LPL Financial (LPLA) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		89,136,179

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES:
Commission	$ 474,811	$ 421,164
Advisory	422,387	329,859
Asset-based	219,336	157,223
Transaction and fee	116,649	108,162
Interest income, net of interest expense	7,781	5,793
Other	593	13,226
Total net revenues	1,241,557	1,035,427
EXPENSES:
Commission and advisory	761,697	645,063
Compensation and benefits	123,517	113,212
Promotional	67,427	36,654
Depreciation and amortization	20,701	20,747
Amortization of Intangible Assets	13,222	9,491
Occupancy and equipment	27,636	25,199
Professional services	22,172	15,537
Brokerage, clearing and exchange	15,877	14,186
Communications and data processing	11,174	11,014
Other	28,586	22,563
Total operating expenses	1,092,009	913,666
Non-operating interest expense	29,622	25,351
Loss on extinguishment of debt	0	21,139
INCOME BEFORE PROVISION FOR INCOME TAXES	119,926	75,271
PROVISION FOR INCOME TAXES	26,396	27,082
NET INCOME	$ 93,530	$ 48,189
EARNINGS PER SHARE (Note 12)
Earnings per share, basic	$ 1.04	$ 0.54
Earnings per share, diluted	$ 1.01	$ 0.52
Weighted-average shares outstanding, basic	89,997	89,868
Weighted-average shares outstanding, diluted	92,784	92,004

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
NET INCOME	$ 93,530	$ 48,189
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedges, net of tax expense of $0, and $194 for the three months ended March 31, 2018 and 2017, respectively	0	251
Reclassification adjustment for realized gain on cash flow hedges included in the condensed consolidated statements of income, net of tax expense of $0, and $48 for the three months ended March 31, 2018 and 2017, respectively	0	(18)
Total other comprehensive income, net of tax	0	233
TOTAL COMPREHENSIVE INCOME	$ 93,530	$ 48,422

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Tax expense (benefit) on unrealized gain (loss) on cash flow hedges	$ 0	$ 194
Tax expense on adjustment for items reclassified to earnings	$ 0	$ 48

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 820,056	$ 811,136
Cash segregated under federal and other regulations	650,335	763,831
Restricted cash	55,418	50,688
Receivables from:
Clients, net of allowance of $514 at March 31, 2018 and $466 at December 31, 2017	384,215	344,230
Product sponsors, broker-dealers, and clearing organizations	216,733	196,207
Advisor loans, net of allowance of $3,446 at March 31, 2018 and $3,264 at December 31, 2017	232,904	219,157
Others, net of allowance of $7,283 at March 31, 2018 and $6,115 at December 31, 2017	245,120	228,986
Securities owned:
Trading — at fair value	16,255	17,879
Held-to-maturity — at amortized cost	10,585	11,833
Securities borrowed	6,663	12,489
Fixed assets, net of accumulated depreciation and amortization of $445,555 at March 31, 2018 and $427,344 at December 31, 2017	411,272	412,684
Goodwill	1,476,775	1,427,769
Intangible assets, net of accumulated amortization of $432,288 at March 31, 2018 and $419,066 at December 31, 2017	513,592	414,093
National Planning Holdings acquisition	0	162,500
Other assets	308,095	285,269
Total assets	5,348,018	5,358,751
LIABILITIES:
Drafts payable	136,936	185,929
Payables to clients	917,506	962,891
Payables to broker-dealers and clearing organizations	62,156	54,262
Accrued commission and advisory expenses payable	151,141	147,095
Accounts payable and accrued liabilities	447,943	461,149
Income taxes payable	23,425	469
Unearned revenue	96,410	72,222
Securities sold, but not yet purchased — at fair value	334	1,182
Long-term borrowing, net of unamortized debt issuance cost of $21,989 at March 31, 2018 and $22,812 at December 31, 2017	2,381,719	2,385,022
Leasehold Financing Obligation	106,076	107,518
Deferred income taxes, net	15,879	16,004
Total liabilities	4,339,525	4,393,743
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 124,037,616 shares issued at March 31, 2018 and 123,030,383 shares issued at December 31, 2017	124	123
Additional paid-in capital	1,592,436	1,556,117
Treasury stock, at cost — 34,270,821 shares at March 31, 2018 and 33,262,115 shares at December 31, 2017	(1,373,457)	(1,309,568)
Retained earnings	789,390	718,336
Total stockholders' equity	1,008,493	965,008
Total liabilities and stockholders' equity	$ 5,348,018	$ 5,358,751

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accumulated depreciation and amortization, Fixed assets	$ 445,555	$ 427,344
Accumulated amortization, Intangible assets	432,288	419,066
Debt Issuance Costs, Net	$ 21,989	$ 22,812
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	124,037,616	123,030,383
Treasury stock, shares	34,270,821	33,262,115
Receivables from clients [Member]
Allowances on receivables	$ 514	$ 466
Receivables from others [Member]
Allowances on receivables	7,283	6,115
Advisor Loans [Member]
Allowances on receivables	$ 3,446	$ 3,264

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
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		30,621
Net income and other comprehensive income (loss), net of tax expense	48,422				233	48,189
NET INCOME	48,189
Issuance of common stock to settle restricted stock units, net	(2,527)	$ 0	0	$ (2,527)
Issuance of common stock to settle restricted stock units, net, shares		205		65
Treasury stock purchases	(22,492)			$ (22,492)
Treasury stock purchases, shares				567
Cash dividends on common stock	(22,620)					(22,620)
Stock option exercises and other (in shares)		1,541		(21)
Stock option exercises and other	41,521	$ 2	40,957	$ 745		(183)
Share-based compensation	6,971		6,971
ENDING BALANCE at Mar. 31, 2017	870,270	$ 122	1,493,184	$ (1,218,919)	548	595,335
ENDING BALANCE, shares at Mar. 31, 2017		121,664		31,232
BEGINNING BALANCE at Dec. 31, 2017	965,008	$ 123	1,556,117	$ (1,309,568)	0	718,336
BEGINNING BALANCE, shares at Dec. 31, 2017		123,030		33,262
Net income and other comprehensive income (loss), net of tax expense	93,530				0	93,530
NET INCOME	93,530
Issuance of common stock to settle restricted stock units, net	(3,598)	$ 0	0	$ (3,598)
Issuance of common stock to settle restricted stock units, net, shares		197		55
Treasury stock purchases	$ (60,797)			$ (60,797)
Treasury stock purchases, shares	967,500			968
Cash dividends on common stock	$ (22,561)					(22,561)
Stock option exercises and other (in shares)	810,855	811		(14)
Stock option exercises and other	$ 29,314	$ 1	28,722	$ 506		85
Share-based compensation	7,597		7,597
ENDING BALANCE at Mar. 31, 2018	$ 1,008,493	$ 124	$ 1,592,436	$ (1,373,457)	$ 0	$ 789,390
ENDING BALANCE, shares at Mar. 31, 2018		124,038		34,271

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 93,530	$ 48,189
Noncash items:
Depreciation and amortization	20,701	20,747
Amortization of Intangible Assets	13,222	9,491
Amortization of debt issuance costs	1,038	1,286
Share-based compensation	7,597	6,971
Provision for bad debts	1,708	833
Deferred income tax provision	(125)	(14)
Loss on extinguishment of debt	0	21,139
Loan forgiveness	15,870	12,977
Other	111	(1,992)
Changes in operating assets and liabilities:
Receivables from clients	(40,034)	45,926
Receivables from product sponsors, broker-dealers and clearing organizations	(20,526)	11,403
Advisor loans	(29,025)	(18,605)
Receivables from others	(17,302)	(2,761)
Securities owned	358	(1,907)
Securities borrowed	5,826	(12,644)
Other assets	(31,960)	(6,281)
Drafts payable	(48,993)	(41,613)
Payables to clients	(45,385)	(93,189)
Payables to broker-dealers and clearing organizations	7,893	(5,892)
Accrued commission and advisory expenses payable	4,046	(6,934)
Accounts payable and accrued liabilities	(7,177)	(19,751)
Income taxes receivable/payable	22,956	23,214
Unearned revenue	24,188	16,627
Securities sold, but not yet purchased	(848)	7
Net cash (used in) provided by operating activities	(22,331)	7,227
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(22,934)	(30,711)
Proceeds from maturity of securities classified as held-to-maturity	1,250	1,750
Net cash used in investing activities	(21,684)	(28,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans	(3,750)	(2,197,360)
Proceeds from senior secured term loans and senior notes	0	2,197,360
Payments of Debt Issuance Costs	0	(13,936)
Tax payments related to settlement of restricted stock units	(3,598)	(2,527)
Repurchase of common stock	(53,794)	(18,290)
Dividends on common stock	(22,561)	(22,620)
Proceeds from stock option exercises and other	29,314	41,521
Payment of Leasehold Financing Obligation	(1,442)	(439)
Net cash used in financing activities	(55,831)	(16,291)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(99,846)	(38,025)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	1,625,655	1,558,608
CASH, CASH EQUIVALENTS AND RESTRICTED CASH— End of period	1,525,809	1,520,583
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	41,671	23,737
Income taxes paid	3,564	3,884
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	11,865	13,960
Debt issuance cost included in accounts payable and accrued liabilities	8	3,091
Discount on proceeds from senior secured credit facilities recorded as debt issuance cost	0	2,640
Pending settlement of treasury stock purchases	$ 7,003	$ 4,202

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 820,056	$ 811,136	$ 797,293
Cash and Securities Segregated under Federal and Other Regulations	650,335	763,831	682,662
Restricted Cash and Cash Equivalents	55,418	50,688	40,628
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 1,525,809	$ 1,625,655	$ 1,520,583	$ 1,558,608

Organization and Description of

Organization and Description of the Company	3 Months Ended
	Mar. 31, 2018
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., and LPL Insurance Associates, Inc. (“LPLIA”). 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 San Diego, California; Fort Mill, South Carolina; and Boston, Massachusetts, 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	3 Months Ended
	Mar. 31, 2018
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, 2017 , contained in the Company’s Annual Report on Form 10-K, as amended by Amendment No. 1 on Form 10-K/A filed on February 27, 2018 (collectively, the "2017 Annual Report on Form 10-K"), as filed with the SEC. For the Company’s significant accounting policies affecting revenue from contracts with customers, see Note 3 . Revenue , in the Company's unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. A summary of other 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, 2017 . There have been no other significant changes to these accounting policies during the first three months of 2018 . Consolidation These unaudited condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments over 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. Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company's cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds, and United States government obligations. Cash Segregated Under Federal and Other Regulations The Company's subsidiary, LPL Financial, is required to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other regulations. Held within this account is approximately $100,000 for the proprietary accounts of introducing brokers. Restricted Cash Restricted cash primarily represents cash held by and for use by the Company’s captive insurance subsidiary. 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 5 . Fair Value Measurements , for additional detail regarding the Company’s fair value measurements. As of March 31, 2018 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,392.5 million and $2,392.0 million , respectively. As of December 31, 2017 , the carrying amount and fair value was approximately $2,396.3 million and $2,422.0 million , respectively. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has identified the affected population of its leases and is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 , to supersede nearly all existing revenue recognition guidance under GAAP. ASU 2014-09 also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company adopted the provisions of this guidance on January 1, 2018 using the modified retrospective approach. 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 did not change materially as a result of applying the principles of revenue recognition from ASU 2014-09 and are largely consistent with existing guidance and current practices applied by the Company. Refer to Note 3 . Revenue , for additional disaggregation of revenue in accordance with ASU 2014-09. In August 2016, the FASB issued ASU 2016-15, Statements of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The Company adopted the provisions of this guidance on January 1, 2018 and the adoption had no impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Classification and Presentation of Restricted Cash in the Statements of Cash Flows, which requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents in the statement of cash flows. The Company adopted the provisions of this guidance on January 1, 2018, and began presenting cash segregated for regulatory purposes and restricted cash activity as a component of cash and cash equivalent on the consolidated statements of cash flows using a retrospective transition method for each period presented. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting (Topic 718)

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Adoption of ASC Topic 606, Revenue from Contracts with Customers On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. There was no impact to retained earnings as of January 1, 2018, or to revenue for the three months ended March 31, 2018, after adopting Topic 606, as revenue recognition and timing of revenue did not change as a result of implementing Topic 606. Revenue Recognition Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenues on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the product or service before control is transferred to a customer. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred and discretion in establishing the price. Commission Revenue Commission revenue represents sales commissions generated by advisors for their clients’ purchases and sales of securities on exchanges and over-the-counter, as well as purchases of other investment products. The Company views the selling, distribution and marketing, or any combination thereof, of investment products to such clients as a single performance obligation to the product sponsors. The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with the product sponsors. Advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. The following table presents our total commission revenue disaggregated by investment product category (in thousands): Three Months Ended March 31, 2018 2017 Variable annuities $ 200,043 $ 166,796 Mutual funds 153,745 131,474 Alternative investments 5,567 7,171 Fixed annuities 34,055 36,912 Equities 23,601 21,974 Fixed income 30,324 27,495 Insurance 18,494 17,722 Group annuities 8,894 11,479 Other 88 141 Total commission revenue $ 474,811 $ 421,164 The Company generates two types of commission revenue: sales-based commission revenue that is recognized at the point of sale on the trade date and trailing commission revenue that is recognized over time as earned. Sales-based commission revenue varies by investment product and is based on a percentage of an investment product's current market value at the time of purchase. Trailing commission revenue is generally based on a percentage of the current market value of clients' investment holdings in trail-eligible assets, and is recognized over the period during which services, such as on-going support, are performed. As trailing commission revenue is based on the market value of clients' investment holdings, this variable consideration is constrained until the market value is determinable. The following table presents our sales-based and trailing commission revenues disaggregated by product category (in thousands): Three Months Ended March 31, 2018 2017 Sales-based Variable annuities $ 53,902 $ 50,925 Mutual funds 37,057 36,461 Alternative investments 1,830 5,154 Fixed annuities 28,337 32,094 Equities 23,601 21,974 Fixed income 24,355 21,902 Insurance 16,865 16,146 Group annuities 1,198 1,780 Other 88 141 Total sales-based revenue $ 187,233 $ 186,577 Trailing Variable annuities $ 146,141 $ 115,871 Mutual funds 116,688 95,013 Alternative investments 3,737 2,017 Fixed annuities 5,718 4,818 Fixed income 5,969 5,593 Insurance 1,629 1,576 Group annuities 7,696 9,699 Total trailing revenue $ 287,578 $ 234,587 Total commission revenue $ 474,811 $ 421,164 Advisory Revenue Advisory revenue represents fees charged to advisors' clients' accounts on the Company's corporate RIA platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The advisory revenue generated from the Company's corporate RIA platform is based on a percentage of the market value of the eligible assets in the clients' advisory accounts. As such, the consideration for this revenue is variable and an estimate of the variable consideration is constrained due to dependence on unpredictable market impacts on client portfolio values. The constraint is removed once the portfolio value can be determined. The Company provides advisory services to clients on its corporate RIA platform through the advisor. The Company is the principal in these arrangements and recognizes advisory revenue on a gross basis, as the Company is responsible for satisfying the performance obligations, carries the inventory risk and has control over determining the fees. Advisors assist the Company in performing its obligations. Asset-Based Revenue Asset-based revenue is comprised of fees from the Company's cash sweep program, which consists of fees from its money market cash sweep vehicle and other cash sweep vehicles, sponsorship programs, and recordkeeping revenues. Money Market Cash Sweep Fees Money market cash sweep fees are generated based on balances in advisors’ clients’ money market cash sweep accounts. Uninvested cash balances in the advisors’ clients' accounts are swept into third-party money market funds for which the Company receives fees for administration and recordkeeping, which are based on account type and the invested balances. These fees are paid and recognized over time. The Company is principal in these arrangements and recognizes revenue from money market cash sweep fees on a gross basis as it is primarily responsible for the administration and recordkeeping. Sponsorship Programs The Company receives fees from product sponsors, primarily mutual fund and annuity companies, for marketing support and sales force education and training efforts. Compensation for these performance obligations is generally calculated as a fixed fee, or as a percentage of the average annual amount of product sponsor assets held in advisors' clients' accounts, or as a percentage of new sales, or a combination. As the value of product sponsor assets held in advisor's clients' accounts is susceptible to unpredictable market changes, this revenue includes variable consideration and is constrained until the date that the fees are determinable. The Company is the principal in these arrangements as it is responsible for and determines the level of servicing and marketing support it provides to the product sponsors. Recordkeeping The Company generates this revenue by providing recordkeeping, account maintenance, reporting and other related services to product sponsors. This includes revenue from omnibus processing in which the Company establishes and maintains sub-account records for its clients to reflect the purchase, exchange and redemption of mutual fund shares, and consolidates clients' trades within a mutual fund. Omnibus processing fees are paid to the Company by the mutual fund or its affiliates and are based on the value of mutual fund assets in accounts for which the Company provides omnibus processing services and the number of accounts in which the related mutual fund positions are held. Recordkeeping revenue also includes revenues from networking recordkeeping services. Networking revenues on brokerage assets are correlated to the number of positions or value of assets that the Company administers and are paid by mutual fund and annuity product manufacturers. These recordkeeping revenues are recognized over time as the Company fulfills its performance obligations. As recordkeeping fees are susceptible to unpredictable market changes that influence market value and fund positions, these revenues include variable consideration and are constrained until the date that the fees are determinable, such as the last date of the contract period in which the market value of the respective product sponsor assets for the period is available. Depending on the contract, the Company is both principal and agent for recordkeeping revenue. In instances for which the Company is providing these services to financial product manufacturers on behalf of third parties and does not have ultimate control of the service before transfer to the customer, the Company is considered to be an agent and reports these revenues on a net basis. In other cases, where the Company uses a sub-contractor to provide these services and is responsible for unperformed services, the Company is considered principal and reports these revenues on a gross basis. The following table sets forth asset-based revenue at a disaggregated level (dollars in thousands): Three Months Ended March 31, 2018 2017 Asset-based revenue Money market cash sweep fees $ 4,755 $ 5,187 Other cash sweep vehicles fees (1) 99,329 54,463 Total cash sweep revenue 104,084 59,650 Sponsorship programs 54,728 46,133 Recordkeeping 60,524 51,440 Total asset-based revenue $ 219,336 $ 157,223 (1) Revenues from the Company's other cash sweep vehicles are not in scope for Topic 606 because such revenues are generated pursuant to contracts with depository banks. In these vehicles, cash balances in the advisors' clients’ accounts are swept into the Company's insured sweep vehicles at depository banks. Clients earn interest for their balances on deposit and the Company earns a fee based on prevailing interest rates or per account. Transaction and Fee Revenue Transaction revenue primarily includes fees the Company charges to advisors and their clients for executing certain transactions in brokerage and fee-based advisory accounts. Transaction revenue is recognized at the point-in-time that a transaction is executed, which is generally the trade-date. Fee revenue may be generated from advisors or their clients. Fee revenues primarily include IRA custodian fees, contract and licensing fees, and other client account fees. In addition, the Company hosts certain advisor conferences that serve as training, education, sales, and marketing events, for which a fee is charged for attendance. Fee revenue is recognized when the Company satisfies its performance obligations. Recognition varies from point-in-time to over time depending on whether the service is provided once at an identifiable point-in-time or if the service is provided continually over the contract life. Transaction and fee revenue recognized point-in-time, which include revenue such as transaction fees, IRA termination fees, and IRA custodian fees, were $82.2 million for the three months ended March 31, 2018 . Transaction and fee revenue recognized over time, which include revenue such as error and omission insurance fees, licensing fees, and conference service fees, were $34.5 million for the three months ended March 31, 2018 . The Company is the principal and recognizes transaction and fee revenue on a gross basis as it is primarily responsible for delivering the respective services being provided, which is demonstrated by the Company's ability to control the fee amounts charged to customers. Interest Income The Company earns interest income from client margin accounts and cash equivalents, net of operating expense. This revenue is not in scope for Topic 606 as it is not generated from contracts with customers. Other Revenue Other revenue primarily includes mark-to-market gains and losses on assets held by the Company for its advisor non-qualified deferred compensation plan, marketing allowances received from certain financial product manufacturers, primarily those who offer alternative investments, such as non-traded real estate investment trusts and business development companies, and other miscellaneous revenues. These revenues are not in scope for Topic 606 as they are not generated from contracts with customers. Arrangement with Multiple Performance Obligations The Company's contracts with customers may include multiple performance obligations. Contracts with customers that include multiple performance obligations have performance obligations that follow the same revenue recognition pattern and are recorded in the same financial statement line item. Unearned Revenue We record unearned revenue when cash payments are received or due in advance of our performance obligations, including amounts which are refundable. The increase in the unearned revenue balance for the three months ended March 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $68.0 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2017. The Company receives cash revenues for advisory services not yet performed and conferences not yet held. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes this revenue as the conferences are held. Practical Expedients and Exemptions The Company has applied Topic 606’s practical expedient that permits for the non-disclosure of the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

Acquisitions Acquisitions

Acquisitions Acquisitions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions National Planning Holdings, Inc. On August 15, 2017, the Company entered into an asset purchase agreement (“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 transferred when the Company onboarded NPH advisors and client assets onto its platform, which occurred in two waves. The first wave was completed in the fourth quarter of 2017 and the second wave was completed in 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 was included in the National Planning Holdings acquisition line on the unaudited condensed consolidated statements of financial condition. The Company recorded intangible assets of $98.4 million in advisor relationships and $61.9 million in goodwill in the fourth quarter of 2017, following the completion of wave one and intangible assets of $112.7 million in advisor relationships and $49.0 million in goodwill in the first quarter of 2018, following the completion of wave two. The Company agreed to a potential contingent payment of up to $122.8 million

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 . 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 March 31, 2018 , 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 March 31, 2018 , 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. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 57,727 $ — $ — $ 57,727 Securities owned — trading: Money market funds 246 — — 246 Mutual funds 10,163 — — 10,163 Equity securities 204 — — 204 Debt securities — 657 — 657 U.S. treasury obligations 4,955 — — 4,955 Certificates of deposit — 30 — 30 Total securities owned — trading 15,568 687 — 16,255 Other assets 186,430 8,686 — 195,116 Total assets at fair value $ 259,725 $ 9,373 $ — $ 269,098 Liabilities Securities sold, but not yet purchased: Equity securities $ 39 $ — $ — $ 39 Debt securities — 295 — 295 Total securities sold, but not yet purchased 39 295 — 334 Total liabilities at fair value $ 39 $ 295 $ — $ 334 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 147,034 $ — $ — $ 147,034 Securities owned — trading: Money market funds 288 — — 288 Mutual funds 10,850 — — 10,850 Equity securities 201 — — 201 Debt securities — 60 — 60 U.S. treasury obligations 6,480 — — 6,480 Total securities owned — trading 17,819 60 — 17,879 Other assets 180,377 9,282 — 189,659 Total assets at fair value $ 345,230 $ 9,342 $ — $ 354,572 Liabilities Securities sold, but not yet purchased: Mutual funds $ 3 $ — $ — $ 3 Equity securities 67 — — 67 Debt securities — 1,112 — 1,112 Total securities sold, but not yet purchased 70 1,112 — 1,182 Total liabilities at fair value $ 70 $ 1,112 $ — $ 1,182

Held-to-Maturity Securities

Held-to-Maturity Securities	3 Months Ended
	Mar. 31, 2018
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): March 31, December 31, Amortized cost $ 10,585 $ 11,833 Gross unrealized loss (112 ) (86 ) Fair value $ 10,473 $ 11,747 At March 31, 2018 , 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 $ 3,754 $ 6,831 $ — $ 10,585 U.S. government notes — at fair value $ 3,738 $ 6,735 $ — $ 10,473

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets A summary of the activity in goodwill is presented below (in thousands): Balance at December 31, 2016 $ 1,365,838 Goodwill acquired 61,931 Balance at December 31, 2017 $ 1,427,769 Goodwill acquired 49,006 Balance at March 31, 2018 $ 1,476,775 The components of intangible assets were as follows at March 31, 2018 (dollars in thousands): Weighted-Average Life Remaining (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Advisor and financial institution relationships 7.8 $ 651,642 $ (279,156 ) $ 372,486 Product sponsor relationships 7.9 234,086 (140,592 ) 93,494 Client relationships 6.6 19,133 (11,830 ) 7,303 Trade names 4.1 1,200 (710 ) 490 Total definite-lived intangible assets $ 906,061 $ (432,288 ) $ 473,773 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 513,592 The components of intangible assets were as follows at December 31, 2017 (dollars in thousands): Weighted-Average Life Remaining (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Advisor and financial institution relationships 8.0 $ 538,921 $ (269,294 ) $ 269,627 Product sponsor relationships 8.1 234,086 (137,615 ) 96,471 Client relationships 6.8 19,133 (11,477 ) 7,656 Trade names 4.3 1,200 (680 ) 520 Total definite-lived intangible assets $ 793,340 $ (419,066 ) $ 374,274 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 414,093 Total amortization expense of intangible assets was $13.2 million , and $9.5 million , for the three months ended March 31, 2018 , and 2017 , respectively. Future amortization expense is estimated as follows (in thousands): 2018 - remainder $ 47,031 2019 62,688 2020 62,297 2021 62,140 2022 61,340 Thereafter 178,277 Total $ 473,773

Debt

Debt	3 Months Ended
	Mar. 31, 2018
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 Original Notes (as defined below). On March 10, 2017, LPLFH and LPLH entered into a fourth amendment agreement, which amended and restated LPLH’s then-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. 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. The Notes are unsecured obligations that 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 the dates below were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Revolving Credit Facility $ — LIBOR+125bps — % $ — LIBOR+125bps — % 9/21/2022 Senior Secured Term Loan B (1) 1,492,500 LIBOR+225 bps 4.56 % 1,496,250 LIBOR+225 bps 3.81 % 9/21/2024 Senior Unsecured Notes (1)(2) 900,000 Fixed Rate 5.75 % 900,000 Fixed Rate 5.75 % 9/15/2025 Total long-term borrowings 2,392,500 2,396,250 Plus: Unamortized Premium 11,208 11,584 Less: Unamortized Debt Issuance Cost (21,989 ) (22,812 ) Net Carrying Value $ 2,381,719 $ 2,385,022 _____________________ (1) No leverage or interest coverage maintenance covenants. (2) The Senior Unsecured Notes were issued in two separate transactions; $500.0 million in Original 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. As of March 31, 2018 , LPLH also had $11.1 million of irrevocable letters of credit, with an applicable interest rate margin of 1.25% , 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 March 31, 2018 , the Company was in compliance with such covenants. Bank Loans Payable The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $200 million limit, and allows for both collateralized and uncollateralized borrowings. The Company drew $120 million on one of the lines of credit at an interest rate of 2.92% during the three months ended March 31, 2018 . The lines were not otherwise utilized during the three months ended March 31, 2018 or 2017 . There were no balances outstanding at March 31, 2018 or December 31, 2017

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 $4.7 million and $5.3 million for the three months ended March 31, 2018 and 2017 , 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 March 31, 2018 . Legal & Regulatory Matters The Company is subject to extensive regulation and supervision by United States 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 has in the past and may in the future include fines, customer restitution 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. Results for the three months ended March 31, 2018 were not impacted by the Company's agreement on May 1, 2018 to a settlement structure with the North American Securities Administrators Association (NASAA) related to the Company's historical compliance with certain state “blue sky” laws, which, if all 52 jurisdictions represented by NASAA participate, would result in aggregate fines of approximately $26 million . As of the date of this quarterly report, the Company expects to incur costs related to this matter over the next few years, and it expects the majority of these costs to be covered by its captive insurance subsidiary, which had adequate loss reserves as of March 31, 2018. 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 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 March 31, 2018 , 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 months ended March 31, 2018 . Other Commitments As of March 31, 2018 , the Company had approximately $266.0 million of client margin loans that were collateralized with securities having a fair value of approximately $372.3 million that the Company can re-pledge, loan, or sell. Of these securities, approximately $51.8 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of March 31, 2018 , there were no restrictions that materially limited the Company’s ability to re-pledge, loan, or sell the remaining $320.5 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $4.0 million and $6.5 million pledged to clearing organizations at March 31, 2018 and December 31, 2017

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
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 (in millions, except per share data): 2018 2017 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.6 $ 0.25 $ 22.6 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. As of March 31, 2018 , the Company was authorized to purchase up to an additional $439.2 million of shares pursuant to share repurchase programs approved by the Board of Directors. The Company had the following activity under its approved share repurchase program (in millions, except share and per share data): 2018 Total Number of Shares Purchased Weighted-Average Price Paid Per Share Total Cost (1) First quarter 967,500 $ 62.84 $ 60.8 _________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
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. In November 2010, the Company adopted the 2010 Omnibus Equity Incentive Plan (as amended and restated in May 2015, the “2010 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units, performance stock units, and other equity-based compensation. Since its adoption, awards have been only made out of the 2010 Plan. As of March 31, 2018 , there were 20,055,945 shares authorized for grant under the 2010 Plan. There were 7,390,598 shares reserved for issuance upon exercise or conversion of outstanding awards granted, and 6,538,672 shares remaining available for future issuance, under the 2010 Plan as of March 31, 2018 . 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 three months ended March 31, 2018 : Expected life (in years) 5.43 Expected stock price volatility 34.79 % Expected dividend yield 1.71 % Risk-free interest rate 2.66 % Fair value of options $ 19.84 The following table summarizes the Company’s stock option and warrant activity for the three months ended March 31, 2018 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2017 4,866,499 $ 31.73 Granted 474,289 $ 65.50 Exercised (810,855 ) $ 35.41 Forfeited and Expired (49,960 ) $ 30.97 Outstanding — March 31, 2018 4,479,973 $ 34.65 6.16 $ 120,451 Exercisable — March 31, 2018 3,054,536 $ 31.02 4.86 $ 91,785 Exercisable and expected to vest — March 31, 2018 4,346,833 $ 34.08 6.05 $ 119,087 The following table summarizes information about outstanding stock options and warrants as of March 31, 2018 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $18.01 - $25.00 1,459,903 $ 20.53 5.72 1,031,839 $ 20.67 $25.01 - $30.00 534,130 $ 28.71 3.75 529,980 $ 28.70 $30.01 - $35.00 777,927 $ 33.18 3.54 777,927 $ 33.18 $35.01 - $45.00 769,107 $ 39.59 8.74 263,892 $ 39.58 $45.01 - $55.00 464,617 $ 48.66 6.59 450,898 $ 48.69 $55.01 - $66.00 474,289 $ 65.50 9.91 — $ — 4,479,973 $ 34.65 6.16 3,054,536 $ 31.02 The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $2.1 million during the three months ended March 31, 2018 and 2017 . As of March 31, 2018 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $13.6 million , which is expected to be recognized over a weighted-average period of 2.34 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 three months ended March 31, 2018 : 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, 2017 12,796 $ 39.73 957,123 $ 32.81 Granted — $ — 232,485 $ 71.04 Vested — $ — (196,378 ) $ 29.73 Forfeited — $ — (21,375 ) $ 30.87 Nonvested — March 31, 2018 12,796 $ 39.73 971,855 $ 42.62 Expected to vest — March 31, 2018 12,796 $ 39.73 887,556 $ 41.25 The Company grants restricted stock awards and deferred stock units to its directors, restricted stock units to its employees and officers, and performance stock units to its officers. Restricted stock awards and stock units must vest or 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. The Company recognized $3.2 million and $2.9 million of share-based compensation related to the vesting of restricted stock awards, and stock units during the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , total unrecognized compensation cost for restricted stock awards, and stock units was $23.2 million , which is expected to be recognized over a weighted-average remaining period of 2.40 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $2.0 million and $1.4 million related to the vesting of these awards during the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $5.4 million , which is expected to be recognized over a weighted-average remaining period of 1.56

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share is as follows (in thousands, except per share data): Three Months Ended March 31, 2018 2017 Net income $ 93,530 $ 48,189 Basic weighted-average number of shares outstanding 89,997 89,868 Dilutive common share equivalents 2,787 2,136 Diluted weighted-average number of shares outstanding 92,784 92,004 Basic earnings per share $ 1.04 $ 0.54 Diluted earnings per share $ 1.01 $ 0.52 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the three months ended March 31, 2018 and 2017 , stock options, warrants, and stock units representing common share equivalents of 238,601 shares and 1,806,253

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (H.R. 1), the tax reform bill (the "Tax Act"), was signed into law. The Tax Act includes numerous changes in existing tax law, including a permanent reduction in our federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0% , primarily as a result of state taxes, settlement contingencies, tax credits and other permanent differences in tax deductibility of certain expenses. These items resulted in effective tax rates of 22.0% and 36.0% for the three months ended March 31, 2018 and 2017 respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions with certain beneficial owners of more than ten percent of the Company's outstanding common stock. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within the Company's local communities. During the three months ended March 31, 2018 and 2017 , the Company recognized revenue for services provided to these related parties of $0.8 million . The Company incurred expenses for the services provided by these related parties of $0.9 million during the three months ended March 31, 2018 . As of March 31, 2018 and 2017

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	3 Months Ended
	Mar. 31, 2018
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital. The net capital rules also provide that the broker-dealer's capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. 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 $87.5 million with a minimum net capital requirement of $7.2 million as of March 31, 2018 . The Company’s subsidiary, PTC, also 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 March 31, 2018 and December 31, 2017

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2018
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 two 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	3 Months Ended
	Mar. 31, 2018
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On April 27, 2018 , the Board of Directors declared a cash dividend of $0.25 per share on the Company's outstanding common stock to be paid on June 1, 2018 to all stockholders of record on May 18, 2018

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less that are not required to be segregated under federal or other regulations. The Company's cash and cash equivalents are composed of interest and noninterest-bearing deposits, money market funds, and United States government obligations. Cash Segregated Under Federal and Other Regulations The Company's subsidiary, LPL Financial, is required to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other regulations. Held within this account is approximately $100,000 for the proprietary accounts of introducing brokers. Restricted Cash
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 over 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 5 . Fair Value Measurements , for additional detail regarding the Company’s fair value measurements. As of March 31, 2018 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,392.5 million and $2,392.0 million , respectively. As of December 31, 2017 , the carrying amount and fair value was approximately $2,396.3 million and $2,422.0 million
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has identified the affected population of its leases and is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606 , to supersede nearly all existing revenue recognition guidance under GAAP. ASU 2014-09 also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company adopted the provisions of this guidance on January 1, 2018 using the modified retrospective approach. 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 did not change materially as a result of applying the principles of revenue recognition from ASU 2014-09 and are largely consistent with existing guidance and current practices applied by the Company. Refer to Note 3 . Revenue , for additional disaggregation of revenue in accordance with ASU 2014-09. In August 2016, the FASB issued ASU 2016-15, Statements of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The Company adopted the provisions of this guidance on January 1, 2018 and the adoption had no impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Classification and Presentation of Restricted Cash in the Statements of Cash Flows, which requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents in the statement of cash flows. The Company adopted the provisions of this guidance on January 1, 2018, and began presenting cash segregated for regulatory purposes and restricted cash activity as a component of cash and cash equivalent on the consolidated statements of cash flows using a retrospective transition method for each period presented. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting (Topic 718)

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	The following table presents our total commission revenue disaggregated by investment product category (in thousands): Three Months Ended March 31, 2018 2017 Variable annuities $ 200,043 $ 166,796 Mutual funds 153,745 131,474 Alternative investments 5,567 7,171 Fixed annuities 34,055 36,912 Equities 23,601 21,974 Fixed income 30,324 27,495 Insurance 18,494 17,722 Group annuities 8,894 11,479 Other 88 141 Total commission revenue $ 474,811 $ 421,164 Three Months Ended March 31, 2018 2017 Asset-based revenue Money market cash sweep fees $ 4,755 $ 5,187 Other cash sweep vehicles fees (1) 99,329 54,463 Total cash sweep revenue 104,084 59,650 Sponsorship programs 54,728 46,133 Recordkeeping 60,524 51,440 Total asset-based revenue $ 219,336 $ 157,223 (1) Revenues from the Company's other cash sweep vehicles are not in scope for Topic 606 because such revenues are generated pursuant to contracts with depository banks. In these vehicles, cash balances in Three Months Ended March 31, 2018 2017 Sales-based Variable annuities $ 53,902 $ 50,925 Mutual funds 37,057 36,461 Alternative investments 1,830 5,154 Fixed annuities 28,337 32,094 Equities 23,601 21,974 Fixed income 24,355 21,902 Insurance 16,865 16,146 Group annuities 1,198 1,780 Other 88 141 Total sales-based revenue $ 187,233 $ 186,577 Trailing Variable annuities $ 146,141 $ 115,871 Mutual funds 116,688 95,013 Alternative investments 3,737 2,017 Fixed annuities 5,718 4,818 Fixed income 5,969 5,593 Insurance 1,629 1,576 Group annuities 7,696 9,699 Total trailing revenue $ 287,578 $ 234,587 Total commission revenue $ 474,811 $ 421,164

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 57,727 $ — $ — $ 57,727 Securities owned — trading: Money market funds 246 — — 246 Mutual funds 10,163 — — 10,163 Equity securities 204 — — 204 Debt securities — 657 — 657 U.S. treasury obligations 4,955 — — 4,955 Certificates of deposit — 30 — 30 Total securities owned — trading 15,568 687 — 16,255 Other assets 186,430 8,686 — 195,116 Total assets at fair value $ 259,725 $ 9,373 $ — $ 269,098 Liabilities Securities sold, but not yet purchased: Equity securities $ 39 $ — $ — $ 39 Debt securities — 295 — 295 Total securities sold, but not yet purchased 39 295 — 334 Total liabilities at fair value $ 39 $ 295 $ — $ 334 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 147,034 $ — $ — $ 147,034 Securities owned — trading: Money market funds 288 — — 288 Mutual funds 10,850 — — 10,850 Equity securities 201 — — 201 Debt securities — 60 — 60 U.S. treasury obligations 6,480 — — 6,480 Total securities owned — trading 17,819 60 — 17,879 Other assets 180,377 9,282 — 189,659 Total assets at fair value $ 345,230 $ 9,342 $ — $ 354,572 Liabilities Securities sold, but not yet purchased: Mutual funds $ 3 $ — $ — $ 3 Equity securities 67 — — 67 Debt securities — 1,112 — 1,112 Total securities sold, but not yet purchased 70 1,112 — 1,182 Total liabilities at fair value $ 70 $ 1,112 $ — $ 1,182

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, December 31, Amortized cost $ 10,585 $ 11,833 Gross unrealized loss (112 ) (86 ) Fair value $ 10,473 $ 11,747
Maturities of securities held-to-maturity	At March 31, 2018 , 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 $ 3,754 $ 6,831 $ — $ 10,585 U.S. government notes — at fair value $ 3,738 $ 6,735 $ — $ 10,473

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets Schedule of goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill [Line Items]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Future amortization expense is estimated as follows (in thousands): 2018 - remainder $ 47,031 2019 62,688 2020 62,297 2021 62,140 2022 61,340 Thereafter 178,277 Total $ 473,773
Schedule of Goodwill [Table Text Block]	A summary of the activity in goodwill is presented below (in thousands): Balance at December 31, 2016 $ 1,365,838 Goodwill acquired 61,931 Balance at December 31, 2017 $ 1,427,769 Goodwill acquired 49,006 Balance at March 31, 2018 $ 1,476,775
Schedule of Intangible Assets and Goodwill [Table Text Block]	The components of intangible assets were as follows at March 31, 2018 (dollars in thousands): Weighted-Average Life Remaining (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Advisor and financial institution relationships 7.8 $ 651,642 $ (279,156 ) $ 372,486 Product sponsor relationships 7.9 234,086 (140,592 ) 93,494 Client relationships 6.6 19,133 (11,830 ) 7,303 Trade names 4.1 1,200 (710 ) 490 Total definite-lived intangible assets $ 906,061 $ (432,288 ) $ 473,773 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 513,592 The components of intangible assets were as follows at December 31, 2017 (dollars in thousands): Weighted-Average Life Remaining (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Advisor and financial institution relationships 8.0 $ 538,921 $ (269,294 ) $ 269,627 Product sponsor relationships 8.1 234,086 (137,615 ) 96,471 Client relationships 6.8 19,133 (11,477 ) 7,656 Trade names 4.3 1,200 (680 ) 520 Total definite-lived intangible assets $ 793,340 $ (419,066 ) $ 374,274 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 414,093

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding long-term borrowings as of the dates below were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Revolving Credit Facility $ — LIBOR+125bps — % $ — LIBOR+125bps — % 9/21/2022 Senior Secured Term Loan B (1) 1,492,500 LIBOR+225 bps 4.56 % 1,496,250 LIBOR+225 bps 3.81 % 9/21/2024 Senior Unsecured Notes (1)(2) 900,000 Fixed Rate 5.75 % 900,000 Fixed Rate 5.75 % 9/15/2025 Total long-term borrowings 2,392,500 2,396,250 Plus: Unamortized Premium 11,208 11,584 Less: Unamortized Debt Issuance Cost (21,989 ) (22,812 ) Net Carrying Value $ 2,381,719 $ 2,385,022

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Summary of share repurchase program activity	The Company had the following activity under its approved share repurchase program (in millions, except share and per share data): 2018 Total Number of Shares Purchased Weighted-Average Price Paid Per Share Total Cost (1) First quarter 967,500 $ 62.84 $ 60.8
Dividends Declared [Table Text Block]	Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data): 2018 2017 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.6 $ 0.25 $ 22.6

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 : Expected life (in years) 5.43 Expected stock price volatility 34.79 % Expected dividend yield 1.71 % Risk-free interest rate 2.66 % Fair value of options $ 19.84
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity for the three months ended March 31, 2018 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2017 4,866,499 $ 31.73 Granted 474,289 $ 65.50 Exercised (810,855 ) $ 35.41 Forfeited and Expired (49,960 ) $ 30.97 Outstanding — March 31, 2018 4,479,973 $ 34.65 6.16 $ 120,451 Exercisable — March 31, 2018 3,054,536 $ 31.02 4.86 $ 91,785 Exercisable and expected to vest — March 31, 2018 4,346,833 $ 34.08 6.05 $ 119,087
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants as of March 31, 2018 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $18.01 - $25.00 1,459,903 $ 20.53 5.72 1,031,839 $ 20.67 $25.01 - $30.00 534,130 $ 28.71 3.75 529,980 $ 28.70 $30.01 - $35.00 777,927 $ 33.18 3.54 777,927 $ 33.18 $35.01 - $45.00 769,107 $ 39.59 8.74 263,892 $ 39.58 $45.01 - $55.00 464,617 $ 48.66 6.59 450,898 $ 48.69 $55.01 - $66.00 474,289 $ 65.50 9.91 — $ — 4,479,973 $ 34.65 6.16 3,054,536 $ 31.02
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 three months ended March 31, 2018 : 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, 2017 12,796 $ 39.73 957,123 $ 32.81 Granted — $ — 232,485 $ 71.04 Vested — $ — (196,378 ) $ 29.73 Forfeited — $ — (21,375 ) $ 30.87 Nonvested — March 31, 2018 12,796 $ 39.73 971,855 $ 42.62 Expected to vest — March 31, 2018 12,796 $ 39.73 887,556 $ 41.25

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Net income $ 93,530 $ 48,189 Basic weighted-average number of shares outstanding 89,997 89,868 Dilutive common share equivalents 2,787 2,136 Diluted weighted-average number of shares outstanding 92,784 92,004 Basic earnings per share $ 1.04 $ 0.54 Diluted earnings per share $ 1.01 $ 0.52

Organization and Description 36

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	3 Months Ended
	Mar. 31, 2018
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 Accoun37

Summary of Significant Accounting Policies Reportable Segment (Details)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Number of Reportable Segments	1

Summary of Significant Accoun38

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,392,500	$ 2,396,250
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	$ 2,392,000	$ 2,422,000

Revenue Disaggregation of Reven

Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Commission revenue	$ 474,811	$ 421,164
Other cash sweep vehicles fee revenue	593	13,226
Unearned revenue recognized	68,000
Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	187,233	186,577
Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	287,578	234,587
Asset-based Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	219,336	157,223
Cash-sweep Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	104,084	59,650
Money Market Cash Sweep Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,755	5,187
Other Cash Sweep Vehicle Revenues [Member]
Disaggregation of Revenue [Line Items]
Other cash sweep vehicles fee revenue	99,329	54,463
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	54,728	46,133
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	60,524	51,440
Transaction and Fee Revenue [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	82,200
Transaction and Fee Revenue [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,500
Variable Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	200,043	166,796
Variable Annuities [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	53,902	50,925
Variable Annuities [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	146,141	115,871
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	153,745	131,474
Mutual Funds [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	37,057	36,461
Mutual Funds [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	116,688	95,013
Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	5,567	7,171
Alternative Investments [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	1,830	5,154
Alternative Investments [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	3,737	2,017
Fixed Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	34,055	36,912
Fixed Annuities [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	28,337	32,094
Fixed Annuities [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	5,718	4,818
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	23,601	21,974
Equities [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	23,601	21,974
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	30,324	27,495
Fixed Income [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	24,355	21,902
Fixed Income [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	5,969	5,593
Insurance [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	18,494	17,722
Insurance [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	16,865	16,146
Insurance [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	1,629	1,576
Group Annuity [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	8,894	11,479
Group Annuity [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	1,198	1,780
Group Annuity [Member] | Recognized over time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	7,696	9,699
Other [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	88	141
Other [Member] | Recognized at a Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission revenue	$ 88	$ 141

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Aug. 15, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 112,700	$ 98,400
Goodwill, Acquired During Period		$ 49,006	$ 61,931
Payments to Acquire Businesses, Gross	$ 325,000
Business Combination, Contingent Consideration, Liability	$ 122,800

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 16,255	$ 17,879
Securities sold, but not yet purchased	334	1,182
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	57,727	147,034
Securities owned — trading	16,255	17,879
Other assets	195,116	189,659
Total assets at fair value	269,098	354,572
Securities sold, but not yet purchased	334	1,182
Total liabilities at fair value	334	1,182
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	57,727	147,034
Securities owned — trading	15,568	17,819
Other assets	186,430	180,377
Total assets at fair value	259,725	345,230
Securities sold, but not yet purchased	39	70
Total liabilities at fair value	39	70
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	687	60
Other assets	8,686	9,282
Total assets at fair value	9,373	9,342
Securities sold, but not yet purchased	295	1,112
Total liabilities at fair value	295	1,112
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
Total liabilities at fair value	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		3
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		3
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
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	39	67
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	39	67
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	295	1,112
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	295	1,112
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	246	288
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	246	288
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	10,163	10,850
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	10,163	10,850
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	204	201
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	204	201
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	657	60
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	657	60
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	4,955	6,480
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	4,955	6,480
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
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	30
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0
Certificates of Deposit [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	30
Certificates of Deposit [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

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 10,585	$ 11,833
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	10,585	11,833
Gross unrealized loss	(112)	(86)
U.S. government notes - at fair value, Total	$ 10,473	$ 11,747

Held-to-Maturity Securities (43

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 10,585	$ 11,833
U.S. government notes
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	3,754
U.S. government notes - at amortized cost, After one but within five years	6,831
U.S. government notes - at amortized cost, After five through ten years	0
U.S. government notes - at amortized cost, Total	10,585	11,833
U.S. government notes - at fair value, Within one year	3,738
U.S. government notes - at fair value, After one but within five years	6,735
U.S. government notes - at fair value, After five through ten years	0
U.S. government notes - at fair value, Total	$ 10,473	$ 11,747

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 1,476,775	$ 1,427,769	$ 1,365,838
Goodwill, Acquired During Period	$ 49,006	$ 61,931

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 13,222	$ 9,491
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	47,031
Finite-Lived Intangible Assets, Gross	906,061		$ 793,340
Accumulated amortization, Intangible assets	432,288		419,066
Finite-Lived Intangible Assets, Net	473,773		374,274
Intangible Assets, Net (Excluding Goodwill)	513,592		$ 414,093
Finite-Lived Intangible Assets, Amortization Expense, Year Two	62,688
Finite-Lived Intangible Assets, Amortization Expense, Year Three	62,297
Finite-Lived Intangible Assets, Amortization Expense, Year Four	62,140
Finite-Lived Intangible Assets, Amortization Expense, Year Five	61,340
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 178,277
Advisor And Financial Institution Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 9 months 18 days		8 years
Finite-Lived Intangible Assets, Gross	$ 651,642		$ 538,921
Accumulated amortization, Intangible assets	279,156		269,294
Finite-Lived Intangible Assets, Net	$ 372,486		$ 269,627
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 10 months 24 days		8 years 1 month 6 days
Finite-Lived Intangible Assets, Gross	$ 234,086		$ 234,086
Accumulated amortization, Intangible assets	140,592		137,615
Finite-Lived Intangible Assets, Net	$ 93,494		$ 96,471
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years 7 months 6 days		6 years 9 months 18 days
Finite-Lived Intangible Assets, Gross	$ 19,133		$ 19,133
Accumulated amortization, Intangible assets	11,830		11,477
Finite-Lived Intangible Assets, Net	$ 7,303		$ 7,656
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years 1 month 6 days		4 years 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 1,200		$ 1,200
Accumulated amortization, Intangible assets	710		680
Finite-Lived Intangible Assets, Net	490		520
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 39,819		$ 39,819

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals)(Details) - USD ($) $ in Thousands	Sep. 21, 2017	Mar. 10, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Principal amount of debt			$ 2,381,719		$ 2,385,022
Long-term Debt, Gross			2,392,500		2,396,250
Loss on extinguishment of debt			0	$ 21,139
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)			1.25%
Letters of credit, amount outstanding			$ 11,100
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.25%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Debt term	7 years
Long-term Debt, Gross	$ 1,695,800		1,492,500		1,496,250
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
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%
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	Mar. 31, 2018	Dec. 31, 2017	Mar. 10, 2017
Debt Instrument [Line Items]
Total borrowings		$ 2,392,500	$ 2,396,250
Less Unamortized Debt Issuance Cost		(21,989)	(22,812)
Debt Instrument, Unamortized Premium		11,208	11,584
Long-term borrowings — net of unamortized debt issuance cost		2,381,719	2,385,022
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings	$ 1,695,800	$ 1,492,500	$ 1,496,250
Interest Rate (as percent)		4.56%	3.81%
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%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Total borrowings		$ 900,000	$ 900,000	$ 500,000
Interest Rate (as percent)		5.75%	5.75%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Debt Instrument [Line Items]
Total borrowings	$ 400,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total borrowings		$ 0	$ 0
Applicable margin (as percent)		1.25%
Interest Rate (as percent)		0.00%	0.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	1.25%

Debt Debt (Bank Loans Payable T

Debt Debt (Bank Loans Payable Textuals) (Details)	Sep. 21, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 2,392,500,000	$ 2,396,250,000
Outstanding amount		$ 120,000,000
Interest rate (as percent)		2.92%
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
Line of credit, amount outstanding		$ 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
	Mar. 31, 2018	Mar. 31, 2017
Leases, Operating [Abstract]
Rent expense, operating leases	$ 4.7	$ 5.3

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 266,000
Collateral security	372,300
Amount pledged with client-owned securities	51,800
Remaining collateral securities that can be re-pledged, loaned, or sold	320,500
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	4,000	$ 6,500
Leasehold Financing Obligation	$ 106,076	$ 107,518

Commitments and Contingencies51

Commitments and Contingencies Commitments and Contingencies (Legal) (Details) $ in Millions	Mar. 31, 2018USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 26

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25
Dividends	$ 22,600	$ 22,600
Total cash dividends paid during the quarter	$ 22,561	$ 22,620

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Amount Remaining	$ 439,200
Shares Purchased	967,500
Weighted-Average Price Paid Per Share	$ 62.84
Total Cost	$ 60,797	$ 22,492
Commission Fee Paid Per Repurchased Share	$ 0.02

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945
Authorized unissued shares	7,390,598
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	6,538,672
Employees, officers, and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 2.1	$ 2.1
Share-based compensation cost unrecognized	$ 13.6
Non-vested compensation cost weighted-average period	2 years 4 months 2 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation	$ 3.2	2.9
Share-based compensation cost unrecognized	$ 23.2
Non-vested compensation cost weighted-average period	2 years 4 months 24 days
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	$ 2	$ 1.4
Share-based compensation cost unrecognized	$ 5.4
Non-vested compensation cost weighted-average period	1 year 6 months 21 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member] - Employees, officers, and directors [Member]	3 Months Ended
	Mar. 31, 2018$ / shares
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	34.79%
Expected dividend yield	1.71%
Risk-free interest rate	2.66%
Fair value of options	$ 19.84

Share-Based Compensation Stoc56

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	4,866,499
Number of Shares, Granted	474,289
Number of Shares, Exercised	(810,855)
Number of Shares, Forfeited	(49,960)
Number of Shares Outstanding, Ending Balance	4,479,973
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	4,346,833
Number of Shares Exercisable, Ending Balance	3,054,536
Weighted-Average Exercise Price, Granted	$ 65.50
Weighted-Average Exercise Price, Exercised	35.41
Weighted-Average Exercise Price, Forfeited	30.97
Weighted-Average Exercise Price, Outstanding, Ending Balance	34.65	$ 31.73
Weighted-Average Exercise Price, Exercisable, Ending Balance	$ 31.02
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 1 month 28 days
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 10 months 9 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 120,451
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 91,785
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 34.08
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	6 years 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 119,087

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	4,479,973
Weighted-average remaining life (years), Outstanding	6 years 1 month 28 days
Weighted-average exercise price, Outstanding | $ / shares	$ 34.65
Number of shares, Exercisable | shares	3,054,536
Weighted-average exercise price, Exercisable | $ / shares	$ 31.02
$18.01 - $25.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,459,903
Weighted-average remaining life (years), Outstanding	5 years 8 months 19 days
Weighted-average exercise price, Outstanding | $ / shares	$ 20.53
Number of shares, Exercisable | shares	1,031,839
Weighted-average exercise price, Exercisable | $ / shares	$ 20.67
$25.01 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	534,130
Weighted-average remaining life (years), Outstanding	3 years 9 months
Weighted-average exercise price, Outstanding | $ / shares	$ 28.71
Number of shares, Exercisable | shares	529,980
Weighted-average exercise price, Exercisable | $ / shares	$ 28.70
$30.01 - $35.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	777,927
Weighted-average remaining life (years), Outstanding	3 years 6 months 14 days
Weighted-average exercise price, Outstanding | $ / shares	$ 33.18
Number of shares, Exercisable | shares	777,927
Weighted-average exercise price, Exercisable | $ / shares	$ 33.18
$35.01 - $45.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	769,107
Weighted-average remaining life (years), Outstanding	8 years 8 months 26 days
Weighted-average exercise price, Outstanding | $ / shares	$ 39.59
Number of shares, Exercisable | shares	263,892
Weighted-average exercise price, Exercisable | $ / shares	$ 39.58
$45.01 - $55.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	464,617
Weighted-average remaining life (years), Outstanding	6 years 7 months 2 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.66
Number of shares, Exercisable | shares	450,898
Weighted-average exercise price, Exercisable | $ / shares	$ 48.69
$55.01 - $66.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	474,289
Weighted-average remaining life (years), Outstanding	9 years 10 months 28 days
Weighted-average exercise price, Outstanding | $ / shares	$ 65.50
Number of shares, Exercisable | shares	0
Weighted-average exercise price, Exercisable | $ / shares	$ 0

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
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
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	12,796
Number of Shares, Granted	0
Number of Shares, Vested	0
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	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
Weighted-Average Grant-Date Fair Value, Granted	0
Weighted-Average Grant-Date Fair Value, Vested	0
Weighted-Average Grant-Date Fair Value, Forfeited	0
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 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	957,123
Number of Shares, Granted	232,485
Number of Shares, Vested	(196,378)
Number of Shares, Forfeited	(21,375)
Number of Shares, Ending Balance	971,855
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			887,556
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 42.62		$ 42.62	$ 32.81
Weighted-Average Grant-Date Fair Value, Granted	71.04
Weighted-Average Grant-Date Fair Value, Vested	29.73
Weighted-Average Grant-Date Fair Value, Forfeited	30.87
Weighted-Average Grant-Date Fair Value, Ending Balance	$ 42.62
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price			$ 41.25
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	$ 1.4
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	3.2	2.9
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	$ 2.1	$ 2.1

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 93,530	$ 48,189
Basic weighted-average number of shares outstanding	89,997	89,868
Dilutive common share equivalents	2,787	2,136
Diluted weighted-average number of shares outstanding	92,784	92,004
Basic earnings per share	$ 1.04	$ 0.54
Diluted earnings per share	$ 1.01	$ 0.52
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	238,601	1,806,253

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	238,601	1,806,253

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%		35.00%
Effective income tax rate	22.00%	36.00%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)Rate
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company | Rate	10.00%
Revenue from related party transactions	$ 0.8
Related party transactions expenses	$ 0.9

Net Capital and Regulatory Re63

Net Capital and Regulatory Requirements (Details) $ in Millions	Mar. 31, 2018USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 87.5
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 7.2

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Jun. 01, 2018	Apr. 27, 2018	May 01, 2018
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Apr. 27, 2018
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Jun. 1, 2018
Dividends Payable, Date of Record		May 18, 2018