LPL Financial (LPLA) 10-K 26 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 19, 2019
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
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float	$ 5,758,398,995
Entity Common Stock, Shares Outstanding		84,450,439
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES:
Commission	$ 1,919,694	$ 1,670,824	$ 1,737,435
Advisory Revenue	1,793,493	1,409,247	1,289,681
Asset-based	972,515	708,333	556,475
Transaction and fee	471,299	424,667	415,715
Interest income, net of interest expense	40,210	24,473	21,282
Other	(8,811)	43,937	28,795
Total net revenues	5,188,400	4,281,481	4,049,383
EXPENSES:
Commission and advisory	3,177,576	2,669,599	2,600,624
Compensation and benefits	506,650	456,918	436,557
Promotional	208,603	171,661	148,612
Depreciation and amortization	87,656	84,071	75,928
Amortization of intangible assets	60,252	38,293	38,035
Professional services	85,651	71,407	67,128
Occupancy and equipment	115,598	97,332	92,956
Brokerage, clearing, and exchange	63,154	57,047	54,509
Communications and data processing	46,322	44,941	44,453
Other	119,278	96,210	96,587
Total operating expenses	4,470,740	3,787,479	3,655,389
Non-operating interest expense	125,023	107,025	96,478
Loss on extinguishment of debt	0	(22,407)	0
INCOME BEFORE PROVISION FOR INCOME TAXES	592,637	364,570	297,516
PROVISION FOR INCOME TAXES	153,178	125,707	105,585
NET INCOME	$ 439,459	$ 238,863	$ 191,931
EARNINGS PER SHARE (Note 16)
Earnings per share, basic	$ 4.99	$ 2.65	$ 2.15
Earnings per share, diluted	$ 4.85	$ 2.59	$ 2.13
Weighted-average shares outstanding, basic	88,119	90,002	89,072
Weighted-average shares outstanding, diluted	90,619	92,115	90,013

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 0	$ 187	$ 95
Net income	439,459	238,863	191,931
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedges, net of tax expense of $0, $187, and $95 for the years ended December 31, 2018, 2017, and 2016, respectively	0	293	150
Reclassification adjustment for realized gain on cash flow hedges included in professional services in the consolidated statements of income, net of tax expense of $0, $406, and $252 for the years ended December 31, 2018, 2017, and 2016, respectively	0	(608)	(388)
Total other comprehensive income, net of tax	0	(315)	(238)
Total comprehensive income	$ 439,459	$ 238,548	$ 191,693

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 0	$ 187	$ 95
Tax expense (benefit) on adjustment for items reclassified to earnings	$ 0	$ (406)	$ (252)

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 511,096	$ 811,136
Cash and securities segregated under federal and other regulations	985,195	763,831
Restricted cash	65,828	50,688
Receivables from:
Clients, net	412,944	344,230
Product sponsors, broker-dealers and clearing organizations	166,793	196,207
Advisor loans, net	298,821	219,157
Others, net	248,711	228,986
Securities owned:
Trading — at fair value	29,267	17,879
Held-to-maturity	13,001	11,833
Securities borrowed	4,829	12,489
Fixed assets, net	461,418	412,684
Goodwill	1,490,247	1,427,769
Intangible assets, net	484,171	414,093
National Planning Holdings acquisition	0	162,500
Other assets	305,147	285,269
Total assets	5,477,468	5,358,751
LIABILITIES:
Drafts payable	225,034	185,929
Payables to clients	950,946	962,891
Payables to broker-dealers and clearing organizations	76,180	54,262
Accrued commission and advisory expenses payable	164,211	147,095
Accounts payable and accrued liabilities	478,644	461,149
Income taxes payable	32,990	469
Unearned revenue	80,524	72,222
Securities sold, but not yet purchased — at fair value	169	1,182
Long-term borrowings, net of unamortized debt issuance cost of $19,525 and $22,812 at December 31, 2018 and 2017, respectively	2,371,808	2,385,022
Leasehold financing and capital lease obligations	104,564	107,518
Deferred income taxes, net	18,325	16,004
Total liabilities	4,503,395	4,393,743
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 124,909,796 shares and 123,030,383 shares issued at December 31, 2018 and 2017, respectively	125	123
Additional paid-in capital	1,634,337	1,556,117
Treasury stock, at cost — 39,820,646 shares and 33,262,115 shares at December 31, 2018 and 2017, respectively	(1,730,535)	(1,309,568)
Retained earnings	1,070,146	718,336
Total stockholders' equity	974,073	965,008
Total liabilities and stockholders' equity	$ 5,477,468	$ 5,358,751

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 308,155	$ 427,344
Finite-Lived Intangible Assets, Accumulated Amortization	479,319	419,066
Accumulated amortization, Debt issuance costs	$ 19,525	$ 22,812
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	124,909,796	123,030,383
Treasury stock, shares	39,820,646	33,262,115
Receivables from clients [Member]
Allowance for Doubtful Accounts Receivable	$ 640	$ 466
Advisor Loans [Member]
Allowance for Doubtful Accounts Receivable	$ 5,080	$ 3,264

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2015	$ 715,610	$ 119	$ 1,418,298	$ (1,172,490)	$ 553	$ 469,130
BEGINNING BALANCE, shares at Dec. 31, 2015		119,572,000		30,048,000
Net income and other comprehensive income, net of tax expense	191,693				(238)	191,931
Issuance of common stock to settle restricted stock units	(1,241)	$ 1	0	$ (1,242)
Issuance of common stock to settle restricted stock units, shares		154,000		53,000
Treasury stock purchases	(25,013)			$ (25,013)
Treasury stock purchases, shares				635,000
Cash dividends on common stock	(89,081)					(89,081)
Stock options exercises and other	6,865	$ 0	4,796	$ 4,100		(2,031)
Stock options exercises and other, shares		192,000		(115,000)
Excess tax benefits from share-based compensation	(2,734)		(2,734)
Share-based compensation	24,896		24,896
Share-based compensation, shares		0
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 0
ENDING BALANCE at Dec. 31, 2016	820,995	$ 120	1,445,256	$ (1,194,645)	315	569,949
ENDING BALANCE, shares at Dec. 31, 2016		119,918,000		30,621,000
Net income and other comprehensive income, net of tax expense	238,548				(315)	238,863
Issuance of common stock to settle restricted stock units	(3,461)	$ 0	0	$ (3,461)
Issuance of common stock to settle restricted stock units, shares		366,000		84,000
Treasury stock purchases	(113,728)			$ (113,728)
Treasury stock purchases, shares				2,620,000
Cash dividends on common stock	(90,273)					(90,273)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		2,746,000		(63,000)
Stock options exercises and other	84,405	$ 3	82,339	$ 2,266		(203)
Share-based compensation	28,522		28,522
Share-based compensation, shares		0
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 0
ENDING BALANCE at Dec. 31, 2017	965,008	$ 123	1,556,117	$ (1,309,568)	0	718,336
ENDING BALANCE, shares at Dec. 31, 2017		123,030,000		33,262,000
Net income and other comprehensive income, net of tax expense	439,459				0	439,459
Issuance of common stock to settle restricted stock units	(4,843)	$ 0	0	$ (4,843)
Issuance of common stock to settle restricted stock units, shares		369,000		75,000
Treasury stock purchases	$ (417,891)			$ (417,891)
Treasury stock purchases, shares	6,533,146			6,533,000
Cash dividends on common stock	$ (88,360)					(88,360)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,504,069	1,511,000		(49,000)
Stock options exercises and other	$ 51,538	$ 2	49,058	$ 1,767		711
Share-based compensation	29,162		29,162
Share-based compensation, shares		0
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 0
ENDING BALANCE at Dec. 31, 2018	$ 974,073	$ 125	$ 1,634,337	$ (1,730,535)	$ 0	$ 1,070,146
ENDING BALANCE, shares at Dec. 31, 2018		124,910,000		39,821,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 439,459	$ 238,863	$ 191,931
Noncash items:
Depreciation and amortization	87,656	84,071	75,928
Amortization of intangible assets	60,252	38,293	38,035
Amortization of debt issuance costs	4,118	4,304	5,752
Share-based compensation	29,162	28,522	24,896
Excess tax benefits related to share-based compensation	0	0	(65)
Provision for bad debts	6,113	2,789	4,057
Deferred income taxes	(1,754)	(9,391)	(11,550)
Loss on extinguishment of debt	0	22,407	0
Loan forgiveness	71,520	53,660	45,163
Non-cash interest and other operating activities	5,447	(8,295)	(2,810)
Changes in operating assets and liabilities:
Receivables from clients	(68,888)	(1,916)	(2,226)
Receivables from product sponsors, broker-dealers, and clearing organizations	29,414	(21,085)	(13,899)
Advisor loans	(152,227)	(79,703)	(91,866)
Receivables from others	(20,894)	(32,618)	(12,466)
Securities owned	(13,741)	(5,276)	835
Securities borrowed	7,660	(6,930)	442
Other assets	(51,708)	(23,156)	(30,013)
Drafts payable	39,105	(12,910)	9,757
Payables to clients	(11,945)	99,126	116,344
Payables to broker-dealers and clearing organizations	21,918	(8,770)	15,000
Accrued commission and advisory expenses payable	17,116	18,619	(1,036)
Accounts payable and accrued liabilities	43,987	66,404	33,512
Income taxes receivable/payable	32,521	(4,138)	(4,008)
Unearned revenue	8,302	9,437	(2,695)
Securities sold, but not yet purchased	(1,013)	999	(85)
Net cash provided by operating activities	581,580	453,306	388,933
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(132,688)	(111,910)	(127,646)
Purchase of goodwill and other intangible assets	(27,928)	(160,321)	0
Proceeds from disposal of fixed assets	0	12	0
Purchase of securities classified as held-to-maturity	(6,137)	(5,969)	(4,020)
Proceeds from maturity of securities classified as held-to-maturity	5,000	3,000	5,000
National Planning Holdings acquisition	0	(162,500)	0
Net cash used in investing activities	(161,753)	(437,688)	(126,666)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans	(15,000)	(2,405,360)	(17,677)
Proceeds from senior secured term loans and senior notes	0	2,611,593	0
Payment of debt issuance costs	0	(23,798)	0
Tax payments related to settlement of restricted stock units	(4,843)	(3,461)	(1,241)
Repurchase of common stock	(417,891)	(113,728)	(25,013)
Dividends on common stock	(88,360)	(90,273)	(89,081)
Excess tax benefits related to share-based compensation	0	0	65
Proceeds from stock option exercises and other	51,538	84,405	6,865
Payment of leasehold financing and capital lease obligations	(8,807)	(7,949)	(1,284)
Net cash provided by (used in) financing activities	(483,363)	51,429	(127,366)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(63,536)	67,047	134,901
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year	1,625,655	1,558,608	1,423,707
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year	1,562,119	1,625,655	1,558,608
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	123,623	92,650	92,344
Income taxes paid	122,215	139,200	122,909
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	20,634	16,096	24,339
Finance and capital lease obligations	0	3,906	45,998
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs	$ 0	$ 5,040	$ 0

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows Cash, Cash Equivalents, and Restricted Cash Reconciliation - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 511,096	$ 811,136	$ 747,709
Cash segregated under federal and other regulations	985,195	763,831	768,219
Restricted cash	65,828	50,688	42,680
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 1,562,119	$ 1,625,655	$ 1,558,608	$ 1,423,707

Organization and Description of

Organization and Description of the Company	12 Months Ended
	Dec. 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"), AW Subsidiary, Inc. Fortigent Holdings Company, Inc. and LPL Insurance Associates, Inc. ( “ LPLIA ” ), as well as a series captive insurance subsidiary (the "Captive Insurance Subsidiary") that underwrites insurance for various legal and regulatory risks of the Company. 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. LPL Financial, with primary offices in San Diego, California; Fort Mill, South Carolina; and Boston, Massachusetts, is a clearing broker-dealer and an investment adviser 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. AW Subsidiary, Inc. is a holding company for AdvisoryWorld, which offers technology products, including proposal generation, investment analytics and portfolio modeling, to both the Company's advisors and external clients in the wealth management industry. Fortigent Holdings Company, Inc. and its subsidiaries ( “ Fortigent ” ) provides solutions and consulting services to registered investment advisors, banks, and trust companies serving high-net-worth clients. PTCH is a holding company for The Private Trust Company, N.A. ( “ PTC ” ). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account custodial services for LPL Financial.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements are 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. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. Certain reclassifications were made to previously reported amounts in the consolidated statements of cash flows to make them consistent with the current period presentation. Consolidation These consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. Reportable Segment Management has determined that the Company operates in one segment, given the similarities in economic characteristics between its operations and the common nature of its products and services, production and distribution process, and regulatory environment. Revenue Recognition Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. See Note 3 . Revenues , for further discussion of revenues. Compensation and Benefits The Company records compensation and benefits expense for all cash and deferred compensation, benefits, and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities. Share-Based Compensation Certain employees, officers, directors, advisors, and financial institutions of the Company participate in various long-term incentive plans that provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units. Stock options, warrants and restricted stock units generally vest in equal increments over a three year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and deferred stock units generally vest over a one year period, and performance stock units generally vest in full at the end of a three-year performance period. The Company recognizes share-based compensation for equity awards granted to employees, officers, and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards, restricted stock units, and deferred stock units is equal to the closing price of the Company’s stock on the date of grant. The fair value of performance stock units is estimated using a Monte-Carlo simulation model on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company recognizes share-based compensation for equity awards granted to advisors and financial institutions as commissions and advisory expense on the consolidated statements of income. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant and on the last day of each reporting period. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company also makes assumptions regarding the number of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the vesting period. See Note 15 . Share-Based Compensation , for additional information regarding share-based compensation for equity awards granted. Earnings Per Share Basic earnings per share is computed by dividing net income available to common shareholders by the basic 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. Income Taxes In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more-likely-than-not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities, and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions, and newly enacted statutory, judicial, and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition, or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax in the years utilized. The Company recognizes the tax effects of a position in the consolidated financial statements only if it is more-likely-than-not to be sustained based solely on its technical merits; otherwise no benefits of the position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. Moreover, each tax position meeting the recognition threshold is required to be measured as the largest amount that is greater than 50 percent likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. 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 Security 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 broker dealers. Restricted Cash Restricted cash primarily represents cash held by and for use by the Captive Insurance Subsidiary. Receivables From and Payables to Clients Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. At December 31, 2018 and 2017 , $935.5 million and $920.1 million , respectively, of the balance represent free credit balances that are held pending re-investment by the clients. Receivables from clients are generally fully secured by securities held in the clients' account. To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client or the client’s advisor and the Company’s historical experience in collecting on such transactions. The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands): December 31, 2018 2017 Beginning balance — January 1 $ 466 $ 1,580 Provision for bad debts, net of recoveries 174 (15 ) Charge-offs — (1,099 ) Ending balance — December 31 $ 640 $ 466 Advisor Loans The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decisions to extend credit to advisors are generally based on the advisors’ credit history and their ability to generate future commissions. Certain loans made in connection with recruiting are forgivable over terms ranging from three to eight years provided that the advisor remains licensed through LPL Financial. At December 31, 2018 , $233.3 million of the advisor loan balance was forgivable. If an advisor terminates their arrangement with the Company prior to the forgivable loan term date or repayment of another loan, an allowance for uncollectible amounts is recorded using an analysis that takes into account the advisors’ registration status and the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced. The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts for advisor loans (in thousands): December 31, 2018 2017 Beginning balance — January 1 $ 3,264 $ 1,852 Provision for bad debts, net of recoveries 2,206 951 Charge-offs (390 ) (2,914 ) Reclassification from receivables from others — 3,375 Ending balance — December 31 $ 5,080 $ 3,264 The Company reclassified the provision for bad debt for advisor loans out of the provision for bad debt for receivables from others. Receivables From Others Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. Management maintains an allowance for uncollectible amounts using an aging analysis that takes into account the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced. The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands): December 31, 2018 2017 Beginning balance — January 1 $ 6,115 $ 12,851 Provision for bad debts, net of recoveries 3,733 1,853 Charge-offs (1,749 ) (5,214 ) Reclassification to advisor loans — (3,375 ) Ending balance — December 31 $ 8,099 $ 6,115 Securities Owned and Securities Sold, But Not Yet Purchased Securities owned and securities sold, but not yet purchased include trading and held-to-maturity securities. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds, and municipal bonds) as trading securities, except for United States government notes held by PTC, which are classified as held-to-maturity securities. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and can change. Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. 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 December 31, 2018 , the Company did not adjust prices received from the independent third-party pricing services. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The Company makes estimates about the fair value of investments and the timing for recognizing losses based on market conditions and other factors. If these estimates change, the Company may recognize additional losses. Both unrealized and realized gains and losses on trading securities are recognized in other revenue on a net basis in the consolidated statements of income. Securities Borrowed The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. Securities borrowed are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned , is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity. As of December 31, 2018 , the contract and collateral market values of borrowed securities were $4.8 million and $5.0 million , respectively. As of December 31, 2017 , the contract and collateral market values of borrowed securities were $12.5 million and $12.1 million , respectively. Fixed Assets Internally developed software, leasehold improvements, computers and software, and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company charges software development costs to operations as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design, and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects and projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated. Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. No material impairment occurred for the years ended December 31, 2018 , 2017 , and 2016 . Acquisitions When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income. Accounting for business combinations requires the Company's management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, support liabilities assumed, and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data, and information obtained from the management of the acquired companies and are inherently uncertain. Examples of critical estimates in valuing certain of the intangible assets the Company has acquired include, but are not limited to: (i) future expected cash flows from assets and advisor relationships; and (ii) discount rates. Goodwill and Other Intangible Assets Goodwill and other indefinite-lived assets are not amortized; however, intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 - 20 years. See Note 9 . Goodwill and Other Intangible Assets , for additional information regarding the Company's goodwill and other intangible assets. Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill or other indefinite-lived intangible assets are quantitatively assessed for impairment, a two-step approach is applied. For goodwill, the Company first compares the estimated fair value of the reporting unit in which the asset resides to its carrying value. For indefinite-lived intangible assets, the Company first compares the estimated fair value of the indefinite-lived intangible asset to its carrying value. The second step, if necessary, measures the amount of such impairment by comparing the implied fair value of the asset to its carrying value. No impairment of goodwill or other indefinite-lived intangible assets was recognized during the years ended December 31, 2018 , 2017 , or 2016 . Long-lived assets, such as intangible assets subject to amortization, are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated. There was no impairment of definite-lived intangible assets recognized during the years ended December 31, 2018 , 2017 , or 2016 . Debt Issuance Costs Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability. Costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility. 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 are carried 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 information regarding the Company's fair value measurements. As of December 31, 2018 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,381.3 million and $2,271.9 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. Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company 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. The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from the Company's other subsidiaries and has cash reserves to cover losses. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, Note 13 . Commitments and Contingencies - Legal & Regulatory Matters. Leasehold Financing Obligation The Company was involved in a build-to-suit lease arrangement in Fort Mill, South Carolina, under which it served as the construction agent on behalf of the landlord and bore substantially all of the risks and rewards of ownership as measured under GAAP. The Company was therefore required to report the landlord's costs of construction as a fixed asset during the construction period as if the Company owned such asset and an equal and off-setting leasehold financing obligation on our consolidated statements of financial condition. The construction was completed in October 2016 and it was determined that the asset did not qualify for sale-leaseback accounting treatment. As such, the Company accounts for this arrangement as a capital lease in which the asset is depreciated and the lease payments are recognized as a reduction of the financing obligation and interest expense over the lease term on our consolidated statements of income. 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 new standard also requires disclosures that provide additional information on recorded lease arrangements. In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements, which provides an optional transition method that allows entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the provisions of this guidance, including the optional transition method, on January 1, 2019. Right of use assets and corresponding lease liabilities will be recognized on the Company's consolidated statements of financial condition and is in the range of $120 million to $160 million. The Company does not expect a material impact to its consolidated statements of income. In June 2018, FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payments granted to non-employees. Consistent with the requirement for employee share-based payment awards, non- employee share-based payment awards within the scope of Topic 718 will be measured at grant-date fair value of the equity instruments. The Company adopted the provisions of this guidance on January 1, 2019, and will no longer mark-to-market advisor and financial institution equity awards in the consolidated statements of income. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 removes or modifies certain current disclosures, and adds additional disclosures. The changes are meant to provide more relevant information regarding valuation techniques and inputs used to arrive at measures of fair value, uncertainty in the fair value measurements, and how changes in fair value measurements impact an entity's performance and cash flows. Certain disclosures in ASU 2018-13 will need to be applied on a retrospective basis and others on a prospective basis. Early adoption is permitted. The Company expects to adopt the provisions of this guidance on January 1, 2020, and is currently evaluating the impact that ASU 2018-13 will have on its 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 . Revenues , 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 equivalents 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 (Notes)

Revenue (Notes)	12 Months Ended
	Dec. 31, 2018
Revenue Recognition and Deferred Revenue [Abstract]
Revenue from Contract with Customer [Text Block]	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 historic accounting under Topic 605. There was no impact to retained earnings as of January 1, 2018, or to revenue for the year ended December 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 the Company expects 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): Years Ended December 31, 2018 2017 2016 Variable annuities $ 786,052 $ 672,236 $ 686,667 Mutual funds 616,445 534,639 538,490 Alternative investments 24,016 27,112 34,927 Fixed annuities 178,095 141,290 185,060 Equities 84,823 79,180 83,696 Fixed income 122,569 104,037 86,364 Insurance 71,225 71,352 74,910 Group annuities 35,542 40,437 46,526 Other 927 541 795 Total commission revenue $ 1,919,694 $ 1,670,824 $ 1,737,435 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): Years Ended December 31, 2018 2017 2016 Sales-based Variable annuities $ 223,231 $ 201,626 $ 245,393 Mutual funds 141,597 134,327 144,199 Alternative investments 7,506 14,289 28,304 Fixed annuities 151,453 121,697 174,271 Equities 84,823 79,180 83,696 Fixed income 98,091 80,919 66,647 Insurance 64,580 65,426 69,162 Group annuities 4,568 4,565 5,920 Other 927 541 795 Total sales-based revenue $ 776,776 $ 702,570 $ 818,387 Trailing Variable annuities $ 562,821 $ 470,610 $ 441,274 Mutual funds 474,848 400,312 394,291 Alternative investments 16,510 12,823 6,623 Fixed annuities 26,642 19,593 10,789 Fixed income 24,478 23,118 19,717 Insurance 6,645 5,926 5,748 Group annuities 30,974 35,872 40,606 Total trailing revenue $ 1,142,918 $ 968,254 $ 919,048 Total commission revenue $ 1,919,694 $ 1,670,824 $ 1,737,435 Advisory Revenue Advisory revenue represents fees charged to advisors' clients' accounts on the Company's corporate advisory 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 advisory 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 advisory 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 programs, which consist of fees from its money market cash sweep vehicle and insured cash sweep vehicles, sponsorship programs, and recordkeeping. Cash Sweep Fees Cash sweep fees are generated based on advisors’ clients’ cash sweep accounts. Uninvested cash balances are swept into either insured cash accounts at various banks or 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. 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 in which the Company is providing 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 revenues on a net basis. In other cases, where the Company uses a sub-contractor to provide services and is responsible for unperformed services, the Company is considered principal and reports revenues on a gross basis. The following table sets forth asset-based revenue at a disaggregated level (dollars in thousands): Years Ended December 31, 2018 2017 2016 Asset-based revenue Cash sweep fees $ 500,418 $ 301,448 $ 173,716 Sponsorship programs 224,726 193,190 181,453 Recordkeeping 247,371 213,695 201,306 Total asset-based revenue $ 972,515 $ 708,333 $ 556,475 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 individual retirement account ("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. The following table sets forth transaction and fee revenue disaggregated by recognition pattern (dollars in thousands): Years Ended December 31, 2018 2017 2016 Transaction and Fee Revenue Point-in-time (1) $ 221,265 $ 187,655 $ 188,058 Over time (2) 250,034 237,012 227,657 Total transaction and fee revenue $ 471,299 $ 424,667 $ 415,715 ____________________ (1) Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and conference service fees. (2) Transaction and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and licensing fees. 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, Net of Interest Expense The Company earns interest income from client margin accounts and cash equivalents, less interest expense on related transactions. This revenue is not within the scope of Topic 606 as it is not generated from contracts with customers. Interest expense incurred in connection with cash equivalents and client margin balances is completely offset by revenue on related transactions, therefore, the Company considers such interest to be an operating expense. Interest expense from operations for the years ended December 31, 2018 , 2017 , and 2016 did not exceed $1.0 million . 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 and model research portfolios, 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 The Company records unearned revenue when cash payments are received or due in advance of the Company's performance obligations, including amounts which are refundable. The increase in the unearned revenue balance for the year ended December 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $72.2 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 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 (Notes)

Acquisitions (Notes)	12 Months Ended
	Dec. 31, 2018
Acquisitions [Abstract]
Business Combination Disclosure [Text Block]	Acquisitions On August 15, 2017, the Company entered into an asset purchase agreement with National Planning Holdings, Inc. (“NPH”) and its four broker-dealer subsidiaries to acquire certain assets and rights, including business relationships with financial advisors. 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 Company paid $325 million at closing, which occurred on August 15, 2017 and was included in the National Planning Holdings acquisition line on the 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 goodwill in the first quarter of 2018, following the completion of wave two. On December 3, 2018, the Company acquired all of the outstanding common stock of AdvisoryWorld, to enhance its technology capabilities. The Company paid $28.1 million

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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. 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 years ended December 31, 2018 and 2017 . The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At December 31, 2018 and December 31, 2017 , the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis: Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets. Securities Owned and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, United States 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 December 31, 2018 and December 31, 2017 , the Company did not adjust prices received from the independent third-party pricing services. Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; (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 December 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 26,657 $ — $ — $ 26,657 Securities owned — trading: Money market funds 194 — — 194 Mutual funds 7,434 — — 7,434 Equity securities 1,931 — — 1,931 Debt securities — 1 — 1 U.S. treasury obligations 19,707 — — 19,707 Total securities owned — trading 29,266 1 — 29,267 Other assets 181,974 9,420 — 191,394 Total assets at fair value $ 237,897 $ 9,421 $ — $ 247,318 Liabilities Securities sold, but not yet purchased: Equity securities $ 163 $ — $ — $ 163 Debt securities — 6 — 6 Total securities sold, but not yet purchased 163 6 — 169 Total liabilities at fair value $ 163 $ 6 $ — $ 169 The following table summarizes the Company’s financial assets and 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	12 Months Ended
	Dec. 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): December 31, 2018 2017 Amortized cost $ 13,001 $ 11,833 Gross unrealized loss (56 ) (86 ) Fair value $ 12,945 $ 11,747 At December 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 $ 4,992 $ 8,009 $ — $ 13,001 U.S. government notes — at fair value $ 4,959 $ 7,986 $ — $ 12,945

Receivables from Product Sponso

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations	12 Months Ended
	Dec. 31, 2018
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations	Receivables from Product Sponsors, Broker-Dealers, and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations Receivables from product sponsors, broker-dealers, and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands): December 31, 2018 2017 Receivables: Commissions receivable from product sponsors and others $ 135,161 $ 125,891 Receivable from clearing organizations 20,281 62,561 Receivable from broker-dealers 2,065 1,389 Securities failed-to-deliver 9,286 6,366 Total receivables $ 166,793 $ 196,207 Payables: Payable to clearing organizations $ 24,818 $ 13,316 Payable to broker-dealers 37,583 31,869 Securities failed-to-receive 13,779 9,077 Total payables $ 76,180 $ 54,262

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets The components of fixed assets were as follows (in thousands): December 31, 2018 2017 Internally developed software $ 260,957 $ 346,029 Leasehold improvements 83,339 82,413 Computers and software 147,163 160,400 Buildings 105,939 105,939 Furniture and equipment 73,955 73,767 Land 4,678 4,678 Construction in progress 93,542 66,802 Total fixed assets 769,573 840,028 Accumulated depreciation and amortization (308,155 ) (427,344 ) Fixed assets, net $ 461,418 $ 412,684 Depreciation and amortization expense was $87.7 million , $84.1 million , and $75.9 million for the years ended December 31, 2018 , 2017 , and 2016

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 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 (1) 62,478 Balance at December 31, 2018 $ 1,490,247 ____________________ (1) Goodwill acquired during 2018 included $49.0 million from the NPH acquisition and $13.5 million from the AdvisoryWorld acquisition. The components of intangible assets were as follows at December 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 7.1 $ 651,642 $ (316,153 ) $ 335,489 Product sponsor relationships 7.1 234,086 (149,525 ) 84,561 Client relationships 7.0 21,233 (12,841 ) 8,392 Technology 10.0 15,510 — 15,510 Trade names 3.3 1,200 (800 ) 400 Total definite-lived intangible assets $ 923,671 $ (479,319 ) $ 444,352 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 484,171 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 $60.3 million , $38.3 million , and $38.0 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Future amortization expense is estimated as follows (in thousands): 2019 $ 64,449 2020 64,058 2021 63,901 2022 63,101 2023 59,005 Thereafter 129,838 Total $ 444,352

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities were as follows (in thousands): December 31, 2018 2017 Advisor deferred compensation plan liability $ 182,351 $ 177,652 Accrued compensation 70,093 64,728 Deferred rent 40,772 41,629 Accounts payable 53,077 47,125 Other accrued liabilities 132,351 130,015 Total accounts payable and accrued liabilities $ 478,644 $ 461,149

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt On September 21, 2017, LPLFH and LPLH entered into a second amendment (the “Amendment”) to the Company's 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 ("Term Loan B"). 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 (as supplemented, the “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 point 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 Company’s outstanding borrowings were as follows (dollars in thousands): December 31, 2018 December 31, 2017 Long-Term Borrowings 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) 1,481,250 LIBOR+225 bps 4.73 % 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 2,381,250 2,396,250 Plus: Unamortized Premium 10,083 11,584 Less: Unamortized Debt Issuance Cost (19,525 ) (22,812 ) Net Carrying Value $ 2,371,808 $ 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; $400.0 million in Additional Notes were issued in September 2017 and priced at 103.0% of the aggregate principal amount. The Company is required to make quarterly 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. As of December 31, 2018 , the Company had $10.6 million of irrevocable letters of credit, with an applicable interest rate margin of 1.25% , which were supported by the credit facility. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of December 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 $200.0 million limit and allows for both collateralized and uncollateralized borrowings. During the year ended December 31, 2018 , the Company drew $160.0 million on one of the lines of credit at a weighted average interest rate of 2.99% . During the year ended December 31, 2017 , the Company drew $239.0 million on one of the lines of credit at an interest rate of 2.61% . There were no balances outstanding at December 31, 2018 or 2017 . The minimum calendar year payments and maturities of the long-term borrowings as of December 31, 2018 are as follows (in thousands): 2019 $ 15,000 2020 15,000 2021 15,000 2022 15,000 2023 15,000 Thereafter 2,306,250 Total $ 2,381,250

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes was as follows (in thousands): December 31, 2018 2017 2016 Current provision: Federal $ 120,211 $ 117,745 $ 102,133 State 34,721 17,353 15,002 Total current provision 154,932 135,098 117,135 Deferred benefit: Federal (1,874 ) (8,951 ) (10,767 ) State 120 (440 ) (783 ) Total deferred benefit (1,754 ) (9,391 ) (11,550 ) Provision for income taxes $ 153,178 $ 125,707 $ 105,585 A reconciliation of the United States federal statutory income tax rates to the Company’s effective income tax rates is set forth below: Years Ended December 31, 2018 2017 2016 Federal statutory income tax rates 21.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 4.6 3.0 3.5 Non-deductible expenses 1.7 0.6 0.3 Share-based compensation (1.4 ) (0.9 ) 0.1 Tax Cuts and Jobs Act of 2017 — (2.4 ) — Domestic production activities deduction — (0.9 ) (2.2 ) Research & development credits (0.3 ) (0.4 ) (1.1 ) Other 0.2 0.5 (0.1 ) Effective income tax rates 25.8 % 34.5 % 35.5 % 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 provided a permanent reduction in the Company's federal corporate income tax rate from 35% to 21% effective January 1, 2018. During the quarter ended December 31, 2018 , the Company finalized its accounting of the Tax Act pursuant to SEC Staff Accounting Bulletin No. 118. No significant impacts were recorded by the Company as a result of finalizing the accounting. 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 25.8% , 34.5% , and 35.5% for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The decrease in the Company's effective income tax rate in 2018 compared to 2017 was due to the tax benefit associated with the federal rate reduction under the Tax Act. The decrease in the Company's effective income tax rate and income tax expense in 2017 compared to 2016 was primarily due to tax benefits associated with the adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , on January 1, 2017, and the revaluation of its deferred tax assets and liabilities under the Tax Cuts and Jobs Act 2017, partially offset by tax benefits recorded during 2016 associated with internally developed software that was not repeated in 2017. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Accrued liabilities $ 58,265 $ 59,422 Share-based compensation 16,832 17,122 State taxes 7,044 5,630 Deferred rent 32,376 32,457 Provision for bad debts 3,919 2,956 Forgivable loans 9,938 7,643 Captive insurance 1,968 1,355 Other 4,788 — Total deferred tax assets 135,130 126,585 Deferred tax liabilities: Amortization of intangible assets (77,037 ) (75,043 ) Depreciation of fixed assets (76,418 ) (63,213 ) Other — (4,333 ) Total deferred tax liabilities (153,455 ) (142,589 ) Deferred income taxes, net $ (18,325 ) $ (16,004 ) The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, including interest and penalties (in thousands): December 31, 2018 2017 2016 Balance — Beginning of year $ 42,657 $ 39,766 $ 24,747 Increases for tax positions taken during the current year 10,042 7,815 17,787 Reductions as a result of a lapse of the applicable statute of limitations (6,412 ) (4,924 ) (2,768 ) Balance — End of year $ 46,287 $ 42,657 $ 39,766 At December 31, 2018 and 2017 , there were $40.7 million and $37.6 million , respectively, of unrecognized tax benefits that if recognized, would favorably affect the effective income tax rate in any future periods. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes within the consolidated statements of financial condition. At December 31, 2018 and 2017 , the liability for unrecognized tax benefits included accrued interest of $5.1 million and $4.5 million , respectively, and penalties of $4.3 million and $4.4 million , respectively. The Company and its subsidiaries file income tax returns in the federal jurisdiction, as well as most state jurisdictions, and are subject to routine examinations by the respective taxing authorities. The Company has concluded all federal income tax matters for years through 2011 and all state income tax matters for years through 2007. The tax years of 2012 to 2017 remain open to examination in the federal jurisdiction. The tax years of 2008 to 2017 remain open to examination in the state jurisdictions. In the next 12 months, it is reasonably possible that the Company expects a reduction in unrecognized tax benefits of $2.4 million

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 $19.0 million , $20.1 million , and $24.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Service and Development Contracts The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings. Future minimum payments under leases, lease commitments, service, development, and agency contracts, and other contractual obligations with initial terms greater than one year were as follows at December 31, 2018 (in thousands): 2019 $ 69,182 2020 52,476 2021 40,723 2022 34,240 2023 30,984 Thereafter 240,033 Total (1) $ 467,638 _____________________ (1) Future minimum payments have not been reduced by minimum sublease rental income of $11.8 million due in the future under noncancellable subleases. Guarantees The Company occasionally enters into certain types of contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts. The Company’s subsidiary, LPL Financial, provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and could 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 significant unfunded commitments at December 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 timing and 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. On May 1, 2018 the Company agreed 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. The Company has entered in separate administrative orders with 21 jurisdictions and expects to enter into separate administrative orders with the remaining 32 jurisdictions in 2019, which will result in aggregate fines of approximately $26.4 million . As part of the settlement structure, the Company agreed to engage independent third party consultants to conduct a historical review of certain equity and fixed income securities transactions, as well as an operational review of the Company's systems for complying with blue sky securities registration requirements. The Company also agreed to offer customers who purchased certain equity and fixed income securities since October 2006 remediation in the form of reimbursement for any actual losses, plus interest. The Captive Insurance Subsidiary has adequate loss reserves to cover the aggregate fines and has loss reserves that are available to cover the costs of remediation. As of the date of this annual report, however, the historical review of transactions has not been completed and, as a result, the scope and costs of potential customer remediation cannot be estimated at this time. The actual costs of reimbursing customers for losses could exceed the Company's reserves. 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 certain client claims. With respect to such 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 through the 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, so there are particular complexities and uncertainties involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured. As of December 31, 2018 and 2017 , these self-insurance liabilities are included in accounts payable and accrued liabilities in the consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the consolidated statements of income for the years ended December 31, 2018 , 2017 , and 2016 . Other Commitments As of December 31, 2018 , the Company had approximately $298.0 million of client margin loans that were collateralized with securities having a fair value of approximately $417.2 million that it can repledge, loan, or sell. Of these securities, approximately $50.8 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of December 31, 2018 , there were no restrictions that materially limited the Company's ability to repledge, loan, or sell the remaining $366.4 million of client collateral. Trading securities on the consolidated statements of financial condition includes $4.7 million and $6.5 million pledged to clearing organizations at December 31, 2018 and 2017

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity (Notes)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Dividends The payment, timing and amount of any dividends are subject to approval by the Company's board of directors (the "Board of Directors") as well as certain limits under the Credit Agreement and 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 2016 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.6 $ 0.25 $ 22.6 $ 0.25 $ 22.2 Second quarter $ 0.25 $ 22.3 $ 0.25 $ 22.6 $ 0.25 $ 22.3 Third quarter $ 0.25 $ 21.9 $ 0.25 $ 22.5 $ 0.25 $ 22.3 Fourth quarter $ 0.25 $ 21.5 $ 0.25 $ 22.5 $ 0.25 $ 22.3 Share Repurchases The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the consolidated statements of financial condition. On November 13, 2018, the Board of Directors authorized an increase to the Company’s existing share repurchase program, enabling the Company to repurchase its issued and outstanding common stock from time to time. As of December 31, 2018 , the Company had $1.0 billion remaining under the existing share repurchase program. Future share repurchases may be effected in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company within the constraints of the Credit Agreement, the Indenture, and the Company’s general working capital needs. The Company had the following activity under its approved share repurchase programs (dollars in millions, except 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 Second Quarter 1,791,493 $ 65.20 $ 116.8 Third Quarter 1,849,027 $ 66.24 $ 122.5 Fourth Quarter 1,925,126 $ 61.19 $ 117.8 6,533,146 $ 63.96 $ 417.9 _____________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	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 and are only made out of the 2010 Plan. As of December 31, 2018 , there were 20,055,945 shares authorized for grant under the 2010 Plan. There were 6,444,335 shares reserved for exercise or conversion of outstanding awards granted, and 6,444,180 shares remaining available for future issuance, under the 2010 Plan as of December 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: Years Ended December 31, 2018 2017 2016 Expected life (in years) 5.43 5.43 5.26 Expected stock price volatility 34.80 % 35.27 % 33.38 % Expected dividend yield 1.71 % 2.61 % 2.87 % Risk-free interest rate 2.66 % 2.14 % 1.16 % Fair value of options $ 19.86 $ 10.63 $ 4.60 The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 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 478,824 $ 65.55 Exercised (1,504,069 ) $ 32.60 Forfeited and Expired (253,187 ) $ 38.90 Outstanding — December 31, 2018 3,588,067 $ 35.38 5.62 $ 94,102 Exercisable — December 31, 2018 2,402,708 $ 31.58 4.33 $ 70,869 Exercisable and expected to vest — December 31, 2018 3,547,347 $ 35.11 5.58 $ 93,863 The following table summarizes information about outstanding stock options and warrants as of December 31, 2018 : Outstanding Exercisable Range of Exercise Prices Total Number of Shares Weighted- Average Remaining Life (Years) Weighted- Average Exercise Price Number of Shares Weighted- Average Exercise Price $18.01 - $25.00 1,107,094 5.26 $ 20.48 761,994 $ 20.67 $25.01 - $30.00 391,572 3.47 $ 28.94 389,498 $ 28.94 $30.01 - $35.00 653,869 2.83 $ 33.10 653,869 $ 33.10 $35.01 - $45.00 633,412 8.01 $ 39.65 216,266 $ 39.99 $45.01 - $55.00 381,081 5.82 $ 48.74 381,081 $ 48.74 $55.01 - $71.00 421,039 9.16 $ 65.55 — $ — 3,588,067 5.62 $ 35.38 2,402,708 $ 31.58 The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $8.1 million , $7.2 million , and $10.7 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. As of December 31, 2018 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $7.6 million , which is expected to be recognized over a weighted-average period of 1.80 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 year ended December 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 Outstanding — December 31, 2017 12,796 $ 39.73 957,123 $ 32.81 Granted 7,057 $ 70.26 375,447 $ 68.24 Vested (12,796 ) $ 39.73 (374,231 ) $ 34.56 Forfeited — $ — (83,951 ) $ 39.45 Nonvested — December 31, 2018 7,057 $ 70.26 874,388 $ 46.63 Expected to vest — December 31, 2018 7,057 $ 70.26 824,382 $ 45.70 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 $13.8 million , $11.5 million , and $8.9 million of share-based compensation related to the vesting of these restricted stock awards, and stock units during the years ended December 31, 2018 , 2017 , and 2016 , respectively. As of December 31, 2018 , total unrecognized compensation cost for restricted stock awards and stock units was $18.5 million , which is expected to be recognized over a weighted-average remaining period of 2.09 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $6.1 million , $7.3 million and $2.7 million related to the vesting of these awards during the years ended December 31, 2018 , 2017 , and 2016 , respectively. As of December 31, 2018 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $4.4 million , which is expected to be recognized over a weighted-average remaining period of 1.66

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 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 for the years noted was as follows (in thousands, except per share data): Years Ended December 31, 2018 2017 2016 Net income $ 439,459 $ 238,863 $ 191,931 Basic weighted-average number of shares outstanding 88,119 90,002 89,072 Dilutive common share equivalents 2,500 2,113 941 Diluted weighted-average number of shares outstanding 90,619 92,115 90,013 Basic earnings per share $ 4.99 $ 2.65 $ 2.15 Diluted earnings per share $ 4.85 $ 2.59 $ 2.13 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the years ended December 31, 2018 , 2017 , and 2016 , stock options, warrants, and stock units representing common share equivalents of 391,632 shares, 1,909,288 shares, and 4,054,972

Employee and Advisor Benefit Pl

Employee and Advisor Benefit Plans	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Employee and Advisor Benefit Plans	Employee and Advisor Benefit Plans The Company participates in a 401(k) defined contribution plan sponsored by LPL Financial. All employees meeting minimum age and length of service requirements are eligible to participate. The Company has an employer matching program whereby employer contributions are made to the 401(k) plan, and employees are eligible for matching contributions after completing six month of service. The Company's contributions were made during the year ended December 31, 2018 in an amount equal to 75% of the first 8% of an employee's designated deferral of their eligible compensation. The Company’s total cost related to the 401(k) plan was $13.1 million , $10.5 million , and $10.1 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, which is classified as compensation and benefits expense in the consolidated statements of income. In August 2012, the Company established the 2012 Employee Stock Purchase Plan (the “ ESPP ” ) as a benefit to enable eligible employees to purchase common stock of LPLFH at a discount from the market price through payroll deductions, subject to limitations. Eligible employees may elect to participate in the ESPP only during an open enrollment period. The offering period immediately follows the open enrollment window, upon which time ESPP contributions are withheld from the participant's regular paycheck. The ESPP provides for a 15% discount on the market value of the stock at the lower of the grant date price (first day of the offering period) and the purchase date price (last day of the offering period). In January 2008, the Company adopted a non-qualified deferred compensation plan for the purpose of attracting and retaining advisors who operate, for tax purposes, as independent contractors, by providing an opportunity for participating advisors to defer receipt of a portion of their gross commissions generated primarily from commissions earned on the sale of various products. The deferred compensation plan has been fully funded to date by participant contributions. Plan assets are invested in mutual funds, which are held by the Company in a Rabbi Trust. The liability for benefits accrued under the non-qualified deferred compensation plan totaled $182.4 million at December 31, 2018 , which is included in accounts payable and accrued liabilities in the consolidated statements of financial condition. The cash values of the related trust assets was $178.7 million at December 31, 2018 , which is measured at fair value and included in other assets in the consolidated statements of financial condition. Certain employees of the Company participate in a non-qualified deferred compensation plan that permits participants to defer portions of their compensation and earn interest on the deferred amounts. Plan assets are held by the Company in a Rabbi Trust and accounted for in the manner described above. As of December 31, 2018 , the Company has recorded assets of $3.2 million and liabilities of $3.3 million

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 years ended December 31, 2018 , 2017 , and 2016 , the Company recognized revenue for services provided to these related parties of $3.5 million , $3.1 million , and $0.1 million , respectively. The Company incurred expenses for the services provided by these related parties of $2.9 million , $1.9 million , and $1.5 million , during the years ended December 31, 2018 , 2017 , and 2016 , respectively. As of December 31, 2018 and 2017

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	12 Months Ended
	Dec. 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, as of December 31, 2018 , had net capital of $108.1 million with a minimum net capital requirement of $8.0 million . 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 December 31, 2018 and 2017

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	12 Months Ended
	Dec. 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 and securities in the client’s account. As clients write options contracts or sell securities short, LPL Financial may incur losses if the clients do not fulfill their obligations and the collateral in the clients’ accounts is not sufficient to fully cover losses that clients may incur from these strategies. To control this risk, LPL Financial monitors margin levels daily and clients are required to deposit additional collateral, or reduce positions, when necessary. LPL Financial is obligated to settle transactions with brokers and other financial institutions even if its advisors' clients fail to meet their obligation to LPL Financial. Clients are required to complete their transactions on the settlement date, generally 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.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) 2018 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $ 1,241,557 $ 1,298,804 $ 1,330,997 $ 1,317,042 Net income $ 93,530 $ 118,766 $ 106,865 $ 120,298 Basic earnings per share $ 1.04 $ 1.33 $ 1.22 $ 1.40 Diluted earnings per share $ 1.01 $ 1.30 $ 1.19 $ 1.36 Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.25 2017 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $ 1,035,427 $ 1,065,504 $ 1,064,108 $ 1,116,442 Net income $ 48,189 $ 68,434 $ 58,142 $ 64,098 Basic earnings per share $ 0.54 $ 0.76 $ 0.65 $ 0.71 Diluted earnings per share $ 0.52 $ 0.74 $ 0.63 $ 0.69 Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.25

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On January 30, 2019 , the Board of Directors declared a cash dividend of $0.25 per share on the Company's outstanding common stock to be paid on March 29, 2019 to all stockholders of record on March 15, 2019

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ( “ GAAP ”
Consolidation	Consolidation These consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated.
Reportable Segment	Reportable Segment Management has determined that the Company operates in one segment, given the similarities in economic characteristics between its operations and the common nature of its products and services, production and distribution process, and regulatory environment.
Revenue Recognition	Revenue Recognition Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. See Note 3 . Revenues
Compensation and Benefits	Compensation and Benefits The Company records compensation and benefits expense for all cash and deferred compensation, benefits, and related taxes as earned by its employees. Compensation and benefits expense also includes fees earned by temporary employees and contractors who perform similar services to those performed by the Company’s employees, primarily software development and project management activities.
Share-Based Compensation	Share-Based Compensation Certain employees, officers, directors, advisors, and financial institutions of the Company participate in various long-term incentive plans that provide for granting stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units. Stock options, warrants and restricted stock units generally vest in equal increments over a three year period and expire on the tenth anniversary following the date of grant. Restricted stock awards and deferred stock units generally vest over a one year period, and performance stock units generally vest in full at the end of a three-year performance period. The Company recognizes share-based compensation for equity awards granted to employees, officers, and directors as compensation and benefits expense on the consolidated statements of income. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards, restricted stock units, and deferred stock units is equal to the closing price of the Company’s stock on the date of grant. The fair value of performance stock units is estimated using a Monte-Carlo simulation model on the date of grant. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company recognizes share-based compensation for equity awards granted to advisors and financial institutions as commissions and advisory expense on the consolidated statements of income. The fair value of restricted stock units is equal to the closing price of the Company’s stock on the date of grant and on the last day of each reporting period. Share-based compensation is recognized over the requisite service period of the individual awards, which generally equals the vesting period. The Company also makes assumptions regarding the number of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units and performance stock units that will be forfeited. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Rather, different forfeiture assumptions would only impact the timing of expense recognition over the vesting period. See Note 15 . Share-Based Compensation
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common shareholders by the basic 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.
Income Taxes	Income Taxes In preparing the consolidated financial statements, the Company estimates income tax expense based on various jurisdictions where it conducts business. The Company then must assess the likelihood that the deferred tax assets will be realized. A valuation allowance is established to the extent that it is more-likely-than-not that such deferred tax assets will not be realized. When the Company establishes a valuation allowance or modifies the existing allowance in a certain reporting period, it generally records a corresponding increase or decrease to tax expense in the consolidated statements of income. Management makes significant judgments in determining the provision for income taxes, the deferred tax assets and liabilities, and any valuation allowances recorded against the deferred tax asset. Changes in the estimate of these taxes occur periodically due to changes in the tax rates, changes in the business operations, implementation of tax planning strategies, resolution with taxing authorities of issues where the Company had previously taken certain tax positions, and newly enacted statutory, judicial, and regulatory guidance. These changes could have a material effect on the Company’s consolidated statements of income, financial condition, or cash flows in the period or periods in which they occur. Income tax credits are accounted for using the flow-through method as a reduction of income tax in the years utilized.
Cash and Cash Equivalents, Cash and Securities Segregated Under Federal and Other Regulations, Restricted Cash	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 Security 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 broker dealers. Restricted Cash
Receivable From and Payables to Clients	Receivables From and Payables to Clients Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. At December 31, 2018 and 2017 , $935.5 million and $920.1 million , respectively, of the balance represent free credit balances that are held pending re-investment by the clients.
Advisor Loans [Policy Text Block]	Advisor Loans The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decisions to extend credit to advisors are generally based on the advisors’ credit history and their ability to generate future commissions. Certain loans made in connection with recruiting are forgivable over terms ranging from three to eight years provided that the advisor remains licensed through LPL Financial. At December 31, 2018 , $233.3 million
Receivables	Receivables From Others Receivables from others primarily consist of accrued fees from product sponsors and amounts due from advisors. Management maintains an allowance for uncollectible amounts using an aging analysis that takes into account the specific type of receivable. The aging thresholds and specific percentages used represent management’s best estimates of probable losses. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced
Securities Owned and Securities Sold, But Not Yet Purchased	Securities Owned and Securities Sold, But Not Yet Purchased Securities owned and securities sold, but not yet purchased include trading and held-to-maturity securities. The Company generally classifies its investments in debt and equity instruments (including mutual funds, annuities, corporate bonds, government bonds, and municipal bonds) as trading securities, except for United States government notes held by PTC, which are classified as held-to-maturity securities. The Company has not classified any investments as available-for-sale. Investment classifications are subject to ongoing review and can change. Securities classified as trading are carried at fair value, while securities classified as held-to-maturity are carried at amortized cost. 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 December 31, 2018 , the Company did not adjust prices received from the independent third-party pricing services.
Securities Borrowed	Securities Borrowed The Company borrows securities from other broker-dealers to make deliveries or to facilitate customer short sales. Securities borrowed are accounted for as collateralized financings and are recorded at contract value, representing the amount of cash provided for securities borrowed transactions (generally in excess of market values). The adequacy of the collateral deposited, which is determined by comparing the market value of the securities borrowed to the cash loaned , is continuously monitored and is adjusted when considered necessary to minimize the risk associated with this activity. As of December 31, 2018 , the contract and collateral market values of borrowed securities were $4.8 million and $5.0 million , respectively. As of December 31, 2017 , the contract and collateral market values of borrowed securities were $12.5 million and $12.1 million
Fixed Assets	Fixed Assets Internally developed software, leasehold improvements, computers and software, and furniture and equipment are recorded at historical cost, net of accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. The Company charges software development costs to operations as incurred during the preliminary project stage, while capitalizing costs at the point at which the conceptual formulation, design, and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The Company does not capitalize pilot projects and projects for which it believes that the future economic benefits are less than probable. Leasehold improvements are amortized over the lesser of their useful lives or the terms of the underlying leases. Computers and software, as well as furniture and equipment, are depreciated over a period of three to seven years. Land is not depreciated. Management reviews fixed assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. No material impairment occurred for the years ended December 31, 2018 , 2017 , and 2016
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block]	Acquisitions When acquiring companies, the Company recognizes separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of income. Accounting for business combinations requires the Company's management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, support liabilities assumed, and pre-acquisition contingencies. These assumptions are based in part on historical experience, market data, and information obtained from the management of the acquired companies and are inherently uncertain.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other indefinite-lived assets are not amortized; however, intangible assets that are deemed to have definite lives are amortized over their useful lives, generally ranging from 5 - 20 years. See Note 9 . Goodwill and Other Intangible Assets , for additional information regarding the Company's goodwill and other intangible assets. Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and between annual tests if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill or other indefinite-lived intangible assets are quantitatively assessed for impairment, a two-step approach is applied. For goodwill, the Company first compares the estimated fair value of the reporting unit in which the asset resides to its carrying value. For indefinite-lived intangible assets, the Company first compares the estimated fair value of the indefinite-lived intangible asset to its carrying value. The second step, if necessary, measures the amount of such impairment by comparing the implied fair value of the asset to its carrying value. No impairment of goodwill or other indefinite-lived intangible assets was recognized during the years ended December 31, 2018 , 2017 , or 2016 . Long-lived assets, such as intangible assets subject to amortization, are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated. There was no impairment of definite-lived intangible assets recognized during the years ended December 31, 2018 , 2017 , or 2016
Debt Issuance Costs	Debt Issuance Costs Debt issuance and amendment costs have been capitalized and are being amortized as additional interest expense over the expected terms of the related debt agreements. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability. Costs incurred while obtaining the revolving credit facility are included in other assets and subsequently amortized ratably over the term of the revolving credit facility, regardless of whether there are any outstanding borrowings on the revolving credit facility.
Fair Value of Debt 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 are carried 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 information regarding the Company's fair value measurements. As of December 31, 2018 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,381.3 million and $2,271.9 million , respectively. As of December 31, 2017 , the carrying amount and fair value was approximately $2,396.3 million and $2,422.0 million
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company 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. The Company also accrues for losses at its Captive Insurance Subsidiary for those matters covered by self-insurance. The Captive Insurance Subsidiary records losses and loss reserve liabilities based on actuarially determined estimates of losses incurred, but not yet reported to the Company as well as specific reserves for proceedings and matters that are probable and estimable. The Captive Insurance Subsidiary is funded by payments from the Company's other subsidiaries and has cash reserves to cover losses. Assessing the probability of a loss occurring and the timing and amount of any loss related to a legal proceeding or regulatory matter is inherently difficult and requires management to make significant judgments. For additional information, Note 13 . Commitments and Contingencies
Leasehold Financing Obligation Policy [Policy Text Block]	Leasehold Financing ObligationThe Company was involved in a build-to-suit lease arrangement in Fort Mill, South Carolina, under which it served as the construction agent on behalf of the landlord and bore substantially all of the risks and rewards of ownership as measured under GAAP. The Company was therefore required to report the landlord's costs of construction as a fixed asset during the construction period as if the Company owned such asset and an equal and off-setting leasehold financing obligation on our consolidated statements of financial condition. The construction was completed in October 2016 and it was determined that the asset did not qualify for sale-leaseback accounting treatment. As such, the Company accounts for this arrangement as a capital lease in which the asset is depreciated and the lease payments are recognized as a reduction of the financing obligation and interest expense over the lease term on our consolidated statements of income.
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 new standard also requires disclosures that provide additional information on recorded lease arrangements. In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements, which provides an optional transition method that allows entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the provisions of this guidance, including the optional transition method, on January 1, 2019. Right of use assets and corresponding lease liabilities will be recognized on the Company's consolidated statements of financial condition and is in the range of $120 million to $160 million. The Company does not expect a material impact to its consolidated statements of income. In June 2018, FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payments granted to non-employees. Consistent with the requirement for employee share-based payment awards, non- employee share-based payment awards within the scope of Topic 718 will be measured at grant-date fair value of the equity instruments. The Company adopted the provisions of this guidance on January 1, 2019, and will no longer mark-to-market advisor and financial institution equity awards in the consolidated statements of income. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 removes or modifies certain current disclosures, and adds additional disclosures. The changes are meant to provide more relevant information regarding valuation techniques and inputs used to arrive at measures of fair value, uncertainty in the fair value measurements, and how changes in fair value measurements impact an entity's performance and cash flows. Certain disclosures in ASU 2018-13 will need to be applied on a retrospective basis and others on a prospective basis. Early adoption is permitted. The Company expects to adopt the provisions of this guidance on January 1, 2020, and is currently evaluating the impact that ASU 2018-13 will have on its 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 . Revenues , 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 equivalents 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)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule for uncollectible amounts due from clients	The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts for advisor loans (in thousands): December 31, 2018 2017 Beginning balance — January 1 $ 3,264 $ 1,852 Provision for bad debts, net of recoveries 2,206 951 Charge-offs (390 ) (2,914 ) Reclassification from receivables from others — 3,375 Ending balance — December 31 $ 5,080 $ 3,264 December 31, 2018 2017 Beginning balance — January 1 $ 6,115 $ 12,851 Provision for bad debts, net of recoveries 3,733 1,853 Charge-offs (1,749 ) (5,214 ) Reclassification to advisor loans — (3,375 ) Ending balance — December 31 $ 8,099 $ 6,115 December 31, 2018 2017 Beginning balance — January 1 $ 466 $ 1,580 Provision for bad debts, net of recoveries 174 (15 ) Charge-offs — (1,099 ) Ending balance — December 31 $ 640 $ 466

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customers [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our total commission revenue disaggregated by investment product category (in thousands): Years Ended December 31, 2018 2017 2016 Variable annuities $ 786,052 $ 672,236 $ 686,667 Mutual funds 616,445 534,639 538,490 Alternative investments 24,016 27,112 34,927 Fixed annuities 178,095 141,290 185,060 Equities 84,823 79,180 83,696 Fixed income 122,569 104,037 86,364 Insurance 71,225 71,352 74,910 Group annuities 35,542 40,437 46,526 Other 927 541 795 Total commission revenue $ 1,919,694 $ 1,670,824 $ 1,737,435 Years Ended December 31, 2018 2017 2016 Transaction and Fee Revenue Point-in-time (1) $ 221,265 $ 187,655 $ 188,058 Over time (2) 250,034 237,012 227,657 Total transaction and fee revenue $ 471,299 $ 424,667 $ 415,715 ____________________ (1) Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and conference service fees. (2) Years Ended December 31, 2018 2017 2016 Sales-based Variable annuities $ 223,231 $ 201,626 $ 245,393 Mutual funds 141,597 134,327 144,199 Alternative investments 7,506 14,289 28,304 Fixed annuities 151,453 121,697 174,271 Equities 84,823 79,180 83,696 Fixed income 98,091 80,919 66,647 Insurance 64,580 65,426 69,162 Group annuities 4,568 4,565 5,920 Other 927 541 795 Total sales-based revenue $ 776,776 $ 702,570 $ 818,387 Trailing Variable annuities $ 562,821 $ 470,610 $ 441,274 Mutual funds 474,848 400,312 394,291 Alternative investments 16,510 12,823 6,623 Fixed annuities 26,642 19,593 10,789 Fixed income 24,478 23,118 19,717 Insurance 6,645 5,926 5,748 Group annuities 30,974 35,872 40,606 Total trailing revenue $ 1,142,918 $ 968,254 $ 919,048 Total commission revenue $ 1,919,694 $ 1,670,824 $ 1,737,435 Years Ended December 31, 2018 2017 2016 Asset-based revenue Cash sweep fees $ 500,418 $ 301,448 $ 173,716 Sponsorship programs 224,726 193,190 181,453 Recordkeeping 247,371 213,695 201,306 Total asset-based revenue $ 972,515 $ 708,333 $ 556,475

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 26,657 $ — $ — $ 26,657 Securities owned — trading: Money market funds 194 — — 194 Mutual funds 7,434 — — 7,434 Equity securities 1,931 — — 1,931 Debt securities — 1 — 1 U.S. treasury obligations 19,707 — — 19,707 Total securities owned — trading 29,266 1 — 29,267 Other assets 181,974 9,420 — 191,394 Total assets at fair value $ 237,897 $ 9,421 $ — $ 247,318 Liabilities Securities sold, but not yet purchased: Equity securities $ 163 $ — $ — $ 163 Debt securities — 6 — 6 Total securities sold, but not yet purchased 163 6 — 169 Total liabilities at fair value $ 163 $ 6 $ — $ 169 The following table summarizes the Company’s financial assets and 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)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost, gross unrealized 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): December 31, 2018 2017 Amortized cost $ 13,001 $ 11,833 Gross unrealized loss (56 ) (86 ) Fair value $ 12,945 $ 11,747
Maturities of securities held-to-maturity	At December 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 $ 4,992 $ 8,009 $ — $ 13,001 U.S. government notes — at fair value $ 4,959 $ 7,986 $ — $ 12,945

Receivables from Product Spon_2

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Tables)	12 Months Ended
	Dec. 31, 2018
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations	Receivables from product sponsors, broker-dealers, and clearing organizations and payables to broker-dealers and clearing organizations were as follows (in thousands): December 31, 2018 2017 Receivables: Commissions receivable from product sponsors and others $ 135,161 $ 125,891 Receivable from clearing organizations 20,281 62,561 Receivable from broker-dealers 2,065 1,389 Securities failed-to-deliver 9,286 6,366 Total receivables $ 166,793 $ 196,207 Payables: Payable to clearing organizations $ 24,818 $ 13,316 Payable to broker-dealers 37,583 31,869 Securities failed-to-receive 13,779 9,077 Total payables $ 76,180 $ 54,262

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
The components of fixed assets	The components of fixed assets were as follows (in thousands): December 31, 2018 2017 Internally developed software $ 260,957 $ 346,029 Leasehold improvements 83,339 82,413 Computers and software 147,163 160,400 Buildings 105,939 105,939 Furniture and equipment 73,955 73,767 Land 4,678 4,678 Construction in progress 93,542 66,802 Total fixed assets 769,573 840,028 Accumulated depreciation and amortization (308,155 ) (427,344 ) Fixed assets, net $ 461,418 $ 412,684

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of activity in goodwill	A summary of the activity in goodwill is presented below (in thousands): Balance at December 31, 2016 $ 1,365,838 Goodwill acquired 61,931 Balance at December 31, 2017 $ 1,427,769 Goodwill acquired (1) 62,478 Balance at December 31, 2018 $ 1,490,247 ____________________ (1) Goodwill acquired during 2018 included $49.0 million from the NPH acquisition and $13.5 million from the AdvisoryWorld acquisition.
Components of intangible assets	The components of intangible assets were as follows at December 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 7.1 $ 651,642 $ (316,153 ) $ 335,489 Product sponsor relationships 7.1 234,086 (149,525 ) 84,561 Client relationships 7.0 21,233 (12,841 ) 8,392 Technology 10.0 15,510 — 15,510 Trade names 3.3 1,200 (800 ) 400 Total definite-lived intangible assets $ 923,671 $ (479,319 ) $ 444,352 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 484,171 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
Amortization expense	uture amortization expense is estimated as follows (in thousands): 2019 $ 64,449 2020 64,058 2021 63,901 2022 63,101 2023 59,005 Thereafter 129,838 Total $ 444,352

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Summary of accounts payable and accrued liabilities	Accounts payable and accrued liabilities were as follows (in thousands): December 31, 2018 2017 Advisor deferred compensation plan liability $ 182,351 $ 177,652 Accrued compensation 70,093 64,728 Deferred rent 40,772 41,629 Accounts payable 53,077 47,125 Other accrued liabilities 132,351 130,015 Total accounts payable and accrued liabilities $ 478,644 $ 461,149

Debt (Tables)

Debt (Tables)	Sep. 21, 2017	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt Instrument, Redemption Price, Percentage	103.00%
Outstanding borrowings		The Company’s outstanding borrowings were as follows (dollars in thousands): December 31, 2018 December 31, 2017 Long-Term Borrowings 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) 1,481,250 LIBOR+225 bps 4.73 % 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 2,381,250 2,396,250 Plus: Unamortized Premium 10,083 11,584 Less: Unamortized Debt Issuance Cost (19,525 ) (22,812 ) Net Carrying Value $ 2,371,808 $ 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; $400.0 million in Additional Notes were issued in September 2017 and priced at 103.0% of the aggregate principal amount.
Summary of minimum calendar year payments and maturities of the senior secured borrowings		The minimum calendar year payments and maturities of the long-term borrowings as of December 31, 2018 are as follows (in thousands): 2019 $ 15,000 2020 15,000 2021 15,000 2022 15,000 2023 15,000 Thereafter 2,306,250 Total $ 2,381,250

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Summary of provision for income taxes	The Company’s provision for income taxes was as follows (in thousands): December 31, 2018 2017 2016 Current provision: Federal $ 120,211 $ 117,745 $ 102,133 State 34,721 17,353 15,002 Total current provision 154,932 135,098 117,135 Deferred benefit: Federal (1,874 ) (8,951 ) (10,767 ) State 120 (440 ) (783 ) Total deferred benefit (1,754 ) (9,391 ) (11,550 ) Provision for income taxes $ 153,178 $ 125,707 $ 105,585
Summary of effective income tax rate reconciliation	A reconciliation of the United States federal statutory income tax rates to the Company’s effective income tax rates is set forth below: Years Ended December 31, 2018 2017 2016 Federal statutory income tax rates 21.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 4.6 3.0 3.5 Non-deductible expenses 1.7 0.6 0.3 Share-based compensation (1.4 ) (0.9 ) 0.1 Tax Cuts and Jobs Act of 2017 — (2.4 ) — Domestic production activities deduction — (0.9 ) (2.2 ) Research & development credits (0.3 ) (0.4 ) (1.1 ) Other 0.2 0.5 (0.1 ) Effective income tax rates 25.8 % 34.5 % 35.5 %
Components of the net deferred income taxes	The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Accrued liabilities $ 58,265 $ 59,422 Share-based compensation 16,832 17,122 State taxes 7,044 5,630 Deferred rent 32,376 32,457 Provision for bad debts 3,919 2,956 Forgivable loans 9,938 7,643 Captive insurance 1,968 1,355 Other 4,788 — Total deferred tax assets 135,130 126,585 Deferred tax liabilities: Amortization of intangible assets (77,037 ) (75,043 ) Depreciation of fixed assets (76,418 ) (63,213 ) Other — (4,333 ) Total deferred tax liabilities (153,455 ) (142,589 ) Deferred income taxes, net $ (18,325 ) $ (16,004 )
Summary of gross unrecognized tax benefits including interest and penalties reconciliation	The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, including interest and penalties (in thousands): December 31, 2018 2017 2016 Balance — Beginning of year $ 42,657 $ 39,766 $ 24,747 Increases for tax positions taken during the current year 10,042 7,815 17,787 Reductions as a result of a lapse of the applicable statute of limitations (6,412 ) (4,924 ) (2,768 ) Balance — End of year $ 46,287 $ 42,657 $ 39,766

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments	Future minimum payments under leases, lease commitments, service, development, and agency contracts, and other contractual obligations with initial terms greater than one year were as follows at December 31, 2018 (in thousands): 2019 $ 69,182 2020 52,476 2021 40,723 2022 34,240 2023 30,984 Thereafter 240,033 Total (1) $ 467,638 _____________________ (1) Future minimum payments have not been reduced by minimum sublease rental income of $11.8 million

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Treasury Stock [Text Block]	The Company had the following activity under its approved share repurchase programs (dollars in millions, except 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 Second Quarter 1,791,493 $ 65.20 $ 116.8 Third Quarter 1,849,027 $ 66.24 $ 122.5 Fourth Quarter 1,925,126 $ 61.19 $ 117.8 6,533,146 $ 63.96 $ 417.9 _____________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02
Schedule of dividends paid per common share	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 2016 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 22.6 $ 0.25 $ 22.6 $ 0.25 $ 22.2 Second quarter $ 0.25 $ 22.3 $ 0.25 $ 22.6 $ 0.25 $ 22.3 Third quarter $ 0.25 $ 21.9 $ 0.25 $ 22.5 $ 0.25 $ 22.3 Fourth quarter $ 0.25 $ 21.5 $ 0.25 $ 22.5 $ 0.25 $ 22.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average assumptions used for calculating the fair value of its 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: Years Ended December 31, 2018 2017 2016 Expected life (in years) 5.43 5.43 5.26 Expected stock price volatility 34.80 % 35.27 % 33.38 % Expected dividend yield 1.71 % 2.61 % 2.87 % Risk-free interest rate 2.66 % 2.14 % 1.16 % Fair value of options $ 19.86 $ 10.63 $ 4.60
Summary of the Company's activity in its stock option and warrant plans	The following table summarizes the Company’s stock option and warrant activity as of and for the year ended December 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 478,824 $ 65.55 Exercised (1,504,069 ) $ 32.60 Forfeited and Expired (253,187 ) $ 38.90 Outstanding — December 31, 2018 3,588,067 $ 35.38 5.62 $ 94,102 Exercisable — December 31, 2018 2,402,708 $ 31.58 4.33 $ 70,869 Exercisable and expected to vest — December 31, 2018 3,547,347 $ 35.11 5.58 $ 93,863
Summary of information about outstanding stock options and warrants	The following table summarizes information about outstanding stock options and warrants as of December 31, 2018 : Outstanding Exercisable Range of Exercise Prices Total Number of Shares Weighted- Average Remaining Life (Years) Weighted- Average Exercise Price Number of Shares Weighted- Average Exercise Price $18.01 - $25.00 1,107,094 5.26 $ 20.48 761,994 $ 20.67 $25.01 - $30.00 391,572 3.47 $ 28.94 389,498 $ 28.94 $30.01 - $35.00 653,869 2.83 $ 33.10 653,869 $ 33.10 $35.01 - $45.00 633,412 8.01 $ 39.65 216,266 $ 39.99 $45.01 - $55.00 381,081 5.82 $ 48.74 381,081 $ 48.74 $55.01 - $71.00 421,039 9.16 $ 65.55 — $ — 3,588,067 5.62 $ 35.38 2,402,708 $ 31.58
Summary of the status of the Company's restricted stock	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 year ended December 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 Outstanding — December 31, 2017 12,796 $ 39.73 957,123 $ 32.81 Granted 7,057 $ 70.26 375,447 $ 68.24 Vested (12,796 ) $ 39.73 (374,231 ) $ 34.56 Forfeited — $ — (83,951 ) $ 39.45 Nonvested — December 31, 2018 7,057 $ 70.26 874,388 $ 46.63 Expected to vest — December 31, 2018 7,057 $ 70.26 824,382 $ 45.70

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Basic and diluted earnings per share	The calculation of basic and diluted earnings per share for the years noted was as follows (in thousands, except per share data): Years Ended December 31, 2018 2017 2016 Net income $ 439,459 $ 238,863 $ 191,931 Basic weighted-average number of shares outstanding 88,119 90,002 89,072 Dilutive common share equivalents 2,500 2,113 941 Diluted weighted-average number of shares outstanding 90,619 92,115 90,013 Basic earnings per share $ 4.99 $ 2.65 $ 2.15 Diluted earnings per share $ 4.85 $ 2.59 $ 2.13

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of selected quarterly financial data	2018 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $ 1,241,557 $ 1,298,804 $ 1,330,997 $ 1,317,042 Net income $ 93,530 $ 118,766 $ 106,865 $ 120,298 Basic earnings per share $ 1.04 $ 1.33 $ 1.22 $ 1.40 Diluted earnings per share $ 1.01 $ 1.30 $ 1.19 $ 1.36 Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.25 2017 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $ 1,035,427 $ 1,065,504 $ 1,064,108 $ 1,116,442 Net income $ 48,189 $ 68,434 $ 58,142 $ 64,098 Basic earnings per share $ 0.54 $ 0.76 $ 0.65 $ 0.71 Diluted earnings per share $ 0.52 $ 0.74 $ 0.63 $ 0.69 Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.25

Organization and Description _2

Organization and Description of the Company (Details)	12 Months Ended
	Dec. 31, 2018
LPLH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPL Financial [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
Number of states in which entity operates	50
Fortigent [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
IAG [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
LPLIA [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%
PTCH [Member]
Consolidation, Parent Ownership Interest [Line Items]
Ownership interest percentage in subsidiary	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Other Operating Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Interest expense from operations (did not exceed)	$ 1	$ 1	$ 1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Share-Based Compensation (Details) - Minimum [Member]	12 Months Ended
	Dec. 31, 2018
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Restricted stock awards and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	1 year

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Free credit balances held	$ 935,500	$ 920,100
Allowance for Doubtful Accounts Receivable [Roll Forward]
Provision for bad debts, net of recoveries	6,113	2,789	$ 4,057
Receivables from clients [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance - January 1	466	1,580
Provision for bad debts, net of recoveries	174	(15)
Ending balance - December 31	640	466	$ 1,580
Receivables from clients [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Write Off Of Allowances For Uncollectible Amounts	$ 0	$ 1,099

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Receivables from Advisor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forgivable Loans Amortization Period, Minimum	3 years
Allowance for Doubtful Accounts Receivable [Roll Forward]
Provision for bad debts, net of recoveries	$ 6,113	$ 2,789	$ 4,057
Advisor Loans [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance - January 1	3,264	1,852
Provision for bad debts, net of recoveries	2,206	951
Write Off Of Allowances For Uncollectible Amounts	(390)	(2,914)
Provision for Bad Debt Reclassification Adjustment	0	3,375
Ending balance - December 31	$ 5,080	$ 3,264	$ 1,852

Summary of Significant Accoun_8

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Forgivable Loans Amortization Period, Minimum	3 years
Forgivable Loans Amortization Period, Maximum		8 years
Forgivable Advisor Loans	$ 233,300
Allowance for Doubtful Accounts Receivable [Roll Forward]
Provision for bad debts, net of recoveries	6,113	$ 2,789	$ 4,057
Receivables from others [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance - January 1	6,115	12,851
Provision for bad debts, net of recoveries	3,733	1,853
Charge-offs, net of recoveries	(1,749)	(5,214)
Provision for Bad Debt Reclassification Adjustment	0	(3,375)
Ending balance - December 31	$ 8,099	$ 6,115	$ 12,851

Summary of Significant Accoun_9

Summary of Significant Accounting Policies Securities Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Securities borrowed, contract value	$ 4,829	$ 12,489
Securities borrowed, collateral market value	$ 5,000	$ 12,100

Summary of Significant Accou_10

Summary of Significant Accounting Policies Fixed Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Other Cost and Expense, Operating	$ 1	$ 1	$ 1
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computers and software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Computers and software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)		7 years
Furniture and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)	3 years
Furniture and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Fixed assets useful life (in years)		7 years

Summary of Significant Accou_11

Summary of Significant Accounting Policies Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of intangible assets, indefinite-lived (excluding goodwill)	0	0	0
Impairment of intangible assets, finite-lived	$ 0	0	0
Forgivable Loans Amortization Period, Minimum	3 years
Finite-Lived Intangible Assets [Line Items]
Tangible Asset Impairment Charges	$ 0	$ 0	$ 0
Forgivable Loans Amortization Period, Maximum		8 years
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	5 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	20 years
Software Development [Member]
Finite-Lived Intangible Assets [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Property, Plant and Equipment, Useful Life		7 years

Summary of Significant Accou_12

Summary of Significant Accounting Policies Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Borrowings	$ 2,381,250	$ 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]
Debt Instrument, Fair Value Disclosure	$ 2,271,900	$ 2,422,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Deferred Revenue, Revenue Recognized	$ 72,200
Other Income	(8,811)	$ 43,937	$ 28,795
Brokerage Commissions Revenue	1,919,694	1,670,824	1,737,435
Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	786,052	672,236	686,667
Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	616,445	534,639	538,490
Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	24,016	27,112	34,927
Fixed Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	178,095	141,290	185,060
Equity Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	84,823	79,180	83,696
Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	122,569	104,037	86,364
Individual Insurance Policies [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	71,225	71,352	74,910
Deferred Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	35,542	40,437	46,526
Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	927	541	795
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,142,918	968,254	919,048
Transferred over Time [Member] | Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	562,821	470,610	441,274
Transferred over Time [Member] | Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	474,848	400,312	394,291
Transferred over Time [Member] | Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	16,510	12,823	6,623
Transferred over Time [Member] | Fixed Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	26,642	19,593	10,789
Transferred over Time [Member] | Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	24,478	23,118	19,717
Transferred over Time [Member] | Individual Insurance Policies [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	6,645	5,926	5,748
Transferred over Time [Member] | Deferred Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	30,974	35,872	40,606
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	776,776	702,570	818,387
Transferred at Point in Time [Member] | Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	223,231	201,626	245,393
Transferred at Point in Time [Member] | Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	141,597	134,327	144,199
Transferred at Point in Time [Member] | Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	7,506	14,289	28,304
Transferred at Point in Time [Member] | Fixed Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	151,453	121,697	174,271
Transferred at Point in Time [Member] | Equity Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	84,823	79,180	83,696
Transferred at Point in Time [Member] | Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	98,091	80,919	66,647
Transferred at Point in Time [Member] | Individual Insurance Policies [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	64,580	65,426	69,162
Transferred at Point in Time [Member] | Deferred Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	4,568	4,565	5,920
Transferred at Point in Time [Member] | Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	927	541	795
Transaction and Fee Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	471,299	424,667	415,715
Transaction and Fee Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	250,034	237,012	227,657
Transaction and Fee Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	221,265	187,655	188,058
Money Market Cash Sweep Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	500,418	301,448	173,716
Asset-based Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	972,515	708,333	556,475
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	224,726	193,190	181,453
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 247,371	$ 213,695	$ 201,306

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Dec. 03, 2018	Aug. 15, 2017	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired					$ 112,700	$ 98,400
Goodwill acquired			$ 13,500	$ 49,000	62,478	61,931
Payments to Acquire Businesses, Gross	$ 28,100	$ 325,000			$ 0	$ 162,500	$ 0

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 29,267	$ 17,879
Securities sold, but not yet purchased	169	1,182
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	26,657	147,034
Securities owned — trading	29,267	17,879
Other assets	191,394	189,659
Assets, Fair Value Disclosure	247,318	354,572
Securities sold, but not yet purchased	169	1,182
Total liabilities at fair value	169	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	26,657	147,034
Securities owned — trading	29,266	17,819
Other assets	181,974	180,377
Assets, Fair Value Disclosure	237,897	345,230
Securities sold, but not yet purchased	163	70
Total liabilities at fair value	163	70
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	1	60
Other assets	9,420	9,282
Assets, Fair Value Disclosure	9,421	9,342
Securities sold, but not yet purchased	6	1,112
Total liabilities at fair value	6	1,112
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Assets, Fair Value Disclosure	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] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased		0
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	163	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	163	67
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
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	6	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] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	6	1,112
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
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	194	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	194	288
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,434	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	7,434	10,850
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,931	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	1,931	201
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1	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] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1	60
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	19,707	6,480
U.S. Treasury Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	19,707	6,480
U.S. Treasury Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. Treasury Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,001	$ 11,833
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	13,001	11,833
Gross unrealized loss	(56)	(86)
U.S. government notes - at fair value, Total	12,945	$ 11,747
U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Summary of amortized cost, gross unrealized loss, and fair value of securities held-to-maturity
U.S. government notes - at fair value, Total	$ 12,945

Held-to-Maturity Securities (_2

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,001	$ 11,833
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,992
U.S. government notes - at amortized cost, After one but within five years	8,009
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	13,001	11,833
U.S. government notes - at fair value, Within one year	4,959
U.S. government notes - at fair value, After one but within five years	7,986
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	12,945	$ 11,747
Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at fair value, Total	$ 12,945

Receivables from Product Spon_3

Receivables from Product Sponsors, Broker-Dealers and Clearing Organizations and Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Receivables:
Commissions receivable from product sponsors and others	$ 135,161	$ 125,891
Receivable from clearing organizations	20,281	62,561
Receivable from broker-dealers	2,065	1,389
Securities failed-to-deliver	9,286	6,366
Total receivables	166,793	196,207
Payables:
Payable to clearing organizations	24,818	13,316
Payable to broker-dealers	37,583	31,869
Securities failed-to-receive	13,779	9,077
Total payables	$ 76,180	$ 54,262

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 87,656	$ 84,071	$ 75,928
Total fixed assets	769,573	840,028
Accumulated depreciation and amortization	(308,155)	(427,344)
Fixed assets, net	461,418	412,684
Internally developed software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	260,957	346,029
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	83,339	82,413
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	147,163	160,400
Building [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	105,939	105,939
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	73,955	73,767
Land [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	4,678	4,678
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 93,542	$ 66,802

Fixed Assets (Details Textuals)

Fixed Assets (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 87,656	$ 84,071	$ 75,928
Finance and capital lease obligations	$ 0	$ 3,906	$ 45,998

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived Intangible Assets Acquired			$ 112,700	$ 98,400
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 1,427,769	1,427,769	1,365,838
Goodwill acquired (1)	$ 13,500	$ 49,000	62,478	61,931
Goodwill, ending balance	$ 1,490,247		$ 1,490,247	$ 1,427,769

Intangible Assets (Components)

Intangible Assets (Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets [Line Items]
Total intangible assets	$ 484,171	$ 414,093
Definite-lived intangible assets:
Gross Carrying Value	923,671	793,340
Accumulated Amortization	(479,319)	(419,066)
Net Carrying Value	444,352	374,274
Trademarks and Trade Names [Member]
Indefinite-lived intangible assets:
Net Carrying Value	$ 39,819	$ 39,819
Advisor and financial institution relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years 1 month 6 days	8 years
Definite-lived intangible assets:
Gross Carrying Value	$ 651,642	$ 538,921
Accumulated Amortization	(316,153)	(269,294)
Net Carrying Value	$ 335,489	$ 269,627
Product sponsor relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years 1 month 6 days	8 years 1 month 6 days
Definite-lived intangible assets:
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(149,525)	(137,615)
Net Carrying Value	$ 84,561	$ 96,471
Client relationships [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years	6 years 9 months 18 days
Definite-lived intangible assets:
Gross Carrying Value	$ 21,233	$ 19,133
Accumulated Amortization	(12,841)	(11,477)
Net Carrying Value	$ 8,392	$ 7,656
Technology-Based Intangible Assets [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	10 years
Definite-lived intangible assets:
Gross Carrying Value	$ 15,510
Accumulated Amortization	0
Net Carrying Value	$ 15,510
Trade names [Member]
Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	3 years 3 months 18 days	4 years 3 months 18 days
Definite-lived intangible assets:
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(800)	(680)
Net Carrying Value	$ 400	$ 520

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired (1)	$ 13,500	$ 49,000	$ 62,478	$ 61,931
Intangible assets acquired during the period			112,700	98,400
Total amortization expense of intangible assets			$ 60,252	$ 38,293	$ 38,035

Intangible Assets (Future Amort

Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Future amortization expense
2,019	$ 64,449
2,020	64,058
2,021	63,901
2,022	63,101
2,023	59,005
Thereafter	129,838
Net Carrying Value	$ 444,352	$ 374,274

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Summary of accounts payable and accrued liabilities
Advisor deferred compensation plan liability	$ 182,351	$ 177,652
Accrued payroll	70,093	64,728
Deferred rent	40,772	41,629
Accounts payable	53,077	47,125
Other accrued liabilities	132,351	130,015
Total accounts payable and accrued liabilities	$ 478,644	$ 461,149

Debt (Credit Agreement Outstand

Debt (Credit Agreement Outstanding Balance) (Details) - USD ($) $ in Thousands	Sep. 21, 2017	Mar. 10, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Long-term Debt, Current and Noncurrent [Abstract]
Balance				$ 2,371,808	$ 2,385,022
Total Borrowings				2,381,250	2,396,250
Debt Instrument, Unamortized Premium				10,083	11,584
Gain (Loss) on Extinguishment of Debt				0	(22,407)	$ 0
Deferred Finance Costs, Net				$ 19,525	$ 22,812
Debt Instrument, Redemption Price, Percentage	103.00%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate				4.73%	3.81%
Total Borrowings	$ 1,695,800			$ 1,481,250	$ 1,496,250
Debt Instrument, Amortization Payment, Percentage		0.25%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total Borrowings	$ 400,000
Debt Instrument, Redemption Price, Percentage	103.00%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Total Borrowings		$ 500,000		$ 900,000	$ 900,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				5.75%	5.75%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			100.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.25%
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate				0.00%	0.00%
Total Borrowings				$ 0	$ 0

Debt (Future Payments and Matur

Debt (Future Payments and Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,016	$ 15,000
2,017	15,000
2,018	15,000
2,019	15,000
2,020	15,000
Thereafter	2,306,250
Total Borrowings	$ 2,381,250	$ 2,396,250

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Sep. 21, 2017	Mar. 10, 2017
Debt Instrument [Line Items]
Number Of Uncommitted Lines Of Credit		3
Uncommitted lines of credit, unspecified limit		2
Line of Credit Facility, Average Outstanding Amount		$ 160,000,000	$ 239,000,000
Debt Instrument, Interest Rate During Period		2.99%	2.61%
Long-term Debt, Gross		$ 2,381,250,000	$ 2,396,250,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of credit, amount outstanding		$ 10,600,000
Applicable interest rate margin		1.25%
Line of credit, maximum borrowing capacity				$ 500,000,000
Long-term Debt, Gross		$ 0	0
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		200,000,000
Additional Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross				400,000,000
Senior Notes Due 2025 [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 900,000,000	$ 900,000,000		$ 500,000,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		5.75%	5.75%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	100.00%
Fourth Amendment Agreement Term Loan B [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,481,250,000	$ 1,496,250,000	$ 1,695,800,000

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current provision:
Federal	$ 120,211	$ 117,745	$ 102,133
State	34,721	17,353	15,002
Total current provision	154,932	135,098	117,135
Deferred benefit:
Federal	(1,874)	(8,951)	(10,767)
State	120	(440)	(783)
Total deferred benefit	(1,754)	(9,391)	(11,550)
Provision for income taxes	$ 153,178	$ 125,707	$ 105,585

Income Taxes (Reconciliation to

Income Taxes (Reconciliation to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of company's effective income tax rate reconciliation
Federal statutory income tax rates	21.00%	35.00%	35.00%
State income taxes, net of federal benefit	4.60%	3.00%	3.50%
Non-deductible expenses	1.70%	0.60%	0.30%
Share-based compensation	(1.40%)	(0.90%)	(0.10%)
Business energy tax credit	0.00%	(2.40%)	0.00%
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent	0.00%	(0.90%)	(2.20%)
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent	(0.30%)	(0.40%)	(1.10%)
Other	0.20%	0.50%	0.10%
Effective income tax rates	25.80%	34.50%	35.50%

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Accrued liabilities	$ 58,265	$ 59,422
Share-based compensation	16,832	17,122
State taxes	7,044	5,630
Deferred rent	32,376	32,457
Provision for bad debts	3,919	2,956
Deferred Tax Assets, Tax Deferred Expense, Forgivable Loans	9,938	7,643
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance	1,968	1,355
Other	4,788	0
Total deferred tax assets	135,130	126,585
Deferred tax liabilities:
Amortization of intangible assets	(77,037)	(75,043)
Depreciation of fixed assets	(76,418)	(63,213)
Other	0	(4,333)
Total deferred tax liabilities	(153,455)	(142,589)
Deferred income taxes, net	$ (18,325)	$ (16,004)

Income Taxes (Gross Unrecognize

Income Taxes (Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of gross unrecognized tax benefits including interest and penalties reconciliation
Balance - Beginning of year	$ 42,657	$ 39,766	$ 24,747
Increases for tax positions related to the current year	10,042	7,815	17,787
Reductions as a result of a lapse of the applicable statute of limitations	(6,412)	(4,924)	(2,768)
Balance - End of year	$ 46,287	$ 42,657	$ 39,766

Income Taxes (Details Textuals)

Income Taxes (Details Textuals) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, net of the federal benefit on state issues, favorable income tax rate effect	$ 40.7	$ 37.6
Unrecognized tax benefits, interest accrued	5.1	4.5
Unrecognized tax benefits, penalties accrued	4.3	$ 4.4
Reduction in unrecognized tax benefits related to the statute of limitations	$ 2.4

Commitments and Contingencies_2

Commitments and Contingencies (Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Leases, Operating [Abstract]
Rent expense for operating leases	$ 19	$ 20.1	$ 24.7
Future minimum sublease rental income	$ 11.8

Commitments and Contingencies_3

Commitments and Contingencies (Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,019	$ 69,182
2,020	52,476
2,021	40,723
2,022	34,240
2,023	30,984
Thereafter	240,033
Total	$ 467,638

Commitments and Contingencies_4

Commitments and Contingencies (Legal) (Details) $ in Millions	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 26.4

Commitments and Contingencies_5

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 298,000
Collateral security	417,200
Amount pledged with client-owned securities	50,800
Remaining collateral securities that can be sold, re-pledged or loaned	366,400
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	4,700	$ 6,500
Leasehold Financing Obligation	$ 104,564	$ 107,518

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Dividend paid per share of common stock	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends	$ 21.5	$ 21.9	$ 22.3	$ 22.6	$ 22.5	$ 22.5	$ 22.6	$ 22.6	$ 22.3	$ 22.3	$ 22.3	$ 22.2

Stockholders' Equity (Share Rep

Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,000,000				$ 1,000,000
Treasury stock purchases, shares	1,925,126	1,849,027	1,791,493	967,500	6,533,146
Treasury Stock Acquired, Average Cost Per Share	$ 61.19	$ 66.24	$ 65.20	$ 62.84	$ 63.96
Treasury Stock, Value, Acquired, Cost Method	$ 117,800	$ 122,500	$ 116,800	$ 60,800	$ 417,891	$ 113,728	$ 25,013
Commission Fee Paid Per Repurchased Share					$ 0.02

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Employees, officers, and directors [Member] - Stock options and warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	5 years 5 months 4 days	5 years 3 months 3 days
Expected stock price volatility	34.80%	35.27%	33.38%
Expected dividend yield	1.71%	2.61%	2.87%
Risk-free interest rate	2.66%	2.14%	1.16%
Fair value of options	$ 19.86	$ 10.63	$ 4.60

Share-Based Compensation Stoc_2

Share-Based Compensation Stock Option and Warrant Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance | shares	4,866,499
Number of Shares, Granted | shares	478,824
Number of Shares, Exercised | shares	(1,504,069)
Number of Shares, Forfeited | shares	(253,187)
Number of Shares Outstanding, Ending Balance | shares	3,588,067
Number of Shares, Exercisable, Ending Balance | shares	2,402,708
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 31.73
Weighted-Average Exercise Price, Granted | $ / shares	65.55
Weighted-Average Exercise Price, Exercised | $ / shares	32.60
Weighted-Average Exercise Price, Forfeited and Expired | $ / shares	38.90
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ / shares	35.38
Weighted-Average Exercise Price, Exercisable, Ending Balance | $ / shares	31.58
Weighted-Average Exercise Price, Exercisable and expected to vest (in dollars per share) | $ / shares	$ 35.11
Weighted-Average Remaining Contractual Term for Options Outstanding	5 years 7 months 13 days
Weighted-Average Remaining Contractual Term for Options Exercisable	4 years 3 months 29 days
Aggregate Intrinsic Value, Outstanding, Ending Balance | $	$ 94,102
Aggregate Intrinsic Value, Exercisable, Ending Balance | $	$ 70,869
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares	3,547,347
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	5 years 6 months 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $	$ 93,863

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrants (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	3,588,067
Weighted-Average Remaining Life, Outstanding	5 years 7 months 13 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 35.38
Number of Shares, Exercisable | shares	2,402,708
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 31.58
$18.01 - $25.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	1,107,094
Weighted-Average Remaining Life, Outstanding	5 years 3 months 3 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 20.48
Number of Shares, Exercisable | shares	761,994
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 20.67
$25.01 - $30.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	391,572
Weighted-Average Remaining Life, Outstanding	3 years 5 months 19 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 28.94
Number of Shares, Exercisable | shares	389,498
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 28.94
$30.01 - $35.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	653,869
Weighted-Average Remaining Life, Outstanding	2 years 9 months 29 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 33.10
Number of Shares, Exercisable | shares	653,869
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 33.10
$35.01 - $45.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	633,412
Weighted-Average Remaining Life, Outstanding	8 years 3 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 39.65
Number of Shares, Exercisable | shares	216,266
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 39.99
$45.01 - $55.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	381,081
Weighted-Average Remaining Life, Outstanding	5 years 9 months 25 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 48.74
Number of Shares, Exercisable | shares	381,081
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 48.74
$55.01 - $71.00
Summary of information about outstanding stock options and warrants
Total Number of Shares, Outstanding | shares	421,039
Weighted-Average Remaining Life, Outstanding	9 years 1 month 28 days
Weighted-Average Exercise Price, Outstanding | $ / shares	$ 65.55
Number of Shares, Exercisable | shares	0
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 0

Share-Based Compensation Restri

Share-Based Compensation Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 70.26
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	7,057
Number of Shares, Vested	(12,796)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	7,057	12,796
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	7,057
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 39.73
Weighted-Average Grant-Date Fair Value, Granted	70.26
Weighted-Average Grant-Date Fair Value, Forfeited	0
Weighted-Average Grant-Date Fair Value, Ending Balance	70.26	$ 39.73
Weighted-Average Grant-Date Fair Value, Vested	$ 39.73
Restricted Stock Units [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	375,447
Number of Shares, Vested	(374,231)
Number of Shares, Forfeited	(83,951)
Number of Shares, Ending Balance	874,388	957,123
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	824,382
Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 32.81
Weighted-Average Grant-Date Fair Value, Granted	68.24
Weighted-Average Grant-Date Fair Value, Forfeited	39.45
Weighted-Average Grant-Date Fair Value, Ending Balance	46.63	$ 32.81
Weighted-Average Grant-Date Fair Value, Vested	34.56
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 45.70
Advisors and Financial Institutions [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 6.1	$ 7.3	$ 2.7

Share-Based Compensation (Detai

Share-Based Compensation (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation [Abstract]
Authorized shares	20,055,945
Authorized unissued shares	6,444,335
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	6,444,180
Employees, officers, and directors [Member] | Stock options and warrants [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 8.1	$ 7.2	$ 10.7
Share based compensation cost unrecognized	$ 7.6
Non-vested compensation cost weighted-average period	1 year 9 months 18 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 13.8	11.5	8.9
Share based compensation cost unrecognized	$ 18.5
Non-vested compensation cost weighted-average period	2 years 1 month 2 days
Advisors and Financial Institutions [Member] | Restricted Stock Units [Member]
Share-based Compensation [Abstract]
Share based compensation expense	$ 6.1	$ 7.3	$ 2.7
Share based compensation cost unrecognized	$ 4.4
Non-vested compensation cost weighted-average period	1 year 7 months 28 days
Minimum [Member] | Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 120,298	$ 106,865	$ 118,766	$ 93,530	$ 64,098	$ 58,142	$ 68,434	$ 48,189	$ 439,459	$ 238,863	$ 191,931
Basic weighted average number of shares outstanding									88,119	90,002	89,072
Dilutive common share equivalents									2,500	2,113	941
Diluted weighted average number of shares outstanding									90,619	92,115	90,013
Basic earnings per share	$ 1.40	$ 1.22	$ 1.33	$ 1.04	$ 0.71	$ 0.65	$ 0.76	$ 0.54	$ 4.99	$ 2.65	$ 2.15
Diluted earnings per share	$ 1.36	$ 1.19	$ 1.30	$ 1.01	$ 0.69	$ 0.63	$ 0.74	$ 0.52	$ 4.85	$ 2.59	$ 2.13

Earnings per Share (Details Tex

Earnings per Share (Details Textuals) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	391,632	1,909,288	4,054,972

Employee and Advisor Benefit _2

Employee and Advisor Benefit Plans (Details Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee and Advisor Benefit Plans [Abstract]
Percentage of eligible compensation matched by employer	75.00%
Percentage of employee compensation eligible for match	8.00%
Total contribution cost recognized	$ 13,100	$ 10,500	$ 10,100
Employee stock purchase plan purchase price discount	15.00%
Deferred Compensation Arrangement with Individual, Recorded Liability	$ 182,351	$ 177,652
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Arrangement with Individual, Contributions by Employer	178,700
Deferred Compensation Arrangement with Individual, Compensation Expense	3,200
Deferred Compensation Arrangement, Rabbi Trust, Recorded Liability	$ 3,300

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party revenues	$ 3.5	$ 3.1	$ 0.1
Related party expenses	$ 2.9	$ 1.9	$ 1.5

Net Capital and Regulatory Re_2

Net Capital and Regulatory Requirements (Details) $ in Millions	Dec. 31, 2018USD ($)
Brokers and Dealers [Abstract]
Net Capital	$ 108.1
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 8

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 1,317,042	$ 1,330,997	$ 1,298,804	$ 1,241,557	$ 1,116,442	$ 1,064,108	$ 1,065,504	$ 1,035,427	$ 5,188,400	$ 4,281,481	$ 4,049,383
Net income	$ 120,298	$ 106,865	$ 118,766	$ 93,530	$ 64,098	$ 58,142	$ 68,434	$ 48,189	$ 439,459	$ 238,863	$ 191,931
Basic earnings per share	$ 1.40	$ 1.22	$ 1.33	$ 1.04	$ 0.71	$ 0.65	$ 0.76	$ 0.54	$ 4.99	$ 2.65	$ 2.15
Diluted earnings per share	1.36	1.19	1.30	1.01	0.69	0.63	0.74	0.52	$ 4.85	$ 2.59	$ 2.13
Dividends declared per share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Mar. 29, 2019	Mar. 15, 2019	Jan. 29, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Subsequent Event [Line Items]
Treasury Stock Acquired, Average Cost Per Share				$ 61.19	$ 66.24	$ 65.20	$ 62.84	$ 63.96
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jan. 30, 2019
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Mar. 29, 2019
Dividends Payable, Date of Record		Mar. 15, 2019