LPL Financial (LPLA) 10-Q 31 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2017	Oct. 24, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		90,190,130

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES:
Commission	$ 403,011	$ 431,686	$ 1,244,881	$ 1,314,168
Advisory	356,945	321,911	1,033,319	964,298
Asset-based	183,953	138,291	514,626	412,339
Transaction and fee	103,999	108,413	321,522	312,927
Interest income, net of interest expense	6,162	5,372	17,931	15,940
Other	10,038	11,767	32,760	22,254
Total net revenues	1,064,108	1,017,440	3,165,039	3,041,926
EXPENSES:
Commission and advisory	663,765	657,432	1,971,874	1,954,123
Compensation and benefits	113,659	107,988	337,170	327,816
Promotional	42,935	42,609	111,595	113,010
Depreciation, Depletion and Amortization	21,996	18,434	63,933	56,145
Amortization of Intangible Assets	9,352	9,502	28,296	28,536
Occupancy and equipment	22,803	23,530	70,989	67,347
Professional services	16,438	17,045	50,732	49,184
Brokerage, clearing and exchange	13,491	13,098	41,567	40,296
Communications and data processing	10,866	10,333	32,525	31,801
Other	24,376	25,356	71,140	69,512
Total operating expenses	939,681	925,327	2,779,821	2,737,770
Non-operating interest expense	26,519	23,889	78,131	71,583
Loss on extinguishment of debt	1,268	0	22,407	0
INCOME BEFORE PROVISION FOR INCOME TAXES	96,640	68,224	284,680	232,573
PROVISION FOR INCOME TAXES	38,498	16,270	109,915	82,378
NET INCOME	$ 58,142	$ 51,954	$ 174,765	$ 150,195
EARNINGS PER SHARE (NOTE 11)
Earnings per share, basic	$ 0.65	$ 0.58	$ 1.94	$ 1.69
Earnings per share, diluted	$ 0.63	$ 0.58	$ 1.90	$ 1.67
Weighted-average shares outstanding, basic	89,967	89,092	90,029	89,025
Weighted-average shares outstanding, diluted	92,042	89,951	92,027	89,732

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
NET INCOME	$ 58,142	$ 51,954	$ 174,765	$ 150,195
Other comprehensive income, net of tax:
Unrealized gain (loss) on cash flow hedges, net of tax expense (benefit) of $0, $85, $187 and $133 for the three and nine months ended September 30, 2017 and 2016, respectively	0	135	293	209
Reclassification adjustment for realized gain on cash flow hedges included in the condensed consolidated statements of income, net of tax expense of $0, $48, $406, and $204 for the three and nine months ended September 30, 2017 and 2016, respectively	0	(70)	(608)	(318)
Total other comprehensive income (loss), net of tax	0	65	(315)	(109)
TOTAL COMPREHENSIVE INCOME	$ 58,142	$ 52,019	$ 174,450	$ 150,086

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Tax expense (benefit) on unrealized gain (loss) on cash flow hedges	$ 0	$ 85	$ 187	$ 133
Tax expense on adjustment for items reclassified to earnings	$ 0	$ 48	$ 406	$ 204

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 577,961	$ 747,709
Cash and securities segregated under federal and other regulations	754,683	768,219
Restricted cash	45,224	42,680
Receivables from:
Clients, net of allowance of $490 at September 30, 2017 and $1,580 at December 31, 2016	391,650	341,199
Product sponsors, broker-dealers, and clearing organizations	179,576	175,122
Advisor loans, net of allowance of $3,660 at September 30, 2017 and $1,852 at December 31, 2016	184,328	194,526
Others, net of allowance of $6,351 at September 30, 2017 and $12,851 at December 31, 2016	214,235	189,632
Securities owned:
Trading — at fair value	13,419	11,404
Held-to-maturity — at amortized cost	11,832	8,862
Securities borrowed	16,655	5,559
Fixed assets, net of accumulated depreciation and amortization of $410,902 at September 30, 2017 and $355,919 at December 31, 2016	402,246	387,368
Goodwill	1,365,838	1,365,838
Intangible assets, net of accumulated amortization of $409,070 at September 30, 2017 and $380,775 at December 31, 2016	325,700	353,996
Payments to Acquire Businesses, Gross	325,000	0
Other assets	249,926	242,812
Total assets	5,058,273	4,834,926
LIABILITIES:
Drafts payable	153,366	198,839
Payables to clients	767,250	863,765
Payables to broker-dealers and clearing organizations	53,239	63,032
Accrued commission and advisory expenses payable	133,133	128,476
Accounts payable and accrued liabilities	403,723	385,545
Income taxes payable	11,440	4,607
Unearned revenue	73,551	62,785
Securities sold, but not yet purchased — at fair value	135	183
Long-term debt, net of unamortized debt issuance cost of $23,637 at September 30, 2017 and $21,924 at December 31, 2016	2,388,321	2,175,436
Leasehold Financing Obligation	108,223	105,649
Deferred income taxes, net	25,327	25,614
Total liabilities	4,117,708	4,013,931
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 122,825,821 shares issued at September 30, 2017 and 119,917,854 shares issued at December 31, 2016	123	120
Additional paid-in capital	1,543,428	1,445,256
Treasury stock, at cost — 32,665,566 shares at September 30, 2017 and 30,621,270 shares at December 31, 2016	(1,279,700)	(1,194,645)
Accumulated other comprehensive income	0	315
Retained earnings	676,714	569,949
Total stockholders' equity	940,565	820,995
Total liabilities and stockholders' equity	$ 5,058,273	$ 4,834,926

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accumulated depreciation and amortization, Fixed assets	$ 410,902	$ 355,919
Accumulated amortization, Intangible assets	409,070	380,775
Debt Issuance Costs, Net	$ 23,637	$ 21,924
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	122,825,821	119,917,854
Treasury stock, shares	32,665,566	30,621,270
Receivables from clients [Member]
Allowances on receivables	$ 490	$ 1,580
Receivables from others [Member]
Allowances on receivables	6,351	12,851
Advisor Loans [Member]
Allowances on receivables	$ 3,660	$ 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	150,086				(109)
NET INCOME	150,195					150,195
Issuance of common stock to settle restricted stock units, net	(1,098)	$ 1		$ (1,099)
Issuance of common stock to settle restricted stock units, net, shares		141,000		49,000
Treasury stock purchases	(25,013)			$ (25,013)
Treasury stock purchases, shares				635,000
Cash dividends on common stock	(66,773)					(66,773)
Stock option exercises and other (in shares)		54,000		(93,000)
Stock option exercises and other	2,896		1,321	$ 3,320		(1,745)
Share-based compensation	16,875		16,875
Excess tax benefits (tax deficiency) from share-based compensation	(1,457)		(1,457)
ENDING BALANCE at Sep. 30, 2016	791,126	$ 120	1,435,037	$ (1,195,282)	444	550,807
ENDING BALANCE, shares at Sep. 30, 2016		119,767,000		30,639,000
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	174,450				(315)
NET INCOME	174,765					174,765
Issuance of common stock to settle restricted stock units, net	(3,155)		0	$ (3,155)
Issuance of common stock to settle restricted stock units, net, shares		350,000		79,000
Treasury stock purchases	$ (83,721)			$ (83,721)
Treasury stock purchases, shares	2,016,532			2,017,000
Cash dividends on common stock	$ (67,765)					(67,765)
Stock option exercises and other (in shares)	2,539,396,000	2,558,000		(51,000)
Stock option exercises and other	$ 77,876	$ 3	76,287	$ 1,821		(235)
Share-based compensation	21,885		21,885
ENDING BALANCE at Sep. 30, 2017	$ 940,565	$ 123	$ 1,543,428	$ (1,279,700)	$ 0	$ 676,714
ENDING BALANCE, shares at Sep. 30, 2017		122,826,000		32,666,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 174,765	$ 150,195
Noncash items:
Depreciation and amortization	63,933	56,145
Amortization of Intangible Assets	28,296	28,536
Amortization of debt issuance costs	3,272	4,318
Share-based compensation	21,885	16,875
Excess tax benefits related to share-based compensation	0	(20)
Provision for bad debts	2,993	2,885
Deferred income tax provision	(68)	(194)
Loss on extinguishment of debt	22,407	0
Loan forgiveness	39,713	32,646
Other	(11,876)	(3,522)
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations	13,536	74,225
Deposit of restricted cash related to captive insurance subsidiary	(14,068)	(15,939)
Release of restricted cash related to captive insurance subsidiary	11,527	3,863
Receivables from clients	(49,360)	46,376
Receivables from product sponsors, broker-dealers and clearing organizations	(4,454)	(15,518)
Advisor loans	(31,323)	(62,592)
Receivables from others	(18,103)	(14,343)
Securities owned	(1,347)	686
Securities borrowed	(11,096)	(4,446)
Other assets	6,305	1,657
Drafts payable	(45,473)	(27,639)
Payables to clients	(96,515)	(32,132)
Payables to broker-dealers and clearing organizations	(9,793)	3,858
Accrued commission and advisory expenses payable	4,656	(263)
Accounts payable and accrued liabilities	17,239	20,095
Income taxes receivable/payable	6,833	(10,964)
Unearned revenue	10,766	7,479
Securities sold, but not yet purchased	(48)	(182)
Net cash provided by operating activities	134,602	262,085
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(85,597)	(97,448)
Proceeds from disposal of fixed assets	12	0
Purchase of securities classified as held-to-maturity	(5,969)	(4,020)
Proceeds from maturity of securities classified as held-to-maturity	3,000	4,000
Payments to Acquire Businesses, Gross	(325,000)	0
Deposits of restricted cash	(2)	0
Release of restricted cash	0	1,443
Net cash used in investing activities	(413,556)	(96,025)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans	(2,401,610)	(13,257)
Proceeds from Long-term Lines of Credit	2,611,594	0
Payments of Debt Issuance Costs	(22,676)	0
Tax payments related to settlement of restricted stock units	(3,155)	(1,098)
Repurchase of common stock	(83,721)	(25,013)
Dividends on common stock	(67,765)	(66,773)
Excess tax benefits related to share-based compensation	0	20
Proceeds from stock option exercises and other	77,876	2,896
Payment of Leasehold Financing Obligation	(1,337)	0
Net cash provided by (used in) financing activities	109,206	(103,225)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(169,748)	62,835
CASH AND CASH EQUIVALENTS - Beginning of period	747,709	724,529
CASH AND CASH EQUIVALENTS - End of period	577,961	787,364
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	77,253	69,170
Income taxes paid	103,157	94,997
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	12,280	20,931
Finance and capital lease obligations	3,906	45,998
Debt issuance cost included in accounts payable and accrued liabilities	1,390	0
Discount on proceeds from senior secured credit facilities recorded as debt issuance cost	$ 5,040	$ 0

Organization and Description of

Organization and Description of the Company	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine 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 4 . Fair Value Measurements , for additional detail regarding the Company’s fair value measurements. As of September 30, 2017 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,400.0 million and $2,440.2 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's accounting policies will not 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. 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 update is effective for annual periods beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. The Company does not expect a material impact from this update 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 nine months ended September 30, 2017

Acquisitions Acquisitions

Acquisitions Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	National Planning Holdings, Inc. On August 15, 2017, the Company entered into an asset purchase agreement with National Planning Holdings, Inc. (“NPH”), and its four broker-dealer subsidiaries (collectively with NPH, “NPH Sellers”) to acquire certain assets and rights of the NPH Sellers, including business relationships with financial advisors who become affiliated with the Company. In accordance with ASC 805, Business Combinations, control will transfer when the Company begins to onboard NPH advisors and client assets onto its platform, which will occur in two waves, beginning in the fourth quarter of 2017. The Company anticipates completing the conversion by the end of the first quarter of 2018 (the "Conversion Period"). The Company paid $325 million to the NPH Sellers at closing, which occurred on August 15, 2017 and is included in the National Planning Holdings acquisition payment on the unaudited condensed consolidated statements of financial condition. The Company has agreed to a potential contingent payment of up to $122.8 million (the “Contingent Payment”). The Contingent Payment would be payable following the conclusion of the Conversion Period and will be calculated based on the percentage of aggregate trailing twelve-month gross dealer concessions (“GDC”) in respect of NPH Sellers’ client accounts that transfer to the Company. The Contingent Payment would be paid on an interpolated basis based on the percentage of transferred GDC between 72% and 93.5% and in the event that the percentage is less than 72%

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 September 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 September 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 6,244 $ — $ — $ 6,244 Securities owned — trading: Money market funds 302 — — 302 Mutual funds 8,851 — — 8,851 Equity securities 187 — — 187 Debt securities — 1 — 1 U.S. treasury obligations 4,078 — — 4,078 Total securities owned — trading 13,418 1 — 13,419 Other assets 172,038 9,893 — 181,931 Total assets at fair value $ 191,700 $ 9,894 $ — $ 201,594 Liabilities Securities sold, but not yet purchased: Equity securities $ 135 $ — $ — $ 135 Total securities sold, but not yet purchased 135 — — 135 Accounts payable and accrued liabilities — — 527 527 Total liabilities at fair value $ 135 $ — $ 527 $ 662 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	9 Months Ended
	Sep. 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): September 30, December 31, Amortized cost $ 11,832 $ 8,862 Gross unrealized loss (43 ) (31 ) Fair value $ 11,789 $ 8,831 At September 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 $ 3,753 $ 7,579 $ 500 $ 11,832 U.S. government notes — at fair value $ 3,742 $ 7,547 $ 500 $ 11,789

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 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 8 . Goodwill and Other Intangible Assets , in the Company’s audited consolidated financial statements and the related notes in the 2016

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt On September 21, 2017, LPLFH and LPLH entered into a second amendment (the “Amendment”) to its amended and restated credit agreement, dated March 10, 2017, (as amended by that certain amendment agreement, dated as of June 20, 2017, the Amendment, and as further amended to date, the “Credit Agreement”) and repriced its existing $500.0 million senior secured revolving credit facility and $1,695.8 million senior secured Term Loan B facility. Additionally, LPLH raised $400.0 million in aggregate principal amount of notes (the “Additional Notes”), which were issued above par at 103.0% as an add-on to the existing senior notes due 2025. The Additional Notes issued in the offering are governed by the same indenture, and have the same terms, as the Original Notes (as defined below). LPLH used $200 million in proceeds from the offering to pay down its Term Loan B to $1,500 million . In connection with the execution of the Amendment the Company incurred $9.1 million in costs, which are capitalized as debt issuance costs in the unaudited condensed consolidated statements of financial condition, and accelerated the recognition of $1.3 million of unamortized debt issuance costs as a loss on extinguishment of debt in its unaudited condensed consolidated statements of income. On March 10, 2017, LPLFH and LPLH entered into a fourth amendment agreement, which amended and restated LPLH’s existing credit agreement and refinanced LPLH’s then outstanding senior secured credit facilities. 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 “Original Notes” and, together with the Additional Notes, the “Notes”) and cash, were used to repay LPLH’s then 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, 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 Original 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 Additional Notes were issued in September 2017 pursuant to a Supplemental Indenture, dated September 21, 2017, among LPLH, U.S. Bank National Association, as trustee, and certain of the Company’s subsidiaries as guarantors (“Supplemental Indenture”). The Notes are unsecured obligations, will mature on September 15, 2025, and bear interest at the rate of 5.75% per year, with interest payable semi-annually, beginning on September 15, 2017 with respect to the Additional Notes. 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 225 basis points over the Eurodollar Rate or 125 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 125 to 175 basis points over the Eurodollar Rate or 25 to 75 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 subject to an interest rate floor of 0% . The Company’s outstanding long-term borrowings as of September 30, 2017 were as follows (dollars in thousands): September 30, 2017 Long-Term Borrowings Balance Current Applicable Margin Interest Rate Maturity Revolving Credit Facility $ — LIBOR+150bps — % 9/21/2022 Senior Secured Term Loan B (1) 1,500,000 LIBOR+225 bps 3.65 % 9/21/2024 Senior Unsecured Notes (1)(2) 900,000 Fixed Rate 5.75 % 9/15/2025 Total Long-Term Borrowings 2,400,000 Plus Unamortized Premium 11,958 Less Unamortized Debt Issuance Cost (23,637 ) Net Carrying Value $ 2,388,321 _____________________ (1) No leverage or interest coverage maintenance covenants. (2) The Senior Unsecured Notes were issued in two separate transactions; $500.0 million in notes were issued in March 2017 at par; the remaining $400.0 million were issued in September 2017 and priced at 103.0% of the aggregate principal amount. The Company is required to make quarterly amortization payments on the Term Loan B facility (commencing with the fiscal quarter ending December 31, 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 date of the Amendment 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 September 30, 2017 , LPLH also had $11.1 million of irrevocable letters of credit, with an applicable interest rate margin of 1.50% , which were supported by the Company’s revolving credit facility. The Credit Agreement subjects the Company to certain non-financial covenants for the benefit of the revolving credit facility and Term Loan B facility. As of September 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 $30 million on one of the lines of credit at an interest rate of 2.55% during the three months ended September 30, 2017 and a total of $119 million at an interest rate of 2.31% during the nine months ended September 30, 2017 . The lines were not otherwise utilized during the three and nine months ended September 30, 2017 or 2016 . There were no balances outstanding at September 30, 2017 or December 31, 2016

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 $4.8 million and $6.3 million for the three months ended September 30, 2017 and 2016 , respectively, and $15.3 million and $18.6 million for the nine months ended September 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 September 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 September 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 nine months ended September 30, 2017 . Other Commitments As of September 30, 2017 , the Company had approximately $221.3 million of client margin loans that were collateralized with securities having a fair value of approximately $309.9 million that it can re-pledge, loan, or sell. Of these securities, approximately $45.0 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2017 , there were no restrictions that materially limited the Company’s ability to re-pledge, loan, or sell the remaining $264.9 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $4.1 million and $3.0 million pledged to clearing organizations at September 30, 2017 and December 31, 2016

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 Third quarter $ 0.25 $ 22.5 $ 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 nine months ended September 30, 2017 , the Company repurchased a total of 539,385 and 2,016,532 shares of its common stock at a weighted-average price of $46.37 and $41.52 per share for a total cost of $25.0 million and $83.7 million , respectively. As of September 30, 2017 , the Company was authorized to purchase up to an additional $141.3 million

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 7,610,101 shares reserved for issuance upon exercise or conversion of outstanding awards granted, and 7,664,318 shares remaining available for future issuance under the 2010 Plan, as of September 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 nine months ended September 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 nine months ended September 30, 2017 : Expected life (in years) 5.20 Expected stock price volatility 35.45 % Expected dividend yield 2.18 % Risk-free interest rate 1.89 % Fair value of options $ 24.20 The following table summarizes the Company’s stock option and warrant activity for the nine months ended September 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 (2,539,396 ) $ 30.03 Forfeited (322,028 ) $ 35.99 Outstanding — September 30, 2017 5,144,368 $ 31.73 6.10 $ 103,202 Exercisable — September 30, 2017 3,177,079 $ 32.35 4.53 $ 62,187 Exercisable and expected to vest — September 30, 2017 5,026,510 $ 31.67 6.02 $ 101,139 The following table summarizes information about outstanding stock options and warrants at September 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 1,709,849 $ 20.30 6.24 847,191 $ 20.76 $23.41 - $30.00 851,632 $ 28.15 3.84 737,504 $ 28.31 $31.60 - $32.33 424,681 $ 31.86 4.92 424,681 $ 31.86 $34.00 - $39.60 1,314,957 $ 37.56 7.15 514,370 $ 34.57 $42.59 - $54.81 843,249 $ 49.35 7.03 653,333 $ 50.51 5,144,368 $ 31.73 6.10 3,177,079 $ 32.35 The Company recognizes share-based compensation for stock options awarded to employees and officers based on the grant date fair value over the requisite service period of the award, which generally equals the vesting period. The Company recognized share-based compensation related to the vesting of these awards of $2.0 million and $2.3 million during the three months ended September 30, 2017 and 2016 , respectively, and $5.8 million and $8.5 million during the nine months ended September 30, 2017 and 2016 , respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of September 30, 2017 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $9.5 million , which is expected to be recognized over a weighted-average period of 2.01 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 $0.8 million and $0.6 million during the three months ended September 30, 2017 and 2016 , respectively, and $1.4 million and $0.3 million for during the nine months ended September 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 September 30, 2017 , total unrecognized compensation cost related to non-vested stock options and warrants granted to advisors and financial institutions was $0.3 million , which is expected to be recognized over a weighted-average period of 0.17 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 nine months ended September 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 $ 39.73 468,989 $ 40.06 Vested (16,308 ) $ 37.25 (369,944 ) $ 36.23 Forfeited — $ — (85,762 ) $ 32.27 Nonvested — September 30, 2017 12,796 $ 39.73 995,536 $ 32.83 Expected to vest — September 30, 2017 12,796 $ 39.73 922,240 $ 32.51 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 $2.7 million and $2.0 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 September 30, 2017 and 2016 , respectively and $8.9 million and $6.5 million during the nine months ended September 30, 2017 and 2016 , respectively, which is included in compensation and benefits expense on the unaudited condensed consolidated statements of income. As of September 30, 2017 , total unrecognized compensation cost for restricted stock awards and stock units granted to directors, employees and officers was $15.5 million , which is expected to be recognized over a weighted-average remaining period of 2.09 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 $2.3 million and $1.7 million related to the vesting of these restricted stock units during the three months ended September 30, 2017 and 2016 , respectively, and $5.3 million and $1.0 million during the nine months ended September 30, 2017 and 2016 , respectively, which is classified within commission and advisory expense on the unaudited condensed consolidated statements of income. As of September 30, 2017 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $6.9 million , which is expected to be recognized over a weighted-average remaining period of 1.85

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 58,142 $ 51,954 $ 174,765 $ 150,195 Basic weighted-average number of shares outstanding 89,967 89,092 90,029 89,025 Dilutive common share equivalents 2,075 859 1,998 707 Diluted weighted-average number of shares outstanding 92,042 89,951 92,027 89,732 Basic earnings per share $ 0.65 $ 0.58 $ 1.94 $ 1.69 Diluted earnings per share $ 0.63 $ 0.58 $ 1.90 $ 1.67 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the three months ended September 30, 2017 and 2016 , stock options, warrants, and stock units representing common share equivalents of 1,168,772 shares and 4,622,802 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2017 and 2016 , stock options, warrants, and stock units representing common share equivalents of 2,098,029 shares and 4,802,887

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 39.8% and 23.8% for the three months ended September 30, 2017 and 2016 respectively, and 38.6% and 35.4% for the nine months ended September 30, 2017 and 2016 , respectively. During the third quarter of 2016, the Company updated its calculation of the tax benefits that it could obtain associated with the software that it has developed. The total additional tax benefits recorded during the third quarter of 2016, net of potential tax contingencies, was approximately $11.7 million .

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	9 Months Ended
	Sep. 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 $166.5 million with a minimum net capital requirement of $6.8 million as of September 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 September 30, 2017 and December 31, 2016

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2017
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On October 24, 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 November 27, 2017 to all stockholders of record on November 9, 2017

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 4 . Fair Value Measurements , for additional detail regarding the Company’s fair value measurements. As of September 30, 2017 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,400.0 million and $2,440.2 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's accounting policies will not 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. 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 update is effective for annual periods beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. The Company does not expect a material impact from this update 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 nine months ended September 30, 2017

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 6,244 $ — $ — $ 6,244 Securities owned — trading: Money market funds 302 — — 302 Mutual funds 8,851 — — 8,851 Equity securities 187 — — 187 Debt securities — 1 — 1 U.S. treasury obligations 4,078 — — 4,078 Total securities owned — trading 13,418 1 — 13,419 Other assets 172,038 9,893 — 181,931 Total assets at fair value $ 191,700 $ 9,894 $ — $ 201,594 Liabilities Securities sold, but not yet purchased: Equity securities $ 135 $ — $ — $ 135 Total securities sold, but not yet purchased 135 — — 135 Accounts payable and accrued liabilities — — 527 527 Total liabilities at fair value $ 135 $ — $ 527 $ 662 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)	9 Months Ended
	Sep. 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): September 30, December 31, Amortized cost $ 11,832 $ 8,862 Gross unrealized loss (43 ) (31 ) Fair value $ 11,789 $ 8,831
Maturities of securities held-to-maturity	At September 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 $ 3,753 $ 7,579 $ 500 $ 11,832 U.S. government notes — at fair value $ 3,742 $ 7,547 $ 500 $ 11,789

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding long-term borrowings as of September 30, 2017 were as follows (dollars in thousands): September 30, 2017 Long-Term Borrowings Balance Current Applicable Margin Interest Rate Maturity Revolving Credit Facility $ — LIBOR+150bps — % 9/21/2022 Senior Secured Term Loan B (1) 1,500,000 LIBOR+225 bps 3.65 % 9/21/2024 Senior Unsecured Notes (1)(2) 900,000 Fixed Rate 5.75 % 9/15/2025 Total Long-Term Borrowings 2,400,000 Plus Unamortized Premium 11,958 Less Unamortized Debt Issuance Cost (23,637 ) Net Carrying Value $ 2,388,321 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

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 Third quarter $ 0.25 $ 22.5 $ 0.25 $ 22.3

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2017 : Expected life (in years) 5.20 Expected stock price volatility 35.45 % Expected dividend yield 2.18 % Risk-free interest rate 1.89 % Fair value of options $ 24.20
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity for the nine months ended September 30, 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 (2,539,396 ) $ 30.03 Forfeited (322,028 ) $ 35.99 Outstanding — September 30, 2017 5,144,368 $ 31.73 6.10 $ 103,202 Exercisable — September 30, 2017 3,177,079 $ 32.35 4.53 $ 62,187 Exercisable and expected to vest — September 30, 2017 5,026,510 $ 31.67 6.02 $ 101,139
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants at September 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 1,709,849 $ 20.30 6.24 847,191 $ 20.76 $23.41 - $30.00 851,632 $ 28.15 3.84 737,504 $ 28.31 $31.60 - $32.33 424,681 $ 31.86 4.92 424,681 $ 31.86 $34.00 - $39.60 1,314,957 $ 37.56 7.15 514,370 $ 34.57 $42.59 - $54.81 843,249 $ 49.35 7.03 653,333 $ 50.51 5,144,368 $ 31.73 6.10 3,177,079 $ 32.35
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 nine months ended September 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 $ 39.73 468,989 $ 40.06 Vested (16,308 ) $ 37.25 (369,944 ) $ 36.23 Forfeited — $ — (85,762 ) $ 32.27 Nonvested — September 30, 2017 12,796 $ 39.73 995,536 $ 32.83 Expected to vest — September 30, 2017 12,796 $ 39.73 922,240 $ 32.51

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 58,142 $ 51,954 $ 174,765 $ 150,195 Basic weighted-average number of shares outstanding 89,967 89,092 90,029 89,025 Dilutive common share equivalents 2,075 859 1,998 707 Diluted weighted-average number of shares outstanding 92,042 89,951 92,027 89,732 Basic earnings per share $ 0.65 $ 0.58 $ 1.94 $ 1.69 Diluted earnings per share $ 0.63 $ 0.58 $ 1.90 $ 1.67

Organization and Description 31

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	9 Months Ended
	Sep. 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 Accoun32

Summary of Significant Accounting Policies Reportable Segment (Details)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Number of Reportable Segments	1

Summary of Significant Accoun33

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,400,000	$ 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	$ 2,440,200	$ 2,218,900

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Aug. 15, 2017	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 325,000	$ 325,000	$ 0
Business Combination, Contingent Consideration, Liability	$ 122,800
Minimum [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Percentage, Low	72.00%
Maximum [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Percentage, High	93.50%

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 13,419	$ 11,404
Securities sold, but not yet purchased	135	183
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6,244	168,320
Securities owned — trading	13,419	11,404
Other assets	181,931	142,019
Total assets at fair value	201,594	321,743
Securities sold, but not yet purchased	135	183
Accounts payable and accrued liabilities	527	613
Total liabilities at fair value	662	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	6,244	168,320
Securities owned — trading	13,418	11,090
Other assets	172,038	134,914
Total assets at fair value	191,700	314,324
Securities sold, but not yet purchased	135	168
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	135	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	1	314
Other assets	9,893	7,105
Total assets at fair value	9,894	7,419
Securities sold, but not yet purchased	0	15
Accounts payable and accrued liabilities	0	86
Total liabilities at fair value	0	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	135	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	135	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		15
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		15
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	302	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	302	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	8,851	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	8,851	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	187	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	187	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	1	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	1	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	4,078	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	4,078	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	Sep. 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	$ 11,832	$ 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	11,832	8,862
Gross unrealized loss	(43)	(31)
U.S. government notes - at fair value, Total	$ 11,789	$ 8,831

Held-to-Maturity Securities (37

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,832	$ 8,862
U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,753
U.S. government notes - at amortized cost, After one but within five years	7,579
U.S. government notes - at amortized cost, After five through ten years	500
U.S. government notes - at amortized cost, Total	11,832	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	7,547
U.S. government notes - at fair value, After five through ten years	500
U.S. government notes - at fair value, Total	$ 11,789	$ 8,831

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals)(Details) - USD ($) $ in Thousands	Sep. 21, 2017	Mar. 10, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal amount of debt			$ 2,388,321		$ 2,388,321			$ 2,175,436
Long-term Debt, Gross			2,400,000		2,400,000			2,197,400
Loss on extinguishment of debt			1,268	$ 0	22,407	$ 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)					1.50%
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)	1.50%
Secured Debt [Member]
Debt Instrument [Line Items]
Principal amount of debt								2,175,436
Long-term Debt, Gross								$ 2,197,360
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Debt term	7 years
Long-term Debt, Gross	$ 1,500,000						$ 1,695,800
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)	2.25%
Interest Rate Floor	0.00%
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)	2.25%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.25%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000
Loss on extinguishment of debt	$ (1,300)
Debt Instrument, Redemption Price, Percentage	103.00%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 500,000	$ 900,000		$ 900,000
Interest Rate (as percent)			5.75%		5.75%
Loss on extinguishment of debt		$ (21,100)
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)	1.25%
Line of Credit [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.75%
Line of Credit [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	0.25%
Line of Credit [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	0.75%

Debt (Credit Agreement Outstand

Debt (Credit Agreement Outstanding)(Details) - USD ($) $ in Thousands	Sep. 21, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 10, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total borrowings		$ 2,400,000			$ 2,197,400
Repayments of Secured Debt	$ 200,000
Less Unamortized Debt Issuance Cost		(23,637)			(21,924)
Long-term borrowings — net of unamortized debt issuance cost		2,388,321			2,175,436
Debt Instrument, Unamortized Premium		$ 11,958
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	$ 1,500,000		$ 1,695,800
Interest Rate (as percent)		3.65%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	2.25%
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		$ 900,000		$ 500,000
Interest Rate (as percent)		5.75%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Debt Instrument [Line Items]
Total borrowings	$ 400,000
Debt Issuance Costs, Gross	$ 9,100
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total borrowings		$ 0
Applicable margin (as percent)		1.50%
Interest Rate (as percent)		0.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	1.50%

Debt Debt (Bank Loans Payable T

Debt Debt (Bank Loans Payable Textuals) (Details)	Sep. 21, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 2,400,000,000	$ 2,400,000,000	$ 2,197,400,000
Outstanding amount		$ 30,000,000	$ 119,000,000
Interest rate (as percent)		2.55%	2.31%
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
Additional Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross	$ 400,000,000
Debt Instrument, Redemption Price, Percentage	103.00%

Commitments and Contingencies (

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Leases, Operating [Abstract]
Rent expense, operating leases	$ 4.8	$ 6.3	$ 15.3	$ 18.6

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 221,300
Collateral security	309,900
Amount pledged with client-owned securities	45,000
Remaining collateral securities that can be re-pledged, loaned, or sold	264,900
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	4,100	$ 3,000
Leasehold Financing Obligation	$ 108,223	$ 105,649

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25		$ 0.25
Dividends	$ 22,500	$ 22,600	$ 22,600	$ 22,300	$ 22,200		$ 22,300
Total cash dividends paid during the quarter						$ 67,765	$ 66,773

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Amount Remaining	$ 141,300	$ 141,300
Shares Purchased	539,385	2,016,532
Weighted-Average Price Paid Per Share	$ 46.37	$ 41.52
Total Cost	$ 25,000	$ 83,721	$ 25,013

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945		20,055,945
Authorized unissued shares	7,610,101		7,610,101
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	7,664,318		7,664,318
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	$ 2	$ 2.3	$ 5.8	$ 8.5
Share-based compensation cost unrecognized	9.5		$ 9.5
Non-vested compensation cost weighted-average period			2 years 3 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation	2.7	2	$ 8.9	6.5
Share-based compensation cost unrecognized	15.5		$ 15.5
Non-vested compensation cost weighted-average period			2 years 1 month 2 days
Advisors and Financial Institutions [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	0.8	0.6	$ 1.4	0.3
Share-based compensation cost unrecognized	0.3		$ 0.3
Non-vested compensation cost weighted-average period			2 months 1 day
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	2.3	$ 1.7	$ 5.3	$ 1
Share-based compensation cost unrecognized	$ 6.9		$ 6.9
Non-vested compensation cost weighted-average period			1 year 10 months 6 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member]	9 Months Ended
	Sep. 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 2 months 12 days
Expected stock price volatility	35.45%
Expected dividend yield	2.18%
Risk-free interest rate	1.89%
Fair value of options	$ 24.20
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 Stoc47

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 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	(2,539,396)
Number of Shares, Forfeited	(322,028)
Number of Shares Outstanding, Ending Balance	5,144,368
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	5,026,510
Number of Shares Exercisable, Ending Balance	3,177,079
Weighted-Average Exercise Price, Granted	$ 39.48
Weighted-Average Exercise Price, Exercised	30.03
Weighted-Average Exercise Price, Forfeited	35.99
Weighted-Average Exercise Price, Outstanding, Ending Balance	31.73	$ 30.40
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 32.35
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 6 months 10 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 103,202
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 62,187
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 31.67
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	6 years 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 101,139

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	5,144,368
Weighted-average remaining life (years), Outstanding	6 years 1 month 6 days
Weighted-average exercise price, Outstanding | $ / shares	$ 31.73
Number of shares, Exercisable | shares	3,177,079
Weighted-average exercise price, Exercisable | $ / shares	$ 32.35
$18.04 - $23.02
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,709,849
Weighted-average remaining life (years), Outstanding	6 years 2 months 26 days
Weighted-average exercise price, Outstanding | $ / shares	$ 20.30
Number of shares, Exercisable | shares	847,191
Weighted-average exercise price, Exercisable | $ / shares	$ 20.76
$23.41 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	851,632
Weighted-average remaining life (years), Outstanding	3 years 10 months 2 days
Weighted-average exercise price, Outstanding | $ / shares	$ 28.15
Number of shares, Exercisable | shares	737,504
Weighted-average exercise price, Exercisable | $ / shares	$ 28.31
$31.60 - $32.33
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	424,681
Weighted-average remaining life (years), Outstanding	4 years 11 months 1 day
Weighted-average exercise price, Outstanding | $ / shares	$ 31.86
Number of shares, Exercisable | shares	424,681
Weighted-average exercise price, Exercisable | $ / shares	$ 31.86
$34.00 - $39.60
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,314,957
Weighted-average remaining life (years), Outstanding	7 years 1 month 24 days
Weighted-average exercise price, Outstanding | $ / shares	$ 37.56
Number of shares, Exercisable | shares	514,370
Weighted-average exercise price, Exercisable | $ / shares	$ 34.57
$42.59 - $54.81
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	843,249
Weighted-average remaining life (years), Outstanding	7 years 10 days
Weighted-average exercise price, Outstanding | $ / shares	$ 49.35
Number of shares, Exercisable | shares	653,333
Weighted-average exercise price, Exercisable | $ / shares	$ 50.51

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 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			468,989
Number of Shares, Vested			(369,944)
Number of Shares, Forfeited			(85,762)
Number of Shares, Ending Balance	995,536		995,536
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					922,240
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 32.83		$ 32.83		$ 32.83	$ 30.61
Weighted-Average Grant-Date Fair Value, Granted			40.06
Weighted-Average Grant-Date Fair Value, Vested			36.23
Weighted-Average Grant-Date Fair Value, Forfeited			32.27
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 32.83		$ 32.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price					$ 32.51
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	$ 0.8	$ 0.6	$ 1.4	$ 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	2.3	1.7	5.3	1
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	2.7	2	8.9	6.5
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	$ 2	$ 2.3	$ 5.8	$ 8.5

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,168,772	4,622,802	2,098,029	4,802,887
Net income	$ 58,142	$ 51,954	$ 174,765	$ 150,195
Basic weighted-average number of shares outstanding	89,967,000	89,092,000	90,029,000	89,025,000
Dilutive common share equivalents	2,075,000	859,000	1,998,000	707,000
Diluted weighted-average number of shares outstanding	92,042,000	89,951,000	92,027,000	89,732,000
Basic earnings per share	$ 0.65	$ 0.58	$ 1.94	$ 1.69
Diluted earnings per share	$ 0.63	$ 0.58	$ 1.90	$ 1.67

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	1,168,772	4,622,802	2,098,029	4,802,887

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			35.00%
Effective income tax rate	39.80%	23.80%	38.60%	35.40%
Income Tax Benefit		$ 11.7

Net Capital and Regulatory Re53

Net Capital and Regulatory Requirements (Details) $ in Millions	Sep. 30, 2017USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 166.5
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 6.8

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Nov. 27, 2017	Nov. 09, 2017	Oct. 24, 2017
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Oct. 24, 2017
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Nov. 27, 2017
Dividends Payable, Date of Record		Nov. 9, 2017