LPL Financial (LPLA) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Entity Information [Line Items]
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		83,434,537
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES:
Commission	$ 461,359	$ 474,811
Advisory Revenue	453,938	422,387
Asset-based	296,363	219,336
Transaction and fee	122,480	116,649
Interest income, net of interest expense	12,321	7,781
Other	25,218	593
Total net revenues	1,371,679	1,241,557
EXPENSES:
Commission and advisory	799,698	761,697
Compensation and benefits	136,912	123,517
Promotional	51,349	67,427
Depreciation and amortization	23,470	20,701
Amortization of Intangible Assets	16,168	13,222
Occupancy and equipment	33,106	27,636
Professional services	19,612	22,172
Brokerage, clearing and exchange	16,144	15,877
Communications and data processing	12,327	11,174
Other	26,403	28,586
Total operating expenses	1,135,189	1,092,009
Non-operating interest expense	32,716	29,622
INCOME BEFORE PROVISION FOR INCOME TAXES	203,774	119,926
PROVISION FOR INCOME TAXES	48,376	26,396
NET INCOME	$ 155,398	$ 93,530
EARNINGS PER SHARE (Note 13)
Earnings per share, basic	$ 1.84	$ 1.04
Earnings per share, diluted	$ 1.79	$ 1.01
Weighted-average shares outstanding, basic	84,487	89,997
Weighted-average shares outstanding, diluted	86,742	92,784

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 676,903	$ 511,096
Cash segregated under federal and other regulations	708,241	985,195
Restricted cash	42,827	65,828
Receivables from:
Clients, net of allowance of $684 at March 31, 2019 and $640 at December 31, 2018	393,099	412,944
Product sponsors, broker-dealers, and clearing organizations	156,915	166,793
Advisor loans, net of allowance of $6,107 at March 31, 2019 and $5,080 at December 31, 2018	320,379	298,821
Others, net of allowance of $10,386 at March 31, 2019 and $8,099 at December 31, 2018	269,153	248,711
Securities owned:
Trading — at fair value	27,361	29,267
Held-to-maturity — at amortized cost	13,005	13,001
Securities borrowed	2,670	4,829
Fixed assets, net of accumulated depreciation and amortization of $318,520 at March 31, 2019 and $308,155 at December 31, 2018	472,528	461,418
Operating lease assets	106,821	0
Goodwill	1,490,247	1,490,247
Intangible assets, net of accumulated amortization of $495,487 at March 31, 2019 and $479,319 at December 31, 2018	468,058	484,171
Other assets	343,983	305,147
Total assets	5,492,190	5,477,468
LIABILITIES:
Drafts payable	186,116	225,034
Payables to clients	778,902	950,946
Payables to broker-dealers and clearing organizations	134,375	76,180
Accrued commission and advisory expenses payable	154,840	164,211
Accounts payable and accrued liabilities	411,316	478,644
Income taxes payable	74,740	32,990
Unearned revenue	99,035	80,524
Securities sold, but not yet purchased — at fair value	66	169
Long-term borrowing, net	2,368,501	2,371,808
Operating lease liabilities	147,326	0
Finance lease liabilities	106,987	0
Leasehold financing and capital lease obligations	0	104,564
Deferred income taxes, net	20,291	18,325
Total liabilities	4,482,495	4,503,395
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 125,647,760 shares issued at March 31, 2019 and 124,909,796 shares issued at December 31, 2018	126	125
Additional paid-in capital	1,658,631	1,634,337
Treasury stock, at cost — 41,611,603 shares at March 31, 2019 and 39,820,646 shares at December 31, 2018	(1,859,484)	(1,730,535)
Retained earnings	1,210,422	1,070,146
Total stockholders' equity	1,009,695	974,073
Total liabilities and stockholders' equity	$ 5,492,190	$ 5,477,468

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accumulated depreciation and amortization, Fixed assets	$ 318,520	$ 308,155
Unamortized Debt issuance costs	18,707	19,525
Accumulated amortization, Intangible assets	495,487	479,319
Debt Issuance Costs, Net	$ 18,707	$ 19,525
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	125,647,760	124,909,796
Treasury stock, shares	41,611,603	39,820,646
Receivables from clients [Member]
Allowances on receivables	$ 684	$ 640
Receivables from others [Member]
Allowances on receivables	10,386	8,099
Advisor Loans [Member]
Allowances on receivables	$ 6,107	$ 5,080

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
BEGINNING BALANCE at Dec. 31, 2017	$ 965,008	$ 123	$ 1,556,117	$ (1,309,568)	$ 0	$ 718,336
BEGINNING BALANCE, shares at Dec. 31, 2017		123,030,000		33,262,000
Net income and other comprehensive income (loss), net of tax expense	93,530				0	93,530
Issuance of common stock to settle restricted stock units, net	(3,598)	$ 0	0	$ (3,598)
Issuance of common stock to settle restricted stock units, net, shares		197,000		55,000
Treasury stock purchases	(60,797)			$ (60,797)
Treasury stock purchases, shares				968,000
Cash dividends on common stock	(22,561)					(22,561)
Stock option exercises and other (in shares)		811,000		(14,000)
Stock option exercises and other	29,314	$ 1	28,722	$ 506		85
Stock Issued During Period, Shares, Share-based Compensation, Gross		0
Share-based compensation	7,597		7,597
ENDING BALANCE at Mar. 31, 2018	1,008,493	$ 124	1,592,436	$ (1,373,457)	0	789,390
ENDING BALANCE, shares at Mar. 31, 2018		124,038,000		34,271,000
BEGINNING BALANCE at Dec. 31, 2018	974,073	$ 125	1,634,337	$ (1,730,535)	0	1,070,146
BEGINNING BALANCE, shares at Dec. 31, 2018		124,910,000		39,821,000
Net income and other comprehensive income (loss), net of tax expense	155,398				0	155,398
Cumulative effect of accounting change	5,724					5,724
Issuance of common stock to settle restricted stock units, net	(4,428)	$ 0	0	$ (4,428)
Issuance of common stock to settle restricted stock units, net, shares		204,000		58,000
Treasury stock purchases	$ (125,034)			$ (125,034)
Treasury stock purchases, shares	1,747,116			1,747,000
Cash dividends on common stock	$ (21,079)					(21,079)
Stock option exercises and other (in shares)	533,909	534,000		(14,000)
Stock option exercises and other	$ 16,077	$ 1	15,330	$ 513		233
Share-based compensation	8,964		8,964
ENDING BALANCE at Mar. 31, 2019	$ 1,009,695	$ 126	$ 1,658,631	$ (1,859,484)	$ 0	$ 1,210,422
ENDING BALANCE, shares at Mar. 31, 2019		125,648,000		41,612,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 155,398	$ 93,530
Noncash items:
Depreciation and amortization	23,470	20,701
Amortization of Intangible Assets	16,168	13,222
Amortization of debt issuance costs	1,026	1,038
Share-based compensation	8,964	7,597
Provision for bad debts	3,249	1,708
Deferred income tax provision	(10)	(125)
Loan forgiveness	22,807	15,870
Other	(1,695)	111
Changes in operating assets and liabilities:
Receivables from clients	19,803	(40,034)
Receivables from product sponsors, broker-dealers and clearing organizations	9,878	(20,526)
Advisor loans	(45,418)	(29,025)
Receivables from others	(22,795)	(17,302)
Securities owned	2,414	358
Securities borrowed	2,159	5,826
Operating Leases	(254)	0
Other assets	(30,969)	(31,960)
Drafts payable	(38,918)	(48,993)
Payables to clients	(172,044)	(45,385)
Payables to broker-dealers and clearing organizations	58,195	7,893
Accrued commission and advisory expenses payable	(9,371)	4,046
Accounts payable and accrued liabilities	(26,982)	(7,177)
Income taxes receivable/payable	41,750	22,956
Unearned revenue	18,511	24,188
Securities sold, but not yet purchased	(103)	(848)
Net cash provided by (used in) operating activities	35,233	(22,331)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(30,332)	(22,934)
Purchase of securities classified as held-to-maturity	(1,238)	0
Proceeds from maturity of securities classified as held-to-maturity	1,250	1,250
Net cash used in investing activities	(30,320)	(21,684)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans	(3,750)	(3,750)
Tax payments related to settlement of restricted stock units	(4,428)	(3,598)
Repurchase of common stock	(125,034)	(53,794)
Dividends on common stock	(21,079)	(22,561)
Proceeds from stock option exercises and other	16,076	29,314
Principal payment of leasehold financing obligation	(846)	(1,442)
Net cash used in financing activities	(139,061)	(55,831)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(134,148)	(99,846)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	1,562,119	1,625,655
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	1,427,971	1,525,809
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	45,556	41,671
Income taxes paid	6,635	3,564
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	12,979	11,865
Lease assets obtained in exchange for operating lease liabilities	108,539	0
Debt issuance cost included in accounts payable and accrued liabilities	0	8
Pending settlement of treasury stock purchases	$ 0	$ 7,003

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 676,903	$ 511,096	$ 820,056
Cash segregated under federal and other regulations	708,241	985,195	650,335
Restricted cash	42,827	65,828	55,418
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 1,427,971	$ 1,562,119	$ 1,525,809	$ 1,625,655

Organization and Description of

Organization and Description of the Company	3 Months Ended
	Mar. 31, 2019
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”) provide solutions and consulting services to registered investment advisors, banks, and trust companies serving high-net-worth clients. PTCH is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account custodial services for LPL Financial.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed 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. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, and cash flows in conformity with GAAP. Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2018 , contained in the Company’s Annual Report on Form 10-K as filed with the SEC. For the Company’s significant accounting policies affecting leases, see Note 9 . Leases , within the notes to the unaudited condensed consolidated financial statements. A summary of other significant accounting policies are included in Note 2 . Summary of Significant Accounting Policies , in the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2018 . There have been no other significant changes to these accounting policies during the first three months of 2019 . Consolidation These unaudited condensed 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. 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 , within the notes to the unaudited condensed consolidated financial statements for additional information regarding the Company’s fair value measurements. As of March 31, 2019 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,377.5 million and $2,378.3 million , respectively. As of December 31, 2018 , the carrying amount and fair value was approximately $2,381.3 million and $2,271.9 million , respectively. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, “Financial Instruments-Credit Losses (Topic 326)” , which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company expects to adopt the provisions of this guidance on January 1, 2020 and is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and related disclosures. 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 requires 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , 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. Operating lease assets and corresponding lease liabilities were recognized on the Company's unaudited condensed consolidated statements of financial condition. There was no material impact to its consolidated statements of income. Refer to Note 9 . Leases , within the notes to the unaudited condensed consolidated financial statements for additional disclosure and significant accounting policies affecting leases. In June 2018, FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting,

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues 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 total commission revenue disaggregated by investment product category (in thousands): Three Months Ended March 31, 2019 2018 Variable annuities $ 187,406 $ 200,043 Mutual funds 140,662 153,745 Alternative investments 6,786 5,567 Fixed annuities 51,573 34,055 Equities 18,364 23,601 Fixed income 29,742 30,324 Insurance 18,072 18,494 Group annuities 8,474 8,894 Other 280 88 Total commission revenue $ 461,359 $ 474,811 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 sales-based and trailing commission revenues disaggregated by product category (in thousands): Three Months Ended March 31, 2019 2018 Sales-based Variable annuities $ 50,128 $ 53,902 Mutual funds 34,631 37,057 Alternative investments 1,890 1,830 Fixed annuities 44,230 28,337 Equities 18,364 23,601 Fixed income 24,195 24,355 Insurance 16,024 16,865 Group annuities 1,257 1,198 Other 280 88 Total sales-based revenue $ 190,999 $ 187,233 Trailing Variable annuities $ 137,278 $ 146,141 Mutual funds 106,031 116,688 Alternative investments 4,896 3,737 Fixed annuities 7,343 5,718 Fixed income 5,547 5,969 Insurance 2,048 1,629 Group annuities 7,217 7,696 Total trailing revenue $ 270,360 $ 287,578 Total commission revenue $ 461,359 $ 474,811 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): Three Months Ended March 31, 2019 2018 Asset-based revenue Cash sweep fees $ 173,139 $ 104,084 Sponsorship programs 62,084 54,728 Recordkeeping 61,140 60,524 Total asset-based revenue $ 296,363 $ 219,336 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): Three Months Ended March 31, 2019 2018 Transaction and Fee Revenue Point-in-time (1) $ 54,681 $ 54,166 Over time (2) 67,799 62,483 Total transaction and fee revenue $ 122,480 $ 116,649 _______________________________ (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 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 three months ended March 31, 2019 and 2018 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 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 three months ended March 31, 2019 is primarily driven by cash payments received or due in advance of satisfying the Company's performance obligations, offset by $75.1 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2018 .

Acquisitions Acquisitions

Acquisitions Acquisitions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions During 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 Company recorded intangible assets of $112.7 million in advisor relationships and $49.0 million in goodwill in the first quarter of 2018, following the completion of the second wave. On December 3, 2018, the Company acquired all of the outstanding common stock of AdvisoryWorld. The Company paid $28.1 million

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 . The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At March 31, 2019 , the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis: Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets. Securities Owned and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasury obligations, mutual funds, certificates of deposit, and traded equity and debt securities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices, and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At March 31, 2019 , the Company did not adjust prices received from the independent third-party pricing services. Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; and (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 192,962 $ — $ — $ 192,962 Securities owned — trading: Money market funds 116 — — 116 Mutual funds 7,473 — — 7,473 Equity securities 1,173 — — 1,173 Debt securities — 3 — 3 U.S. treasury obligations 18,596 — — 18,596 Total securities owned — trading 27,358 3 — 27,361 Other assets 215,711 9,608 — 225,319 Total assets at fair value $ 436,031 $ 9,611 $ — $ 445,642 Liabilities Securities sold, but not yet purchased: Equity securities $ 47 $ — $ — $ 47 Debt securities — 19 — 19 Total securities sold, but not yet purchased 47 19 — 66 Total liabilities at fair value $ 47 $ 19 $ — $ 66 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

Held-to-Maturity Securities

Held-to-Maturity Securities	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities The Company holds certain investments in securities, primarily U.S. government notes, which are recorded at amortized cost because the Company has both the intent and the ability to hold these investments to maturity. Interest income is accrued as earned. Premiums and discounts are amortized using a method that approximates the effective yield method over the term of the security and are recorded as an adjustment to the investment yield. The amortized cost, gross unrealized loss, and fair value of securities held-to-maturity were as follows (in thousands): March 31, December 31, Amortized cost $ 13,005 $ 13,001 Gross unrealized loss (3 ) (56 ) Fair value $ 13,002 $ 12,945 At March 31, 2019 , 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 $ 4,994 $ 8,011 $ — $ 13,005 U.S. government notes — at fair value $ 4,965 $ 8,037 $ — $ 13,002

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The balances in goodwill and intangible assets were a result of various acquisitions. See Note 9 . Goodwill and Other Intangible Assets

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding borrowings were as follows (dollars in thousands): March 31, 2019 December 31, 2018 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Revolving Credit Facility $ — LIBOR+125bps — % $ — LIBOR+125bps — % 9/21/2022 Senior Secured Term Loan B (1) 1,477,500 LIBOR+225 bps 4.74 % 1,481,250 LIBOR+225 bps 4.73 % 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 2,377,500 2,381,250 Plus: Unamortized Premium 9,708 10,083 Less: Unamortized Debt Issuance Cost (18,707 ) (19,525 ) Net Carrying Value $ 2,368,501 $ 2,371,808 _______________________________ (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 equal to 0.25% of the original principal amount of the loans under the Term Loan B facility. Borrowings under the Term Loan B facility bear interest at a rate per annum of 225 basis points over the Eurodollar Rate or 125 basis points over the base rate (as defined in the Credit Agreement), and have no leverage or interest coverage maintenance covenants. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 125 to 175 basis points over the Eurodollar Rate or 25 to 75 basis points over the base rate, depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). The Eurodollar Rate option is the one-, two-, three-, or six-month LIBOR rate, as selected by LPLH, or, with the approval of the applicable lenders, twelve-month LIBOR rate or the LIBOR rate for another period acceptable to the Administrative Agent (including a shorter period). As of March 31, 2019 , the Company had $7.2 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 March 31, 2019 , the Company was in compliance with such covenants. Bank Loans Payable The Company maintains three uncommitted lines of credit. Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $200 million limit and allows for both collateralized and uncollateralized borrowings. The Company drew a total of $190 million at a weighed average interest rate of 3.98% on two of the lines of credit during the three months ended March 31, 2019 . There were no balances outstanding at March 31, 2019 or December 31, 2018

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Adoption of ASC Topic 842, Leases On January 1, 2019, the Company adopted ASC Topic 842, Leases ("Topic 842"). Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting guidance, ASC Topic 840. The Company previously recorded a build-to-suit related asset and liability for a lease in Fort Mill, South Carolina. The asset and liability were derecognized and reevaluated as a result of the adoption. The Fort Mill lease was determined to be a finance lease under Topic 842 and the changes in values from the derecognition and reevaluation were recorded to retained earnings under cumulative effect of accounting change in the unaudited condensed consolidated statements of stockholders' equity. Lease Recognition The Company determines if an arrangement is a lease or contains a lease at inception. The Company has operating and finance leases for corporate offices and equipment with remaining lease terms of 4 years to 17 years, some of which include options to extend the lease for up to 20 years. For leases with renewal options, the lease term is extended to reflect renewal options the Company is reasonably certain to exercise. Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term. Finance lease assets are included in fixed assets in the unaudited condensed consolidated statements of financial condition and at March 31, 2019 were $109.5 million . The components of lease expense were as follows (dollars in thousands): Three Months Ended March 31, 2019 Operating lease cost $ 4,302 Finance lease cost: Amortization of right-of-use assets $ 1,164 Interest on lease liabilities 2,092 Total finance lease cost $ 3,256 Supplemental cash flow information and weighted average information related to leases was as follows (dollars in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 2,092 Operating cash flows from operating leases $ 4,669 Financing cash flows from finance leases $ 846 Weighted-average remaining lease term (years) Finance leases 27.09 Operating leases 9.89 Weighted-average discount rate Finance leases 7.78 % Operating leases 7.25 % Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 14,394 $ 6,007 2020 19,643 9,084 2021 20,224 9,227 2022 20,805 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 210,345 283,690 Less imputed interest 63,019 176,703 Total $ 147,326 106,987 Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840 were as follows (in thousands): 2019 $ 30,010 2020 30,731 2021 30,590 2022 31,238 2023 30,265 Thereafter 239,118 Total (1) $ 391,952 _______________________________ (1) Amounts above exclude $75.7 million related to non-lease commitments from the schedule included in Note 13 . Commitments and Contingencies
Leases	Leases Adoption of ASC Topic 842, Leases On January 1, 2019, the Company adopted ASC Topic 842, Leases ("Topic 842"). Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting guidance, ASC Topic 840. The Company previously recorded a build-to-suit related asset and liability for a lease in Fort Mill, South Carolina. The asset and liability were derecognized and reevaluated as a result of the adoption. The Fort Mill lease was determined to be a finance lease under Topic 842 and the changes in values from the derecognition and reevaluation were recorded to retained earnings under cumulative effect of accounting change in the unaudited condensed consolidated statements of stockholders' equity. Lease Recognition The Company determines if an arrangement is a lease or contains a lease at inception. The Company has operating and finance leases for corporate offices and equipment with remaining lease terms of 4 years to 17 years, some of which include options to extend the lease for up to 20 years. For leases with renewal options, the lease term is extended to reflect renewal options the Company is reasonably certain to exercise. Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term. Finance lease assets are included in fixed assets in the unaudited condensed consolidated statements of financial condition and at March 31, 2019 were $109.5 million . The components of lease expense were as follows (dollars in thousands): Three Months Ended March 31, 2019 Operating lease cost $ 4,302 Finance lease cost: Amortization of right-of-use assets $ 1,164 Interest on lease liabilities 2,092 Total finance lease cost $ 3,256 Supplemental cash flow information and weighted average information related to leases was as follows (dollars in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 2,092 Operating cash flows from operating leases $ 4,669 Financing cash flows from finance leases $ 846 Weighted-average remaining lease term (years) Finance leases 27.09 Operating leases 9.89 Weighted-average discount rate Finance leases 7.78 % Operating leases 7.25 % Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 14,394 $ 6,007 2020 19,643 9,084 2021 20,224 9,227 2022 20,805 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 210,345 283,690 Less imputed interest 63,019 176,703 Total $ 147,326 106,987 Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840 were as follows (in thousands): 2019 $ 30,010 2020 30,731 2021 30,590 2022 31,238 2023 30,265 Thereafter 239,118 Total (1) $ 391,952 _______________________________ (1) Amounts above exclude $75.7 million related to non-lease commitments from the schedule included in Note 13 . Commitments and Contingencies

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Service and Development Contracts The Company is party to certain long-term contracts for systems and services that enable back office trade processing and clearing for its product and service offerings. Guarantees The Company occasionally enters into certain types of contracts that contingently require it to indemnify certain parties against third-party claims. The terms of these obligations vary and, because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the amount that it could be obligated to pay under such contracts. The Company’s subsidiary, LPL Financial, provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Company’s liability under these arrangements is not quantifiable and 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 March 31, 2019 . Legal & Regulatory Matters The Company is subject to extensive regulation and supervision by U.S. federal and state agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which 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 into separate administrative orders with 37 jurisdictions and expects to enter into separate administrative orders with the remaining 16 jurisdictions during 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 Company believes the Captive Insurance Subsidiary has adequate loss reserves to cover the aggregate fines and has loss reserves as of March 31, 2019 that are available to cover the costs of remediation. As of the date of this Quarterly Report on Form 10-Q, 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. On April 22, 2019 , a putative class action lawsuit filed against the Company and certain of its executive officers in federal district court was dismissed with prejudice. 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 March 31, 2019 , these self-insurance liabilities are included in accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the unaudited condensed consolidated statements of income for the three months ended March 31, 2019 . Other Commitments As of March 31, 2019 , the Company had approximately $315.8 million of client margin loans that were collateralized with securities having a fair value of approximately $442.1 million that it can repledge, loan, or sell. Of these securities, approximately $57.5 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of March 31, 2019 , there were no restrictions that materially limited the Company’s ability to repledge, loan, or sell the remaining $384.6 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $3.7 million and $4.7 million pledged to clearing organizations at March 31, 2019 and December 31, 2018

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders’ Equity Dividends The payment, timing, and amount of any dividends are subject to approval by the Company’s board of directors (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): 2019 2018 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 21.1 $ 0.25 $ 22.6 Share Repurchases The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. As of March 31, 2019 , the Company was authorized to purchase up to an additional $875.0 million of shares pursuant to share repurchase programs approved by the Board of Directors. The Company had the following activity under its approved share repurchase programs (dollars in millions, except per share data): 2019 Total Number of Shares Purchased Weighted-Average Price Paid Per Share Total Cost (1) First quarter 1,747,116 $ 71.57 $ 125.0 _______________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stockholders' Equity	Share-Based Compensation 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 March 31, 2019 , there were 20,055,945 shares authorized for grant under the 2010 Plan. There were 6,647,562 shares reserved for exercise or conversion of outstanding awards granted, and 5,281,011 shares remaining available for future issuance, under the 2010 Plan as of March 31, 2019 . Stock Options and Warrants The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted during the three months ended March 31, 2019 : Expected life (in years) 5.43 Expected stock price volatility 35.80 % Expected dividend yield 1.49 % Risk-free interest rate 2.47 % Fair value of options $ 24.41 The following table summarizes the Company’s stock option and warrant activity as of and for the three months ended March 31, 2019 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2018 3,588,067 $ 35.38 Granted 422,397 $ 77.53 Exercised (533,909 ) $ 28.69 Forfeited and Expired (61,520 ) $ 41.30 Outstanding — March 31, 2019 3,415,035 $ 41.53 6.20 $ 99,338 Exercisable — March 31, 2019 2,541,407 $ 33.40 5.18 $ 92,162 Exercisable and expected to vest — March 31, 2019 3,318,166 $ 40.62 6.10 $ 99,081 The following table summarizes information about outstanding stock options and warrants as of March 31, 2019 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $18.01 - $25.00 784,905 $ 20.46 5.97 777,302 $ 20.42 $25.01 - $30.00 355,604 $ 28.94 3.23 353,530 $ 28.94 $30.01 - $35.00 569,379 $ 32.96 2.67 569,379 $ 32.96 $35.01 - $45.00 539,697 $ 39.54 7.84 351,149 $ 39.57 $45.01 - $55.00 360,273 $ 48.76 5.57 360,273 $ 48.76 $55.01 - $80.00 805,177 $ 71.80 9.43 129,774 $ 65.89 3,415,035 $ 41.53 6.20 2,541,407 $ 33.40 The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $3.0 million and $2.1 million during the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $13.6 million , which is expected to be recognized over a weighted-average period of 2.36 years. Restricted Stock and Stock Units The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the three months ended March 31, 2019 : 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, 2018 7,057 $ 70.26 874,388 $ 46.63 Granted — $ — 224,701 $ 84.02 Vested — $ — (204,055 ) $ 34.83 Forfeited — $ — (16,276 ) $ 47.98 Nonvested — March 31, 2019 7,057 $ 70.26 878,758 $ 58.90 Expected to vest — March 31, 2019 7,057 $ 70.26 800,537 $ 57.21 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 shares outstanding upon grant and have the same dividend and voting rights as the Company's common stock. The Company recognized $4.6 million and $3.2 million of share-based compensation related to the vesting of these restricted stock awards, and stock units during the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 , total unrecognized compensation cost for restricted stock awards and stock units was $29.1 million , which is expected to be recognized over a weighted-average remaining period of 2.40 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $1.0 million and $2.0 million related to the vesting of these awards during the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $3.3 million , which is expected to be recognized over a weighted-average remaining period of 1.60

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2019
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 periods noted was as follows (in thousands, except per share data): Three Months Ended March 31, 2019 2018 Net income $ 155,398 $ 93,530 Basic weighted-average number of shares outstanding 84,487 89,997 Dilutive common share equivalents 2,255 2,787 Diluted weighted-average number of shares outstanding 86,742 92,784 Basic earnings per share $ 1.84 $ 1.04 Diluted earnings per share $ 1.79 $ 1.01 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the three months ended March 31, 2019 and 2018 , stock options, warrants, and stock units representing common share equivalents of 465,252 shares and 238,601

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 23.7% and 22.0% for the three months ended March 31, 2019 and 2018 , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions with certain beneficial owners of more than ten percent of the Company's outstanding common stock. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within the Company's local communities. During the three months ended March 31, 2019 and 2018 , the Company recognized revenue for services provided to these related parties of $0.9 million and $0.8 million , respectively. The Company incurred expenses for the services provided by these related parties of $0.4 million and $0.9 million , during the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 and 2018

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	3 Months Ended
	Mar. 31, 2019
Brokers and Dealers [Abstract]
Net Capital and Regulatory Requirements	Net Capital and Regulatory Requirements The Company’s registered broker-dealer, LPL Financial, is subject to the SEC’s Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital. The net capital rules also provide that the broker-dealer's capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and had net capital of $159.0 million with a minimum net capital requirement of $8.1 million as of March 31, 2019 . The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts to PTC’s operations. As of March 31, 2019 and December 31, 2018

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2019
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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On April 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 June 3, 2019 to all stockholders of record on May 20, 2019

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed 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. The unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements. The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of income, comprehensive income, financial position, and cash flows in conformity with GAAP. Accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2018 , contained in the Company’s Annual Report on Form 10-K as filed with the SEC. For the Company’s significant accounting policies affecting leases, see Note 9 . Leases , within the notes to the unaudited condensed consolidated financial statements. A summary of other significant accounting policies are included in Note 2 . Summary of Significant Accounting Policies , in the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2018 . There have been no other significant changes to these accounting policies during the first three months of 2019
Consolidation	Consolidation These unaudited condensed 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
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness, which 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 , within the notes to the unaudited condensed consolidated financial statements for additional information regarding the Company’s fair value measurements. As of March 31, 2019 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,377.5 million and $2,378.3 million , respectively. As of December 31, 2018 , the carrying amount and fair value was approximately $2,381.3 million and $2,271.9 million
Recently Issued & Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, “Financial Instruments-Credit Losses (Topic 326)” , which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU also requires additional disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The Company expects to adopt the provisions of this guidance on January 1, 2020 and is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and related disclosures. 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 requires 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , 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. Operating lease assets and corresponding lease liabilities were recognized on the Company's unaudited condensed consolidated statements of financial condition. There was no material impact to its consolidated statements of income. Refer to Note 9 . Leases , within the notes to the unaudited condensed consolidated financial statements for additional disclosure and significant accounting policies affecting leases. In June 2018, FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting,

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue - Reporting Category [Table Text Block]	The following table presents total commission revenue disaggregated by investment product category (in thousands): Three Months Ended March 31, 2019 2018 Variable annuities $ 187,406 $ 200,043 Mutual funds 140,662 153,745 Alternative investments 6,786 5,567 Fixed annuities 51,573 34,055 Equities 18,364 23,601 Fixed income 29,742 30,324 Insurance 18,072 18,494 Group annuities 8,474 8,894 Other 280 88 Total commission revenue $ 461,359 $ 474,811
Disaggregation of Revenue - Reporting Category & Timing of Transfer of Good or Service [Table Text Block]	The following table presents sales-based and trailing commission revenues disaggregated by product category (in thousands): Three Months Ended March 31, 2019 2018 Sales-based Variable annuities $ 50,128 $ 53,902 Mutual funds 34,631 37,057 Alternative investments 1,890 1,830 Fixed annuities 44,230 28,337 Equities 18,364 23,601 Fixed income 24,195 24,355 Insurance 16,024 16,865 Group annuities 1,257 1,198 Other 280 88 Total sales-based revenue $ 190,999 $ 187,233 Trailing Variable annuities $ 137,278 $ 146,141 Mutual funds 106,031 116,688 Alternative investments 4,896 3,737 Fixed annuities 7,343 5,718 Fixed income 5,547 5,969 Insurance 2,048 1,629 Group annuities 7,217 7,696 Total trailing revenue $ 270,360 $ 287,578 Total commission revenue $ 461,359 $ 474,811
Disaggregation of Revenue - Product and Service [Table Text Block]	The following table sets forth asset-based revenue at a disaggregated level (dollars in thousands): Three Months Ended March 31, 2019 2018 Asset-based revenue Cash sweep fees $ 173,139 $ 104,084 Sponsorship programs 62,084 54,728 Recordkeeping 61,140 60,524 Total asset-based revenue $ 296,363 $ 219,336
Disaggregation of Revenue - Timing of Transfer of Good or Service [Table Text Block]	The following table sets forth transaction and fee revenue disaggregated by recognition pattern (dollars in thousands): Three Months Ended March 31, 2019 2018 Transaction and Fee Revenue Point-in-time (1) $ 54,681 $ 54,166 Over time (2) 67,799 62,483 Total transaction and fee revenue $ 122,480 $ 116,649 _______________________________ (1) Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and conference service fees. (2)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 192,962 $ — $ — $ 192,962 Securities owned — trading: Money market funds 116 — — 116 Mutual funds 7,473 — — 7,473 Equity securities 1,173 — — 1,173 Debt securities — 3 — 3 U.S. treasury obligations 18,596 — — 18,596 Total securities owned — trading 27,358 3 — 27,361 Other assets 215,711 9,608 — 225,319 Total assets at fair value $ 436,031 $ 9,611 $ — $ 445,642 Liabilities Securities sold, but not yet purchased: Equity securities $ 47 $ — $ — $ 47 Debt securities — 19 — 19 Total securities sold, but not yet purchased 47 19 — 66 Total liabilities at fair value $ 47 $ 19 $ — $ 66 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

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost, gross unrealized gain (loss), and fair value of securities held-to-maturity	The amortized cost, gross unrealized loss, and fair value of securities held-to-maturity were as follows (in thousands): March 31, December 31, Amortized cost $ 13,005 $ 13,001 Gross unrealized loss (3 ) (56 ) Fair value $ 13,002 $ 12,945
Maturities of securities held-to-maturity	At March 31, 2019 , 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 $ 4,994 $ 8,011 $ — $ 13,005 U.S. government notes — at fair value $ 4,965 $ 8,037 $ — $ 13,002

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding borrowings were as follows (dollars in thousands): March 31, 2019 December 31, 2018 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Revolving Credit Facility $ — LIBOR+125bps — % $ — LIBOR+125bps — % 9/21/2022 Senior Secured Term Loan B (1) 1,477,500 LIBOR+225 bps 4.74 % 1,481,250 LIBOR+225 bps 4.73 % 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 2,377,500 2,381,250 Plus: Unamortized Premium 9,708 10,083 Less: Unamortized Debt Issuance Cost (18,707 ) (19,525 ) Net Carrying Value $ 2,368,501 $ 2,371,808 _______________________________ (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%

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows (dollars in thousands): Three Months Ended March 31, 2019 Operating lease cost $ 4,302 Finance lease cost: Amortization of right-of-use assets $ 1,164 Interest on lease liabilities 2,092 Total finance lease cost $ 3,256
Schedule of Supplemental Cash Flow and Weighted Average Information	Supplemental cash flow information and weighted average information related to leases was as follows (dollars in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 2,092 Operating cash flows from operating leases $ 4,669 Financing cash flows from finance leases $ 846 Weighted-average remaining lease term (years) Finance leases 27.09 Operating leases 9.89 Weighted-average discount rate Finance leases 7.78 % Operating leases 7.25 %
Schedule of Maturities of Lease Liabilities - Operating Leases	Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 14,394 $ 6,007 2020 19,643 9,084 2021 20,224 9,227 2022 20,805 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 210,345 283,690 Less imputed interest 63,019 176,703 Total $ 147,326 106,987
Schedule of Maturities of Lease Liabilities - Finance Leases	Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 14,394 $ 6,007 2020 19,643 9,084 2021 20,224 9,227 2022 20,805 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 210,345 283,690 Less imputed interest 63,019 176,703 Total $ 147,326 106,987
Schedule of Maturities of Lease Liabilities under ASC Topic 840	Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840 were as follows (in thousands): 2019 $ 30,010 2020 30,731 2021 30,590 2022 31,238 2023 30,265 Thereafter 239,118 Total (1) $ 391,952 _______________________________ (1) Amounts above exclude $75.7 million related to non-lease commitments from the schedule included in Note 13 . Commitments and Contingencies

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Dividends Declared [Table Text Block]	Cash dividends per share of common stock and total cash dividends paid on a quarterly basis were as follows (in millions, except per share data): 2019 2018 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 21.1 $ 0.25 $ 22.6
Summary of share repurchase program activity	The Company had the following activity under its approved share repurchase programs (dollars in millions, except per share data): 2019 Total Number of Shares Purchased Weighted-Average Price Paid Per Share Total Cost (1) First quarter 1,747,116 $ 71.57 $ 125.0 _______________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average assumptions used for calculating the fair value of stock options and warrants with the Black-Scholes valuation model	The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted during the three months ended March 31, 2019 : Expected life (in years) 5.43 Expected stock price volatility 35.80 % Expected dividend yield 1.49 % Risk-free interest rate 2.47 % Fair value of options $ 24.41
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity as of and for the three months ended March 31, 2019 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2018 3,588,067 $ 35.38 Granted 422,397 $ 77.53 Exercised (533,909 ) $ 28.69 Forfeited and Expired (61,520 ) $ 41.30 Outstanding — March 31, 2019 3,415,035 $ 41.53 6.20 $ 99,338 Exercisable — March 31, 2019 2,541,407 $ 33.40 5.18 $ 92,162 Exercisable and expected to vest — March 31, 2019 3,318,166 $ 40.62 6.10 $ 99,081
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants as of March 31, 2019 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $18.01 - $25.00 784,905 $ 20.46 5.97 777,302 $ 20.42 $25.01 - $30.00 355,604 $ 28.94 3.23 353,530 $ 28.94 $30.01 - $35.00 569,379 $ 32.96 2.67 569,379 $ 32.96 $35.01 - $45.00 539,697 $ 39.54 7.84 351,149 $ 39.57 $45.01 - $55.00 360,273 $ 48.76 5.57 360,273 $ 48.76 $55.01 - $80.00 805,177 $ 71.80 9.43 129,774 $ 65.89 3,415,035 $ 41.53 6.20 2,541,407 $ 33.40
Summary of restricted stock awards and restricted stock units activity	The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the three months ended March 31, 2019 : 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, 2018 7,057 $ 70.26 874,388 $ 46.63 Granted — $ — 224,701 $ 84.02 Vested — $ — (204,055 ) $ 34.83 Forfeited — $ — (16,276 ) $ 47.98 Nonvested — March 31, 2019 7,057 $ 70.26 878,758 $ 58.90 Expected to vest — March 31, 2019 7,057 $ 70.26 800,537 $ 57.21

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic and diluted earnings per share computations	The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended March 31, 2019 2018 Net income $ 155,398 $ 93,530 Basic weighted-average number of shares outstanding 84,487 89,997 Dilutive common share equivalents 2,255 2,787 Diluted weighted-average number of shares outstanding 86,742 92,784 Basic earnings per share $ 1.84 $ 1.04 Diluted earnings per share $ 1.79 $ 1.01

Organization and Description _2

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	3 Months Ended
	Mar. 31, 2019
Lpl Financial Llc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%
Number of States in which Entity Operates	50
Ptc Holdings Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership Interest Percentage In Subsidiary	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Reportable Segment (Details)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Number of Reportable Segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,377,500	$ 2,381,250
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of indebtedness	$ 2,378,300	$ 2,271,900

Revenue Commission Revenue Disa

Revenue Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 461,359	$ 474,811
Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	187,406	200,043
Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	140,662	153,745
Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	6,786	5,567
Fixed Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	51,573	34,055
Equity Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	18,364	23,601
Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	29,742	30,324
Individual Insurance Policies [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	18,072	18,494
Deferred Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	8,474	8,894
Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 280	$ 88

Revenue Commission Revenue Di_2

Revenue Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 461,359	$ 474,811
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	190,999	187,233
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	270,360	287,578
Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	187,406	200,043
Variable Annuity [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	50,128	53,902
Variable Annuity [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	137,278	146,141
Mutual Fund [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	140,662	153,745
Mutual Fund [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	34,631	37,057
Mutual Fund [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	106,031	116,688
Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	6,786	5,567
Alternative Investments [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,890	1,830
Alternative Investments [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	4,896	3,737
Fixed Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	51,573	34,055
Fixed Annuity [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	44,230	28,337
Fixed Annuity [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	7,343	5,718
Equity Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	18,364	23,601
Equity Securities [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	18,364	23,601
Fixed Income Securities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	29,742	30,324
Fixed Income Securities [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	24,195	24,355
Fixed Income Securities [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	5,547	5,969
Individual Insurance Policies [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	18,072	18,494
Individual Insurance Policies [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	16,024	16,865
Individual Insurance Policies [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	2,048	1,629
Deferred Variable Annuity [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	8,474	8,894
Deferred Variable Annuity [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,257	1,198
Deferred Variable Annuity [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	7,217	7,696
Other Investment [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	280	88
Other Investment [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 280	$ 88

Revenue Asset-based Revenue dis

Revenue Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 296,363	$ 219,336
Cash-sweep Revenue [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	173,139	104,084
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	62,084	54,728
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 61,140	$ 60,524

Revenue Transaction and Fee Rev

Revenue Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 122,480	$ 116,649
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	54,681	54,166
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 67,799	$ 62,483

Revenue Unearned Revenue Recogn

Revenue Unearned Revenue Recognized (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Unearned Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 75.1

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Dec. 03, 2018	Mar. 31, 2018
Acquisition [Abstract]
Finite-lived Intangible Assets Acquired		$ 112.7
Goodwill acquired		$ 49
Payments to Acquire Businesses, Gross	$ 28.1

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 27,361	$ 29,267
Securities sold, but not yet purchased	66	169
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	192,962	26,657
Securities owned — trading	27,361	29,267
Other assets	225,319	191,394
Total assets at fair value	445,642	247,318
Securities sold, but not yet purchased	66	169
Total liabilities at fair value	66	169
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	192,962	26,657
Securities owned — trading	27,358	29,266
Other assets	215,711	181,974
Total assets at fair value	436,031	237,897
Securities sold, but not yet purchased	47	163
Total liabilities at fair value	47	163
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	3	1
Other assets	9,608	9,420
Total assets at fair value	9,611	9,421
Securities sold, but not yet purchased	19	6
Total liabilities at fair value	19	6
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Total liabilities at fair value	0	0
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	47	163
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	47	163
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	19	6
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	19	6
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	116	194
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	116	194
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,473	7,434
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	7,473	7,434
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,173	1,931
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	1,173	1,931
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	3	1
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	3	1
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	18,596	19,707
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	18,596	19,707
U.S. treasury obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,005	$ 13,001
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized (loss) gain and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	13,005	13,001
Gross unrealized loss	(3)	(56)
U.S. government notes - at fair value, Total	$ 13,002	$ 12,945

Held-to-Maturity Securities (_2

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 13,005	$ 13,001
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,994
U.S. government notes - at amortized cost, After one but within five years	8,011
U.S. government notes - at amortized cost, After five through ten years	0
U.S. government notes - at amortized cost, Total	13,005	13,001
U.S. government notes - at fair value, Within one year	4,965
U.S. government notes - at fair value, After one but within five years	8,037
U.S. government notes - at fair value, After five through ten years	0
U.S. government notes - at fair value, Total	$ 13,002	$ 12,945

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Goodwill [Roll Forward]
Goodwill acquired (1)	$ 49

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets Intangible Assets (Components) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Total intangible assets	$ 468,058	$ 484,171
Finite-Lived Intangible Assets
Accumulated Amortization	$ (495,487)	$ (479,319)

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Details Textures) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired (1)		$ 49,000
Total amortization expense of intangible assets	$ 16,168	$ 13,222

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals) (Details) - USD ($) $ in Thousands	Sep. 21, 2017	Mar. 10, 2017	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount of debt			$ 2,368,501	$ 2,371,808
Long-term Debt, Gross			2,377,500	2,381,250
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term	5 years
Long-term Debt, Gross			$ 0	0
Applicable interest rate margin (as percent)			1.25%
Letters of credit, amount outstanding			$ 7,200
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.25%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Debt term	7 years
Long-term Debt, Gross			1,477,500	1,481,250
Amortization payment (as percent)		0.25%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Eurodollar Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	2.25%
Interest Rate Floor	0.00%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	2.25%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.25%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 500,000	$ 900,000	$ 900,000
Interest Rate (as percent)			5.75%	5.75%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000
Debt Instrument, Redemption Price, Percentage	103.00%
Line of Credit [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Minimum
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.25%
Line of Credit [Member] | Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Maximum
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	1.75%
Line of Credit [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	0.25%
Line of Credit [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum
Debt Instrument [Line Items]
Applicable interest rate margin (as percent)	0.75%

Debt (Credit Agreement Outstand

Debt (Credit Agreement Outstanding) (Details) - USD ($) $ in Thousands	Sep. 21, 2017	Mar. 31, 2019	Dec. 31, 2018	Mar. 10, 2017
Debt Instrument [Line Items]
Total borrowings		$ 2,377,500	$ 2,381,250
Debt Instrument, Unamortized Premium		9,708	10,083
Less Unamortized Debt Issuance Cost		(18,707)	(19,525)
Long-term borrowings — net of unamortized debt issuance cost		2,368,501	2,371,808
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings		$ 1,477,500	$ 1,481,250
Interest Rate (as percent)		4.74%	4.73%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	2.25%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Total borrowings		$ 900,000	$ 900,000	$ 500,000
Interest Rate (as percent)		5.75%	5.75%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Debt Instrument [Line Items]
Total borrowings	$ 400,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total borrowings		$ 0	$ 0
Applicable margin (as percent)		1.25%
Interest Rate (as percent)		0.00%	0.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin (as percent)	1.25%

Debt Debt (Bank Loans Payable T

Debt Debt (Bank Loans Payable Textuals) (Details)	Sep. 21, 2017USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 2,377,500,000	$ 2,381,250,000
Line of Credit [Member]
Line of Credit Facility [Line Items]
Total number of uncommitted lines of credit		3
Number of uncommitted lines of credit with an unspecified limit		2
Line of credit, maximum borrowing capacity		$ 200,000,000
Outstanding amount		$ 190,000,000
Interest rate (as percent)		3.98%
Line of credit, amount outstanding		$ 0
Additional Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross	$ 400,000,000
Debt Instrument, Redemption Price, Percentage	103.00%

Leases Narrative (Details)

Leases Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Minimum
Lease Description [Line Items]
Remaining lease terms (in years)	4 years
Maximum
Lease Description [Line Items]
Remaining lease terms (in years)	17 years
Options to extend leases (in years)	20 years
Fixed Assets
Lease Description [Line Items]
Finance lease assets	$ 109.5

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease Cost
Operating lease cost	$ 4,302
Finance lease cost:
Amortization of right-of-use assets	1,164
Interest on lease liabilities	2,092
Total finance lease cost	$ 3,256

Leases Supplemental Cash Flow a

Leases Supplemental Cash Flow and Weighted Average Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from finance leases	$ 2,092
Operating cash flows from operating leases	4,669
Financing cash flows from finance leases	$ 846
Weighted-average remaining lease term (years)
Finance leases	27 years 1 month 2 days
Operating leases	9 years 10 months 20 days
Weighted-average discount rate
Finance leases	7.78%
Operating leases	7.25%

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Leases
2019 - remainder	$ 14,394
2020	19,643
2021	20,224
2022	20,805
2023	20,501
Thereafter	114,778
Total lease payments	210,345
Less imputed interest	63,019
Total operating lease liabilities	147,326	$ 0
Finance Leases
2019 - remainder	6,007
2020	9,084
2021	9,227
2022	8,429
2023	8,577
Thereafter	242,366
Total lease payments	283,690
Less imputed interest	176,703
Total finance lease liabilities	$ 106,987	$ 0

Leases Maturities of Lease Li_2

Leases Maturities of Lease Liabilities at Prior Year End Under ASC Topic 840 (Details) $ in Thousands	Dec. 31, 2018USD ($)
Maturities of lease liabilities as of December 31, 2018 under ASC Topic 840
2019	$ 30,010
2020	30,731
2021	30,590
2022	31,238
2023	30,265
Thereafter	239,118
Total minimum payments under ASC Topic 840	391,952
Non-lease commitments excluded from minimum payments	$ 75,700

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Legal) (Details) $ in Millions	Mar. 31, 2019USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 26.4

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 315.8
Collateral security	442.1
Amount pledged with client-owned securities	57.5
Remaining collateral securities that can be re-pledged, loaned, or sold	384.6
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	$ 3.7	$ 4.7

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25
Total cash dividends paid during the quarter	$ 21,079	$ 22,561

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Amount Remaining	$ 875,000
Shares Purchased	1,747,116
Weighted-Average Price Paid Per Share	$ 71.57
Total Cost	$ 125,034	$ 60,797
Commission Fee Paid Per Repurchased Share	$ 0.02

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945
Authorized unissued shares	6,647,562
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	5,281,011
Employees, officers, and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 3	$ 2.1
Share-based compensation cost unrecognized	$ 13.6
Non-vested compensation cost weighted-average period	2 years 4 months 9 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation	$ 4.6	3.2
Share-based compensation cost unrecognized	$ 29.1
Non-vested compensation cost weighted-average period	2 years 4 months 24 days
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	$ 1	$ 2
Share-based compensation cost unrecognized	$ 3.3
Non-vested compensation cost weighted-average period	1 year 7 months 6 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member] - Employees, officers, and directors [Member]	3 Months Ended
	Mar. 31, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life (in years)	5 years 5 months 4 days
Expected stock price volatility	35.80%
Expected dividend yield	1.49%
Risk-free interest rate	2.47%
Fair value of options	$ 24.41

Share-Based Compensation Stoc_2

Share-Based Compensation Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	3,588,067
Number of Shares, Granted	422,397
Number of Shares, Exercised	(533,909)
Number of Shares, Forfeited	(61,520)
Number of Shares Outstanding, Ending Balance	3,415,035
Number of Shares Exercisable, Ending Balance	2,541,407
Number of Shares Exercisable and expect to vest	3,318,166
Weighted-Average Exercise Price, Granted	$ 77.53
Weighted-Average Exercise Price, Exercised	28.69
Weighted-Average Exercise Price, Forfeited	41.30
Weighed-Average Exercise Price, Ending Balance	41.53	$ 35.38
Weighted-Average Exercise Price, Exercisable	33.40
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 40.62
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Options Exercisable	5 years 2 months 4 days
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	6 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 99,338
Aggregate Intrinsic Value, Exercisable, Ending Balance	92,162
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 99,081

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	3,415,035
Weighted-average remaining life (years), Outstanding	6 years 2 months 12 days
Weighted-average exercise price, Outstanding | $ / shares	$ 41.53
Number of shares, Exercisable | shares	2,541,407
Weighted-average exercise price, Exercisable | $ / shares	$ 33.40
$18.01 - $25.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	784,905
Weighted-average remaining life (years), Outstanding	5 years 11 months 19 days
Weighted-average exercise price, Outstanding | $ / shares	$ 20.46
Number of shares, Exercisable | shares	777,302
Weighted-average exercise price, Exercisable | $ / shares	$ 20.42
$25.01 - $30.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	355,604
Weighted-average remaining life (years), Outstanding	3 years 2 months 23 days
Weighted-average exercise price, Outstanding | $ / shares	$ 28.94
Number of shares, Exercisable | shares	353,530
Weighted-average exercise price, Exercisable | $ / shares	$ 28.94
$30.01 - $35.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	569,379
Weighted-average remaining life (years), Outstanding	2 years 8 months 1 day
Weighted-average exercise price, Outstanding | $ / shares	$ 32.96
Number of shares, Exercisable | shares	569,379
Weighted-average exercise price, Exercisable | $ / shares	$ 32.96
$35.01 - $45.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	539,697
Weighted-average remaining life (years), Outstanding	7 years 10 months 2 days
Weighted-average exercise price, Outstanding | $ / shares	$ 39.54
Number of shares, Exercisable | shares	351,149
Weighted-average exercise price, Exercisable | $ / shares	$ 39.57
$45.01 - $55.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	360,273
Weighted-average remaining life (years), Outstanding	5 years 6 months 25 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.76
Number of shares, Exercisable | shares	360,273
Weighted-average exercise price, Exercisable | $ / shares	$ 48.76
$55.01 - $80.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	805,177
Weighted-average remaining life (years), Outstanding	9 years 5 months 4 days
Weighted-average exercise price, Outstanding | $ / shares	$ 71.80
Number of shares, Exercisable | shares	129,774
Weighted-average exercise price, Exercisable | $ / shares	$ 65.89

Restricted Stock Activity (Deta

Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
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 | shares	7,057
Number of Shares, Granted | shares	0
Number of Shares, Vested | shares	0
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	7,057
Number of Shares, Expected to vest | shares	7,057
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 70.26
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	0
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	70.26
Weighed-Average Grant-Date Fair Value, Expected to vest | $ / shares	$ 70.26
Restricted stock units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance | shares	874,388
Number of Shares, Granted | shares	224,701
Number of Shares, Vested | shares	(204,055)
Number of Shares, Forfeited | shares	(16,276)
Number of Shares, Ending Balance | shares	878,758
Number of Shares, Expected to vest | shares	800,537
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 46.63
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	84.02
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	34.83
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	47.98
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	58.90
Weighed-Average Grant-Date Fair Value, Expected to vest | $ / shares	$ 57.21

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 155,398	$ 93,530
Basic weighted-average number of shares outstanding	84,487	89,997
Dilutive common share equivalents	2,255	2,787
Diluted weighted-average number of shares outstanding	86,742	92,784
Basic earnings per share	$ 1.84	$ 1.04
Diluted earnings per share	$ 1.79	$ 1.01

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	465,252	238,601

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%
Effective income tax rate	23.70%	22.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	10.00%
Revenue from related party transactions	$ 0.9	$ 0.8
Related party transactions expenses	$ 0.4	$ 0.9

Net Capital and Regulatory Re_2

Net Capital and Regulatory Requirements (Details) $ in Millions	Mar. 31, 2019USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Net Capital	$ 159
Minimum Net Capital Required for Broker-Dealer Subsidiary	$ 8.1

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Jun. 03, 2019	May 20, 2019	Apr. 30, 2019
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Apr. 30, 2019
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Jun. 3, 2019
Dividends Payable, Date of Record		May 20, 2019