LPL Financial (LPLA) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
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	4707 Executive Drive,
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(800)
Local Phone Number	877-7210
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		78,864,125
Entity Central Index Key	0001397911
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES:
Commission	$ 503,444	$ 461,359
Advisory Revenue	579,027	453,938
Asset-based	285,506	296,363
Transaction and fee	137,096	122,480
Interest income, net of interest expense	9,542	12,321
Other	(51,218)	25,218
Total net revenues	1,463,397	1,371,679
EXPENSES:
Commission and advisory	870,795	799,698
Compensation and benefits	146,802	136,912
Promotional	57,398	51,349
Depreciation and amortization	26,644	23,470
Amortization of intangible assets	16,570	16,168
Occupancy and equipment	39,546	33,106
Professional services	14,605	19,612
Brokerage, clearing and exchange	17,024	16,144
Communications and data processing	10,835	12,327
Other	26,228	26,403
Total operating expenses	1,226,447	1,135,189
Non-operating interest expense and other	29,318	32,716
INCOME BEFORE PROVISION FOR INCOME TAXES	207,632	203,774
PROVISION FOR INCOME TAXES	51,991	48,376
NET INCOME	$ 155,641	$ 155,398
EARNINGS PER SHARE (Note 13)
Earnings per share, basic	$ 1.96	$ 1.84
Earnings per share, diluted	$ 1.92	$ 1.79
Weighted-average shares outstanding, basic	79,507	84,487
Weighted-average shares outstanding, diluted	81,166	86,742

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 418,202	$ 590,209
Cash segregated under federal and other regulations	1,217,692	822,697
Restricted cash	67,701	58,872
Receivables from:
Clients, net of allowance of $376 at March 31, 2020 and $115 at December 31, 2019	360,533	433,986
Product sponsors, broker-dealers, and clearing organizations	218,690	177,654
Advisor loans, net of allowance of $6,573 at March 31, 2020 and $3,974 at December 31, 2019	457,470	441,743
Others, net of allowance of $3,710 at March 31, 2020 and $10,292 at December 31, 2019	351,169	298,790
Securities owned:
Trading — at fair value	29,199	46,447
Held-to-maturity — at amortized cost	14,361	11,806
Securities borrowed	15,927	17,684
Fixed assets, net of accumulated depreciation and amortization of $414,322 at March 31, 2020 and $388,355 at December 31, 2019	542,821	533,044
Operating lease assets	103,870	102,477
Goodwill	1,503,648	1,503,648
Intangible assets, net of accumulated amortization of $561,223 at March 31, 2020 and $544,653 at December 31, 2019	423,341	439,838
Deferred Income Tax Assets, Net	517	0
Other assets	385,625	401,343
Total assets	6,110,766	5,880,238
LIABILITIES:
Drafts payable	149,832	218,636
Payables to clients	1,328,882	1,058,873
Payables to broker-dealers and clearing organizations	117,860	92,002
Accrued commission and advisory expenses payable	155,360	174,330
Accounts payable and accrued liabilities	454,241	557,969
Income taxes payable	65,282	20,129
Unearned revenue	109,420	82,842
Securities sold, but not yet purchased — at fair value	295	176
Long-term and other borrowings, net	2,467,719	2,398,818
Operating lease liabilities	142,922	141,900
Finance lease liabilities	107,596	108,592
Deferred income taxes, net	0	2,098
Total liabilities	5,099,409	4,856,365
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 600,000,000 shares authorized; 127,035,564 shares issued at March 31, 2020 and 126,494,028 shares issued at December 31, 2019	127	126
Additional paid-in capital	1,720,276	1,703,973
Treasury stock, at cost — 48,177,751 shares at March 31, 2020 and 46,259,989 shares at December 31, 2019	(2,392,712)	(2,234,793)
Retained earnings	1,683,666	1,554,567
Total stockholders' equity	1,011,357	1,023,873
Total liabilities and stockholders' equity	$ 6,110,766	$ 5,880,238

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accumulated depreciation and amortization, Fixed assets	$ 414,322	$ 388,355
Accumulated amortization, Intangible assets	$ 561,223	$ 544,653
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	127,035,564	126,494,028
Treasury stock, shares	48,177,751	46,259,989
Receivables from clients [Member]
Allowances on receivables	$ 376	$ 115
Receivables from others [Member]
Allowances on receivables	3,710	10,292
Advisor Loans [Member]
Allowances on receivables	$ 6,573	$ 3,974

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, 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	155,398				0	155,398
Cumulative Effect on Retained Earnings, Net of Tax						5,724
Cumulative effect of accounting change	5,724
Issuance of common stock to settle restricted stock units, net	(4,428)	$ 0	0	$ (4,428)
Issuance of common stock to settle restricted stock units, net, shares		204,000		58,000
Treasury stock purchases	(125,034)			$ (125,034)
Treasury stock purchases, shares				1,747,000
Cash dividends on common stock	(21,079)					(21,079)
Stock option exercises and other	16,077	$ 1	15,330	$ 513		233
Stock option exercises and other (in shares)		534,000		(14,000)
Share-based compensation	8,964		8,964
ENDING BALANCE at Mar. 31, 2019	1,009,695	$ 126	1,658,631	$ (1,859,484)	0	1,210,422
ENDING BALANCE, shares at Mar. 31, 2019		125,648,000		41,612,000
BEGINNING BALANCE at Dec. 31, 2019	1,023,873	$ 126	1,703,973	$ (2,234,793)	0	1,554,567
BEGINNING BALANCE, shares at Dec. 31, 2019		126,494,000		46,260,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and other comprehensive income (loss), net of tax expense	155,641				0	155,641
Cumulative Effect on Retained Earnings, Net of Tax						(7,317)
Cumulative effect of accounting change	(7,317)
Issuance of common stock to settle restricted stock units, net	(8,370)	$ 0	0	$ (8,370)
Issuance of common stock to settle restricted stock units, net, shares		315,000		122,000
Treasury stock purchases	$ (150,036)			$ (150,036)
Treasury stock purchases, shares	1,809,553			1,810,000
Cash dividends on common stock	$ (19,713)					(19,713)
Stock option exercises and other	7,947	$ 1	6,971	$ 487		488
Stock option exercises and other (in shares)		227,000		(14,000)
Share-based compensation	9,332		9,332
ENDING BALANCE at Mar. 31, 2020	$ 1,011,357	$ 127	$ 1,720,276	$ (2,392,712)	$ 0	$ 1,683,666
ENDING BALANCE, shares at Mar. 31, 2020		127,036,000		48,178,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 155,641	$ 155,398
Noncash items:
Depreciation and amortization	26,644	23,470
Amortization of intangible assets	16,570	16,168
Amortization of debt issuance costs	1,348	1,026
Share-based compensation	9,332	8,964
Provision for bad debts	2,691	3,249
Deferred income tax provision	(89)	(10)
Loan forgiveness	25,714	22,807
Other	(1,841)	(1,695)
Changes in operating assets and liabilities:
Receivables from clients	73,192	19,803
Receivables from product sponsors, broker-dealers and clearing organizations	(41,036)	9,878
Advisor loans	(48,013)	(45,418)
Receivables from others	(56,089)	(22,795)
Securities owned	15,221	2,414
Securities borrowed	1,757	2,159
Operating leases	(371)	(254)
Other assets	(51,675)	(30,969)
Drafts payable	(68,804)	(38,918)
Payables to clients	270,009	(172,044)
Payables to broker-dealers and clearing organizations	25,858	58,195
Accrued commission and advisory expenses payable	(18,970)	(9,371)
Accounts payable and accrued liabilities	(27,763)	(26,982)
Income taxes receivable/payable	45,153	41,750
Unearned revenue	26,578	18,511
Securities sold, but not yet purchased	119	(103)
Net cash provided by operating activities	381,176	35,233
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(33,973)	(30,332)
Purchase of securities classified as held-to-maturity	(3,793)	(1,238)
Proceeds from maturity of securities classified as held-to-maturity	1,250	1,250
Net cash used in investing activities	(36,516)	(30,320)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	616,000	0
Repayments of revolving credit facility	(545,000)	0
Repayment of senior secured term loans	(2,675)	(3,750)
Payment for Contingent Consideration Liability, Financing Activities	(10,000)	0
Tax payments related to settlement of restricted stock units	(8,370)	(4,428)
Repurchase of common stock	(150,036)	(125,034)
Dividends on common stock	(19,713)	(21,079)
Proceeds from stock option exercises and other	7,947	16,076
Principal payment of finance leases and obligations	(996)	(846)
Net cash used in financing activities	(112,843)	(139,061)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	231,817	(134,148)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	1,471,778	1,562,119
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	1,703,595	1,427,971
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest Paid, Excluding Capitalized Interest, Operating Activities	37,842	45,556
Income taxes paid	6,928	6,635
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	15,031	12,979
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 3,447	$ 108,539

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 418,202	$ 590,209	$ 676,903
Cash segregated under federal and other regulations	1,217,692	822,697	708,241
Restricted cash	67,701	58,872	42,827
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 1,703,595	$ 1,471,778	$ 1,427,971	$ 1,562,119

Organization and Description of

Organization and Description of the Company	3 Months Ended
	Mar. 31, 2020
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., LPL Employee Services, LLC, Fortigent Holdings Company, Inc. and LPL Insurance Associates, Inc. (“LPLIA”), as well as a 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. Fortigent Holdings Company, Inc. and its subsidiaries provide solutions and consulting services to registered investment advisers (“RIAs”), banks, and trust companies serving high-net-worth clients. LPLIA operates as an insurance brokerage general agency that offers life and disability insurance products and services for LPL Financial advisors. 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. 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 (“IRA”) custodial services for LPL Financial. LPL Employee Services, LLC is a holding company for Allen & Company of Florida, LLC (“Allen & Company”), an RIA.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. 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, 2019 , contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). See below for significant accounting polices updated on January 1, 2020. 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, 2019 . Receivables from and Payables to Clients Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. Receivables from clients are generally fully secured by securities held in the clients’ accounts. To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client or the client’s advisor and the Company’s historical experience in collecting on such transactions. The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands): March 31, 2020 Beginning balance — January 1 $ 115 Impact of CECL adoption — Provision for bad debts 261 Charge-offs, net of recoveries — Ending balance — March 31 $ 376 Advisor Loans The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decision to extend credit to an advisor is generally based on the advisor’s credit history and their ability to generate future commissions. Loans made in connection with recruiting can be either repayable or forgivable over terms generally up to ten years provided that the advisor remains licensed through LPL Financial. Forgivable loans are not repaid in cash and are amortized over the term of the loan. If an advisor terminates their arrangement with the Company prior to the loan maturity date, the remaining balance becomes repayable immediately. An allowance for uncollectible amounts is recorded at the inception of repayable loans and upon advisor termination for forgivable loans using estimates and assumptions based on historical lifetime loss experience and expectations of future loss rates based on current facts. Advisor repayable loans totaled $109.8 million and advisor forgivable loans that have become repayable upon advisor termination totaled $2.9 million as of March 31, 2020. Included in the table below is a $1.4 million allowance for advisor forgivable loans that have become repayable. The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts for advisor loans (in thousands): March 31, 2020 Beginning balance — January 1 $ 3,974 Impact of CECL adoption 6,227 Provision for bad debts 1,225 Charge-offs, net of recoveries (4,853 ) Ending balance — March 31 $ 6,573 Receivables from Others Receivables from others primarily consists of accrued fees from product sponsors and amounts due from advisors. An allowance for uncollectible amounts is recorded at inception using estimates and assumptions based on historical experience, current facts and other factors. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced. The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands): March 31, 2020 Beginning balance — January 1 $ 10,292 Impact of CECL adoption 3,617 Provision for bad debts 1,205 Charge-offs, net of recoveries (11,404 ) Ending balance — March 31 $ 3,710 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 March 31, 2020 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,483.3 million and $2,357.1 million , respectively. As of December 31, 2019 , the carrying amount and fair value was approximately $2,415.0 million and $2,476.0 million , respectively. Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , 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. ASU 2016-13 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 adopted the provisions of this guidance on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption had no material impact on the Company’s recognition of credit losses. 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. The Company adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the accounting for costs to implement a cloud computing arrangement that is a service with the guidance on capitalizing costs for developing or obtaining internal-use software. The Company prospectively adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s unaudited condensed consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenues on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the product or service before control is transferred to a customer. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred and discretion in establishing the price. Commission Revenue Commission revenue represents sales commissions generated by advisors for their clients’ purchases and sales of securities on exchanges and over-the-counter, as well as purchases of other investment products. The Company views the selling, distribution and marketing, or any combination thereof, of investment products to such clients as a single performance obligation to the product sponsors. The Company is the principal for commission revenue, as it is responsible for the execution of the clients’ purchases and sales, and maintains relationships with the product sponsors. Advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. The following table presents total commission revenue disaggregated by investment product category (in thousands): Three Months Ended March 31, 2020 2019 Commission revenue Annuities $ 245,662 $ 247,453 Mutual funds 156,156 140,662 Fixed income 29,125 24,195 Equities 37,421 18,364 Other 35,080 30,685 Total commission revenue $ 503,444 $ 461,359 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, the consideration is variable and an estimate of the variable consideration is constrained due to dependence on unpredictable market impacts. The constraint is removed once the investment holdings value can be determined. The following table presents sales-based and trailing commission revenues disaggregated by product category (in thousands): Three Months Ended March 31, 2020 2019 Commission revenue Sales-based Annuities $ 92,525 $ 95,615 Mutual funds 45,534 34,631 Fixed income 29,125 24,195 Equities 37,421 18,364 Other 23,786 18,194 Total sales-based revenue $ 228,391 $ 190,999 Trailing Annuities $ 153,137 $ 151,838 Mutual funds 110,622 106,031 Other 11,294 12,491 Total trailing revenue $ 275,053 $ 270,360 Total commission revenue $ 503,444 $ 461,359 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 and has control over determining the fees. Asset-Based Revenue Asset-based revenue consists 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 either a fixed fee, a percentage of the average annual amount of product sponsor assets held in advisors’ clients’ accounts, a percentage of new sales, or some combination. As the value of product sponsor assets held in advisors’ clients’ accounts is susceptible to unpredictable market changes, this revenue includes variable consideration and is constrained until the date that the fees are determinable. 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. Depending on the contract, the Company is either principal or 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 March 31, 2020 2019 Asset-based revenue Client cash $ 151,398 $ 173,139 Sponsorship programs 64,449 62,084 Recordkeeping 69,659 61,140 Total asset-based revenue $ 285,506 $ 296,363 Transaction and Fee Revenue Transaction revenue primarily includes fees the Company charges to advisors and their clients for executing certain transactions in brokerage and fee-based advisory accounts. Transaction revenue is recognized at the point-in-time that a transaction is executed, which is generally the trade date. Fee revenue may be generated from advisors or their clients. Fee revenues primarily include IRA custodian fees, contract and licensing fees, and other client account fees. In addition, the Company hosts certain advisor conferences that serve as training, education, sales, and marketing events, for which the Company collects a fee 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 March 31, 2020 2019 Transaction and fee revenue Point-in-time (1) $ 65,638 $ 54,681 Over time (2) 71,458 67,799 Total transaction and fee revenue $ 137,096 $ 122,480 _______________________________ (1) Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and technology fees. (2) Transaction and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and technology fees. The Company is the principal and recognizes transaction and fee revenue on a gross basis as it is primarily responsible for delivering the respective services being provided, which is demonstrated by the Company’s ability to control the fee amounts charged to customers. Interest Income, Net of Interest Expense The Company earns interest income from client margin accounts and cash equivalents, less interest expense on related transactions. This revenue is not generated from contracts with customers. Interest expense incurred in connection with cash equivalents and client margin balances is completely offset by revenue on related transactions; therefore, the Company considers such interest to be an operating expense. Interest expense from operations for the three months ended March 31, 2020 and 2019 was not material. Other Revenue Other revenue primarily includes unrealized 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. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. Contracts with customers that include multiple performance obligations have performance obligations that follow the same revenue recognition pattern and are recorded in the same financial statement line item. Unearned Revenue The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. The increase in the unearned revenue balance for the three months ended March 31, 2020 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $78.5 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2019 . 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	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions On August 1, 2019 , the Company acquired all of the outstanding equity interests of Allen & Company. Under the transaction structure, Allen & Company advisors and staff became employees of the Company, and Allen & Company will maintain its operations and brand. The Company paid approximately $24.9 million at closing and also agreed to a potential contingent payment of up to $10.0 million , payable approximately six months after the closing date based on the percentage of assets retained by Allen & Company advisors. In February 2020, the Company paid the full $10.0 million

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. There have been no transfers of assets or liabilities between these fair value measurement classifications during the three months ended March 31, 2020 . The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At March 31, 2020 , the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis: Cash Equivalents — The Company’s cash equivalents include money market funds, which are short term in nature with readily determinable values derived from active markets. Securities Owned and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. Examples of these securities include money market funds, U.S. treasury obligations, mutual funds, certificates of deposit, and traded equity and debt securities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices, and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At March 31, 2020 , the Company did not adjust prices received from the independent third-party pricing services. Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in money market and other mutual funds, which are actively traded and valued based on quoted market prices; and (2) certain non-traded real estate investment trusts and auction rate notes, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data. Accounts Payable and Accrued Liabilities — The Company’s accounts payable and accrued liabilities include contingent consideration liabilities that are measured using Level 3 inputs. Level 3 Recurring Fair Value Measurements The Company determines the fair value for its contingent consideration obligations using a scenario based approach whereby the Company assesses the expected retention percentage of the acquired assets under management. The contingent payment is estimated by applying a discount rate to the expected payment to calculate the fair value as of the valuation date. The Company’s management evaluates the underlying projections and other related factors used in determining fair value each period and makes updates when there have been significant changes in management’s expectations. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 4,920 $ — $ — $ 4,920 Securities owned — trading: Money market funds 112 — — 112 Mutual funds 7,383 — — 7,383 Equity securities 468 — — 468 Debt securities — 149 — 149 U.S. treasury obligations 20,489 — — 20,489 Certificates of deposit 598 — — 598 Total securities owned — trading 29,050 149 — 29,199 Other assets 228,121 9,393 — 237,514 Total assets at fair value $ 262,091 $ 9,542 $ — $ 271,633 Liabilities Securities sold, but not yet purchased: Equity securities $ 272 $ — $ — $ 272 Debt securities — 23 — 23 Total securities sold, but not yet purchased 272 23 — 295 Total liabilities at fair value $ 272 $ 23 $ — $ 295 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 17,426 $ — $ — $ 17,426 Securities owned — trading: Money market funds 92 — — 92 Mutual funds 25,202 — — 25,202 Equity securities 556 — — 556 Debt securities — 151 — 151 U.S. treasury obligations 20,446 — — 20,446 Total securities owned — trading 46,296 151 — 46,447 Other assets 267,740 10,393 — 278,133 Total assets at fair value $ 331,462 $ 10,544 $ — $ 342,006 Liabilities Securities sold, but not yet purchased: Equity securities $ 153 $ — $ — $ 153 Debt securities — 23 — 23 Total securities sold, but not yet purchased 153 23 — 176 Accounts payable and accrued liabilities — — 10,000 10,000 Total liabilities at fair value $ 153 $ 23 $ 10,000 $ 10,176

Held-to-Maturity Securities

Held-to-Maturity Securities	3 Months Ended
	Mar. 31, 2020
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, and fair value of securities held-to-maturity were as follows (in thousands): March 31, December 31, Amortized cost $ 14,361 $ 11,806 Gross unrealized gain 300 83 Fair value $ 14,661 $ 11,889 At March 31, 2020 , 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 $ 5,079 $ 9,282 $ — $ 14,361 U.S. government notes — at fair value $ 5,143 $ 9,518 $ — $ 14,661

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
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 , in the Company’s audited consolidated financial statements and the related notes in the 2019 Annual Report on Form 10-K for a discussion of the components of goodwill and additional information regarding intangible assets.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company’s outstanding borrowings were as follows (dollars in thousands): March 31, 2020 December 31, 2019 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Senior Secured Term Loan B (1) $ 1,067,325 LIBOR+175 bps 2.71 % $ 1,070,000 LIBOR+175 bps 3.54 % 11/12/2026 Senior Unsecured Notes (1)(2) 900,000 Fixed Rate 5.75 % 900,000 Fixed Rate 5.75 % 9/15/2025 Senior Unsecured Notes (1)(3) 400,000 Fixed Rate 4.63 % 400,000 Fixed Rate 4.63 % 11/15/2027 Total long-term borrowings 2,367,325 2,370,000 Plus: Unamortized Premium 8,208 8,583 Less: Unamortized Debt Issuance Cost (23,814 ) (24,765 ) Net Carrying Value $ 2,351,719 $ 2,353,818 Other Borrowings Revolving Credit Facility (4) $ 66,000 ABR+25bps 3.50 % $ 45,000 ABR+25bps 5.00 % 11/12/2024 Broker-Dealer Revolving Credit Facility (5) 50,000 FFR+125bps 2.25 % — FFR+125bps — 7/31/2024 Total borrowings $ 2,467,719 $ 2,398,818 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) The 2025 Notes were issued in two separate transactions; $500.0 million in original notes were issued in March 2017 at par and $400.0 million in additional notes were issued in September 2017 and priced at 103.0% of the aggregate principal amount. (3) The 2027 Notes were issued in November 2019 at par. (4) The alternate base rate (ABR) was the PRIME rate, and reflects the interest rate incurred on the senior secured revolving credit facility on the outstanding balances as of March 31, 2020 and December 31, 2019. (5) The federal funds rate (FFR) was the interest rate incurred on the committed, unsecured revolving credit facility held at LPL Financial on the outstanding balance as of March 31, 2020. On November 12, 2019, LPLFH and LPLH entered into a fourth amendment agreement (the “Amendment”) to the Company’s amended and restated credit agreement (“Credit Agreement”), and repriced its senior secured Term Loan B facility (“Term Loan B”), increased the size of its senior secured revolving credit facility from $500.0 million to $750.0 million , extended the maturity dates applicable to its Term Loan B and its senior secured revolving credit facility, and made certain other changes to its credit agreement. Additionally, LPLH raised $400.0 million in aggregate principal amount of 4.625% senior unsecured notes which were issued at par (“2027 Notes”). The proceeds from the 2027 Notes were used to pay down the Term Loan B principal balance to $1,070.0 million . In connection with the execution of the Amendment, the Company incurred $13.5 million in costs which are capitalized as debt issuance costs in the consolidated statements of financial condition and accelerated the recognition of $3.2 million of unamortized debt issuance costs as a loss on extinguishment of debt in the consolidated statements of income. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of March 31, 2020 , the Company was in compliance with such covenants. Issuance of 4.625% Senior Notes due 2027 The 2027 Notes are unsecured obligations, governed by an indenture, that will mature on November 15, 2027, and bear interest at the rate of 4.625% per year, with interest payable semi-annually, beginning on May 15, 2020. The Company may redeem all or part of the 2027 Notes at any time prior to November 15, 2022 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus a “make-whole” premium. Thereafter, the Company may redeem all or part of the 2027 Notes at annually declining redemption premiums until November 15, 2024, at and after which date the redemption price will be equal to 100% of the principal amount redeemed plus any accrued and unpaid interest thereon. Issuance of 5.75% Senior Notes due 2025 LPLH issued $500.0 million aggregate principal amount of 5.75% senior notes on March 10, 2017 (the “Original Notes”) and $400.0 million aggregate principal amount of 5.75% senior notes on September 21, 2017 (together with the Original Notes, the “2025 Notes”). The 2025 Notes are unsecured obligations, governed by an indenture, that will mature on September 15, 2025, and bear interest at the rate of 5.75% per year, with interest payable semi-annually, beginning September 15, 2017. The Company may redeem all or part of the 2025 Notes at any time prior to March 15, 2020 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus a “make-whole” premium. Thereafter the Company may redeem all or part of the 2025 Notes at annually declining redemption premiums until March 15, 2023, at and after which date the redemption price will be equal to 100% of the principal amount redeemed. Term Loan B and Revolving Credit Facility Borrowings under the Term Loan B facility bear interest at a rate per annum of 175 basis points over the Eurodollar Rate or 75 basis points over the base rate (as defined in the Credit Agreement), and have no leverage or interest coverage maintenance covenants. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 125 to 175 basis points over the Eurodollar Rate or 25 to 75 basis points over the base rate, depending on the Consolidated Secured Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement). The Eurodollar Rate option is the one-, two-, three-, or six-month LIBOR rate, as selected by LPLH, or, with the approval of the applicable lenders, twelve-month LIBOR rate or the LIBOR rate for another period acceptable to the Administrative Agent (including a shorter period). The LIBOR rate, on which the Eurodollar Rate is based, is expected to be discontinued by December 31, 2021. The Credit Agreement permits LPLH to agree with the administrative agent for the Credit Agreement on a replacement benchmark rate subject to certain conditions (including that a majority of the lenders do not object to such replacement rate within a specified period of time following notice thereof from the administrative agent). The Company is required to make quarterly payments on the Term Loan B facility equal to 0.25% of the aggregate principal amount of the loans under the Term Loan B facility. Broker-Dealer Revolving Credit Facility On July 31, 2019, LPL Financial, the Company’s broker-dealer subsidiary, entered into a committed, unsecured revolving credit facility that matures on July 31, 2024 and allows for a maximum borrowing of up to $300.0 million (the “LPL Financial Credit Facility”). LPL Financial incurred approximately $1.5 million in debt issuance costs. Borrowings under the LPL Financial Credit Facility bear interest at a rate per annum ranging from 112.5 to 137.5 basis points over the Federal Funds Rate or Eurodollar Rate, depending on the Parent Leverage Ratio (each as defined in the credit agreement related to the LPL Financial Credit Facility). The credit agreement related to the LPL Financial Credit Facility subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of March 31, 2020 . Bank Loans Payable The Company maintained three uncommitted lines of credit as of March 31, 2020 . 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 $150.0 million limit and allows for both collateralized and uncollateralized borrowings. There were no balances outstanding as of March 31, 2020 or December 31, 2019 . Letters of Credit As of March 31, 2020 , the Company had $3.7 million of irrevocable letters of credit, with an applicable interest rate margin of 1.25%

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Operating Leases	Leases 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 2 years to 16 years, some of which include options to extend the lease for up to 20 years. For leases with renewal options, the lease term is extended to reflect renewal options the Company is reasonably certain to exercise. Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term. Finance lease assets are included in fixed assets in the unaudited condensed consolidated statements of financial condition and at March 31, 2020 were $106.1 million . The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost $ 4,417 $ 4,302 Finance lease cost: Amortization of right-of-use assets $ 1,285 $ 1,164 Interest on lease liabilities 2,103 2,092 Total finance lease cost $ 3,388 $ 3,256 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,000 $ 4,669 Operating cash flows from finance leases $ 2,103 $ 2,092 Financing cash flows from finance leases $ 997 $ 846 Supplemental weighted-average information related to leases was as follows: March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Finance leases 26.0 26.2 Operating leases 8.8 9.1 Weighted-average discount rate: Finance leases 7.77 % 7.75 % Operating leases 7.15 % 7.27 % Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2020 - remainder $ 15,637 $ 6,490 2021 21,309 9,735 2022 21,840 8,802 2023 21,462 8,576 2024 21,241 8,727 Thereafter 94,566 233,639 Total lease payments 196,055 275,969 Less imputed interest 53,133 168,373 Total $ 142,922 $ 107,596
Finance Leases	Leases 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 2 years to 16 years, some of which include options to extend the lease for up to 20 years. For leases with renewal options, the lease term is extended to reflect renewal options the Company is reasonably certain to exercise. Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. Lease expense for net present value of payments is recognized on a straight-line basis over the lease term. Finance lease assets are included in fixed assets in the unaudited condensed consolidated statements of financial condition and at March 31, 2020 were $106.1 million . The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost $ 4,417 $ 4,302 Finance lease cost: Amortization of right-of-use assets $ 1,285 $ 1,164 Interest on lease liabilities 2,103 2,092 Total finance lease cost $ 3,388 $ 3,256 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,000 $ 4,669 Operating cash flows from finance leases $ 2,103 $ 2,092 Financing cash flows from finance leases $ 997 $ 846 Supplemental weighted-average information related to leases was as follows: March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Finance leases 26.0 26.2 Operating leases 8.8 9.1 Weighted-average discount rate: Finance leases 7.77 % 7.75 % Operating leases 7.15 % 7.27 % Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2020 - remainder $ 15,637 $ 6,490 2021 21,309 9,735 2022 21,840 8,802 2023 21,462 8,576 2024 21,241 8,727 Thereafter 94,566 233,639 Total lease payments 196,055 275,969 Less imputed interest 53,133 168,373 Total $ 142,922 $ 107,596

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 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 March 31, 2020 . 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 that related to the Company’s historical compliance with certain state “blue sky” laws and resulted in aggregate fines of approximately $26.4 million , all of which were covered by the Captive Insurance Subsidiary’s loss reserves. 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, each of which has been completed. The Company also agreed to offer customers remediation in the form of reimbursement for any actual losses, plus interest. As of the date of this Quarterly Report on Form 10-Q, customer remediation is substantially complete and the cost is not expected to be material. Third-Party Insurance The Company maintains third-party insurance coverage for certain potential legal proceedings, including those involving certain client claims. With respect to such client claims, the estimated losses on many of the pending matters are less than the applicable deductibles of the insurance policies. Self-Insurance The Company has self-insurance for certain potential liabilities through the Captive Insurance Subsidiary. Liabilities associated with the risks that are retained by the Company are not discounted and are estimated by considering, in part, historical claims experience, severity factors, and other actuarial assumptions. The estimated accruals for these potential liabilities could be significantly affected if future occurrences and claims differ from such assumptions and historical trends, so there are particular complexities and uncertainties involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured. As of March 31, 2020 , these self-insurance liabilities are included in accounts payable and accrued liabilities in the unaudited condensed consolidated statements of financial condition. Self-insurance related charges are included in other expenses in the unaudited condensed consolidated statements of income for the three months ended March 31, 2020 . Other Commitments As of March 31, 2020 , the Company had approximately $276.4 million of client margin loans that were collateralized with securities having a fair value of approximately $386.9 million that it can repledge, loan, or sell. Of these securities, approximately $60.7 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of March 31, 2020 , there were no restrictions that materially limited the Company’s ability to repledge, loan, or sell the remaining $326.2 million of client collateral. Trading securities on the unaudited condensed consolidated statements of financial condition includes $5.5 million pledged to the Options Clearing Corporation at both March 31, 2020 and December 31, 2019 , and $15.0 million pledged to the National Securities Clearing Corporation at both March 31, 2020 and December 31, 2019 .

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
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 indentures. 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): 2020 2019 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 19.7 $ 0.25 $ 21.1 Share Repurchases The Company engages in share repurchase programs, which are approved by the Board of Directors, pursuant to which the Company may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the unaudited condensed consolidated statements of financial condition. As of March 31, 2020 , the Company was authorized to purchase up to an additional $349.8 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): 2020 Total Number of Shares Purchased Weighted-Average Price Paid Per Share Total Cost (1) First quarter 1,809,553 $ 82.91 $ 150.0 _______________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02 per share.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , the 2010 Plan had 20,055,945 shares authorized for grant and 3,822,808 shares remaining available for future issuance. Stock Options and Warrants The following table summarizes the Company’s stock option and warrant activity as of and for the three months ended March 31, 2020 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2019 2,705,241 $ 43.81 Granted — $ — Exercised (226,913 ) $ 30.61 Forfeited and Expired (19,629 ) $ 68.52 Outstanding — March 31, 2020 2,458,699 $ 44.83 5.76 $ 36,384 Exercisable — March 31, 2020 2,084,055 $ 39.64 5.25 $ 36,384 Exercisable and expected to vest — March 31, 2020 2,430,980 $ 44.49 5.72 $ 36,384 The following table summarizes information about outstanding stock options and warrants as of March 31, 2020 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $19.85 - $25.00 470,784 $ 20.01 5.92 470,784 $ 20.01 $25.01 - $35.00 505,012 $ 30.84 2.01 505,012 $ 30.84 $35.01 - $45.00 435,862 $ 39.61 6.72 435,862 $ 39.61 $45.01 - $65.00 319,107 $ 48.89 4.54 319,107 $ 48.89 $65.01 - $75.00 340,141 $ 65.54 7.58 219,901 $ 65.50 $75.01 - $80.00 387,793 $ 77.53 8.76 133,389 $ 77.53 2,458,699 $ 44.83 5.76 2,084,055 $ 39.64 The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $1.4 million and $3.0 million during the three months ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $6.1 million , which is expected to be recognized over a weighted-average period of 1.65 years. Restricted Stock and Stock Units The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the three months ended March 31, 2020 : Restricted Stock Awards Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Number of Units Weighted-Average Grant-Date Fair Value Outstanding — December 31, 2019 8,296 $ 81.99 792,185 $ 66.28 Granted — $ — 439,421 $ 77.41 Vested — $ — (314,623 ) $ 53.58 Forfeited — $ — (10,551 ) $ 71.51 Nonvested — March 31, 2020 8,296 $ 81.99 906,432 (1) $ 76.02 Expected to vest — March 31, 2020 8,296 $ 81.99 795,723 $ 77.68 _______________________________ (1) Includes 50,984 vested and undistributed deferred stock units. 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 $6.7 million and $4.6 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the three months ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , total unrecognized compensation cost for restricted stock awards and stock units was $45.7 million , which is expected to be recognized over a weighted-average remaining period of 2.42 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $0.7 million and $1.0 million related to the vesting of these awards during the three months ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $3.7 million , which is expected to be recognized over a weighted-average remaining period of 1.96 years.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Net income $ 155,641 $ 155,398 Basic weighted-average number of shares outstanding 79,507 84,487 Dilutive common share equivalents 1,659 2,255 Diluted weighted-average number of shares outstanding 81,166 86,742 Basic earnings per share $ 1.96 $ 1.84 Diluted earnings per share $ 1.92 $ 1.79 The computation of diluted earnings per share excludes stock options, warrants, and stock units that are anti-dilutive. For the three months ended March 31, 2020 and 2019 , stock options, warrants, and stock units representing common share equivalents of 390,014 shares and 465,252

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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 25.0% and 23.7% for the three months ended March 31, 2020 and 2019 , 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	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the ordinary course of business, the Company has related party transactions with a beneficial owner 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 $1.1 million and $0.9 million during the three months ended March 31, 2020 and 2019 , respectively. The Company incurred expenses for the services provided by these related parties of $0.5 million and $0.4 million during the three months ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 and 2019 , receivables and payables to related parties were not material.

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	3 Months Ended
	Mar. 31, 2020
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 the Financial Industry Regulatory Authority to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and, as of March 31, 2020 , had net capital of $125.1 million with a minimum net capital requirement of $8.5 million . The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on PTC’s operations. As of March 31, 2020 and December 31, 2019 , 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	3 Months Ended
	Mar. 31, 2020
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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. 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, 2019 , contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). See below for significant accounting polices updated on January 1, 2020. 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, 2019 .
Receivable From and Payables to Clients	Receivables from and Payables to Clients Receivables from clients include amounts due on cash and margin transactions. The Company extends credit to clients of its advisors to finance their purchases of securities on margin and receives income from interest charged on such extensions of credit. Payables to clients represent credit balances in client accounts arising from deposits of funds, proceeds from sales of securities, and dividend and interest payments received on securities held in client accounts at LPL Financial. The Company pays interest on certain client payable balances. Receivables from clients are generally fully secured by securities held in the clients’ accounts. To the extent that margin loans and other receivables from clients are not fully collateralized by client securities, management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the client or the client’s advisor and the Company’s historical experience in collecting on such transactions.
Advisor Loans	Advisor Loans The Company periodically extends credit to its advisors in the form of recruiting loans, commission advances, and other loans. The decision to extend credit to an advisor is generally based on the advisor’s credit history and their ability to generate future commissions. Loans made in connection with recruiting can be either repayable or forgivable over terms generally up to ten years provided that the advisor remains licensed through LPL Financial. Forgivable loans are not repaid in cash and are amortized over the term of the loan. If an advisor terminates their arrangement with the Company prior to the loan maturity date, the remaining balance becomes repayable immediately. An allowance for uncollectible amounts is recorded at the inception of repayable loans and upon advisor termination for forgivable loans using estimates and assumptions based on historical lifetime loss experience and expectations of future loss rates based on current facts. Advisor repayable loans totaled $109.8 million and advisor forgivable loans that have become repayable upon advisor termination totaled $2.9 million as of March 31, 2020. Included in the table below is a $1.4 million
Receivables from Others	Receivables from Others Receivables from others primarily consists of accrued fees from product sponsors and amounts due from advisors. An allowance for uncollectible amounts is recorded at inception using estimates and assumptions based on historical experience, current facts and other factors. Management monitors the adequacy of these estimates through periodic evaluations against actual trends experienced.
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 March 31, 2020 , the carrying amount and fair value of the Company’s indebtedness was approximately $2,483.3 million and $2,357.1 million , respectively. As of December 31, 2019 , the carrying amount and fair value was approximately $2,415.0 million and $2,476.0 million , respectively.
Recently Issued & Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , 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. ASU 2016-13 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 adopted the provisions of this guidance on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption had no material impact on the Company’s recognition of credit losses. 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. The Company adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the accounting for costs to implement a cloud computing arrangement that is a service with the guidance on capitalizing costs for developing or obtaining internal-use software. The Company prospectively adopted the provisions of this guidance on January 1, 2020. The adoption had no material impact on the Company’s unaudited condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables from clients [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowances for uncollectible amounts due from clients/advisor loans/other	The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from clients (in thousands): March 31, 2020 Beginning balance — January 1 $ 115 Impact of CECL adoption — Provision for bad debts 261 Charge-offs, net of recoveries — Ending balance — March 31 $ 376
Advisor Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowances for uncollectible amounts due from clients/advisor loans/other	The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts for advisor loans (in thousands): March 31, 2020 Beginning balance — January 1 $ 3,974 Impact of CECL adoption 6,227 Provision for bad debts 1,225 Charge-offs, net of recoveries (4,853 ) Ending balance — March 31 $ 6,573
Receivables from others [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowances for uncollectible amounts due from clients/advisor loans/other	The following schedule reflects the Company’s activity in providing for an allowance for uncollectible amounts due from others (in thousands): March 31, 2020 Beginning balance — January 1 $ 10,292 Impact of CECL adoption 3,617 Provision for bad debts 1,205 Charge-offs, net of recoveries (11,404 ) Ending balance — March 31 $ 3,710

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue - Reporting Category [Table Text Block]	The following table presents total commission revenue disaggregated by investment product category (in thousands): Three Months Ended March 31, 2020 2019 Commission revenue Annuities $ 245,662 $ 247,453 Mutual funds 156,156 140,662 Fixed income 29,125 24,195 Equities 37,421 18,364 Other 35,080 30,685 Total commission revenue $ 503,444 $ 461,359
Disaggregation of Revenue - Reporting Category & Timing of Transfer of Good or Service [Table Text Block]	The following table presents sales-based and trailing commission revenues disaggregated by product category (in thousands): Three Months Ended March 31, 2020 2019 Commission revenue Sales-based Annuities $ 92,525 $ 95,615 Mutual funds 45,534 34,631 Fixed income 29,125 24,195 Equities 37,421 18,364 Other 23,786 18,194 Total sales-based revenue $ 228,391 $ 190,999 Trailing Annuities $ 153,137 $ 151,838 Mutual funds 110,622 106,031 Other 11,294 12,491 Total trailing revenue $ 275,053 $ 270,360 Total commission revenue $ 503,444 $ 461,359
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 March 31, 2020 2019 Asset-based revenue Client cash $ 151,398 $ 173,139 Sponsorship programs 64,449 62,084 Recordkeeping 69,659 61,140 Total asset-based revenue $ 285,506 $ 296,363
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 March 31, 2020 2019 Transaction and fee revenue Point-in-time (1) $ 65,638 $ 54,681 Over time (2) 71,458 67,799 Total transaction and fee revenue $ 137,096 $ 122,480 _______________________________ (1) Transaction and fee revenue recognized point-in-time includes revenue such as transaction fees, IRA termination fees, and technology fees. (2) Transaction and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and technology fees.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 4,920 $ — $ — $ 4,920 Securities owned — trading: Money market funds 112 — — 112 Mutual funds 7,383 — — 7,383 Equity securities 468 — — 468 Debt securities — 149 — 149 U.S. treasury obligations 20,489 — — 20,489 Certificates of deposit 598 — — 598 Total securities owned — trading 29,050 149 — 29,199 Other assets 228,121 9,393 — 237,514 Total assets at fair value $ 262,091 $ 9,542 $ — $ 271,633 Liabilities Securities sold, but not yet purchased: Equity securities $ 272 $ — $ — $ 272 Debt securities — 23 — 23 Total securities sold, but not yet purchased 272 23 — 295 Total liabilities at fair value $ 272 $ 23 $ — $ 295 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 17,426 $ — $ — $ 17,426 Securities owned — trading: Money market funds 92 — — 92 Mutual funds 25,202 — — 25,202 Equity securities 556 — — 556 Debt securities — 151 — 151 U.S. treasury obligations 20,446 — — 20,446 Total securities owned — trading 46,296 151 — 46,447 Other assets 267,740 10,393 — 278,133 Total assets at fair value $ 331,462 $ 10,544 $ — $ 342,006 Liabilities Securities sold, but not yet purchased: Equity securities $ 153 $ — $ — $ 153 Debt securities — 23 — 23 Total securities sold, but not yet purchased 153 23 — 176 Accounts payable and accrued liabilities — — 10,000 10,000 Total liabilities at fair value $ 153 $ 23 $ 10,000 $ 10,176

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	3 Months Ended
	Mar. 31, 2020
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, and fair value of securities held-to-maturity were as follows (in thousands): March 31, December 31, Amortized cost $ 14,361 $ 11,806 Gross unrealized gain 300 83 Fair value $ 14,661 $ 11,889
Maturities of securities held-to-maturity	At March 31, 2020 , 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 $ 5,079 $ 9,282 $ — $ 14,361 U.S. government notes — at fair value $ 5,143 $ 9,518 $ — $ 14,661

Outstanding Borrowings (Tables)

Outstanding Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Outstanding borrowings	The Company’s outstanding borrowings were as follows (dollars in thousands): March 31, 2020 December 31, 2019 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Senior Secured Term Loan B (1) $ 1,067,325 LIBOR+175 bps 2.71 % $ 1,070,000 LIBOR+175 bps 3.54 % 11/12/2026 Senior Unsecured Notes (1)(2) 900,000 Fixed Rate 5.75 % 900,000 Fixed Rate 5.75 % 9/15/2025 Senior Unsecured Notes (1)(3) 400,000 Fixed Rate 4.63 % 400,000 Fixed Rate 4.63 % 11/15/2027 Total long-term borrowings 2,367,325 2,370,000 Plus: Unamortized Premium 8,208 8,583 Less: Unamortized Debt Issuance Cost (23,814 ) (24,765 ) Net Carrying Value $ 2,351,719 $ 2,353,818 Other Borrowings Revolving Credit Facility (4) $ 66,000 ABR+25bps 3.50 % $ 45,000 ABR+25bps 5.00 % 11/12/2024 Broker-Dealer Revolving Credit Facility (5) 50,000 FFR+125bps 2.25 % — FFR+125bps — 7/31/2024 Total borrowings $ 2,467,719 $ 2,398,818 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) The 2025 Notes were issued in two separate transactions; $500.0 million in original notes were issued in March 2017 at par and $400.0 million in additional notes were issued in September 2017 and priced at 103.0% of the aggregate principal amount. (3) The 2027 Notes were issued in November 2019 at par. (4) The alternate base rate (ABR) was the PRIME rate, and reflects the interest rate incurred on the senior secured revolving credit facility on the outstanding balances as of March 31, 2020 and December 31, 2019. (5) The federal funds rate (FFR) was the interest rate incurred on the committed, unsecured revolving credit facility held at LPL Financial on the outstanding balance as of March 31, 2020.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost $ 4,417 $ 4,302 Finance lease cost: Amortization of right-of-use assets $ 1,285 $ 1,164 Interest on lease liabilities 2,103 2,092 Total finance lease cost $ 3,388 $ 3,256
Schedule of Supplemental Cash Flow information related to leases	Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,000 $ 4,669 Operating cash flows from finance leases $ 2,103 $ 2,092 Financing cash flows from finance leases $ 997 $ 846
Schedule of Supplemental weighted-average information related to leases	Supplemental weighted-average information related to leases was as follows: March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Finance leases 26.0 26.2 Operating leases 8.8 9.1 Weighted-average discount rate: Finance leases 7.77 % 7.75 % Operating leases 7.15 % 7.27 %
Schedule of Maturities of Lease Liabilities - Operating Leases	Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2020 - remainder $ 15,637 $ 6,490 2021 21,309 9,735 2022 21,840 8,802 2023 21,462 8,576 2024 21,241 8,727 Thereafter 94,566 233,639 Total lease payments 196,055 275,969 Less imputed interest 53,133 168,373 Total $ 142,922 $ 107,596
Schedule of Maturities of Lease Liabilities - Finance Leases	Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases 2020 - remainder $ 15,637 $ 6,490 2021 21,309 9,735 2022 21,840 8,802 2023 21,462 8,576 2024 21,241 8,727 Thereafter 94,566 233,639 Total lease payments 196,055 275,969 Less imputed interest 53,133 168,373 Total $ 142,922 $ 107,596

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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): 2020 2019 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 19.7 $ 0.25 $ 21.1
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): 2020 Total Number of Shares Purchased Weighted-Average Price Paid Per Share Total Cost (1) First quarter 1,809,553 $ 82.91 $ 150.0 _______________________________ (1) Included in the total cost of shares purchased is a commission fee of $0.02 per share.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity as of and for the three months ended March 31, 2020 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding — December 31, 2019 2,705,241 $ 43.81 Granted — $ — Exercised (226,913 ) $ 30.61 Forfeited and Expired (19,629 ) $ 68.52 Outstanding — March 31, 2020 2,458,699 $ 44.83 5.76 $ 36,384 Exercisable — March 31, 2020 2,084,055 $ 39.64 5.25 $ 36,384 Exercisable and expected to vest — March 31, 2020 2,430,980 $ 44.49 5.72 $ 36,384
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants as of March 31, 2020 : Outstanding Exercisable Range of Exercise Prices Number of Shares Weighted- Average Exercise Price Weighted-Average Number of Shares Weighted- Average Exercise Price $19.85 - $25.00 470,784 $ 20.01 5.92 470,784 $ 20.01 $25.01 - $35.00 505,012 $ 30.84 2.01 505,012 $ 30.84 $35.01 - $45.00 435,862 $ 39.61 6.72 435,862 $ 39.61 $45.01 - $65.00 319,107 $ 48.89 4.54 319,107 $ 48.89 $65.01 - $75.00 340,141 $ 65.54 7.58 219,901 $ 65.50 $75.01 - $80.00 387,793 $ 77.53 8.76 133,389 $ 77.53 2,458,699 $ 44.83 5.76 2,084,055 $ 39.64
Summary of restricted stock awards and restricted stock units activity	The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units, and performance stock units, for the three months ended March 31, 2020 : Restricted Stock Awards Stock Units Number of Shares Weighted-Average Grant-Date Fair Value Number of Units Weighted-Average Grant-Date Fair Value Outstanding — December 31, 2019 8,296 $ 81.99 792,185 $ 66.28 Granted — $ — 439,421 $ 77.41 Vested — $ — (314,623 ) $ 53.58 Forfeited — $ — (10,551 ) $ 71.51 Nonvested — March 31, 2020 8,296 $ 81.99 906,432 (1) $ 76.02 Expected to vest — March 31, 2020 8,296 $ 81.99 795,723 $ 77.68 _______________________________ (1) Includes 50,984 vested and undistributed deferred stock units.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and diluted earnings per share computations	The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Net income $ 155,641 $ 155,398 Basic weighted-average number of shares outstanding 79,507 84,487 Dilutive common share equivalents 1,659 2,255 Diluted weighted-average number of shares outstanding 81,166 86,742 Basic earnings per share $ 1.96 $ 1.84 Diluted earnings per share $ 1.92 $ 1.79

Organization and Description _2

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details)	3 Months Ended
	Mar. 31, 2020
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_4

Summary of Significant Accounting Policies Receivables From and Payables to Clients (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for bad debts, net of recoveries	$ 2,691	$ 3,249
Receivables from clients [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	115
Cumulative Effect on Allowances for Credit Loss	0
Provision for bad debts, net of recoveries	261
Charge-offs, net of recoveries	0
Ending balance	$ 376

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Receivables from Advisor (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advisor Loans Term, Maximum	10 years
Advisor Repayable Loan	$ 109,800
Provision for bad debts, net of recoveries	2,691	$ 3,249
Repayable Advisor Forgivable Loans	2,900
Allowance for Advisor Forgivable Loans	(1,400)
Advisor Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance - January 1	3,974
Cumulative Effect on Allowances for Credit Loss	6,227
Provision for bad debts, net of recoveries	1,225
Charge-offs, net of recoveries	(4,853)
Ending balance	$ 6,573

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Receivables From Others (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts, net of recoveries	$ 2,691	$ 3,249
Receivables from others [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance - January 1	10,292
Cumulative Effect on Allowances for Credit Loss	3,617
Provision for bad debts, net of recoveries	1,205
Charge-offs, net of recoveries	(11,404)
Ending balance	$ 3,710

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total borrowings	$ 2,483.3	$ 2,415
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	$ 2,357.1	$ 2,476

Revenue Commission Revenue Disa

Revenue Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 503,444	$ 461,359
Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	245,662
Variable Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue		247,453
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	156,156	140,662
Equities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	37,421	18,364
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	29,125	24,195
Other [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 35,080	$ 30,685

Revenue Commission Revenue Di_2

Revenue Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 503,444	$ 461,359
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	228,391	190,999
Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	275,053	270,360
Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	245,662
Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	92,525
Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	153,137
Variable Annuities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue		247,453
Variable Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue		95,615
Variable Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue		151,838
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	156,156	140,662
Mutual Funds [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	45,534	34,631
Mutual Funds [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	110,622	106,031
Equities [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	37,421	18,364
Equities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	37,421	18,364
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	29,125	24,195
Fixed Income [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	29,125	24,195
Other [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	35,080	30,685
Other [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	23,786	18,194
Other [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Brokerage Commissions Revenue	$ 11,294	$ 12,491

Revenue Asset-based Revenue dis

Revenue Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 285,506	$ 296,363
Client Cash Revenue [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	151,398	173,139
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	64,449	62,084
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 69,659	$ 61,140

Revenue Transaction and Fee Rev

Revenue Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 137,096	$ 122,480
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	65,638	54,681
Over time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 71,458	$ 67,799

Revenue Unearned Revenue Recogn

Revenue Unearned Revenue Recognized (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Unearned Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 78.5

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Aug. 01, 2019	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Jan. 31, 2020
Business Acquisition [Line Items]
Payment for Contingent Consideration Liability, Financing Activities		$ 10,000		$ 0
Allen & Company of Florida LLC [Domain]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Aug. 1, 2019
Payments to Acquire Businesses, Net of Cash Acquired			$ 24,900
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High					$ 10,000
Payment for Contingent Consideration Liability, Financing Activities		$ 10,000

Fair Value Measurements Financi

Fair Value Measurements Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 29,199	$ 46,447
Securities sold, but not yet purchased	295	176
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,920	17,426
Securities owned — trading	29,199	46,447
Other assets	237,514	278,133
Total assets at fair value	271,633	342,006
Securities sold, but not yet purchased	295	176
Accounts payable and accrued liabilities		10,000
Total liabilities at fair value	295	10,176
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	4,920	17,426
Securities owned — trading	29,050	46,296
Other assets	228,121	267,740
Total assets at fair value	262,091	331,462
Securities sold, but not yet purchased	272	153
Accounts payable and accrued liabilities		0
Total liabilities at fair value	272	153
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	149	151
Other assets	9,393	10,393
Total assets at fair value	9,542	10,544
Securities sold, but not yet purchased	23	23
Accounts payable and accrued liabilities		0
Total liabilities at fair value	23	23
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
Accounts payable and accrued liabilities		10,000
Total liabilities at fair value	0	10,000
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	272	153
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	272	153
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	23	23
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	23	23
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	112	92
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	112	92
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	7,383	25,202
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	7,383	25,202
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	468	556
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	468	556
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	149	151
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	149	151
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	20,489	20,446
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	20,489	20,446
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
Certificates of Deposit [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	598
Certificates of Deposit [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	598
Certificates of Deposit [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
Certificates of Deposit [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

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 14,361	$ 11,806
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	14,361	11,806
Gross unrealized gain	300	83
U.S. government notes - at fair value, Total	$ 14,661	$ 11,889

Held-to-Maturity Securities (_2

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 14,361	$ 11,806
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	5,079
U.S. government notes - at amortized cost, After one but within five years	9,282
U.S. government notes - at amortized cost, After five through ten years	0
U.S. government notes - at amortized cost, Total	14,361	11,806
U.S. government notes - at fair value, Within one year	5,143
U.S. government notes - at fair value, After one but within five years	9,518
U.S. government notes - at fair value, After five through ten years	0
U.S. government notes - at fair value, Total	$ 14,661	$ 11,889

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets Goodwill (Details) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,503,648
Goodwill, ending balance	$ 1,503,648

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets Intangible Assets (Components) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Accumulated Amortization	$ (561,223)	$ (544,653)
Indefinite-lived Intangible Assets
Total intangible assets	$ 423,341	$ 439,838

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Details Textures) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense of intangible assets	$ 16,570	$ 16,168

Borrowings (Credit Agreement Ou

Borrowings (Credit Agreement Outstanding) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2020
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 2,370,000		$ 2,367,325
Debt Instrument, Unamortized Premium		8,583		8,208
Less Unamortized Debt Issuance Cost		(24,765)		(23,814)
Long-Term Senior Debt, Net		2,353,818		2,351,719
RevolvingCreditFacilityLPLH		45,000		66,000
RevolvingCreditFacilityLPLF		0		50,000
Long-term and other borrowings, net		2,398,818		2,467,719
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 1,070,000		1,067,325
Applicable interest rate margin (as percent)	1.75%	1.75%
Variable Interest Rate (as percent)	2.71%	3.54%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 900,000		900,000
Fixed Interest Rate (as percent)	5.75%	5.75%
Unsecured Debt [Member] | Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross		$ 400,000		$ 400,000
Fixed Interest Rate (as percent)	4.63%	4.63%	4.625%
Revolving Credit Facility [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)	0.25%	0.25%
Variable Interest Rate (as percent)	3.50%	5.00%
LPL Financial LLC [Domain] | Revolving Credit Facility [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)	1.25%	1.25%
Variable Interest Rate (as percent)	2.25%	0.00%

Borrowings (Credit Agreement Te

Borrowings (Credit Agreement Textuals) (Details) - USD ($) $ in Millions	Nov. 12, 2019	Jul. 31, 2019	Sep. 21, 2017	Mar. 10, 2017	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2020
Borrowings [Line Items]
Long-term Debt, Gross						$ 2,415		$ 2,483.3
Debt Issuance Costs, Gross	$ 13.5
Gain (Loss) on Extinguishment of Debt	$ 3.2
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt term	5 years
Debt Instrument, Basis Spread on Variable Rate					0.25%	0.25%
Line of credit, maximum borrowing capacity	$ 750		$ 500
Revolving Credit Facility [Member] | LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt term		5 years
Debt Instrument, Basis Spread on Variable Rate					1.25%	1.25%
Line of credit, maximum borrowing capacity		$ 300
Revolving Credit Facility [Member] | Minimum [Member] | LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.125%
Revolving Credit Facility [Member] | Maximum [Member] | LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.375%
Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Minimum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.25%
Revolving Credit Facility [Member] | Eurodollar Rate [Member] | Maximum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.75%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.75%
Revolving Credit Facility [Member] | Prime Rate [Member]
Borrowings [Line Items]
Debt Instrument, Description of Variable Rate Basis					Prime Rate
Revolving Credit Facility [Member] | Federal Funds Rate [Domain] | LPL Financial LLC [Domain]
Borrowings [Line Items]
Debt Instrument, Description of Variable Rate Basis					Federal Fund Rate (FFR)
Line of Credit [Member]
Borrowings [Line Items]
Line of credit, maximum borrowing capacity								$ 150
Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Debt term	8 years
Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Debt term	7 years
Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Debt term			8 years
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.75%	1.75%
Long-term Debt, Gross	$ 1,070
Amortization payment (as percent)				0.25%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Eurodollar Rate [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.75%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Borrowings [Line Items]
Debt Instrument, Description of Variable Rate Basis					London Interbank Offered Rate (LIBOR)
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | Base Rate [Member]
Borrowings [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.75%
Unsecured Debt [Member] | Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Long-term Debt, Gross	$ 400
Fixed Interest Rate (as percent)					4.63%	4.63%	4.625%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-term Debt, Gross				$ 500
Fixed Interest Rate (as percent)					5.75%	5.75%
Unsecured Debt [Member] | Additional Senior Unsecured Notes due 2025 [Member]
Borrowings [Line Items]
Long-term Debt, Gross			$ 400
Debt Instrument, Redemption Price, Percentage			103.00%

Borrowings Broker-Dealer Revolv

Borrowings Broker-Dealer Revolving Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Nov. 12, 2019	Jul. 31, 2019	Sep. 21, 2017
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%	0.25%
Line of credit, maximum borrowing capacity			$ 750		$ 500
LPL Financial LLC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%	1.25%
Line of credit, maximum borrowing capacity				$ 300
Debt Issuance Costs, Line of Credit Arrangements, Gross				$ 1.5
Minimum [Member] | LPL Financial LLC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.125%
Maximum [Member] | LPL Financial LLC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.375%

Borrowings Line of Credit (Bank

Borrowings Line of Credit (Bank Loans Payable Textuals) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
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 [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 150,000,000
Line of credit, amount outstanding	$ 0

Borrowings Letters of Credit (D

Borrowings Letters of Credit (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%	0.25%
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	$ 3.7
Debt Instrument, Basis Spread on Variable Rate	1.25%

Leases Narrative (Details)

Leases Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Minimum [Member]
Lease Description [Line Items]
Remaining lease terms (in years)	2 years
Maximum [Member]
Lease Description [Line Items]
Remaining lease terms (in years)	16 years
Options to extend leases (in years)	20 years
Fixed Assets
Lease Description [Line Items]
Finance lease assets	$ 106.1

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease Cost
Operating lease cost	$ 4,417	$ 4,302
Amortization of right-of-use assets	1,285	1,164
Interest on lease liabilities	2,103	2,092
Total finance lease cost	$ 3,388	$ 3,256

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating Lease, Payments	$ 5,000	$ 4,669
Finance Lease, Interest Payment on Liability	2,103	2,092
Finance Lease, Principal Payments	$ 997	$ 846

Leases Supplemental Weighted-Av

Leases Supplemental Weighted-Average Information Related to Leases (Details)	Mar. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	26 years	26 years 2 months 12 days
Operating Lease, Weighted Average Remaining Lease Term	8 years 9 months 18 days	9 years 1 month 6 days
Weighted Average Discount Rate [Abstract]
Finance Lease, Weighted Average Discount Rate, Percent	7.77%	7.75%
Operating Lease, Weighted Average Discount Rate, Percent	7.15%	7.27%

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
Remainder of Fiscal Year	$ 15,637
Due Year Two	21,309
Due Year Three	21,840
Due Year Four	21,462
Due Year Five	21,241
Thereafter	94,566
Total lease payments	196,055
Less imputed interest	53,133
Operating lease liabilities	142,922	$ 141,900
Finance Leases
Remainder of Fiscal Year	6,490
Due Year Two	9,735
Due Year Three	8,802
Due Year Four	8,576
Due Year Five	8,727
Thereafter	233,639
Total lease payments	275,969
Less imputed interest	168,373
Finance lease liabilities	$ 107,596	$ 108,592

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Legal) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 26.4

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies (Other Commitments) (Details) $ in Millions	Mar. 31, 2020USD ($)
Brokers and Dealers [Abstract]
Collateral Securities Repledged, Delivered, or Used	$ 276.4
Collateral security	386.9
Amount pledged with client-owned securities	60.7
Remaining collateral securities that can be re-pledged, loaned, or sold	326.2
Options Clearing Corporation [Member]
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	5.5
National Securities Clearing Corporation [Member]
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	$ 15

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25
Total cash dividends paid during the quarter	$ 19,713	$ 21,079

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Amount Remaining	$ 349,800
Equity, Class of Treasury Stock [Line Items]
Shares Purchased	1,809,553
Weighted-Average Price Paid Per Share	$ 82.91
Total Cost	$ 150,036	$ 125,034
Commission Fee Paid Per Repurchased Share	$ 0.02

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based compensation:
Authorized shares	20,055,945
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	3,822,808
Employees, officers and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 6.7	$ 4.6
Share-based compensation cost unrecognized	$ 45.7
Non-vested compensation cost weighted-average period	2 years 5 months 1 day
Employees, officers and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense	$ 1.4	3
Share-based compensation cost unrecognized	$ 6.1
Non-vested compensation cost weighted-average period	1 year 7 months 24 days
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	$ 0.7	$ 1
Share-based compensation cost unrecognized	$ 3.7
Non-vested compensation cost weighted-average period	1 year 11 months 15 days

Share-Based Compensation Stock

Share-Based Compensation Stock Option and Warrant Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance | shares	2,458,699
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance | shares	2,705,241
Number of Shares, Granted | shares	0
Number of Shares, Exercised | shares	(226,913)
Number of Shares, Forfeited | shares	(19,629)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighed-Average Exercise Price, Beginning Balance | $ / shares	$ 43.81
Weighted-Average Exercise Price, Granted | $ / shares	0
Weighted-Average Exercise Price, Exercised | $ / shares	30.61
Weighted-Average Exercise Price, Forfeited | $ / shares	68.52
Weighed-Average Exercise Price, Ending Balance | $ / shares	$ 44.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance | shares	2,084,055
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 39.64
Weighted-Average Remaining Contractual Term, Options Exercisable	5 years 3 months
Aggregate Intrinsic Value, Exercisable, Ending Balance | $	$ 36,384
Weighted-Average Remaining Contractual Term, Options Outstanding	5 years 9 months 3 days
Aggregate Intrinsic Value, Outstanding, Ending Balance | $	$ 36,384
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest | shares	2,430,980
Weighed-Average Exercise Price, Excercisable and expect to vest | $ / shares	$ 44.49
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	5 years 8 months 19 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance | $	$ 36,384

Share-Based Compensation Outsta

Share-Based Compensation Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	2,458,699
Number of shares, Exercisable | shares	2,084,055
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	5 years 9 months 3 days
Weighted-average exercise price, Outstanding | $ / shares	$ 44.83
Weighted-average exercise price, Exercisable | $ / shares	$ 39.64
$19.85 - $25.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	470,784
Weighted-average remaining life (years), Outstanding	5 years 11 months 1 day
Weighted-average exercise price, Outstanding | $ / shares	$ 20.01
Number of shares, Exercisable | shares	470,784
Weighted-average exercise price, Exercisable | $ / shares	$ 20.01
$25.01 - $35.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	505,012
Weighted-average remaining life (years), Outstanding	2 years 3 days
Weighted-average exercise price, Outstanding | $ / shares	$ 30.84
Number of shares, Exercisable | shares	505,012
Weighted-average exercise price, Exercisable | $ / shares	$ 30.84
$35.01 - $45.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	435,862
Weighted-average remaining life (years), Outstanding	6 years 8 months 19 days
Weighted-average exercise price, Outstanding | $ / shares	$ 39.61
Number of shares, Exercisable | shares	435,862
Weighted-average exercise price, Exercisable | $ / shares	$ 39.61
$45.01 - $65.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	319,107
Weighted-average remaining life (years), Outstanding	4 years 6 months 14 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.89
Number of shares, Exercisable | shares	319,107
Weighted-average exercise price, Exercisable | $ / shares	$ 48.89
$65.01 - $75.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	340,141
Weighted-average remaining life (years), Outstanding	7 years 6 months 29 days
Weighted-average exercise price, Outstanding | $ / shares	$ 65.54
Number of shares, Exercisable | shares	219,901
Weighted-average exercise price, Exercisable | $ / shares	$ 65.50
$75.01 - $80.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	387,793
Weighted-average remaining life (years), Outstanding	8 years 9 months 3 days
Weighted-average exercise price, Outstanding | $ / shares	$ 77.53
Number of shares, Exercisable | shares	133,389
Weighted-average exercise price, Exercisable | $ / shares	$ 77.53

Restricted Stock Activity (Deta

Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock units vested and undistributed	50,984
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	8,296
Number of Shares, Granted	0
Number of Shares, Vested	0
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	8,296
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	8,296
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 81.99
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	0
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	81.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 81.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	8,296
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / 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	792,185
Number of Shares, Granted	439,421
Number of Shares, Vested	(314,623)
Number of Shares, Forfeited	(10,551)
Number of Shares, Ending Balance	906,432
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	795,723
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 66.28
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	77.41
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	53.58
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	71.51
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	76.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 77.68
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	795,723
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 77.68

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 155,641	$ 155,398
Basic weighted-average number of shares outstanding	79,507	84,487
Dilutive common share equivalents	1,659	2,255
Diluted weighted-average number of shares outstanding	81,166	86,742
Basic earnings per share	$ 1.96	$ 1.84
Diluted earnings per share	$ 1.92	$ 1.79

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	390,014	465,252

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%
Effective income tax rate	25.00%	23.70%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company	10.00%
Revenue from related party transactions	$ 1.1	$ 0.9
Related party transactions expenses	$ 0.5	$ 0.4

Net Capital and Regulatory Re_2

Net Capital and Regulatory Requirements (Details) $ in Millions	Mar. 31, 2020USD ($)
Net capital and net capital requirements for the Company's broker-dealer subsidiaries
Broker-Dealer, Net Capital	$ 125.1
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	$ 8.5