LPL Financial (LPLA) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2017	Jul. 25, 2017
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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		89,974,870

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Commission	$ 420,706	$ 445,755	$ 841,870	$ 882,482
Advisory	346,515	322,955	676,374	642,387
Asset-based	173,450	137,797	330,673	274,048
Transaction and fee	109,361	101,824	217,523	204,514
Interest income, net of interest expense	5,976	5,238	11,769	10,568
Other	9,496	5,612	22,722	10,487
Total net revenues	1,065,504	1,019,181	2,100,931	2,024,486
EXPENSES:
Commission and advisory	663,046	660,680	1,308,109	1,296,691
Compensation and benefits	110,299	105,773	223,511	219,828
Promotional	32,006	34,717	68,660	70,401
Depreciation, Depletion and Amortization	21,190	18,749	41,937	37,711
Amortization of Intangible Assets	9,453	9,509	18,944	19,034
Occupancy and equipment	22,987	21,980	48,186	43,817
Professional services	18,757	14,984	34,294	32,139
Brokerage, clearing and exchange	13,890	13,609	28,076	27,198
Communications and data processing	10,645	10,971	21,659	21,468
Other	24,201	24,656	46,764	44,156
Total operating expenses	926,474	915,628	1,840,140	1,812,443
Non-operating interest expense	26,261	23,804	51,612	47,694
Loss on extinguishment of debt	0	0	21,139	0
INCOME BEFORE PROVISION FOR INCOME TAXES	112,769	79,749	188,040	164,349
PROVISION FOR INCOME TAXES	44,335	31,900	71,417	66,108
NET INCOME	$ 68,434	$ 47,849	$ 116,623	$ 98,241
EARNINGS PER SHARE (NOTE 10)
Earnings per share, basic	$ 0.76	$ 0.54	$ 1.29	$ 1.10
Earnings per share, diluted	$ 0.74	$ 0.53	$ 1.27	$ 1.10
Weighted-average shares outstanding, basic	90,251	89,019	90,060	88,992
Weighted-average shares outstanding, diluted	92,013	89,699	91,996	89,669

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
NET INCOME	$ 68,434	$ 47,849	$ 116,623	$ 98,241
Other comprehensive income, net of tax:
Unrealized gain (loss) on cash flow hedges, net of tax expense (benefit) of $25, ($48), $187 and $48 for the three and six months ended June 30, 2017 and 2016, respectively	40	(76)	293	74
Reclassification adjustment for realized gain on cash flow hedges included in the condensed consolidated statements of income, net of tax expense of $390, $93, $406, and $156 for the three and six months ended June 30, 2017 and 2016, respectively	(588)	(148)	(608)	(248)
Total other comprehensive income, net of tax	(548)	(224)	(315)	(174)
TOTAL COMPREHENSIVE INCOME	$ 67,886	$ 47,625	$ 116,308	$ 98,067

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Tax expense (benefit) on unrealized gain (loss) on cash flow hedges	$ 25	$ (48)	$ 187	$ 48
Tax expense on adjustment for items reclassified to earnings	$ 390	$ 93	$ 406	$ 156

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 945,133	$ 747,709
Cash and securities segregated under federal and other regulations	534,002	768,219
Restricted cash	42,733	42,680
Receivables from:
Clients, net of allowance of $427 at June 30, 2017 and $1,580 at December 31, 2016	295,388	341,199
Product sponsors, broker-dealers, and clearing organizations	166,687	175,122
Advisor loans, net of allowance of $5,780 at June 30, 2017 and $1,852 at December 31, 2016	192,485	194,526
Others, net of allowance of $10,050 at June 30, 2017 and $12,851 at December 31, 2016	212,635	189,632
Securities owned:
Trading — at fair value	14,360	11,404
Held-to-maturity — at amortized cost	11,833	8,862
Securities borrowed	17,619	5,559
Fixed assets, net of accumulated depreciation and amortization of $394,737 at June 30, 2017 and $355,919 at December 31, 2016	392,300	387,368
Goodwill	1,365,838	1,365,838
Intangible assets, net of accumulated amortization of $399,718 at June 30, 2017 and $380,775 at December 31, 2016	335,052	353,996
Other assets	264,060	242,812
Total assets	4,790,125	4,834,926
LIABILITIES:
Drafts payable	150,101	198,839
Payables to clients	777,220	863,765
Payables to broker-dealers and clearing organizations	52,668	63,032
Accrued commission and advisory expenses payable	128,804	128,476
Accounts payable and accrued liabilities	380,585	385,545
Income taxes payable	17,936	4,607
Unearned revenue	80,633	62,785
Securities sold, but not yet purchased — at fair value	99	183
Long-term debt, net of unamortized debt issuance cost of $16,884 at June 30, 2017 and $21,924 at December 31, 2016	2,178,866	2,175,436
Leasehold Financing Obligation	104,764	105,649
Deferred income taxes, net	25,352	25,614
Total liabilities	3,897,028	4,013,931
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 122,052,498 shares issued at June 30, 2017 and 119,917,854 shares issued at December 31, 2016	122	120
Additional paid-in capital	1,506,632	1,445,256
Treasury stock, at cost — 32,130,595 shares at June 30, 2017 and 30,621,270 shares at December 31, 2016	(1,254,759)	(1,194,645)
Accumulated other comprehensive income	0	315
Retained earnings	641,102	569,949
Total stockholders' equity	893,097	820,995
Total liabilities and stockholders' equity	$ 4,790,125	$ 4,834,926

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accumulated depreciation and amortization, Fixed assets	$ 394,737	$ 355,919
Accumulated amortization, Intangible assets	399,718	380,775
Debt Issuance Costs, Net	$ 16,884	$ 21,924
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	122,052,498	119,917,854
Treasury stock, shares	32,130,595	30,621,270
Receivables from clients [Member]
Allowances on receivables	$ 427	$ 1,580
Receivables from others [Member]
Allowances on receivables	10,050	12,851
Advisor Loans [Member]
Allowances on receivables	$ 5,780	$ 1,852

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, 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	98,067				(174)
NET INCOME	98,241					98,241
Issuance of common stock to settle restricted stock units, net	(882)	$ 1		$ (883)
Issuance of common stock to settle restricted stock units, net, shares		119,000		42,000
Treasury stock purchases	(25,013)			$ (25,013)
Treasury stock purchases, shares				635,000
Cash dividends on common stock	(44,504)					(44,504)
Stock option exercises and other (in shares)		36,000		(69,000)
Stock option exercises and other	1,945		876	$ 2,437		(1,368)
Share-based compensation	10,117		10,117
Excess tax benefits (tax deficiency) from share-based compensation	(1,350)		(1,350)
ENDING BALANCE at Jun. 30, 2016	753,990	$ 120	1,427,941	$ (1,195,949)	379	521,499
ENDING BALANCE, shares at Jun. 30, 2016		119,727,000		30,656,000
BEGINNING BALANCE at Dec. 31, 2016	820,995	$ 120	1,445,256	$ (1,194,645)	315	569,949
BEGINNING BALANCE, shares at Dec. 31, 2016		119,918,000		30,621,000
Net income and other comprehensive income (loss), net of tax expense	116,308				(315)
NET INCOME	116,623					116,623
Issuance of common stock to settle restricted stock units, net	(2,741)			$ (2,741)
Issuance of common stock to settle restricted stock units, net, shares		323,000		70,000
Treasury stock purchases	$ (58,710)			$ (58,710)
Treasury stock purchases, shares	1,477,147			1,477,000
Cash dividends on common stock	$ (45,248)					(45,248)
Stock option exercises and other (in shares)	1,792,964,000	1,811,000		(37,000)
Stock option exercises and other	$ 48,668	$ 2	47,551	$ 1,337		(222)
Share-based compensation	13,825		13,825
ENDING BALANCE at Jun. 30, 2017	$ 893,097	$ 122	$ 1,506,632	$ (1,254,759)	$ 0	$ 641,102
ENDING BALANCE, shares at Jun. 30, 2017		122,052,000		32,131,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 116,623	$ 98,241
Noncash items:
Depreciation and amortization	41,937	37,711
Amortization of Intangible Assets	18,944	19,034
Amortization of debt issuance costs	2,414	2,881
Share-based compensation	13,825	10,117
Excess tax benefits related to share-based compensation	0	(10)
Provision for bad debts	2,333	2,162
Deferred income tax provision	(43)	(133)
Loss on extinguishment of debt	21,139	0
Loan forgiveness	26,563	21,464
Other	(4,765)	(2,304)
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	234,216	23,960
Deposit of restricted cash related to captive insurance subsidiary	(9,377)	(10,625)
Release of restricted cash related to captive insurance subsidiary	9,325	2,220
Receivables from clients	46,964	31,987
Receivables from product sponsors, broker-dealers and clearing organizations	8,435	(38,126)
Advisor loans	(28,451)	(40,260)
Receivables from others	(20,201)	(6,011)
Securities owned	(2,463)	1,464
Securities borrowed	(12,060)	(8,142)
Other assets	(12,949)	(11,377)
Drafts payable	(48,738)	(31,565)
Payables to clients	(86,545)	21,464
Payables to broker-dealers and clearing organizations	(10,363)	11,149
Accrued commission and advisory expenses payable	327	(3,569)
Accounts payable and accrued liabilities	812	9,769
Income taxes receivable/payable	13,329	204
Unearned revenue	17,848	13,069
Securities sold, but not yet purchased	(84)	(137)
Net cash provided by operating activities	338,995	154,637
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(58,898)	(56,542)
Proceeds from disposal of fixed assets	12	0
Purchase of securities classified as held-to-maturity	(4,721)	(4,020)
Proceeds from maturity of securities classified as held-to-maturity	1,750	3,000
Release of restricted cash	0	1,444
Net cash used in investing activities	(61,857)	(56,118)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans	(2,201,610)	(8,838)
Proceeds from Long-term Lines of Credit	2,197,360	0
Payments of Debt Issuance Costs	(16,548)	0
Tax payments related to settlement of restricted stock units	(2,741)	(882)
Repurchase of common stock	(58,710)	(25,013)
Dividends on common stock	(45,248)	(44,504)
Excess tax benefits related to share-based compensation	0	10
Proceeds from stock option exercises and other	48,668	1,945
Payment of Leasehold Financing Obligation	(885)	0
Net cash used in financing activities	(79,714)	(77,282)
NET INCREASE IN CASH AND CASH EQUIVALENTS	197,424	21,237
CASH AND CASH EQUIVALENTS - Beginning of period	747,709	724,529
CASH AND CASH EQUIVALENTS - End of period	945,133	745,766
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	42,630	46,348
Income taxes paid	58,106	67,379
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	11,424	15,294
Finance obligation related to real estate project	0	31,645
Debt issuance cost included in accounts payable and accrued liabilities	790	0
Discount on proceeds from senior secured credit facilities recorded as debt issuance cost	$ 2,640	$ 0

Organization and Description of

Organization and Description of the Company	6 Months Ended
	Jun. 30, 2017
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. 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, Massachusetts; San Diego, California; and Fort Mill, South Carolina, 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”) provide 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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 in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, intangible assets, allowance for doubtful accounts, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals, and other matters that affect the consolidated financial statements and related disclosures. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. 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 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, 2016 , 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, 2016 . There have been no significant changes to these accounting policies during the first six months of 2017 . 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. Reportable Segment Management has determined that the Company operates in one segment, given the similarities in economic 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, which the Company carries 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 June 30, 2017 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,195.8 million and $2,224.6 million , respectively. As of December 31, 2016 , the carrying amount and fair value was approximately $2,197.4 million and $2,218.9 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 , to supersede nearly all existing revenue recognition guidance under GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , 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. ASU 2014-09 also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company expects to adopt the provisions of this guidance on January 1, 2018 using the modified retrospective approach with a cumulative-effect adjustment to opening retained earnings. The Company has performed an assessment of its revenue contracts as well as worked with industry participants on matters of interpretation and application and has not identified any material changes to the timing or amount of its revenue recognition under ASU 2014-09. The Company also does not expect its accounting policies to change materially since the principles of revenue recognition from ASU 2014-09 are largely consistent with existing guidance and current practices applied by the Company. The Company is also evaluating its disclosures and may provide additional disaggregation of revenue upon adoption of ASU 2014-09. The Company's evaluations are not final as of the date of this filing, and the Company will continue to assess the impact. In February 2016, the FASB issued ASU 2016-02, Leases , which 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 Company expects to adopt the provisions of this guidance on January 1, 2019. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting (Topic 718) , which amends the scope of modification accounting for share-based payment arrangements. ASU 2017-09 provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The new standard is effective for annual periods beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact this update will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The ASU is designed to identify areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The adoption of ASU 2016-09 had no material impact on its consolidated financial statements; however, it did reduce the Company's effective tax rate for the three and six months ended June 30, 2017

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
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 six months ended June 30, 2017 . 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 June 30, 2017 , 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 June 30, 2017 , 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; and (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. 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 June 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 241,225 $ — $ — $ 241,225 Securities owned — trading: Money market funds 290 — — 290 Mutual funds 9,252 — — 9,252 Equity securities 39 — — 39 Debt securities — 887 — 887 U.S. treasury obligations 3,892 — — 3,892 Total securities owned — trading 13,473 887 — 14,360 Other assets 160,744 9,116 — 169,860 Total assets at fair value $ 415,442 $ 10,003 $ — $ 425,445 Liabilities Securities sold, but not yet purchased: Equity securities $ 98 $ — $ — $ 98 Debt securities — 1 — 1 Total securities sold, but not yet purchased 98 1 — 99 Accounts payable and accrued liabilities — — 527 527 Total liabilities at fair value $ 98 $ 1 $ 527 $ 626 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 168,320 $ — $ — $ 168,320 Securities owned — trading: Money market funds 474 — — 474 Mutual funds 7,585 — — 7,585 Equity securities 35 — — 35 Debt securities — 314 — 314 U.S. treasury obligations 2,996 — — 2,996 Total securities owned — trading 11,090 314 — 11,404 Other assets 134,914 7,105 — 142,019 Total assets at fair value $ 314,324 $ 7,419 $ — $ 321,743 Liabilities Securities sold, but not yet purchased: Equity securities $ 168 $ — $ — $ 168 Debt securities — 15 — 15 Total securities sold, but not yet purchased 168 15 — 183 Accounts payable and accrued liabilities — 86 527 613 Total liabilities at fair value $ 168 $ 101 $ 527 $ 796

Held-to-Maturity Securities

Held-to-Maturity Securities	6 Months Ended
	Jun. 30, 2017
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 loss, and fair value of securities held-to-maturity were as follows (in thousands): June 30, December 31, Amortized cost $ 11,833 $ 8,862 Gross unrealized loss (39 ) (31 ) Fair value $ 11,794 $ 8,831 At June 30, 2017 , the securities held-to-maturity were scheduled to mature as follows (in thousands): Within one year After one but within five years After five but within ten years Total U.S. government notes — at amortized cost $ 3,751 $ 7,582 $ 500 $ 11,833 U.S. government notes — at fair value $ 3,742 $ 7,552 $ 500 $ 11,794

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2017
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 7 . Goodwill and Other Intangible Assets , in the Company’s audited consolidated financial statements and the related notes in the 2016

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt On March 10, 2017, LPLFH and LPLH entered into a fourth amendment agreement, which amended and restated LPLH’s existing credit agreement (such amended and restated agreement, as further amended to date, the “Credit Agreement”) and refinanced LPLH’s then outstanding senior secured credit facilities with a new seven year Term Loan B facility in an aggregate principal amount of $1.7 billion and a five year revolving credit facility in an aggregate principal amount of $500.0 million . The proceeds of the new Term Loan B, together with the proceeds from the offering of $500.0 million aggregate principal amount of 5.75% senior notes (the “Notes”) and cash, were used to repay LPLH’s existing senior secured credit facilities and to pay accrued interest and related fees and expenses. The refinancing led to the extinguishment of the previous Term Loan A and B facilities, which required the Company to accelerate the recognition of $21.1 million of related unamortized debt issuance costs that had no future economic benefit, and recognize that amount as a loss on extinguishment of debt in its unaudited condensed consolidated statements of income. Issuance of 5.75% Senior Notes due 2025 The Notes were issued in March 2017 pursuant to an Indenture, dated March 10, 2017, among LPLH, U.S. Bank National Association, as trustee, and certain of the Company’s subsidiaries as guarantors (“Indenture”). The Notes are unsecured obligations, will mature on September 15, 2025, and will bear interest at the rate of 5.75% per year, with interest payable semi-annually, beginning on September 15, 2017. The Company may redeem all or part of the Notes at any time prior to March 15, 2020 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus a “make-whole” premium. Thereafter the Company may redeem all or part of the Notes at annually declining redemption premiums until March 15, 2023, at and after which date the redemption price will be equal to 100% of the principal amount redeemed. Senior Secured Credit Facilities Borrowings under the Term Loan B facility bear interest at a rate per annum of 250 basis points over the Eurodollar Rate or 150 basis points over the base rate (as defined in the Credit Agreement), and have no leverage or interest coverage maintenance covenants. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 150 to 200 basis points over the Eurodollar Rate or 50 to 100 basis points over the base rate, depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). The Eurodollar Rate option is the one-, two-, three-, or six-month LIBOR rate, as selected by LPLH, or, with the approval of the applicable lenders, twelve month LIBOR rate or the LIBOR rate for another period acceptable to the Administrative Agent (including a shorter period). The Eurodollar Rate is not subject to an interest rate floor. The Company’s outstanding borrowings as of June 30, 2017 were as follows (dollars in thousands): June 30, 2017 Total Debt Balance Applicable Margin Interest Rate Maturity Revolving Credit Facility $ — LIBOR+200bps(1) — % 3/10/2022 Senior Secured Term Loan B 1,695,750 LIBOR+250 bps(1) 3.82 % 3/10/2024 Senior Unsecured Notes 500,000 Fixed Rate 5.75 % 9/15/2025 Total borrowings/ weighted-average interest rate 2,195,750 4.26 % Less Unamortized Debt Issuance Cost 16,884 Long-term borrowings — net of unamortized debt issuance cost $ 2,178,866 _____________________ (1) The LIBOR rate option is one-, two-, three- or six-month LIBOR rate, as selected by LPLH, or, with the approval of the applicable lenders, twelve month LIBOR rate or the LIBOR rate for another period acceptable to the Administrative Agent (including a shorter period). The LIBOR rate is not subject to an interest rate floor. The Company is required to make quarterly amortization payments on the Term Loan B facility (commencing with the fiscal quarter ending June 30, 2017), each equal to 0.25% of the original principal amount of the loans under the Term Loan B facility. Voluntary prepayments of the Term Loan B facility in connection with a Repricing Transaction (as defined in the Credit Agreement) on or prior to six months after the Effective Date will be subject to a call premium of 1.0% . Otherwise, outstanding loans under the Term Loan B facility may be voluntarily prepaid at any time without premium or penalty. The Company’s revolving credit facility requires compliance with a maximum Consolidated Total Debt to Consolidated EBITDA Ratio ("Leverage Test", as defined in the Credit Agreement) and a minimum Consolidated EBITDA to Consolidated Interest Expense Ratio ("Interest Coverage, as defined in the Credit Agreement), tested as of the last day of each fiscal quarter. The breach of this covenant is subject to certain equity cure rights. As of June 30, 2017 , LPLH also had $11.1 million of irrevocable letters of credit, with an applicable interest rate margin of 2.00% , which were supported by the Company’s revolving credit facility. The Credit Agreement subjects the Company to certain financial and non-financial covenants for the benefit of the revolving credit facility. As of June 30, 2017 , the Company was in compliance with such covenants. The Company’s outstanding borrowings as of December 31, 2016 were as follows (dollars in thousands): December 31, 2016 Senior Secured Credit Facilities Balance Interest Rate Maturity Term Loan A $ 459,375 3.27 % 9/30/2019 2019 Term Loan B 420,309 3.25 % 3/29/2019 2021 Term Loan B 624,676 4.25 % 3/29/2021 2022 Term Loan B 693,000 4.80 % 11/20/2022 Total borrowings 2,197,360 Less Unamortized Debt Issuance Cost 21,924 Long-term borrowings — net of unamortized debt issuance cost $ 2,175,436 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. The Company drew $15 million on one of the lines of credit at an interest rate of 2.44% during the three months ended June 30, 2017 and a total of $89 million at an interest rate of 2.22% during the six months ended June 30, 2017 . The lines were not otherwise utilized during the three and six months ended June 30, 2017 or 2016 . There were no balances outstanding at June 30, 2017 or December 31, 2016

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 $5.1 million and $6.1 million for the three months ended June 30, 2017 and 2016 , respectively, and $10.4 million and $12.3 million for the six months ended June 30, 2017 and 2016 , 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. 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 June 30, 2017 . 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. 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. 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 June 30, 2017 , 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 six months ended June 30, 2017 . Other Commitments As of June 30, 2017 , the Company had approximately $220.4 million of client margin loans that were collateralized with securities having a fair value of approximately $308.5 million that it can re-pledge, loan, or sell. Of these securities, approximately $40.9 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of June 30, 2017 , there were no restrictions that materially limited the Company’s ability to re-pledge, loan, or sell the remaining $267.6 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $3.9 million and $3.0 million pledged to clearing organizations at June 30, 2017 and December 31, 2016

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
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 Credit Agreement and the Indenture. 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): 2017 2016 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.6 $ 0.25 $ 22.2 Second quarter $ 0.25 $ 22.6 $ 0.25 $ 22.3 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, the Indenture and general liquidity needs. During the three and six months ended June 30, 2017 , the Company repurchased a total of 910,349 and 1,477,147 shares of its common stock at a weighted-average price of $39.78 and $39.75 per share for a total cost of $36.2 million and $58.7 million , respectively. As of June 30, 2017 , the Company was authorized to purchase up to an additional $166.3 million

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2017
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, restricted stock units, deferred stock units, and performance stock units. Stock options and warrants outstanding generally vest in equal increments over a three - to four -year period and expire on the ten th anniversary following the date of grant. Restricted stock awards, restricted stock units, deferred stock units, and performance 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, 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 8,367,237 shares reserved for issuance upon exercise or conversion of outstanding awards granted, and 7,642,707 shares remaining available for future issuance under the 2010 Plan, as of June 30, 2017 . 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 six months ended June 30, 2017 : Expected life (in years) 5.43 Expected stock price volatility 35.27 % Expected dividend yield 2.61 % Risk-free interest rate 2.14 % Fair value of options $ 10.63 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 six months ended June 30, 2017 : Expected life (in years) 5.40 Expected stock price volatility 35.28 % Expected dividend yield 2.47 % Risk-free interest rate 1.85 % Fair value of options $ 16.84 The following table summarizes the Company’s stock option and warrant activity for the six months ended June 30, 2017 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2016 7,153,982 $ 30.40 Granted 851,810 $ 39.48 Exercised (1,792,964 ) $ 26.52 Forfeited (230,684 ) $ 31.56 Outstanding — June 30, 2017 5,982,144 $ 32.81 6.41 $ 65,769 Exercisable — June 30, 2017 3,912,178 $ 33.84 5.12 $ 41,070 Exercisable and expected to vest — June 30, 2017 5,814,155 $ 32.78 6.32 $ 64,280 The following table summarizes information about outstanding stock options and warrants at June 30, 2017 : 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 1,835,722 $ 20.29 6.56 933,243 $ 20.72 $23.41 - $30.00 940,561 $ 28.11 3.96 821,517 $ 28.24 $31.60 - $32.33 459,131 $ 31.87 5.16 459,131 $ 31.87 $34.01 - $39.60 1,361,428 $ 37.53 7.33 537,231 $ 34.58 $42.60 - $54.81 1,385,302 $ 48.25 7.40 1,161,056 $ 48.80 5,982,144 $ 32.81 6.41 3,912,178 $ 33.84 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 $1.6 million and $2.3 million during the three months ended June 30, 2017 and 2016 , respectively, and $3.8 million and $6.3 million during the six months ended June 30, 2017 and 2016 , respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of June 30, 2017 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $11.2 million , which is expected to be recognized over a weighted-average period of 2.19 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 $0.4 million and $0.1 million during the three months ended June 30, 2017 and 2016 , respectively, and $0.7 million and $(0.3) million for during the six months ended June 30, 2017 and 2016 , 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 June 30, 2017 , total unrecognized compensation cost related to non-vested stock options and warrants granted to advisors and financial institutions was $0.5 million , which is expected to be recognized over a weighted-average period of 0.42 years. Restricted Stock and Stock Units The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, for the six months ended June 30, 2017 : Restricted Stock Awards Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Number of Shares Weighted-Average Grant-Date Fair Value Nonvested — December 31, 2016 10,404 $ 35.85 982,253 $ 30.61 Granted 18,700 $ 39.73 438,819 $ 39.74 Vested (16,308 ) $ 37.25 (342,924 ) $ 36.10 Forfeited — $ — (77,874 ) $ 32.34 Nonvested — June 30, 2017 12,796 $ 39.73 1,000,274 $ 32.60 Expected to vest — June 30, 2017 12,796 $ 39.73 909,306 $ 32.27 The Company grants restricted stock awards and deferred stock units to its directors and restricted stock units and performance stock units to its employees and officers. Restricted stock awards and 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 $3.2 million and $2.2 million of share-based compensation related to the vesting of these restricted stock awards, restricted stock units, deferred stock units, and performance stock units during the three months ended June 30, 2017 and 2016 , respectively and $6.1 million and $4.5 million during the six months ended June 30, 2017 and 2016 , respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of June 30, 2017 , total unrecognized compensation cost for restricted stock awards and stock units granted to directors, employees and officers was $16.6 million , which is expected to be recognized over a weighted-average remaining period of 2.26 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 $1.5 million and $0.3 million related to the vesting of these restricted stock units during the three months ended June 30, 2017 and 2016 , respectively, and $2.9 million and $(0.8) million during the six months ended June 30, 2017 and 2016 , respectively, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of June 30, 2017 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $6.6 million , which is expected to be recognized over a weighted-average remaining period of 2.05

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income $ 68,434 $ 47,849 $ 116,623 $ 98,241 Basic weighted-average number of shares outstanding 90,251 89,019 90,060 88,992 Dilutive common share equivalents 1,762 680 1,936 677 Diluted weighted-average number of shares outstanding 92,013 89,699 91,996 89,669 Basic earnings per share $ 0.76 $ 0.54 $ 1.29 $ 1.10 Diluted earnings per share $ 0.74 $ 0.53 $ 1.27 $ 1.10 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the three months ended June 30, 2017 and 2016 , stock options, warrants, and stock units representing common share equivalents of 2,362,410 shares and 4,862,540 shares, respectively, were anti-dilutive. For the six months ended June 30, 2017 and 2016 , stock options, warrants, and stock units representing common share equivalents of 2,022,653 shares and 4,845,406

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
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 39.3% and 40.0% for the three months ended June 30, 2017 and 2016 respectively, and 38.0% and 40.2% for the six months ended June 30, 2017 and 2016 , respectively. The decrease in the Company’s effective tax rate compared to the 2016 periods was primarily due to tax benefits associated with the adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting for recording stock-based compensation beginning in 2017.

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	6 Months Ended
	Jun. 30, 2017
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 $153.6 million with a minimum net capital requirement of $6.3 million as of June 30, 2017 . 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 June 30, 2017 and December 31, 2016

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2017
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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On July 26, 2017 , the Board of Directors declared a cash dividend of $0.25 per share on the Company's outstanding common stock to be paid on August 24, 2017 to all stockholders of record on August 10, 2017

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
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.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one
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, which the Company carries 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 June 30, 2017 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,195.8 million and $2,224.6 million , respectively. As of December 31, 2016 , the carrying amount and fair value was approximately $2,197.4 million and $2,218.9 million
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 , to supersede nearly all existing revenue recognition guidance under GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , 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. ASU 2014-09 also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company expects to adopt the provisions of this guidance on January 1, 2018 using the modified retrospective approach with a cumulative-effect adjustment to opening retained earnings. The Company has performed an assessment of its revenue contracts as well as worked with industry participants on matters of interpretation and application and has not identified any material changes to the timing or amount of its revenue recognition under ASU 2014-09. The Company also does not expect its accounting policies to change materially since the principles of revenue recognition from ASU 2014-09 are largely consistent with existing guidance and current practices applied by the Company. The Company is also evaluating its disclosures and may provide additional disaggregation of revenue upon adoption of ASU 2014-09. The Company's evaluations are not final as of the date of this filing, and the Company will continue to assess the impact. In February 2016, the FASB issued ASU 2016-02, Leases , which 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 Company expects to adopt the provisions of this guidance on January 1, 2019. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting (Topic 718) , which amends the scope of modification accounting for share-based payment arrangements. ASU 2017-09 provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The new standard is effective for annual periods beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact this update will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The ASU is designed to identify areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The adoption of ASU 2016-09 had no material impact on its consolidated financial statements; however, it did reduce the Company's effective tax rate for the three and six months ended June 30, 2017

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 241,225 $ — $ — $ 241,225 Securities owned — trading: Money market funds 290 — — 290 Mutual funds 9,252 — — 9,252 Equity securities 39 — — 39 Debt securities — 887 — 887 U.S. treasury obligations 3,892 — — 3,892 Total securities owned — trading 13,473 887 — 14,360 Other assets 160,744 9,116 — 169,860 Total assets at fair value $ 415,442 $ 10,003 $ — $ 425,445 Liabilities Securities sold, but not yet purchased: Equity securities $ 98 $ — $ — $ 98 Debt securities — 1 — 1 Total securities sold, but not yet purchased 98 1 — 99 Accounts payable and accrued liabilities — — 527 527 Total liabilities at fair value $ 98 $ 1 $ 527 $ 626 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 168,320 $ — $ — $ 168,320 Securities owned — trading: Money market funds 474 — — 474 Mutual funds 7,585 — — 7,585 Equity securities 35 — — 35 Debt securities — 314 — 314 U.S. treasury obligations 2,996 — — 2,996 Total securities owned — trading 11,090 314 — 11,404 Other assets 134,914 7,105 — 142,019 Total assets at fair value $ 314,324 $ 7,419 $ — $ 321,743 Liabilities Securities sold, but not yet purchased: Equity securities $ 168 $ — $ — $ 168 Debt securities — 15 — 15 Total securities sold, but not yet purchased 168 15 — 183 Accounts payable and accrued liabilities — 86 527 613 Total liabilities at fair value $ 168 $ 101 $ 527 $ 796

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	6 Months Ended
	Jun. 30, 2017
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 loss, and fair value of securities held-to-maturity were as follows (in thousands): June 30, December 31, Amortized cost $ 11,833 $ 8,862 Gross unrealized loss (39 ) (31 ) Fair value $ 11,794 $ 8,831
Maturities of securities held-to-maturity	At June 30, 2017 , the securities held-to-maturity were scheduled to mature as follows (in thousands): Within one year After one but within five years After five but within ten years Total U.S. government notes — at amortized cost $ 3,751 $ 7,582 $ 500 $ 11,833 U.S. government notes — at fair value $ 3,742 $ 7,552 $ 500 $ 11,794

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding borrowings as of December 31, 2016 were as follows (dollars in thousands): December 31, 2016 Senior Secured Credit Facilities Balance Interest Rate Maturity Term Loan A $ 459,375 3.27 % 9/30/2019 2019 Term Loan B 420,309 3.25 % 3/29/2019 2021 Term Loan B 624,676 4.25 % 3/29/2021 2022 Term Loan B 693,000 4.80 % 11/20/2022 Total borrowings 2,197,360 Less Unamortized Debt Issuance Cost 21,924 Long-term borrowings — net of unamortized debt issuance cost $ 2,175,436 June 30, 2017 were as follows (dollars in thousands): June 30, 2017 Total Debt Balance Applicable Margin Interest Rate Maturity Revolving Credit Facility $ — LIBOR+200bps(1) — % 3/10/2022 Senior Secured Term Loan B 1,695,750 LIBOR+250 bps(1) 3.82 % 3/10/2024 Senior Unsecured Notes 500,000 Fixed Rate 5.75 % 9/15/2025 Total borrowings/ weighted-average interest rate 2,195,750 4.26 % Less Unamortized Debt Issuance Cost 16,884 Long-term borrowings — net of unamortized debt issuance cost $ 2,178,866 _____________________ (1)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
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): 2017 2016 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.6 $ 0.25 $ 22.2 Second quarter $ 0.25 $ 22.6 $ 0.25 $ 22.3

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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 six months ended June 30, 2017 : Expected life (in years) 5.43 Expected stock price volatility 35.27 % Expected dividend yield 2.61 % Risk-free interest rate 2.14 % Fair value of options $ 10.63 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 six months ended June 30, 2017 : Expected life (in years) 5.40 Expected stock price volatility 35.28 % Expected dividend yield 2.47 % Risk-free interest rate 1.85 % Fair value of options $ 16.84
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity for the six months ended June 30, 2017 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2016 7,153,982 $ 30.40 Granted 851,810 $ 39.48 Exercised (1,792,964 ) $ 26.52 Forfeited (230,684 ) $ 31.56 Outstanding — June 30, 2017 5,982,144 $ 32.81 6.41 $ 65,769 Exercisable — June 30, 2017 3,912,178 $ 33.84 5.12 $ 41,070 Exercisable and expected to vest — June 30, 2017 5,814,155 $ 32.78 6.32 $ 64,280
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants at June 30, 2017 : 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 1,835,722 $ 20.29 6.56 933,243 $ 20.72 $23.41 - $30.00 940,561 $ 28.11 3.96 821,517 $ 28.24 $31.60 - $32.33 459,131 $ 31.87 5.16 459,131 $ 31.87 $34.01 - $39.60 1,361,428 $ 37.53 7.33 537,231 $ 34.58 $42.60 - $54.81 1,385,302 $ 48.25 7.40 1,161,056 $ 48.80 5,982,144 $ 32.81 6.41 3,912,178 $ 33.84
Summary of restricted stock awards and restricted stock units activity	The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, for the six months ended June 30, 2017 : Restricted Stock Awards Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Number of Shares Weighted-Average Grant-Date Fair Value Nonvested — December 31, 2016 10,404 $ 35.85 982,253 $ 30.61 Granted 18,700 $ 39.73 438,819 $ 39.74 Vested (16,308 ) $ 37.25 (342,924 ) $ 36.10 Forfeited — $ — (77,874 ) $ 32.34 Nonvested — June 30, 2017 12,796 $ 39.73 1,000,274 $ 32.60 Expected to vest — June 30, 2017 12,796 $ 39.73 909,306 $ 32.27

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income $ 68,434 $ 47,849 $ 116,623 $ 98,241 Basic weighted-average number of shares outstanding 90,251 89,019 90,060 88,992 Dilutive common share equivalents 1,762 680 1,936 677 Diluted weighted-average number of shares outstanding 92,013 89,699 91,996 89,669 Basic earnings per share $ 0.76 $ 0.54 $ 1.29 $ 1.10 Diluted earnings per share $ 0.74 $ 0.53 $ 1.27 $ 1.10

Organization and Description 30

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	6 Months Ended
	Jun. 30, 2017
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 Accoun31

Summary of Significant Accounting Policies Reportable Segment (Details)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Number of Reportable Segments	1

Summary of Significant Accoun32

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,195,750	$ 2,197,400
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	$ 2,224,600	$ 2,218,900

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 14,360	$ 11,404
Securities sold, but not yet purchased	99	183
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	241,225	168,320
Securities owned — trading	14,360	11,404
Other assets	169,860	142,019
Total assets at fair value	425,445	321,743
Securities sold, but not yet purchased	99	183
Accounts payable and accrued liabilities	527	613
Total liabilities at fair value	626	796
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	241,225	168,320
Securities owned — trading	13,473	11,090
Other assets	160,744	134,914
Total assets at fair value	415,442	314,324
Securities sold, but not yet purchased	98	168
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	98	168
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	887	314
Other assets	9,116	7,105
Total assets at fair value	10,003	7,419
Securities sold, but not yet purchased	1	15
Accounts payable and accrued liabilities	0	86
Total liabilities at fair value	1	101
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
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	98	168
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	98	168
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	1	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	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	1	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	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	290	474
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	290	474
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	9,252	7,585
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	9,252	7,585
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	39	35
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	39	35
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	887	314
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	887	314
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	3,892	2,996
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	3,892	2,996
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	Jun. 30, 2017	Dec. 31, 2016
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,833	$ 8,862
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	11,833	8,862
Gross unrealized loss	(39)	(31)
U.S. government notes - at fair value, Total	$ 11,794	$ 8,831

Held-to-Maturity Securities (35

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,833	$ 8,862
U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,751
U.S. government notes - at amortized cost, After one but within five years	7,582
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost, Total	11,833	8,862
U.S. government notes - at fair value, Within one year	3,742
U.S. government notes - at fair value, After one but within five years	7,552
U.S. government notes - at fair value, After five through ten years	500
U.S. government notes - at fair value, Total	$ 11,794	$ 8,831

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals)(Details) - USD ($) $ in Thousands	Mar. 10, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Principal amount of debt		$ 2,178,866		$ 2,178,866		$ 2,175,436
Long-term Debt, Gross		2,195,750		2,195,750		2,197,400
Loss on extinguishment of debt		0	$ 0	21,139	$ 0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term	5 years
Line of credit, maximum borrowing capacity	$ 500,000
Long-term Debt, Gross		0		$ 0
Applicable interest rate margin (as percent)				2.00%
Letters of credit, amount outstanding		11,100		$ 11,100
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	2.00%
Secured Debt [Member]
Debt Instrument [Line Items]
Principal amount of debt						2,175,436
Long-term Debt, Gross						$ 2,197,360
Loss on extinguishment of debt				(21,100)
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Debt term	7 years
Long-term Debt, Gross		1,695,750		1,695,750
Amortization payment (as percent)	0.25%
Call premium (as percent)	1.00%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Eurodollar Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	2.50%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	2.50%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.50%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 500,000		$ 500,000
Interest Rate (as percent)		5.75%		5.75%
Redemption price (as percent)		100.00%
Line of Credit [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.50%
Line of Credit [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	2.00%
Line of Credit [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	0.50%
Line of Credit [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.00%

Debt (Credit Agreement Outstand

Debt (Credit Agreement Outstanding)(Details) - USD ($) $ in Thousands	Mar. 10, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total borrowings		$ 2,195,750	$ 2,197,400
Less Unamortized Debt Issuance Cost		16,884	21,924
Long-term borrowings — net of unamortized debt issuance cost		$ 2,178,866	2,175,436
Weighted average interest rate (as percent)		4.26%
Secured Debt [Member]
Debt Instrument [Line Items]
Total borrowings			2,197,360
Less Unamortized Debt Issuance Cost			21,924
Long-term borrowings — net of unamortized debt issuance cost			2,175,436
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings		$ 1,695,750
Interest Rate (as percent)		3.82%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	2.50%
Secured Debt [Member] | Term Loan A [Member]
Debt Instrument [Line Items]
Total borrowings			$ 459,375
Interest Rate (as percent)			3.27%
Secured Debt [Member] | 2019 Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings			$ 420,309
Interest Rate (as percent)			3.25%
Secured Debt [Member] | 2021 Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings			$ 624,676
Interest Rate (as percent)			4.25%
Secured Debt [Member] | 2022 Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings			$ 693,000
Interest Rate (as percent)			4.80%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Total borrowings		$ 500,000
Interest Rate (as percent)		5.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total borrowings		$ 0
Applicable margin (as percent)		2.00%
Interest Rate (as percent)		0.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	2.00%

Debt Debt (Bank Loans Payable T

Debt Debt (Bank Loans Payable Textuals) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Long-term Debt, Gross	$ 2,195,750,000	$ 2,195,750,000	$ 2,197,400,000
Outstanding amount	$ 15,000,000	$ 89,000,000
Interest rate (as percent)	2.44%	2.22%
Line of Credit [Member]
Line of Credit Facility [Line Items]
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
Line of credit, amount outstanding	$ 0	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Leases, Operating [Abstract]
Rent expense, operating leases	$ 5.1	$ 6.1	$ 10.4	$ 12.3

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 220,400
Collateral security	308,500
Amount pledged with client-owned securities	40,900
Remaining collateral securities that can be re-pledged, loaned, or sold	267,600
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	3,900	$ 3,000
Leasehold Financing Obligation	$ 104,764	$ 105,649

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends	$ 22,600	$ 22,600	$ 22,300	$ 22,200
Total cash dividends paid during the quarter					$ 45,248	$ 44,504

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Amount Remaining	$ 166,300	$ 166,300
Shares Purchased	910,349	1,477,147
Weighted-Average Price Paid Per Share	$ 39.78	$ 39.75
Total Cost	$ 36,200	$ 58,710	$ 25,013

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945		20,055,945
Authorized unissued shares	8,367,237		8,367,237
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	7,642,707		7,642,707
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			4 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	$ 1.6	$ 2.3	$ 3.8	$ 6.3
Share-based compensation cost unrecognized	11.2		$ 11.2
Non-vested compensation cost weighted-average period			2 years 2 months 8 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation	3.2	2.2	$ 6.1	4.5
Share-based compensation cost unrecognized	16.6		$ 16.6
Non-vested compensation cost weighted-average period			2 years 3 months 3 days
Advisors and Financial Institutions [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	0.4	0.1	$ 0.7	(0.3)
Share-based compensation cost unrecognized	0.5		$ 0.5
Non-vested compensation cost weighted-average period			5 months 1 day
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	1.5	$ 0.3	$ 2.9	$ (0.8)
Share-based compensation cost unrecognized	$ 6.6		$ 6.6
Non-vested compensation cost weighted-average period			2 years 18 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member]	6 Months Ended
	Jun. 30, 2017$ / 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 4 months 24 days
Expected stock price volatility	35.28%
Expected dividend yield	2.47%
Risk-free interest rate	1.85%
Fair value of options	$ 16.84
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 5 months 4 days
Expected stock price volatility	35.27%
Expected dividend yield	2.61%
Risk-free interest rate	2.14%
Fair value of options	$ 10.63

Share-Based Compensation Stoc45

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	7,153,982
Number of Shares, Granted	851,810
Number of Shares, Exercised	(1,792,964)
Number of Shares, Forfeited	(230,684)
Number of Shares Outstanding, Ending Balance	5,982,144
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	5,814,155
Number of Shares Exercisable, Ending Balance	3,912,178
Weighted-Average Exercise Price, Granted	$ 39.48
Weighted-Average Exercise Price, Exercised	26.52
Weighted-Average Exercise Price, Forfeited	31.56
Weighted-Average Exercise Price, Outstanding, Ending Balance	32.81	$ 30.40
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 33.84
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 4 months 28 days
Weighted-Average Remaining Contractual Term, Options Exercisable	5 years 1 month 13 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 65,769
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 41,070
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 32.78
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	6 years 3 months 25 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 64,280

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	5,982,144
Weighted-average remaining life (years), Outstanding	6 years 4 months 28 days
Weighted-average exercise price, Outstanding | $ / shares	$ 32.81
Number of shares, Exercisable | shares	3,912,178
Weighted-average exercise price, Exercisable | $ / shares	$ 33.84
$18.04 - $23.02
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,835,722
Weighted-average remaining life (years), Outstanding	6 years 6 months 21 days
Weighted-average exercise price, Outstanding | $ / shares	$ 20.29
Number of shares, Exercisable | shares	933,243
Weighted-average exercise price, Exercisable | $ / shares	$ 20.72
$23.41 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	940,561
Weighted-average remaining life (years), Outstanding	3 years 11 months 15 days
Weighted-average exercise price, Outstanding | $ / shares	$ 28.11
Number of shares, Exercisable | shares	821,517
Weighted-average exercise price, Exercisable | $ / shares	$ 28.24
$31.60 - $32.33
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	459,131
Weighted-average remaining life (years), Outstanding	5 years 1 month 28 days
Weighted-average exercise price, Outstanding | $ / shares	$ 31.87
Number of shares, Exercisable | shares	459,131
Weighted-average exercise price, Exercisable | $ / shares	$ 31.87
$34.01 - $39.60
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,361,428
Weighted-average remaining life (years), Outstanding	7 years 3 months 29 days
Weighted-average exercise price, Outstanding | $ / shares	$ 37.53
Number of shares, Exercisable | shares	537,231
Weighted-average exercise price, Exercisable | $ / shares	$ 34.58
$42.60 - $54.81
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,385,302
Weighted-average remaining life (years), Outstanding	7 years 4 months 24 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.25
Number of shares, Exercisable | shares	1,161,056
Weighted-average exercise price, Exercisable | $ / shares	$ 48.80

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
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					$ 39.73
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
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			10,404
Number of Shares, Granted			18,700
Number of Shares, Vested			(16,308)
Number of Shares, Forfeited			0
Number of Shares, Ending Balance	12,796		12,796
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					12,796
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 39.73		$ 39.73		$ 39.73	$ 35.85
Weighted-Average Grant-Date Fair Value, Granted			39.73
Weighted-Average Grant-Date Fair Value, Vested			37.25
Weighted-Average Grant-Date Fair Value, Forfeited			0
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 39.73		$ 39.73
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			982,253
Number of Shares, Granted			438,819
Number of Shares, Vested			(342,924)
Number of Shares, Forfeited			(77,874)
Number of Shares, Ending Balance	1,000,274		1,000,274
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					909,306
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 32.60		$ 32.60		$ 32.60	$ 30.61
Weighted-Average Grant-Date Fair Value, Granted			39.74
Weighted-Average Grant-Date Fair Value, Vested			36.10
Weighted-Average Grant-Date Fair Value, Forfeited			32.34
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 32.60		$ 32.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price					$ 32.27
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	$ 0.4	$ 0.1	$ 0.7	$ (0.3)
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	1.5	0.3	2.9	(0.8)
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	3.2	2.2	6.1	4.5
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	$ 1.6	$ 2.3	$ 3.8	$ 6.3

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,362,410	4,862,540	2,022,653	4,845,406
Net income	$ 68,434	$ 47,849	$ 116,623	$ 98,241
Basic weighted-average number of shares outstanding	90,251,000	89,019,000	90,060,000	88,992,000
Dilutive common share equivalents	1,762,000	680,000	1,936,000	677,000
Diluted weighted-average number of shares outstanding	92,013,000	89,699,000	91,996,000	89,669,000
Basic earnings per share	$ 0.76	$ 0.54	$ 1.29	$ 1.10
Diluted earnings per share	$ 0.74	$ 0.53	$ 1.27	$ 1.10

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	2,362,410	4,862,540	2,022,653	4,845,406

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	39.30%	40.00%	38.00%	40.20%

Net Capital and Regulatory Re51

Net Capital and Regulatory Requirements (Details) $ in Millions	Jun. 30, 2017USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 153.6
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 6.3

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Aug. 24, 2017	Aug. 10, 2017	Jul. 26, 2017
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jul. 26, 2017
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Aug. 24, 2017
Dividends Payable, Date of Record		Aug. 10, 2017