LPL Financial (LPLA) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2019	Jul. 24, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	001-34963
Entity Registrant Name	LPL Financial Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3717839
Entity Address, Address Line One	75 State Street,
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	(617)
Local Phone Number	423-3644
Title of 12(b) Security	Common Stock - par value $0.001 per share
Trading Symbol	LPLA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,309,324
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES:
Commission	$ 479,135	$ 488,085	$ 940,494	$ 962,896
Advisory Revenue	481,309	438,917	935,247	861,304
Asset-based	288,551	238,603	584,914	457,939
Transaction and fee	118,335	116,455	240,815	233,104
Interest income, net of interest expense	11,690	10,133	24,011	17,914
Other	10,737	6,611	35,955	7,204
Total net revenues	1,389,757	1,298,804	2,761,436	2,540,361
EXPENSES:
Commission and advisory	838,022	800,619	1,637,720	1,562,316
Compensation and benefits	131,788	122,360	268,700	245,877
Promotional	41,423	43,407	92,772	110,834
Depreciation and amortization	22,584	22,220	46,054	42,921
Amortization of intangible assets	16,249	15,682	32,417	28,904
Occupancy and equipment	33,320	26,904	66,426	54,540
Professional services	18,837	15,922	38,449	38,094
Brokerage, clearing and exchange	15,994	15,433	32,138	31,310
Communications and data processing	12,532	11,038	24,859	22,212
Other	29,975	30,370	56,378	58,956
Total operating expenses	1,160,724	1,103,955	2,295,913	2,195,964
Non-operating interest expense and other	33,957	31,940	66,673	61,562
INCOME BEFORE PROVISION FOR INCOME TAXES	195,076	162,909	398,850	282,835
PROVISION FOR INCOME TAXES	48,984	44,143	97,360	70,539
NET INCOME	$ 146,092	$ 118,766	$ 301,490	$ 212,296
EARNINGS PER SHARE (Note 13)
Earnings per share, basic	$ 1.75	$ 1.33	$ 3.59	$ 2.37
Earnings per share, diluted	$ 1.71	$ 1.30	$ 3.50	$ 2.30
Weighted-average shares outstanding, basic	83,247	89,128	83,869	89,560
Weighted-average shares outstanding, diluted	85,350	91,684	86,052	92,236

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 403,813	$ 511,096
Cash segregated under federal and other regulations	708,613	985,195
Restricted cash	48,906	65,828
Receivables from:
Clients, net of allowance of $670 at June 30, 2019 and $640 at December 31, 2018	462,327	412,944
Product sponsors, broker-dealers, and clearing organizations	176,323	166,793
Advisor loans, net of allowance of $4,995 at June 30, 2019 and $5,080 at December 31, 2018	355,077	298,821
Others, net of allowance of $11,302 at June 30, 2019 and $8,099 at December 31, 2018	263,246	248,711
Securities owned:
Trading — at fair value	29,422	29,267
Held-to-maturity — at amortized cost	11,771	13,001
Securities borrowed	7,246	4,829
Fixed assets, net of accumulated depreciation and amortization of $340,613 at June 30, 2019 and $308,155 at December 31, 2018	485,571	461,418
Operating lease assets	105,390	0
Goodwill	1,490,247	1,490,247
Intangible assets, net of accumulated amortization of $511,736 at June 30, 2019 and $479,319 at December 31, 2018	451,945	484,171
Other assets	364,059	305,147
Total assets	5,363,956	5,477,468
LIABILITIES:
Drafts payable	184,361	225,034
Payables to clients	760,120	950,946
Payables to broker-dealers and clearing organizations	57,665	76,180
Accrued commission and advisory expenses payable	152,697	164,211
Accounts payable and accrued liabilities	439,679	478,644
Income taxes payable	13,220	32,990
Unearned revenue	94,579	80,524
Securities sold, but not yet purchased — at fair value	82	169
Long-term borrowing, net	2,363,441	2,371,808
Operating lease liabilities	145,602	0
Finance lease liabilities	107,084	0
Leasehold financing and capital lease obligations	0	104,564
Deferred income taxes, net	20,309	18,325
Total liabilities	4,338,839	4,503,395
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 125,971,003 shares issued at June 30, 2019 and 124,909,796 shares issued at December 31, 2018	126	125
Additional paid-in capital	1,673,155	1,634,337
Treasury stock, at cost — 43,192,521 shares at June 30, 2019 and 39,820,646 shares at December 31, 2018	(1,984,223)	(1,730,535)
Retained earnings	1,336,059	1,070,146
Total stockholders' equity	1,025,117	974,073
Total liabilities and stockholders' equity	$ 5,363,956	$ 5,477,468

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accumulated depreciation and amortization, Fixed assets	$ 340,613	$ 308,155
Accumulated amortization, Intangible assets	$ 511,736	$ 479,319
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	125,971,003	124,909,796
Treasury stock, shares	43,192,521	39,820,646
Receivables from clients [Member]
Allowances on receivables	$ 670	$ 640
Receivables from others [Member]
Allowances on receivables	11,302	8,099
Advisor Loans [Member]
Allowances on receivables	$ 4,995	$ 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on common stock	(22,600)
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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and other comprehensive income (loss), net of tax expense	212,296				0	212,296
Issuance of common stock to settle restricted stock units, net	(3,795)	$ 0	0	$ (3,795)
Issuance of common stock to settle restricted stock units, net, shares		309,000		58,000
Treasury stock purchases	(177,608)			$ (177,608)
Treasury stock purchases, shares				2,759,000
Cash dividends on common stock	(44,906)					(44,906)
Stock option exercises and other	39,470	$ 1	38,219	$ 951		299
Stock option exercises and other (in shares)		1,122,000		(26,000)
Share-based compensation	16,231		16,231
ENDING BALANCE at Jun. 30, 2018	1,006,696	$ 124	1,610,567	$ (1,490,020)	0	886,025
ENDING BALANCE, shares at Jun. 30, 2018		124,461,000		36,053,000
BEGINNING BALANCE at Mar. 31, 2018	1,008,493	$ 124	1,592,436	$ (1,373,457)	0	789,390
BEGINNING BALANCE, shares at Mar. 31, 2018		124,038,000		34,271,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and other comprehensive income (loss), net of tax expense	118,766				0	118,766
Issuance of common stock to settle restricted stock units, net	(197)	$ 0	0	$ (197)
Issuance of common stock to settle restricted stock units, net, shares		112,000		3,000
Treasury stock purchases	(116,811)			$ (116,811)
Treasury stock purchases, shares				1,791,000
Cash dividends on common stock	(22,345)					(22,345)
Stock option exercises and other	10,156	$ 0	9,497	$ 445		214
Stock option exercises and other (in shares)		311,000		(12,000)
Share-based compensation	8,634		8,634
ENDING BALANCE at Jun. 30, 2018	1,006,696	$ 124	1,610,567	$ (1,490,020)	0	886,025
ENDING BALANCE, shares at Jun. 30, 2018		124,461,000		36,053,000
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock purchases	$ (125,000)
Treasury stock purchases, shares	1,747,116
Cash dividends on common stock	$ (21,100)
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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and other comprehensive income (loss), net of tax expense	301,490				0	301,490
Cumulative effect of accounting change	5,724					5,724
Issuance of common stock to settle restricted stock units, net	(4,607)	$ 0	0	$ (4,607)
Issuance of common stock to settle restricted stock units, net, shares		213,000		60,000
Treasury stock purchases	$ (250,067)			$ (250,067)
Treasury stock purchases, shares	3,339,066			3,339,000
Cash dividends on common stock	$ (41,906)					(41,906)
Stock option exercises and other	$ 23,347	$ 1	21,755	$ 986		605
Stock option exercises and other (in shares)	728,612	848,000		(27,000)
Share-based compensation	$ 17,063		17,063
ENDING BALANCE at Jun. 30, 2019	1,025,117	$ 126	1,673,155	$ (1,984,223)	0	1,336,059
ENDING BALANCE, shares at Jun. 30, 2019		125,971,000		43,193,000
BEGINNING BALANCE at Mar. 31, 2019	1,009,695	$ 126	1,658,631	$ (1,859,484)	0	1,210,422
BEGINNING BALANCE, shares at Mar. 31, 2019		125,648,000		41,612,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and other comprehensive income (loss), net of tax expense	146,092				0	146,092
Issuance of common stock to settle restricted stock units, net	(179)	$ 0	0	$ (179)
Issuance of common stock to settle restricted stock units, net, shares		9,000		2,000
Treasury stock purchases	$ (125,033)			$ (125,033)
Treasury stock purchases, shares	1,591,950			1,592,000
Cash dividends on common stock	$ (20,827)					(20,827)
Stock option exercises and other	7,270	$ 0	6,425	$ 473		372
Stock option exercises and other (in shares)		314,000		(13,000)
Share-based compensation	8,099		8,099
ENDING BALANCE at Jun. 30, 2019	$ 1,025,117	$ 126	$ 1,673,155	$ (1,984,223)	$ 0	$ 1,336,059
ENDING BALANCE, shares at Jun. 30, 2019		125,971,000		43,193,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 301,490	$ 212,296
Noncash items:
Depreciation and amortization	46,054	42,921
Amortization of intangible assets	32,417	28,904
Amortization of debt issuance costs	2,150	2,061
Share-based compensation	17,062	16,231
Provision for bad debts	3,532	3,267
Deferred income tax provision	8	(129)
Loan forgiveness	43,564	32,736
Other	(3,429)	(1,252)
Changes in operating assets and liabilities:
Receivables from clients	(49,413)	(17,502)
Receivables from product sponsors, broker-dealers and clearing organizations	(9,531)	8,110
Advisor loans	(99,763)	(42,821)
Receivables from others	(17,887)	(14,894)
Securities owned	633	(7,638)
Securities borrowed	(2,417)	7,498
Operating leases	(548)	0
Other assets	(44,452)	(28,191)
Drafts payable	(40,673)	(31,747)
Payables to clients	(190,826)	(204,755)
Payables to broker-dealers and clearing organizations	(18,515)	8,814
Accrued commission and advisory expenses payable	(11,514)	11,444
Accounts payable and accrued liabilities	(6,545)	(1,896)
Income taxes receivable/payable	(19,770)	18,994
Unearned revenue	14,055	18,781
Securities sold, but not yet purchased	(87)	(1,104)
Net cash (used in) provided by operating activities	(54,405)	60,128
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(63,504)	(48,782)
Purchase of securities classified as held-to-maturity	(1,238)	(3,667)
Proceeds from maturity of securities classified as held-to-maturity	2,500	2,500
Net cash used in investing activities	(62,242)	(49,949)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of senior secured term loans	(7,500)	(7,500)
Payments of debt issuance costs	(2,660)	0
Tax payments related to settlement of restricted stock units	(4,607)	(3,795)
Repurchase of common stock	(250,067)	(169,606)
Dividends on common stock	(41,906)	(44,906)
Proceeds from stock option exercises and other	23,347	39,470
Principal payment of finance leases and obligations	(747)	(1,948)
Net cash used in financing activities	(284,140)	(188,285)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(400,787)	(178,106)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	1,562,119	1,625,655
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	1,161,332	1,447,549
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	66,170	60,067
Income taxes paid	117,121	51,469
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	14,434	27,990
Lease assets obtained in exchange for operating lease liabilities	108,539	0
Pending settlement of treasury stock purchases	$ 0	$ 8,002

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 403,813	$ 511,096	$ 817,560
Cash segregated under federal and other regulations	708,613	985,195	568,903
Restricted cash	48,906	65,828	61,086
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 1,161,332	$ 1,562,119	$ 1,447,549	$ 1,625,655

Organization and Description of

Organization and Description of the Company	6 Months Ended
	Jun. 30, 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. LPLIA operates as an insurance brokerage general agency that offers life and disability insurance products and services for LPL Financial advisors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 . 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 six 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 , for additional information regarding the Company’s fair value measurements. As of June 30, 2019 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,373.8 million and $2,400.6 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 , for additional disclosure and significant accounting policies affecting leases. In June 2018, the FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payments granted to non-employees. Consistent with the requirement for employee share-based payment awards, non-employee share-based payment awards within the scope of Topic 718 will be measured at grant-date fair value of the equity instruments. The Company adopted the provisions of this guidance on January 1, 2019 and will no longer mark-to-market advisor and financial institution equity awards in the consolidated statements of income.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Variable annuities $ 196,884 $ 196,496 $ 384,290 $ 396,539 Mutual funds 149,380 161,340 290,042 315,086 Alternative investments 5,273 6,704 12,059 12,271 Fixed annuities 50,992 46,116 102,565 80,171 Equities 19,700 19,388 38,064 42,989 Fixed income 30,821 30,898 60,563 61,222 Insurance 17,009 17,344 35,081 35,838 Group annuities 8,795 9,619 17,269 18,512 Other 281 180 561 268 Total commission revenue $ 479,135 $ 488,085 $ 940,494 $ 962,896 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 ongoing 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Sales-based Variable annuities $ 58,158 $ 57,095 $ 108,286 $ 110,997 Mutual funds 38,095 37,533 72,726 74,591 Alternative investments 2,077 1,805 3,967 3,635 Fixed annuities 43,977 39,333 88,207 67,669 Equities 19,700 19,388 38,064 42,989 Fixed income 24,604 24,474 48,799 48,829 Insurance 15,449 15,578 31,473 32,443 Group annuities 1,190 1,144 2,447 2,342 Other 281 180 561 268 Total sales-based revenue $ 203,531 $ 196,530 $ 394,530 $ 383,763 Trailing Variable annuities $ 138,726 $ 139,401 $ 276,004 $ 285,542 Mutual funds 111,285 123,807 217,316 240,495 Alternative investments 3,196 4,899 8,092 8,636 Fixed annuities 7,015 6,783 14,358 12,502 Fixed income 6,217 6,424 11,764 12,393 Insurance 1,560 1,766 3,608 3,395 Group annuities 7,605 8,475 14,822 16,170 Total trailing revenue $ 275,604 $ 291,555 $ 545,964 $ 579,133 Total commission revenue $ 479,135 $ 488,085 $ 940,494 $ 962,896 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 client cash programs, which consist of fees from its money market programs and insured cash sweep vehicles, sponsorship programs, and recordkeeping. Client Cash Revenue Client cash revenues are generated based on advisors’ clients’ cash balances in insured sweep accounts and money market programs at various banks. The Company receives fees based on account type and invested balances for administration and recordkeeping. 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 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Asset-based revenue Client cash $ 161,815 $ 121,386 $ 334,954 $ 225,470 Sponsorship programs 62,472 55,282 124,556 110,010 Recordkeeping 64,264 61,935 125,404 122,459 Total asset-based revenue $ 288,551 $ 238,603 $ 584,914 $ 457,939 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 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Transaction and Fee Revenue Point-in-time (1) $ 52,215 $ 53,928 $ 106,896 $ 108,093 Over time (2) 66,120 62,527 133,919 125,011 Total transaction and fee revenue $ 118,335 $ 116,455 240,815 233,104 _______________________________ (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 June 30, 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 six months ended June 30, 2019 is primarily driven by cash payments received or due in advance of satisfying the Company's performance obligations, offset by $76.6 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2018 . The Company receives cash revenues for advisory services not yet performed and conferences not yet held. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.

Acquisitions Acquisitions

Acquisitions Acquisitions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On May 17, 2019 , the Company entered into a purchase agreement to acquire all of the outstanding equity interests of Allen & Company of Florida, Inc. ("Allen & Company"), a broker-dealer and registered investment adviser. Under the transaction structure, Allen & Company advisors and staff will join the Company as employees and Allen & Company will maintain its operations and brand. The transaction is expected to close in the third quarter of 2019, with a total purchase price in the mid- $30.0 million range, including a base payment payable at closing and an additional contingent payment payable six months after closing based on transferred assets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 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 June 30, 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 June 30, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 90,668 $ — $ — $ 90,668 Securities owned — trading: Money market funds 105 — — 105 Mutual funds 7,326 — — 7,326 Equity securities 1,177 — — 1,177 Debt securities — 101 — 101 U.S. treasury obligations 20,713 — — 20,713 Total securities owned — trading 29,321 101 — 29,422 Other assets 233,909 11,233 — 245,142 Total assets at fair value $ 353,898 $ 11,334 $ — $ 365,232 Liabilities Securities sold, but not yet purchased: Equity securities $ 30 $ — $ — $ 30 Debt securities — 52 — 52 Total securities sold, but not yet purchased 30 52 — 82 Total liabilities at fair value $ 30 $ 52 $ — $ 82 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	6 Months Ended
	Jun. 30, 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 gain (loss), and fair value of securities held-to-maturity were as follows (in thousands): June 30, December 31, Amortized cost $ 11,771 $ 13,001 Gross unrealized gain (loss) 75 (56 ) Fair value $ 11,846 $ 12,945 At June 30, 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 $ 4,988 $ 6,783 $ — $ 11,771 U.S. government notes — at fair value $ 4,980 $ 6,866 $ — $ 11,846

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding borrowings were as follows (dollars in thousands): June 30, 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) 1,473,750 LIBOR+225 bps 4.65 % 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 2,373,750 2,381,250 Plus: Unamortized Premium 9,333 10,083 Less: Unamortized Debt Issuance Cost (19,642 ) (19,525 ) Net Carrying Value $ 2,363,441 $ 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 June 30, 2019 , the Company had $3.7 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 June 30, 2019 , the Company was in compliance with such covenants. Bank Loans Payable The Company maintained three uncommitted lines of credit as of June 30, 2019 . Two of the lines have unspecified limits, which are primarily dependent on the Company’s ability to provide sufficient collateral. The third line has a $200.0 million limit and allows for both collateralized and uncollateralized borrowings. The Company drew $35.0 million on one of the lines of credit at an interest rate of 4.00% during the three months ended June 30, 2019 and drew a total of $225.0 million at a weighted average interest rate of 3.98% on two of the lines of credit during the six months ended June 30, 2019 . There were no balances outstanding at June 30, 2019 or December 31, 2018

Leases

Leases	6 Months Ended
	Jun. 30, 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 3 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 June 30, 2019 were $108.4 million . The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating lease cost $ 4,551 8,853 Finance lease cost: Amortization of right-of-use assets $ 1,164 $ 2,329 Interest on lease liabilities 2,092 4,184 Total finance lease cost $ 3,256 $ 6,513 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 9,434 Operating cash flows from finance leases 4,184 Financing cash flows from finance leases 747 Supplemental weighted average information related to leases was as follows: June 30, 2019 Weighted-average remaining lease term (years): Finance leases 26.9 Operating leases 9.6 Weighted-average discount rate: Finance leases 7.79 % Operating leases 7.26 % Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 9,683 $ 4,012 2020 19,776 9,084 2021 20,359 9,227 2022 20,884 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 205,981 281,695 Less imputed interest 60,379 174,611 Total $ 145,602 107,084 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 , in the Company's audited consolidated financial statements and the related notes in the 2018 Annual Report on Form 10-K.
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 3 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 June 30, 2019 were $108.4 million . The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating lease cost $ 4,551 8,853 Finance lease cost: Amortization of right-of-use assets $ 1,164 $ 2,329 Interest on lease liabilities 2,092 4,184 Total finance lease cost $ 3,256 $ 6,513 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 9,434 Operating cash flows from finance leases 4,184 Financing cash flows from finance leases 747 Supplemental weighted average information related to leases was as follows: June 30, 2019 Weighted-average remaining lease term (years): Finance leases 26.9 Operating leases 9.6 Weighted-average discount rate: Finance leases 7.79 % Operating leases 7.26 % Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 9,683 $ 4,012 2020 19,776 9,084 2021 20,359 9,227 2022 20,884 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 205,981 281,695 Less imputed interest 60,379 174,611 Total $ 145,602 107,084 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 , in the Company's audited consolidated financial statements and the related notes in the 2018 Annual Report on Form 10-K.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. 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 June 30, 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, which will result in aggregate fines of approximately $26.4 million . As part of the settlement structure, the Company engaged independent third party consultants to conduct a historical review of securities transactions and an operational review of the Company's systems for complying with blue sky securities registration requirements. The Company also agreed to offer customers 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 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 June 30, 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 and six months ended June 30, 2019 . Other Commitments As of June 30, 2019 , the Company had approximately $348.9 million of client margin loans that were collateralized with securities having a fair value of approximately $488.4 million that it can repledge, loan, or sell. Of these securities, approximately $64.8 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of June 30, 2019 , there were no restrictions that materially limited the Company’s ability to repledge, loan, or sell the remaining $423.6 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $5.7 million and $4.7 million pledged to clearing organizations at June 30, 2019 and December 31, 2018 , respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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 Second quarter $ 0.25 $ 20.8 $ 0.25 $ 22.3 Share Repurchases The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. As of June 30, 2019 , the Company was authorized to purchase up to an additional $750.0 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)(2) First quarter 1,747,116 $ 71.57 $ 125.0 Second quarter 1,591,950 $ 78.54 $ 125.0 3,339,066 $ 74.89 $ 250.1 _______________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02 per share. (2) Total may not foot due to rounding.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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 June 30, 2019 , there were 20,055,945 shares authorized for grant under the 2010 Plan. There were 6,153,400 shares reserved for exercise or conversion of outstanding awards granted, and 5,227,330 shares remaining available for future issuance, under the 2010 Plan as of June 30, 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 six months ended June 30, 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 six months ended June 30, 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 (728,612 ) $ 29.83 Forfeited and Expired (64,847 ) $ 40.93 Outstanding — June 30, 2019 3,217,005 $ 42.06 6.02 $ 127,107 Exercisable — June 30, 2019 2,356,473 $ 33.47 4.95 $ 113,341 Exercisable and expected to vest — June 30, 2019 3,145,366 $ 41.34 5.94 $ 126,529 The following table summarizes information about outstanding stock options and warrants as of June 30, 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 - $25.00 706,068 $ 20.37 5.88 706,068 $ 20.37 $25.01 - $35.00 877,803 $ 31.40 2.65 875,729 $ 31.40 $35.01 - $45.00 491,382 $ 39.57 7.62 304,579 $ 39.63 $45.01 - $65.00 351,369 $ 48.73 5.33 351,369 $ 48.73 $65.01 - $75.00 374,825 $ 65.56 8.66 117,363 $ 65.56 $75.01 - $85.00 415,558 $ 77.53 9.67 1,365 $ 77.53 3,217,005 $ 42.06 6.02 2,356,473 $ 33.47 The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $2.2 million and $2.0 million during the three months ended June 30, 2019 and 2018 , respectively, and $5.2 million and $4.1 million for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $11.8 million , which is expected to be recognized over a weighted-average period of 2.16 years. Restricted Stock and Stock Units The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the six months ended June 30, 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 9,366 $ 81.99 240,065 $ 83.89 Vested (8,127 ) $ 71.81 (337,361 ) $ 32.35 Forfeited — $ — (22,252 ) $ 49.49 Nonvested — June 30, 2019 8,296 $ 81.99 754,840 $ 64.78 Expected to vest — June 30, 2019 8,296 $ 81.99 694,637 $ 63.65 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 $3.8 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the three months ended June 30, 2019 and 2018 , respectively, and $9.2 million and $7.1 million during the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , total unrecognized compensation cost for restricted stock awards and stock units was $27.4 million , which is expected to be recognized over a weighted-average remaining period of 2.16 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $0.8 million and $2.5 million related to the vesting of these awards during the three months ended June 30, 2019 and 2018 , respectively, and $1.8 million and $4.5 million during the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $2.5 million , which is expected to be recognized over a weighted-average remaining period of 1.53 years.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 146,092 $ 118,766 $ 301,490 $ 212,296 Basic weighted-average number of shares outstanding 83,247 89,128 83,869 89,560 Dilutive common share equivalents 2,103 2,556 2,183 2,676 Diluted weighted-average number of shares outstanding 85,350 91,684 86,052 92,236 Basic earnings per share $ 1.75 $ 1.33 $ 3.59 $ 2.37 Diluted earnings per share $ 1.71 $ 1.30 $ 3.50 $ 2.30 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the three months ended June 30, 2019 and 2018 , stock options, warrants, and stock units representing common share equivalents of 590,751 shares and 472,125 shares, respectively, were anti-dilutive. For the six months ended June 30, 2019 and 2018 , stock options, warrants, and restricted stock units representing common share equivalents of 549,029 shares and 338,450 shares, respectively, were anti-dilutive.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 25.1% and 27.1% for the three months ended June 30, 2019 and 2018 , respectively, and 24.4% and 24.9% for the six months ended June 30, 2019 and 2018 , respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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. The Company recognized revenue for services provided to these related parties of $1.0 million and $0.9 million during the three months ended June 30, 2019 and 2018 , respectively, and $1.9 million and $1.6 million during the six months ended June 30, 2019 and 2018 , respectively. The Company incurred expenses for the services provided by these related parties of $0.4 million and $0.3 million during the three months ended June 30, 2019 and 2018 , respectively, and $0.8 million and $1.2 million during the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 and 2018 , receivables and payables to related parties were not material.

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	6 Months Ended
	Jun. 30, 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 $107.2 million with a minimum net capital requirement of $9.5 million as of June 30, 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 June 30, 2019 and December 31, 2018 , LPL Financial and PTC met all capital adequacy requirements to which they were subject.

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Credit Risk and Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 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. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the unaudited condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events On July 24, 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 August 23, 2019 to all stockholders of record on August 13, 2019 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 . 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 six 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 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	Fair Value of Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its held-to-maturity securities and indebtedness, which are carried at amortized cost. The Company measures the implied fair value of its debt instruments using trading levels obtained from a third-party service provider. Accordingly, the debt instruments qualify as Level 2 fair value measurements. See Note 5 . Fair Value Measurements , for additional information regarding the Company’s fair value measurements. As of June 30, 2019 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,373.8 million and $2,400.6 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 & 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 , for additional disclosure and significant accounting policies affecting leases. In June 2018, the FASB issued ASU 2018-07, Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payments granted to non-employees. Consistent with the requirement for employee share-based payment awards, non-employee share-based payment awards within the scope of Topic 718 will be measured at grant-date fair value of the equity instruments. The Company adopted the provisions of this guidance on January 1, 2019 and will no longer mark-to-market advisor and financial institution equity awards in the consolidated statements of income.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Variable annuities $ 196,884 $ 196,496 $ 384,290 $ 396,539 Mutual funds 149,380 161,340 290,042 315,086 Alternative investments 5,273 6,704 12,059 12,271 Fixed annuities 50,992 46,116 102,565 80,171 Equities 19,700 19,388 38,064 42,989 Fixed income 30,821 30,898 60,563 61,222 Insurance 17,009 17,344 35,081 35,838 Group annuities 8,795 9,619 17,269 18,512 Other 281 180 561 268 Total commission revenue $ 479,135 $ 488,085 $ 940,494 $ 962,896
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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Sales-based Variable annuities $ 58,158 $ 57,095 $ 108,286 $ 110,997 Mutual funds 38,095 37,533 72,726 74,591 Alternative investments 2,077 1,805 3,967 3,635 Fixed annuities 43,977 39,333 88,207 67,669 Equities 19,700 19,388 38,064 42,989 Fixed income 24,604 24,474 48,799 48,829 Insurance 15,449 15,578 31,473 32,443 Group annuities 1,190 1,144 2,447 2,342 Other 281 180 561 268 Total sales-based revenue $ 203,531 $ 196,530 $ 394,530 $ 383,763 Trailing Variable annuities $ 138,726 $ 139,401 $ 276,004 $ 285,542 Mutual funds 111,285 123,807 217,316 240,495 Alternative investments 3,196 4,899 8,092 8,636 Fixed annuities 7,015 6,783 14,358 12,502 Fixed income 6,217 6,424 11,764 12,393 Insurance 1,560 1,766 3,608 3,395 Group annuities 7,605 8,475 14,822 16,170 Total trailing revenue $ 275,604 $ 291,555 $ 545,964 $ 579,133 Total commission revenue $ 479,135 $ 488,085 $ 940,494 $ 962,896
Disaggregation of Revenue - Product and Service [Table Text Block]	The following table sets forth asset-based revenue at a disaggregated level (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Asset-based revenue Client cash $ 161,815 $ 121,386 $ 334,954 $ 225,470 Sponsorship programs 62,472 55,282 124,556 110,010 Recordkeeping 64,264 61,935 125,404 122,459 Total asset-based revenue $ 288,551 $ 238,603 $ 584,914 $ 457,939
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 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Transaction and Fee Revenue Point-in-time (1) $ 52,215 $ 53,928 $ 106,896 $ 108,093 Over time (2) 66,120 62,527 133,919 125,011 Total transaction and fee revenue $ 118,335 $ 116,455 240,815 233,104 _______________________________ (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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 90,668 $ — $ — $ 90,668 Securities owned — trading: Money market funds 105 — — 105 Mutual funds 7,326 — — 7,326 Equity securities 1,177 — — 1,177 Debt securities — 101 — 101 U.S. treasury obligations 20,713 — — 20,713 Total securities owned — trading 29,321 101 — 29,422 Other assets 233,909 11,233 — 245,142 Total assets at fair value $ 353,898 $ 11,334 $ — $ 365,232 Liabilities Securities sold, but not yet purchased: Equity securities $ 30 $ — $ — $ 30 Debt securities — 52 — 52 Total securities sold, but not yet purchased 30 52 — 82 Total liabilities at fair value $ 30 $ 52 $ — $ 82 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)	6 Months Ended
	Jun. 30, 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 gain (loss), and fair value of securities held-to-maturity were as follows (in thousands): June 30, December 31, Amortized cost $ 11,771 $ 13,001 Gross unrealized gain (loss) 75 (56 ) Fair value $ 11,846 $ 12,945
Maturities of securities held-to-maturity	At June 30, 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 $ 4,988 $ 6,783 $ — $ 11,771 U.S. government notes — at fair value $ 4,980 $ 6,866 $ — $ 11,846

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding borrowings were as follows (dollars in thousands): June 30, 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) 1,473,750 LIBOR+225 bps 4.65 % 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 2,373,750 2,381,250 Plus: Unamortized Premium 9,333 10,083 Less: Unamortized Debt Issuance Cost (19,642 ) (19,525 ) Net Carrying Value $ 2,363,441 $ 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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Operating lease cost $ 4,551 8,853 Finance lease cost: Amortization of right-of-use assets $ 1,164 $ 2,329 Interest on lease liabilities 2,092 4,184 Total finance lease cost $ 3,256 $ 6,513
Schedule of Supplemental Cash Flow information related to leases	Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 9,434 Operating cash flows from finance leases 4,184 Financing cash flows from finance leases 747
Schedule of Supplemental weighted-average information related to leases	Supplemental weighted average information related to leases was as follows: June 30, 2019 Weighted-average remaining lease term (years): Finance leases 26.9 Operating leases 9.6 Weighted-average discount rate: Finance leases 7.79 % Operating leases 7.26 %
Schedule of Maturities of Lease Liabilities - Operating Leases	Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 9,683 $ 4,012 2020 19,776 9,084 2021 20,359 9,227 2022 20,884 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 205,981 281,695 Less imputed interest 60,379 174,611 Total $ 145,602 107,084
Schedule of Maturities of Lease Liabilities - Finance Leases	Maturities of lease liabilities as of June 30, 2019 were as follows (in thousands): Operating Leases Finance Leases 2019 - remainder $ 9,683 $ 4,012 2020 19,776 9,084 2021 20,359 9,227 2022 20,884 8,429 2023 20,501 8,577 Thereafter 114,778 242,366 Total lease payments 205,981 281,695 Less imputed interest 60,379 174,611 Total $ 145,602 107,084
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 , in the Company's audited consolidated financial statements and the related notes in the 2018 Annual Report on Form 10-K.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 Second quarter $ 0.25 $ 20.8 $ 0.25 $ 22.3
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)(2) First quarter 1,747,116 $ 71.57 $ 125.0 Second quarter 1,591,950 $ 78.54 $ 125.0 3,339,066 $ 74.89 $ 250.1 _______________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02 per share. (2) Total may not foot due to rounding.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Weighted-average assumptions used for calculating the fair value of stock options and warrants with the Black-Scholes valuation model	The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of its employee and officer stock options that have been granted during the six months ended June 30, 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 six months ended June 30, 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 (728,612 ) $ 29.83 Forfeited and Expired (64,847 ) $ 40.93 Outstanding — June 30, 2019 3,217,005 $ 42.06 6.02 $ 127,107 Exercisable — June 30, 2019 2,356,473 $ 33.47 4.95 $ 113,341 Exercisable and expected to vest — June 30, 2019 3,145,366 $ 41.34 5.94 $ 126,529
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants as of June 30, 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 - $25.00 706,068 $ 20.37 5.88 706,068 $ 20.37 $25.01 - $35.00 877,803 $ 31.40 2.65 875,729 $ 31.40 $35.01 - $45.00 491,382 $ 39.57 7.62 304,579 $ 39.63 $45.01 - $65.00 351,369 $ 48.73 5.33 351,369 $ 48.73 $65.01 - $75.00 374,825 $ 65.56 8.66 117,363 $ 65.56 $75.01 - $85.00 415,558 $ 77.53 9.67 1,365 $ 77.53 3,217,005 $ 42.06 6.02 2,356,473 $ 33.47
Summary of restricted stock awards and restricted stock units activity	The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the six months ended June 30, 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 9,366 $ 81.99 240,065 $ 83.89 Vested (8,127 ) $ 71.81 (337,361 ) $ 32.35 Forfeited — $ — (22,252 ) $ 49.49 Nonvested — June 30, 2019 8,296 $ 81.99 754,840 $ 64.78 Expected to vest — June 30, 2019 8,296 $ 81.99 694,637 $ 63.65

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 146,092 $ 118,766 $ 301,490 $ 212,296 Basic weighted-average number of shares outstanding 83,247 89,128 83,869 89,560 Dilutive common share equivalents 2,103 2,556 2,183 2,676 Diluted weighted-average number of shares outstanding 85,350 91,684 86,052 92,236 Basic earnings per share $ 1.75 $ 1.33 $ 3.59 $ 2.37 Diluted earnings per share $ 1.71 $ 1.30 $ 3.50 $ 2.30

Organization and Description _2

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Number of Operating Segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,373,750	$ 2,381,250
Fair Value, 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	$ 2,400,600	$ 2,271,900

Revenue Commission Revenue Disa

Revenue Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 479,135	$ 488,085	$ 940,494	$ 962,896
Variable Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	196,884	196,496	384,290	396,539
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	149,380	161,340	290,042	315,086
Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	5,273	6,704	12,059	12,271
Fixed Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	50,992	46,116	102,565	80,171
Equities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	19,700	19,388	38,064	42,989
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	30,821	30,898	60,563	61,222
Insurance [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	17,009	17,344	35,081	35,838
Group Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	8,795	9,619	17,269	18,512
Other [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 281	$ 180	$ 561	$ 268

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 479,135	$ 488,085	$ 940,494	$ 962,896
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	203,531	196,530	394,530	383,763
Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	275,604	291,555	545,964	579,133
Variable Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	196,884	196,496	384,290	396,539
Variable Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	58,158	57,095	108,286	110,997
Variable Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	138,726	139,401	276,004	285,542
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	149,380	161,340	290,042	315,086
Mutual Funds [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	38,095	37,533	72,726	74,591
Mutual Funds [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	111,285	123,807	217,316	240,495
Alternative Investments [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	5,273	6,704	12,059	12,271
Alternative Investments [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	2,077	1,805	3,967	3,635
Alternative Investments [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	3,196	4,899	8,092	8,636
Fixed Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	50,992	46,116	102,565	80,171
Fixed Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	43,977	39,333	88,207	67,669
Fixed Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	7,015	6,783	14,358	12,502
Equities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	19,700	19,388	38,064	42,989
Equities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	19,700	19,388	38,064	42,989
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	30,821	30,898	60,563	61,222
Fixed Income [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	24,604	24,474	48,799	48,829
Fixed Income [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	6,217	6,424	11,764	12,393
Insurance [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	17,009	17,344	35,081	35,838
Insurance [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	15,449	15,578	31,473	32,443
Insurance [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,560	1,766	3,608	3,395
Group Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	8,795	9,619	17,269	18,512
Group Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	1,190	1,144	2,447	2,342
Group Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	7,605	8,475	14,822	16,170
Other [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	281	180	561	268
Other [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 281	$ 180	$ 561	$ 268

Revenue Asset-based Revenue dis

Revenue Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 288,551	$ 238,603	$ 584,914	$ 457,939
Client cash [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	161,815	121,386	334,954	225,470
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	62,472	55,282	124,556	110,010
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 64,264	$ 61,935	$ 125,404	$ 122,459

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 118,335	$ 116,455	$ 240,815	$ 233,104
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	52,215	53,928	106,896	108,093
Over time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 66,120	$ 62,527	$ 133,919	$ 125,011

Revenue Unearned Revenue Recogn

Revenue Unearned Revenue Recognized (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Unearned Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 76.6

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	May 17, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement	May 17, 2019
Forecast [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 30

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 29,422	$ 29,267
Securities sold, but not yet purchased	82	169
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	90,668	26,657
Securities owned — trading	29,422	29,267
Other assets	245,142	191,394
Total assets at fair value	365,232	247,318
Securities sold, but not yet purchased	82	169
Total liabilities at fair value	82	169
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	90,668	26,657
Securities owned — trading	29,321	29,266
Other assets	233,909	181,974
Total assets at fair value	353,898	237,897
Securities sold, but not yet purchased	30	163
Total liabilities at fair value	30	163
Fair Value, 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	101	1
Other assets	11,233	9,420
Total assets at fair value	11,334	9,421
Securities sold, but not yet purchased	52	6
Total liabilities at fair value	52	6
Fair Value, 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
Equities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	30	163
Equities [Member] | Fair Value, 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	30	163
Equities [Member] | Fair Value, 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
Equities [Member] | Fair Value, 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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	52	6
Debt Securities [Member] | Fair Value, 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, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	52	6
Debt Securities [Member] | Fair Value, 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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	105	194
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	105	194
Money Market Funds [Member] | Fair Value, 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, 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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,326	7,434
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	7,326	7,434
Mutual Funds [Member] | Fair Value, 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, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,177	1,931
Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	1,177	1,931
Equities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equities [Member] | Fair Value, 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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	101	1
Debt Securities [Member] | Fair Value, 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, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	101	1
Debt Securities [Member] | Fair Value, 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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	20,713	19,707
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	20,713	19,707
U.S. treasury obligations [Member] | Fair Value, 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, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,771	$ 13,001
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	11,771	13,001
Gross unrealized gain	75
Gross unrealized loss		(56)
U.S. government notes - at fair value, Total	$ 11,846	$ 12,945

Held-to-Maturity Securities (_2

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,771	$ 13,001
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,988
U.S. government notes - at amortized cost, After one but within five years	6,783
U.S. government notes - at amortized cost, After five through ten years	0
U.S. government notes - at amortized cost, Total	11,771	13,001
U.S. government notes - at fair value, Within one year	4,980
U.S. government notes - at fair value, After one but within five years	6,866
U.S. government notes - at fair value, After five through ten years	0
U.S. government notes - at fair value, Total	$ 11,846	$ 12,945

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets Goodwill (Details) $ in Thousands	Jun. 30, 2019USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,490,247
Goodwill, ending balance	$ 1,490,247

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets Intangible Assets (Components) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Total intangible assets	$ 451,945	$ 484,171
Finite-Lived Intangible Assets
Accumulated Amortization	$ (511,736)	$ (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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense of intangible assets	$ 16,249	$ 15,682	$ 32,417	$ 28,904

Debt (Credit Agreement Textuals

Debt (Credit Agreement Textuals) (Details) - USD ($) $ in Thousands	Sep. 21, 2017	Mar. 10, 2017	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount of debt			$ 2,363,441	$ 2,371,808
Long-term Debt, Gross			2,373,750	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			$ 3,700
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			1,473,750	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	Jun. 30, 2019	Dec. 31, 2018	Mar. 10, 2017
Debt Instrument [Line Items]
Total borrowings		$ 2,373,750	$ 2,381,250
Debt Instrument, Unamortized Premium		9,333	10,083
Less Unamortized Debt Issuance Cost		(19,642)	(19,525)
Long-term borrowings — net of unamortized debt issuance cost		2,363,441	2,371,808
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Debt Instrument [Line Items]
Total borrowings		$ 1,473,750	$ 1,481,250
Interest Rate (as percent)		4.65%	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 ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 2,373,750,000	$ 2,373,750,000	$ 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	$ 200,000,000
Outstanding amount		$ 35,000,000	$ 225,000,000
Interest rate (as percent)		4.00%	3.98%
Line of credit, amount outstanding		$ 0	$ 0
Additional Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross	$ 400,000,000
Debt Instrument, Redemption Price, Percentage	103.00%

Leases Narrative (Details)

Leases Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Minimum
Lease Description [Line Items]
Remaining lease terms (in years)	3 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	$ 108.4

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lease Cost
Operating lease cost	$ 4,551	$ 8,853
Amortization of right-of-use assets	1,164	2,329
Interest on lease liabilities	2,092	4,184
Total finance lease cost	$ 3,256	$ 6,513

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 9,434
Operating cash flows from finance leases	4,184
Financing cash flows from finance leases	$ 747

Leases Supplemental Weighted-Av

Leases Supplemental Weighted-Average Information Related to Leases (Details)	Jun. 30, 2019
Weighed Average Remaining Lease Term [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	26 years 10 months 24 days
Operating Lease, Weighted Average Remaining Lease Term	9 years 7 months 6 days
Weighted-average discount rate [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent	7.79%
Operating Lease, Weighted Average Discount Rate, Percent	7.26%

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Leases
2019 - remainder	$ 9,683
2020	19,776
2021	20,359
2022	20,884
2023	20,501
Thereafter	114,778
Total lease payments	205,981
Less imputed interest	60,379
Total operating lease liabilities	145,602	$ 0
Finance Leases
2019 - remainder	4,012
2020	9,084
2021	9,227
2022	8,429
2023	8,577
Thereafter	242,366
Total lease payments	281,695
Less imputed interest	174,611
Total finance lease liabilities	$ 107,084	$ 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	Jun. 30, 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	Jun. 30, 2019	Dec. 31, 2018
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 348.9
Collateral security	488.4
Amount pledged with client-owned securities	64.8
Remaining collateral securities that can be re-pledged, loaned, or sold	423.6
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	$ 5.7	$ 4.7

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Total cash dividends paid during the quarter	$ 20,827	$ 21,100	$ 22,345	$ 22,600	$ 41,906	$ 44,906

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity, Class of Treasury Stock [Line Items]
Amount Remaining	$ 750,000			$ 750,000
Shares Purchased	1,591,950	1,747,116		3,339,066
Weighted-Average Price Paid Per Share	$ 78.54	$ 71.57		$ 74.89
Total Cost	$ 125,033	$ 125,000	$ 116,811	$ 250,067	$ 177,608
Commission Fee Paid Per Repurchased Share				$ 0.02

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares	20,055,945		20,055,945
Authorized unissued shares	6,153,400		6,153,400
Share-based compensation:
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	5,227,330		5,227,330
Employees, officers, and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation	$ 2.2	$ 2	$ 5.2	$ 4.1
Share-based compensation cost unrecognized	11.8		$ 11.8
Non-vested compensation cost weighted-average period			2 years 1 month 28 days
Employees, officers, and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation	4.6	3.8	$ 9.2	7.1
Share-based compensation cost unrecognized	27.4		$ 27.4
Non-vested compensation cost weighted-average period			2 years 1 month 28 days
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation	0.8	$ 2.5	$ 1.8	$ 4.5
Share-based compensation cost unrecognized	$ 2.5		$ 2.5
Non-vested compensation cost weighted-average period			1 year 6 months 10 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Assumptions (Details) - Stock options and warrants [Member] - Employees, officers, and directors [Member]	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2019
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	(728,612)
Number of Shares, Forfeited	(64,847)
Number of Shares Outstanding, Ending Balance	3,217,005
Number of Shares Exercisable, Ending Balance	2,356,473
Number of Shares Exercisable and expect to vest	3,145,366
Weighed-Average Exercise Price, Beginning Balance	$ 35.38
Weighted-Average Exercise Price, Granted	77.53
Weighted-Average Exercise Price, Exercised	29.83
Weighted-Average Exercise Price, Forfeited	40.93
Weighed-Average Exercise Price, Ending Balance	42.06
Weighted-Average Exercise Price, Exercisable	33.47
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 41.34
Weighted-Average Remaining Contractual Term, Options Outstanding	6 years 7 days
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 11 months 12 days
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	5 years 11 months 8 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 127,107
Aggregate Intrinsic Value, Exercisable, Ending Balance	113,341
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 126,529

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	3,217,005
Weighted-average remaining life (years), Outstanding	6 years 7 days
Weighted-average exercise price, Outstanding | $ / shares	$ 42.06
Number of shares, Exercisable | shares	2,356,473
Weighted-average exercise price, Exercisable | $ / shares	$ 33.47
$18.01 - $25.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	706,068
Weighted-average remaining life (years), Outstanding	5 years 10 months 17 days
Weighted-average exercise price, Outstanding | $ / shares	$ 20.37
Number of shares, Exercisable | shares	706,068
Weighted-average exercise price, Exercisable | $ / shares	$ 20.37
$25.01 - $35.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	877,803
Weighted-average remaining life (years), Outstanding	2 years 7 months 24 days
Weighted-average exercise price, Outstanding | $ / shares	$ 31.40
Number of shares, Exercisable | shares	875,729
Weighted-average exercise price, Exercisable | $ / shares	$ 31.40
$35.01 - $45.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	491,382
Weighted-average remaining life (years), Outstanding	7 years 7 months 13 days
Weighted-average exercise price, Outstanding | $ / shares	$ 39.57
Number of shares, Exercisable | shares	304,579
Weighted-average exercise price, Exercisable | $ / shares	$ 39.63
$45.01 - $65.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	351,369
Weighted-average remaining life (years), Outstanding	5 years 3 months 29 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.73
Number of shares, Exercisable | shares	351,369
Weighted-average exercise price, Exercisable | $ / shares	$ 48.73
$65.01 - $75.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	374,825
Weighted-average remaining life (years), Outstanding	8 years 7 months 28 days
Weighted-average exercise price, Outstanding | $ / shares	$ 65.56
Number of shares, Exercisable | shares	117,363
Weighted-average exercise price, Exercisable | $ / shares	$ 65.56
$75.01 - $85.00
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	415,558
Weighted-average remaining life (years), Outstanding	9 years 8 months 1 day
Weighted-average exercise price, Outstanding | $ / shares	$ 77.53
Number of shares, Exercisable | shares	1,365
Weighted-average exercise price, Exercisable | $ / shares	$ 77.53

Restricted Stock Activity (Deta

Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 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	9,366
Number of Shares, Vested | shares	(8,127)
Number of Shares, Forfeited | shares	0
Number of Shares, Ending Balance | shares	8,296
Number of Shares, Expected to vest | shares	8,296
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 70.26
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	81.99
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	71.81
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	81.99
Weighed-Average Grant-Date Fair Value, Expected to vest | $ / shares	$ 81.99
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	240,065
Number of Shares, Vested | shares	(337,361)
Number of Shares, Forfeited | shares	(22,252)
Number of Shares, Ending Balance | shares	754,840
Number of Shares, Expected to vest | shares	694,637
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 46.63
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	83.89
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	32.35
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	49.49
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	64.78
Weighed-Average Grant-Date Fair Value, Expected to vest | $ / shares	$ 63.65

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 146,092	$ 118,766	$ 301,490	$ 212,296
Basic weighted-average number of shares outstanding	83,247	89,128	83,869	89,560
Dilutive common share equivalents	2,103	2,556	2,183	2,676
Diluted weighted-average number of shares outstanding	85,350	91,684	86,052	92,236
Basic earnings per share	$ 1.75	$ 1.33	$ 3.59	$ 2.37
Diluted earnings per share	$ 1.71	$ 1.30	$ 3.50	$ 2.30

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	590,751	472,125	549,029	338,450

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			21.00%
Effective income tax rate	25.10%	27.10%	24.40%	24.90%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company			10.00%
Revenue from related party transactions	$ 1	$ 0.9	$ 1.9	$ 1.6
Related party transactions expenses	$ 0.4	$ 0.3	$ 0.8	$ 1.2

Net Capital and Regulatory Re_2

Net Capital and Regulatory Requirements (Details) $ in Millions	Jun. 30, 2019USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Broker-Dealer, Net Capital	$ 107.2
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 9.5

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] - $ / shares	Aug. 23, 2019	Aug. 13, 2019	Jul. 24, 2019
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jul. 24, 2019
Dividends Payable, Amount Per Share			$ 0.25
Dividends Payable, Date to be Paid	Aug. 23, 2019
Dividends Payable, Date of Record		Aug. 13, 2019