misstatements and omissions related to the Company’s share repurchases and financial performance in late 2015. The Company intends to defend vigorously against the lawsuit. Third-Party Insurance The Company maintains third-party insurance coverage for certain potential legal proceedings, including those involving client claims. With respect to client claims, the estimated losses on many of the pending matters are less than the applicable deductibles of the insurance policies. Self-Insurance Liabilities The Company has self-insurance for certain potential liabilities, including various errors and omissions liabilities, through a wholly-owned captive insurance subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and other actuarial assumptions. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends. As of September 30, 2016 , these self-insurance liabilities are included in accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2016 . Other Commitments As of September 30, 2016 , the Company had approximately $202.9 million of client margin loans that were collateralized with securities having a fair value of approximately $284.0 million that it can re-pledge, loan, or sell. Of these securities, approximately $35.6 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2016 , there were no restrictions that materially limited the Company's ability to re-pledge, loan, or sell the remaining $248.4 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $3.5 million and $4.3 million pledged to clearing organizations at September 30, 2016 and December 31, 2015 , respectively. The Company is involved in a build-to-suit lease arrangement in Fort Mill, South Carolina, under which it serves as the construction agent on behalf of the landlord. Under such arrangement, the Company has obligations to fund cost over-runs in its capacity as the construction agent, and accordingly has determined that under lease accounting standards it bears substantially all of the risks and rewards of ownership as measured under GAAP. The Company is therefore required to report the landlord's costs of construction on its balance sheet as a fixed asset during the construction period as if the Company owned such asset. As of September 30, 2016 , the Company has recorded $105.9 million in fixed assets in connection with this arrangement and an equal and off-setting leasehold financing obligation on the unaudited condensed consolidated statements of financial condition.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders' Equity Dividends The payment, timing, and amount of any dividends are subject to approval by the Company's board of directors ("Board of Directors") as well as certain limits under the Company's credit facilities. Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data): 2016 2015 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.2 $ 0.25 $ 24.2 Second quarter $ 0.25 $ 22.3 $ 0.25 $ 24.1 Third quarter $ 0.25 $ 22.3 $ 0.25 $ 23.8 Share Repurchases The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. Purchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company's management within the constraints of the Credit Agreement and general liquidity needs. On October 25, 2015 the Board of Directors authorized an increase to the share repurchase program of up to $500.0 million of shares of common stock. During the three months ended September 30, 2016 , the Company did not repurchase shares. During the nine months ended September 30, 2016 , the Company repurchased a total of 634,651 shares of its common stock at a weighted-average price of $39.41 for a total cost of $25.0 million . As of September 30, 2016 , the Company was authorized to purchase up to an additional $225.0 million of shares pursuant to share repurchase programs approved by the Board of Directors.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stockholders' Equity	Share-Based Compensation Certain employees, advisors, institutions, officers, and directors of the Company participate in various long-term incentive plans, which provide for granting stock options, warrants, restricted stock awards, and restricted stock units. Stock options and warrants outstanding generally vest in equal increments over a three - to five -year period and expire on the ten th anniversary following the date of grant. Restricted stock awards and restricted stock units outstanding generally vest over a one - to four -year period. In November 2010, the Company adopted a 2010 Omnibus Equity Incentive Plan (as amended and restated in May 2015, the “2010 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, and other equity-based compensation. The 2010 Plan serves as the successor to the 2005 Stock Option Plan for Incentive Stock Options, the 2005 Stock Option Plan for Non-qualified Stock Options, the 2008 Advisor and Institution Incentive Plan, the 2008 Stock Option Plan, and the Director Restricted Stock Plan (collectively, the “Predecessor Plans”). Upon adoption of the 2010 Plan, awards were no longer made under the Predecessor Plans; however, awards previously granted under the Predecessor Plans remain outstanding until exercised or forfeited. There were 20,055,945 shares authorized for grant under the 2010 Plan after the amendment and restatement of the plan in May 2015. There were 8,455,991 shares reserved for issuance upon exercise or conversion of outstanding awards granted, and 9,719,427 shares remaining available for future issuance under the 2010 Plan, as of September 30, 2016 . Stock Options and Warrants The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted during the nine months ended September 30, 2016 : Expected life (in years) 5.26 Expected stock price volatility 33.38 % Expected dividend yield 2.87 % Risk-free interest rate 1.16 % Fair value of options $ 4.59 The fair value of each stock option or warrant awarded to advisors and financial institutions is estimated on the date of the grant and revalued at each reporting period using the Black-Scholes valuation model with the following weighted-average assumptions used during the nine months ended September 30, 2016 : Expected life (in years) 5.44 Expected stock price volatility 35.61 % Expected dividend yield 3.71 % Risk-free interest rate 1.15 % Fair value of options $ 6.85 The following table summarizes the Company’s stock option and warrant activity for the nine months ended September 30, 2016 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2015 5,716,488 $ 34.31 Granted 2,111,496 $ 19.98 Exercised (57,297 ) $ 23.08 Forfeited (406,804 ) $ 32.21 Outstanding — September 30, 2016 7,363,883 $ 30.40 6.48 $ 29,358 Exercisable — September 30, 2016 4,036,019 $ 32.03 4.73 $ 9,289 Exercisable and expected to vest — September 30, 2016 7,155,596 $ 30.60 6.40 $ 27,603 The following table summarizes information about outstanding stock options and warrants at September 30, 2016 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $18.04 - $23.02 2,825,874 $ 20.32 7.31 888,828 $ 21.34 $23.41 - $30.00 1,235,102 $ 28.11 4.46 934,889 $ 28.14 $31.60 - $32.33 1,001,970 $ 31.88 5.93 767,427 $ 31.89 $34.01 - $39.60 827,693 $ 34.58 4.43 816,292 $ 34.53 $42.60 - $54.81 1,473,244 $ 48.31 8.13 628,583 $ 49.87 7,363,883 $ 30.40 6.48 4,036,019 $ 32.03 The Company recognizes share-based compensation for stock options awarded to employees and officers 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 $2.3 million and $4.1 million during the three months ended September 30, 2016 and 2015 , respectively, and $8.5 million and $12.4 million during the nine months ended September 30, 2016 and 2015 , respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of September 30, 2016 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $10.0 million , which is expected to be recognized over a weighted-average period of 1.78 years. During 2011 and 2012 the Company granted stock options and warrants to its advisors and financial institutions. Share-based compensation for these awards is based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of $0.6 million and $0.1 million during the three months ended September 30, 2016 and 2015 , respectively, and $0.3 million and $1.8 million during the nine months ended September 30, 2016 and 2015 , 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, 2016 , total unrecognized compensation cost related to non-vested stock options and warrants granted to advisors and financial institutions was $0.8 million , which is expected to be recognized over a weighted-average period of 1.05 years. Restricted Stock The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the nine months ended September 30, 2016 : Restricted Stock Awards Restricted Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Number of Shares Weighted-Average Grant-Date Fair Value Nonvested — December 31, 2015 41,476 $ 43.99 636,701 $ 43.32 Granted — $ — 555,930 $ 19.74 Vested (36,881 ) $ 44.35 (140,110 ) $ 43.34 Forfeited (3,185 ) $ 40.81 (62,367 ) $ 33.14 Nonvested — September 30, 2016 1,410 $ 41.91 990,154 $ 30.72 Expected to vest — September 30, 2016 1,409 $ 41.91 906,799 $ 31.24 The Company grants restricted stock awards to its directors and restricted stock units to its employees and officers. Both restricted stock awards and restricted stock units must vest or else are subject to forfeiture; however, restricted stock awards are included in our shares outstanding upon grant and have the same dividend and voting rights as our common stock. Share-based compensation is based on the grant date fair value and recognized over the requisite service period of the award, which generally equals the vesting period. The Company recognized $2.0 million and $2.0 million of share-based compensation related to the vesting of these restricted stock awards and restricted stock units during the three months ended September 30, 2016 and 2015 , respectively, and $6.5 million and $6.4 million during the nine months ended September 30, 2016 and 2015 , respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of September 30, 2016 , total unrecognized compensation cost for restricted stock awards granted to directors and restricted stock units granted to employees and officers was $11.2 million , which is expected to be recognized over a weighted-average remaining period of 1.89 years. The Company also grants restricted stock units to its advisors and to financial institutions. Share-based compensation is based on the fair value of the awards at each reporting period. The Company recognized share-based compensation of $1.7 million and $0.4 million related to the vesting of these restricted stock units during the three months ended September 30, 2016 and 2015 , respectively, and $1.0 million and $1.5 million during the nine months ended September 30, 2016 and 2015 , respectively, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of September 30, 2016 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $5.5 million , which is expected to be recognized over a weighted-average remaining period of 2.06 years.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2016
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 is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income $ 51,954 $ 41,052 $ 150,195 $ 141,972 Basic weighted-average number of shares outstanding 89,092 94,972 89,025 95,744 Dilutive common share equivalents 859 1,500 707 1,559 Diluted weighted-average number of shares outstanding 89,951 96,472 89,732 97,303 Basic earnings per share $ 0.58 $ 0.43 $ 1.69 $ 1.48 Diluted earnings per share $ 0.58 $ 0.43 $ 1.67 $ 1.46 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, 2016 and 2015 , stock options, warrants, and restricted stock units representing common share equivalents of 4,622,802 shares and 2,068,568 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2016 and 2015 , stock options, warrants, and restricted stock units representing common share equivalents of 4,802,887 shares and 1,975,454 shares, respectively, were anti-dilutive.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
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, tax credits, tax deductions that are not expensed for financial statement purposes, and expenses that are not deductible for tax purposes. These items resulted in effective tax rates of 23.8% and 40.2% for the three months ended September 30, 2016 and 2015 , respectively, and 35.4% and 40.2% for the nine months ended September 30, 2016 and 2015 , respectively. During the third quarter of 2016, the Company updated its calculation of the tax benefits that it could obtain associated with the software that is has developed. The total additional tax benefits recorded during the third quarter, net of potential tax contingencies, was approximately $11.7 million . Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions with certain portfolio companies of TPG Capital, a 9.9% shareholder of the Company's common stock and a firm of which one of our directors previously served as a partner. During the nine months ended September 30, 2016 and 2015 , the Company recognized revenue for services provided to these portfolio companies of TPG Capital of $0.0 and $0.6 million , respectively. The Company incurred expenses for services provided by certain of the TPG portfolio companies of $0.0 and $4.2 million during the nine months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 and 2015 , receivables and payables from the TPG Capital portfolio companies were not material. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within the Company's local communities. During the nine months ended September 30, 2016 and 2015 , the Company had no material revenues or expenses recognized for services provided to or received from the LPL Financial Foundation.

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	9 Months Ended
	Sep. 30, 2016
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 $93.5 million with a minimum net capital requirement of $6.4 million as of September 30, 2016 . The Company's subsidiary, PTC, operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts to PTC's operations. As of September 30, 2016 and December 31, 2015 , LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2016
Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk [Abstract]
Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk LPL Financial’s client securities activities are transacted on either a cash or margin basis. In margin transactions, LPL Financial extends credit to the advisor's client, subject to various regulatory and internal margin requirements, collateralized by cash or securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors' clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally three business days after the trade date. If clients do not fulfill their contractual obligations, LPL Financial may incur losses. In addition, the Company occasionally enters into certain types of contracts to fulfill its sale of when, as, and if issued securities. When, as, and if issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities that are recorded on the unaudited condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On October 31, 2016 , the Board of Directors declared a cash dividend of $0.25 per share on the Company's outstanding common stock to be paid on November 30, 2016 to all stockholders of record on November 16, 2016 .

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Consolidation	Consolidation These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on the information that is currently available and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from these estimates.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one segment, given the similar characteristics between our operations and the common nature of our products and services, production and distribution processes, and regulatory environment.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness. The Company carries its held-to-maturity securities and indebtedness at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 3 . Fair Value Measurements , for additional detail regarding the Company’s fair value measurements. As of September 30, 2016 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,201.8 million and $2,223.9 million , respectively. As of December 31, 2015 , the carrying amount and fair value was approximately $2,215.0 million and $2,200.0 million , respectively.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (ASU 2015-14), which deferred the effective date for implementation of ASU 2014-09 by one year and is now effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted but not earlier than the original effective date. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the Company's consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases , which replaces the existing guidance in ASC 840, Leases . The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The guidance will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The amendments in ASU 2016-15 are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted. The Company is currently evaluating the impact the new rule will have on its consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 92,670 $ — $ — $ 92,670 Securities owned — trading: Money market funds 326 — — 326 Mutual funds 7,629 — — 7,629 Equity securities 37 — — 37 Debt securities — 343 — 343 U.S. treasury obligations 3,500 — — 3,500 Total securities owned — trading 11,492 343 — 11,835 Other assets 130,223 6,527 — 136,750 Total assets at fair value $ 234,385 $ 6,870 $ — $ 241,255 Liabilities Securities sold, but not yet purchased: Mutual funds $ 5 $ — $ — $ 5 Equity securities 65 — — 65 Debt securities — 15 — 15 Total securities sold, but not yet purchased 70 15 — 85 Accounts payable and accrued liabilities — 5 527 532 Total liabilities at fair value $ 70 $ 20 $ 527 $ 617 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 252,393 $ — $ — $ 252,393 Securities owned — trading: Money market funds 261 — — 261 Mutual funds 7,267 — — 7,267 Equity securities 56 — — 56 Debt securities — 103 — 103 U.S. treasury obligations 4,308 — — 4,308 Total securities owned — trading 11,892 103 — 11,995 Other assets 99,962 3,350 — 103,312 Total assets at fair value $ 364,247 $ 3,453 $ — $ 367,700 Liabilities Securities sold, but not yet purchased: Mutual funds $ 1 $ — $ — $ 1 Equity securities 267 — — 267 Total securities sold, but not yet purchased 268 — — 268 Accounts payable and accrued liabilities — — 527 527 Total liabilities at fair value $ 268 $ — $ 527 $ 795

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost, gross unrealized gain (loss), and fair value of securities held-to-maturity	The amortized cost, gross unrealized gain or loss, and fair value of securities held-to-maturity were as follows (in thousands): September 30, December 31, Amortized cost $ 9,864 $ 9,847 Gross unrealized gain (loss) 25 (26 ) Fair value $ 9,889 $ 9,821
Maturities of securities held-to-maturity	At September 30, 2016 , 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 $ 4,000 $ 5,364 $ 500 $ 9,864 U.S. government notes — at fair value $ 4,002 $ 5,367 $ 520 $ 9,889

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of non-deliverable foreign currency contracts	The details related to the remaining non-deliverable foreign currency contracts at September 30, 2016 , 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 #4 6/2/2017 560.4 74.20 $ 7.5 Total hedged amount $ 7.5
Schedule of the fair value of the derivative instruments	The fair value of the derivative instruments, which are included in other assets in the unaudited condensed consolidated statements of financial condition, were as follows (in thousands): September 30, December 31, Cash flow hedges $ 566 $ 741

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Outstanding borrowings	Senior Secured Credit Facilities In November 2015, LPLFH and LPLH entered into a third amendment, extension, and incremental assumption agreement with respect to its existing credit agreement (as amended, the "Credit Agreement") for purposes of raising capital, increasing the leverage allowable under the Credit Agreement, and extending the maturity of a portion of the existing Term Loan B. The Company’s outstanding borrowings as of the dates below were as follows (dollars in thousands): September 30, 2016 December 31, 2015 Senior Secured Credit Facilities Maturity Balance Interest Rate Balance Interest Rate Senior secured term loans: Term Loan A 9/30/2019 $ 459,375 3.02 % (1) $ 459,375 2.74 % 2019 Term Loan B 3/29/2019 421,401 3.25 % (2) 424,676 3.25 % 2021 Term Loan B 3/29/2021 626,254 4.25 % (3) 630,986 4.25 % 2022 Term Loan B 11/20/2022 694,750 4.75 % (4) 700,000 4.75 % Total borrowings 2,201,780 2,215,037 Less Unamortized Debt Issuance Cost 23,139 26,797 Long-term borrowings — net of unamortized debt issuance cost $ 2,178,641 $ 2,188,240 _____________________ (1) The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a leverage based grid) (2) The variable interest rate per annum is either (a) 150 bps over the base rate or (b) 250 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps ) (3) The variable interest rate per annum is either (a) 250 bps over the base rate or (b) 350 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps ) (4) The variable interest rate per annum is either (a) 300 bps over the base rate or (b) 400 bps over the LIBOR rate (subject to a LIBOR floor of 75 bps )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Dividends Declared [Table Text Block]	Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows for the periods indicated (in millions, except per share data): 2016 2015 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.2 $ 0.25 $ 24.2 Second quarter $ 0.25 $ 22.3 $ 0.25 $ 24.1 Third quarter $ 0.25 $ 22.3 $ 0.25 $ 23.8

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average assumptions used for calculating the fair value of stock options and warrants with the Black-Scholes valuation model	The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted during the nine months ended September 30, 2016 : Expected life (in years) 5.26 Expected stock price volatility 33.38 % Expected dividend yield 2.87 % Risk-free interest rate 1.16 % Fair value of options $ 4.59 The fair value of each stock option or warrant awarded to advisors and financial institutions is estimated on the date of the grant and revalued at each reporting period using the Black-Scholes valuation model with the following weighted-average assumptions used during the nine months ended September 30, 2016 : Expected life (in years) 5.44 Expected stock price volatility 35.61 % Expected dividend yield 3.71 % Risk-free interest rate 1.15 % Fair value of options $ 6.85
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity for the nine months ended September 30, 2016 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2015 5,716,488 $ 34.31 Granted 2,111,496 $ 19.98 Exercised (57,297 ) $ 23.08 Forfeited (406,804 ) $ 32.21 Outstanding — September 30, 2016 7,363,883 $ 30.40 6.48 $ 29,358 Exercisable — September 30, 2016 4,036,019 $ 32.03 4.73 $ 9,289 Exercisable and expected to vest — September 30, 2016 7,155,596 $ 30.60 6.40 $ 27,603
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants at September 30, 2016 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $18.04 - $23.02 2,825,874 $ 20.32 7.31 888,828 $ 21.34 $23.41 - $30.00 1,235,102 $ 28.11 4.46 934,889 $ 28.14 $31.60 - $32.33 1,001,970 $ 31.88 5.93 767,427 $ 31.89 $34.01 - $39.60 827,693 $ 34.58 4.43 816,292 $ 34.53 $42.60 - $54.81 1,473,244 $ 48.31 8.13 628,583 $ 49.87 7,363,883 $ 30.40 6.48 4,036,019 $ 32.03
Summary of restricted stock awards and restricted stock units activity	The following summarizes the Company’s activity in its restricted stock awards and restricted stock units for the nine months ended September 30, 2016 : Restricted Stock Awards Restricted Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Number of Shares Weighted-Average Grant-Date Fair Value Nonvested — December 31, 2015 41,476 $ 43.99 636,701 $ 43.32 Granted — $ — 555,930 $ 19.74 Vested (36,881 ) $ 44.35 (140,110 ) $ 43.34 Forfeited (3,185 ) $ 40.81 (62,367 ) $ 33.14 Nonvested — September 30, 2016 1,410 $ 41.91 990,154 $ 30.72 Expected to vest — September 30, 2016 1,409 $ 41.91 906,799 $ 31.24

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Basic and diluted earnings per share computations	The calculation of basic and diluted earnings per share is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income $ 51,954 $ 41,052 $ 150,195 $ 141,972 Basic weighted-average number of shares outstanding 89,092 94,972 89,025 95,744 Dilutive common share equivalents 859 1,500 707 1,559 Diluted weighted-average number of shares outstanding 89,951 96,472 89,732 97,303 Basic earnings per share $ 0.58 $ 0.43 $ 1.69 $ 1.48 Diluted earnings per share $ 0.58 $ 0.43 $ 1.67 $ 1.46

Organization and Description 33

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	9 Months Ended
	Sep. 30, 2016
Lpl Financial Llc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%
Number of States in which Entity Operates	50
Ptc Holdings Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%

Summary of Significant Accoun34

Summary of Significant Accounting Policies Reportable Segment (Details)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Number of Reportable Segments	1

Summary of Significant Accoun35

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	$ 2,201,780	$ 2,215,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$ 2,223,900	$ 2,200,000

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 11,835	$ 11,995
Securities sold, but not yet purchased	85	268
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	92,670	252,393
Securities owned — trading	11,835	11,995
Other assets	136,750	103,312
Total assets at fair value	241,255	367,700
Securities sold, but not yet purchased	85	268
Accounts payable and accrued liabilities	532	527
Total liabilities at fair value	617	795
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	92,670	252,393
Securities owned — trading	11,492	11,892
Other assets	130,223	99,962
Total assets at fair value	234,385	364,247
Securities sold, but not yet purchased	70	268
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	70	268
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	343	103
Other assets	6,527	3,350
Total assets at fair value	6,870	3,453
Securities sold, but not yet purchased	15	0
Accounts payable and accrued liabilities	5	0
Total liabilities at fair value	20	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities	527	527
Total liabilities at fair value	527	527
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	5	1
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	5	1
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	65	267
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	65	267
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	15
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
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	15
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	326	261
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	326	261
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,629	7,267
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,629	7,267
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	37	56
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	37	56
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	343	103
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] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	343	103
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	3,500	4,308
U.S. treasury obligations | 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	3,500	4,308
U.S. treasury obligations | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 9,864	$ 9,847
U.S. government notes
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	9,864	9,847
Gross unrealized gain	25
Gross unrealized loss		(26)
U.S. government notes - at fair value, Total	$ 9,889	$ 9,821

Held-to-Maturity Securities (38

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 9,864	$ 9,847
U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,000
U.S. government notes - at amortized cost, After one but within five years	5,364
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost, Total	9,864	9,847
U.S. government notes - at fair value, Within one year	4,002
U.S. government notes - at fair value, After one but within five years	5,367
U.S. government notes - at fair value, After five through ten years	520
U.S. government notes - at fair value, Total	$ 9,889	$ 9,821

Derivative Financial Instrume39

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

Derivative Financial Instrume40

Derivative Financial Instruments (Details 1) $ in Thousands, ₨ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016INR (₨)	Dec. 31, 2015USD ($)
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		$ 7,500
Derivative, Cash Received on Hedge	$ 600
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of cash flow hedges		$ 566		$ 741
Cash Flow Hedge 3 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 7,800		₨ 560.4

Derivative Financial Instrume41

Derivative Financial Instruments (Details Textuals) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Derivative [Line Items]
Number of cash flow hedges entered into by the Company		4
Derivative, Cash Received on Hedge	$ 0.6
Derivative, Notional Amount		$ 7.5

Debt (Credit Agreement Outstand

Debt (Credit Agreement Outstanding)(Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 2,178,641	$ 2,188,240
Debt Issuance Costs, Net	23,139	26,797
Long-term Debt, Gross	2,201,780	2,215,000
Secured Debt [Member] | Term Loan A [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 459,375	$ 459,375
Interest Rate	3.02%	2.74%
Secured Debt [Member] | Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 421,401	$ 424,676
Interest Rate	3.25%	3.25%
Secured Debt [Member] | Extended Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 626,254	$ 630,986
Interest Rate	4.25%	4.25%
Secured Debt [Member] | New Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Balance	$ 694,750	$ 700,000
Interest Rate	4.75%	4.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Base Rate [Member] | Secured Debt [Member] | Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Base Rate [Member] | Secured Debt [Member] | Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Base Rate [Member] | Secured Debt [Member] | Extended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Base Rate [Member] | Secured Debt [Member] | New Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.00%
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Extended Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | New Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Alternative Base Rate [Member] | Secured Debt [Member] | Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark Short-Term Interest Rate	0.75%
Alternative Base Rate [Member] | Secured Debt [Member] | Extended Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark Short-Term Interest Rate	0.75%
Alternative Base Rate [Member] | Secured Debt [Member] | New Term Loan B [Member]
Debt Instrument [Line Items]
Benchmark Short-Term Interest Rate	0.75%

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals)(Details) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 400
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	2.50%
Letters of credit, amount outstanding	$ 14.6

Debt Debt (Bank Loans Payable T

Debt Debt (Bank Loans Payable Textuals) (Details)	Jul. 05, 2016	Sep. 02, 2015	Sep. 30, 2016USD ($)Rate	Sep. 30, 2015USD ($)Rate	Sep. 30, 2016USD ($)
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity			$ 400,000,000		$ 400,000,000
Line of Credit Facility, Average Outstanding Amount			$ 90,000,000	$ 55,000,000
Uncommitted lines of credit, utilized	1	1
Debt Instrument, Interest Rate During Period | Rate			1.50%	1.50%
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding			$ 0		$ 0
Total number of uncommitted lines of credit					3
Number of uncommitted lines of credit with an unspecified limit					2
Line of credit, maximum borrowing capacity			$ 200,000,000		$ 200,000,000

Commitments and Contingencies (

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Leases, Operating [Abstract]
Rent expense, operating leases	$ 6.3	$ 6.2	$ 18.6	$ 19.4

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Brokers and Dealers [Abstract]
Portion of Design and Construction Costs Company is Obligated to Pay	27.50%
Other Commitment	$ 74,700
Lessee Leasing Arrangements, Operating Leases, Term of Contract	20 years
Collateral Securities Repledged, Delivered, or Used	$ 202,900
Collateral security	284,000
Amount pledged with client-owned securities	35,600
Remaining collateral securities that can be re-pledged, loaned, or sold	248,400
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	3,500	$ 4,300
Leasehold Financing Obligation	$ 105,939	$ 59,940

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends	$ 22,300	$ 22,300	$ 22,200	$ 23,800	$ 24,100	$ 24,200
Total cash dividends paid during the quarter							$ 66,773	$ 72,056

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Oct. 25, 2015
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			$ 500,000
Amount Remaining at September 30, 2016	$ 225,000
Shares Purchased	634,651
Weighted-Average Price Paid Per Share	$ 39.41
Total Cost	$ 25,013	$ 140,835
January 2016 [Member]
Equity, Class of Treasury Stock [Line Items]
Total Cost	$ 25,000

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945		20,055,945
Authorized unissued shares	8,455,991		8,455,991
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	9,719,427		9,719,427
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Minimum [Member] | Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Maximum [Member] | Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Employees, officers, and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 2.3	$ 4.1	$ 8.5	$ 12.4
Share-based compensation cost unrecognized	10		$ 10
Non-vested compensation cost weighted-average period			1 year 9 months 12 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation	2	2	$ 6.5	6.4
Share-based compensation cost unrecognized	11.2		$ 11.2
Non-vested compensation cost weighted-average period			1 year 10 months 21 days
Advisors and Financial Institutions [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	0.6	0.1	$ 0.3	1.8
Share-based compensation cost unrecognized	0.8		$ 0.8
Non-vested compensation cost weighted-average period			1 year 17 days
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	1.7	$ 0.4	$ 1	$ 1.5
Share-based compensation cost unrecognized	$ 5.5		$ 5.5
Non-vested compensation cost weighted-average period			2 years 22 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member]	9 Months Ended
	Sep. 30, 2016$ / shares
Advisors and Financial Institutions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	5 years 5 months 9 days
Expected stock price volatility	35.61%
Expected dividend yield	3.71%
Risk-free interest rate	1.15%
Fair value of options	$ 6.85
Employees, officers, and directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	5 years 3 months 2 days
Expected stock price volatility	33.38%
Expected dividend yield	2.87%
Risk-free interest rate	1.16%
Fair value of options	$ 4.59

Share-Based Compensation Stoc51

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	5,716,488
Number of Shares, Granted	2,111,496
Number of Shares, Exercised	(57,297)
Number of Shares, Forfeited	(406,804)
Number of Shares Outstanding, Ending Balance	7,363,883
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	7,155,596
Number of Shares Exercisable, Ending Balance	4,036,019
Weighted-Average Exercise Price, Granted	$ 19.98
Weighted-Average Exercise Price, Exercised	23.08
Weighted-Average Exercise Price, Forfeited	32.21
Weighted-Average Exercise Price, Outstanding, Ending Balance	30.40	$ 34.31
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 32.03
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 5 months 23 days
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 8 months 22 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 29,358
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 9,289
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 30.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	6 years 4 months 25 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 27,603

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Sep. 30, 2016$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	7,363,883
Weighted-average remaining life (years), Outstanding	6 years 5 months 22 days
Weighted-average exercise price, Outstanding | $ / shares	$ 30.40
Number of shares, Exercisable | shares	4,036,019
Weighted-average exercise price, Exercisable | $ / shares	$ 32.03
$18.04 - $23.02
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	2,825,874
Weighted-average remaining life (years), Outstanding	7 years 3 months 21 days
Weighted-average exercise price, Outstanding | $ / shares	$ 20.32
Number of shares, Exercisable | shares	888,828
Weighted-average exercise price, Exercisable | $ / shares	$ 21.34
$23.41 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,235,102
Weighted-average remaining life (years), Outstanding	4 years 5 months 17 days
Weighted-average exercise price, Outstanding | $ / shares	$ 28.11
Number of shares, Exercisable | shares	934,889
Weighted-average exercise price, Exercisable | $ / shares	$ 28.14
$31.60 - $32.33
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,001,970
Weighted-average remaining life (years), Outstanding	5 years 11 months 5 days
Weighted-average exercise price, Outstanding | $ / shares	$ 31.88
Number of shares, Exercisable | shares	767,427
Weighted-average exercise price, Exercisable | $ / shares	$ 31.89
$34.01 - $39.60
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	827,693
Weighted-average remaining life (years), Outstanding	4 years 5 months 5 days
Weighted-average exercise price, Outstanding | $ / shares	$ 34.58
Number of shares, Exercisable | shares	816,292
Weighted-average exercise price, Exercisable | $ / shares	$ 34.53
$42.60 - $54.81
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,473,244
Weighted-average remaining life (years), Outstanding	8 years 1 month 17 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.31
Number of shares, Exercisable | shares	628,583
Weighted-average exercise price, Exercisable | $ / shares	$ 49.87

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price					$ 41.91
Restricted stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance			41,476
Number of Shares, Granted			0
Number of Shares, Vested			(36,881)
Number of Shares, Forfeited			(3,185)
Number of Shares, Ending Balance	1,410		1,410
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					1,409
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 41.91		$ 41.91		$ 41.91	$ 43.99
Weighted-Average Grant-Date Fair Value, Granted			0
Weighted-Average Grant-Date Fair Value, Vested			44.35
Weighted-Average Grant-Date Fair Value, Forfeited			40.81
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 41.91		$ 41.91
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance			636,701
Number of Shares, Granted			555,930
Number of Shares, Vested			(140,110)
Number of Shares, Forfeited			(62,367)
Number of Shares, Ending Balance	990,154		990,154
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					906,799
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 30.72		$ 30.72		$ 30.72	$ 43.32
Weighted-Average Grant-Date Fair Value, Granted			19.74
Weighted-Average Grant-Date Fair Value, Vested			43.34
Weighted-Average Grant-Date Fair Value, Forfeited			33.14
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 30.72		$ 30.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price					$ 31.24
Advisors and Financial Institutions [Member] | Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 0.6	$ 0.1	$ 0.3	$ 1.8
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	1.7	0.4	1	1.5
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	2	2	6.5	6.4
Employees, officers, and directors [Member] | Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 2.3	$ 4.1	$ 8.5	$ 12.4

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income	$ 51,954	$ 41,052	$ 150,195	$ 141,972
Basic weighted-average number of shares outstanding	89,092	94,972	89,025	95,744
Dilutive common share equivalents	859	1,500	707	1,559
Diluted weighted-average number of shares outstanding	89,951	96,472	89,732	97,303
Basic earnings per share	$ 0.58	$ 0.43	$ 1.69	$ 1.48
Diluted earnings per share	$ 0.58	$ 0.43	$ 1.67	$ 1.46

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	4,622,802	2,068,568	4,802,887	1,975,454

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	23.80%	40.20%	35.40%	40.20%
Income Tax Benefit	$ 11.7

Related Party Transactions (Det

Related Party Transactions (Details) - TPG Capital [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	9.90%
Revenue from related party transactions		$ 0	$ 0.6
Related party transactions expenses		$ 0	$ 4.2

Net Capital and Regulatory Re58

Net Capital and Regulatory Requirements (Details) $ in Millions	Sep. 30, 2016USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 93.5
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 6.4

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Nov. 30, 2016	Nov. 16, 2016	Oct. 31, 2016
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Oct. 31, 2016
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Nov. 30, 2016
Dividends Payable, Date of Record		Nov. 16, 2016