LPL Financial (LPLA) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2021	Oct. 26, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
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		80,147,365
Entity Central Index Key	0001397911
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES:
Advisory	$ 959,733	$ 586,941	$ 2,528,092	$ 1,689,338
Commission	610,384	472,643	1,765,846	1,403,540
Asset-based	301,701	253,551	846,027	786,124
Transaction and fee	140,362	119,747	418,406	376,321
Interest Income	7,365	6,623	20,797	22,705
Other	1,218	20,796	47,470	12,329
Total net revenues	2,020,763	1,460,301	5,626,638	4,290,357
EXPENSES:
Advisory and commission	1,366,832	936,766	3,748,933	2,667,408
Compensation and benefits	185,980	151,271	531,373	441,393
Promotional	96,012	57,970	214,542	159,908
Depreciation and amortization	38,409	27,548	110,612	81,082
Amortization of intangible assets	21,531	16,829	58,887	50,088
Occupancy and equipment	52,695	41,874	137,731	124,486
Professional services	16,722	12,301	54,847	40,526
Brokerage, clearing and exchange	22,828	17,834	65,651	53,423
Communications and data processing	17,824	12,547	44,747	37,743
Other	36,888	24,852	92,852	73,274
Total operating expenses	1,855,721	1,299,792	5,060,175	3,729,331
Non-operating interest expense and other	27,063	25,179	77,293	80,786
Loss on extinguishment of debt	0	0	24,400	0
INCOME BEFORE PROVISION FOR INCOME TAXES	137,979	135,330	464,770	480,240
PROVISION FOR INCOME TAXES	34,915	31,541	112,985	119,148
NET INCOME	$ 103,064	$ 103,789	$ 351,785	$ 361,092
EARNINGS PER SHARE (Note 12)
Earnings per share, basic	$ 1.29	$ 1.31	$ 4.40	$ 4.56
Earnings per share, diluted	$ 1.26	$ 1.29	$ 4.30	$ 4.48
Weighted-average shares outstanding, basic	80,182	79,176	79,981	79,207
Weighted-average shares outstanding, diluted	81,849	80,550	81,772	80,612

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 977,789	$ 808,612
Cash segregated under federal and other regulations	811,716	923,158
Restricted cash	85,381	67,264
Receivables from:
Clients, net of allowance of $800 at September 30, 2021 and $520 at December 31, 2020	592,170	405,106
Product sponsors, broker-dealers and clearing organizations	257,742	233,192
Advisor loans, net of allowance of $9,124 at September 30, 2021 and $6,763 at December 31, 2020	814,514	547,372
Others, net of allowance of $3,026 at September 30, 2021 and $3,101 at December 31, 2020	453,245	306,640
Securities owned:
Trading — at fair value	32,085	29,252
Held-to-maturity — at amortized cost	11,183	13,235
Securities borrowed	10,217	30,130
Fixed assets, net of accumulated depreciation and amortization of $598,921 at September 30, 2021 and $489,997 at December 31, 2020	624,529	582,868
Operating lease assets	96,716	101,921
Goodwill	1,641,238	1,513,866
Intangible assets, net of accumulated amortization of $670,898 at September 30, 2021 and $612,011 at December 31, 2020	470,989	397,486
Deferred Income Tax Assets, Net	24,489	24,112
Other assets	651,803	539,357
Total assets	7,555,806	6,523,571
LIABILITIES:
Drafts payable	190,451	178,403
Payables to clients	1,419,889	1,356,083
Payables to broker-dealers and clearing organizations	148,193	89,743
Accrued advisory and commission expenses payable	224,438	187,040
Accounts payable and accrued liabilities	815,632	681,554
Income taxes payable	8,082	28,145
Unearned revenue	168,331	95,328
Securities sold, but not yet purchased — at fair value	170	206
Long-term and other borrowings, net	2,725,691	2,345,414
Operating lease liabilities	132,394	139,377
Finance lease liabilities	106,146	107,424
Total liabilities	5,939,417	5,208,717
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 128,602,814 shares issued at September 30, 2021 and 127,585,764 shares issued at December 31, 2020	128	127
Additional paid-in capital	1,826,247	1,762,770
Treasury stock, at cost — 48,475,390 shares at September 30, 2021 and 48,115,037 shares at December 31, 2020	(2,447,933)	(2,391,062)
Retained earnings	2,237,947	1,943,019
Total stockholders' equity	1,616,389	1,314,854
Total liabilities and stockholders' equity	$ 7,555,806	$ 6,523,571

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accumulated depreciation and amortization, Fixed assets	$ 598,921	$ 489,997
Accumulated amortization, Intangible assets	$ 670,898	$ 612,011
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	128,602,814	127,585,764
Treasury stock, shares	48,475,390	48,115,037
Receivables from clients [Member]
Allowances on receivables	$ 800	$ 520
Receivables from others [Member]
Allowances on receivables	3,026	3,101
Advisor Loans [Member]
Allowances on receivables	$ 9,124	$ 6,763

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings
BEGINNING BALANCE at Dec. 31, 2019	$ 1,023,873	$ 126	$ 1,703,973	$ (2,234,793)	$ 1,554,567
BEGINNING BALANCE (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019						$ (7,317)	$ (7,317)
BEGINNING BALANCE, shares at Dec. 31, 2019		126,494,000		46,260,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	361,092				361,092
Issuance of common stock to settle restricted stock units, net	(8,909)			$ (8,909)
Issuance of common stock to settle restricted stock units, net, shares		401,000		128,000
Treasury stock purchases	(150,036)			$ (150,036)
Treasury stock purchases, shares				1,810,000
Cash dividends on common stock	(59,267)				(59,267)
Stock option exercises and other	22,194	$ 1	18,519	$ 2,289	1,385
Stock option exercises and other, shares		515,000		(63,000)
Share-based compensation	25,818		25,818
ENDING BALANCE at Sep. 30, 2020	1,207,448	$ 127	1,748,310	$ (2,391,449)	1,850,460
ENDING BALANCE, shares at Sep. 30, 2020		127,410,000		48,135,000
BEGINNING BALANCE at Jun. 30, 2020	1,107,506	$ 127	1,733,334	$ (2,391,961)	1,766,006
BEGINNING BALANCE, shares at Jun. 30, 2020		127,239,000		48,155,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	103,789				103,789
Issuance of common stock to settle restricted stock units, net	(372)			$ (372)
Issuance of common stock to settle restricted stock units, net, shares		11,000		4,000
Cash dividends on common stock	(19,809)				(19,809)
Stock option exercises and other	8,495		7,137	$ 884	474
Stock option exercises and other, shares		160,000		(24,000)
Share-based compensation	7,839		7,839
ENDING BALANCE at Sep. 30, 2020	1,207,448	$ 127	1,748,310	$ (2,391,449)	1,850,460
ENDING BALANCE, shares at Sep. 30, 2020		127,410,000		48,135,000
BEGINNING BALANCE at Dec. 31, 2020	1,314,854	$ 127	1,762,770	$ (2,391,062)	1,943,019
BEGINNING BALANCE, shares at Dec. 31, 2020		127,586,000		48,115,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	351,785				351,785
Issuance of common stock to settle restricted stock units, net	(18,905)			$ (18,905)
Issuance of common stock to settle restricted stock units, net, shares		386,000		139,000
Treasury stock purchases	(40,005)			$ (40,005)
Treasury stock purchases, shares				277,000
Cash dividends on common stock	(60,068)				(60,068)
Stock option exercises and other	34,765	$ 1	29,514	$ 2,039	3,211
Stock option exercises and other, shares		631,000		(56,000)
Share-based compensation	33,963		33,963
ENDING BALANCE at Sep. 30, 2021	1,616,389	$ 128	1,826,247	$ (2,447,933)	2,237,947
ENDING BALANCE, shares at Sep. 30, 2021		128,603,000		48,475,000
BEGINNING BALANCE at Jun. 30, 2021	1,554,912	$ 128	1,808,135	$ (2,407,035)	2,153,684
BEGINNING BALANCE, shares at Jun. 30, 2021		128,431,000		48,203,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, net of tax expense	103,064				103,064
Issuance of common stock to settle restricted stock units, net	(1,422)			$ (1,422)
Issuance of common stock to settle restricted stock units, net, shares		22,000		10,000
Treasury stock purchases	(40,000)			$ 40,005
Treasury stock purchases, shares				277,000
Cash dividends on common stock	(20,057)				(20,057)
Stock option exercises and other	9,651		7,866	$ 529	1,256
Stock option exercises and other, shares		150,000		(15,000)
Share-based compensation	10,246		10,246
ENDING BALANCE at Sep. 30, 2021	$ 1,616,389	$ 128	$ 1,826,247	$ (2,447,933)	$ 2,237,947
ENDING BALANCE, shares at Sep. 30, 2021		128,603,000		48,475,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75
Treasury stock purchased	$ 40,000		$ 40,005	$ 150,036

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 351,785	$ 361,092
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	110,612	81,082
Amortization of intangible assets	58,887	50,088
Amortization of debt issuance costs	4,242	4,040
Share-based compensation	33,963	25,818
Provision for bad debts	6,097	4,193
Deferred income taxes	(377)	(316)
Loss on extinguishment of debt	24,400	0
Loan forgiveness	98,241	84,678
Other	(6,746)	(8,860)
Changes in operating assets and liabilities:
Receivables from clients	(187,330)	9,571
Receivables from product sponsors, broker-dealers and clearing organizations	(24,058)	(27,854)
Advisor loans	(363,743)	(158,382)
Receivables from others	(140,222)	(11,470)
Securities owned	(1,881)	16,883
Securities borrowed	19,912	(5,826)
Operating leases	(1,778)	(1,419)
Other assets	(89,811)	(56,990)
Drafts payable	12,048	(41,720)
Payables to clients	63,771	94,141
Payables to broker-dealers and clearing organizations	58,449	(7,597)
Accrued advisory and commission expenses payable	31,831	948
Accounts payable and accrued liabilities	89,895	40,064
Income taxes receivable/payable	(20,062)	(5,510)
Unearned revenue	71,581	16,852
Securities sold, but not yet purchased	(36)	161
Net cash provided by operating activities	199,670	463,667
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(139,962)	(111,961)
Acquisitions, net of cash acquired	(241,604)	(18,899)
Purchase of securities classified as held-to-maturity	(1,741)	(5,082)
Proceeds from maturity of securities classified as held-to-maturity	3,750	3,850
Net cash used in investing activities	(379,557)	(132,092)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	695,000	1,271,000
Repayments of revolving credit facilities	(695,000)	(1,316,000)
Repayment of senior unsecured notes	(900,000)	0
Repayment of senior secured term loans	(8,025)	(8,025)
Proceeds from senior unsecured notes	1,300,000	0
Payments of debt issuance costs	(15,929)	0
Make-whole premium on redemption of senior unsecured notes	(25,875)	0
Payment of contingent consideration	(8,941)	(10,000)
Tax payments related to settlement of restricted stock units	(18,905)	(8,909)
Repurchase of common stock	(40,005)	(150,036)
Dividends on common stock	(60,068)	(59,267)
Proceeds from stock option exercises and other	34,765	22,194
Principal payment of finance leases and obligations	(1,278)	(1,095)
Net cash provided by (used in) financing activities	255,739	(260,138)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	75,852	71,437
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	1,799,034	1,471,778
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	1,874,886	1,543,215
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	77,672	89,719
Income taxes paid	133,425	125,110
Cash paid for amounts included in the measurement of operating lease liabilities	16,545	16,140
Cash paid for amounts included in the measurement of finance lease liabilities	7,520	7,412
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	22,727	16,466
Lease asset obtained in exchange for operating lease liabilities	$ 2,448	$ 3,447

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 977,789	$ 808,612	$ 800,799
Cash segregated under federal and other regulations	811,716	923,158	667,121
Restricted cash	85,381	67,264	75,295
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 1,874,886	$ 1,799,034	$ 1,543,215	$ 1,471,778

Organization and Description of

Organization and Description of the Company	9 Months Ended
	Sep. 30, 2021
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 objective financial advice and brokerage services to retail investors (their “clients”). The Company’s most significant, wholly owned subsidiaries are described below: • LPL Holdings, Inc. (“LPLH” or “Parent”), a Massachusetts holding corporation, is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding common stock of all of LPLFH’s indirect subsidiaries, including a captive insurance subsidiary (the “Captive Insurance Subsidiary”) that underwrites insurance for various legal and regulatory risks of the Company. • LPL Financial LLC (“LPL Financial”), with primary offices in San Diego, California; Fort Mill, South Carolina; Boston, Massachusetts; and Austin, Texas, 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. • LPL Insurance Associates, Inc. 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 and Blaze Portfolio Systems LLC (“Blaze”). AdvisoryWorld 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. Blaze offers a trading and rebalancing platform to both the Company’s advisors and external clients. • PTC Holdings, Inc. (“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. 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 (“OCC”). • 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	9 Months Ended
	Sep. 30, 2021
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 credit losses for receivables, 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 condensed 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 should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2020, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Recently Issued Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	REVENUE Commission The following table presents total commission revenues disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Commission revenues Annuities $ 314,134 $ 250,823 $ 900,010 $ 714,122 Mutual funds 201,120 146,788 569,958 436,744 Fixed income 30,092 16,731 97,116 64,319 Equities 28,943 30,283 98,371 95,689 Other 36,095 28,018 100,391 92,666 Total commission revenues $ 610,384 $ 472,643 $ 1,765,846 $ 1,403,540 The following table presents sales-based and trailing commission revenues disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Commission revenues Sales-based Annuities $ 108,983 $ 81,475 $ 317,141 $ 238,287 Mutual funds 46,934 33,871 144,463 109,121 Fixed income 30,092 16,731 97,116 64,319 Equities 28,943 30,283 98,371 95,689 Other 24,852 17,997 68,582 60,844 Total sales-based revenues $ 239,804 $ 180,357 $ 725,673 $ 568,260 Trailing Annuities $ 205,151 $ 169,348 $ 582,869 $ 475,835 Mutual funds 154,186 112,917 425,495 327,623 Other 11,243 10,021 31,809 31,822 Total trailing revenues $ 370,580 $ 292,286 $ 1,040,173 $ 835,280 Total commission revenues $ 610,384 $ 472,643 $ 1,765,846 $ 1,403,540 Asset-Based The following table sets forth asset-based revenues disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Asset-based revenues Client cash $ 91,257 $ 108,705 $ 278,738 $ 376,369 Sponsorship programs 101,426 70,641 279,116 198,975 Recordkeeping 109,018 74,205 288,173 210,780 Total asset-based revenues $ 301,701 $ 253,551 $ 846,027 $ 786,124 Transaction and Fee Transaction revenues primarily include fees the Company charges to advisors and their clients for executing certain transactions in brokerage and fee-based advisory accounts. Transaction revenues are recognized at the point-in-time that a transaction is executed, which is generally the trade date. Fee revenues may be generated from advisors or their clients. Fee revenues primarily include IRA custodian fees, contract and licensing fees, and other client account fees. The Company charges separate fees to Hybrid RIAs for technology, clearing, administrative, oversight and custody services. 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 revenues are 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 revenues disaggregated by recognition pattern (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Transaction and fee revenues Point-in-time (1) $ 63,269 $ 52,444 $ 190,608 $ 170,388 Over time (2) 77,093 67,303 227,798 205,933 Total transaction and fee revenues $ 140,362 $ 119,747 $ 418,406 $ 376,321 _______________________________ (1) Transaction and fee revenues recognized at a point-in-time include revenues such as transaction fees, IRA termination fees and technology fees. (2) Transaction and fee revenues recognized over time include revenues such as error and omission insurance fees, IRA custodian fees and technology fees. 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 nine months ended September 30, 2021 compared to 2020 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by $93.5 million of revenues recognized that were included in the unearned revenue balance as of December 31, 2020. 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	3 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On April 30, 2021, the Company acquired the wealth management business of Waddell & Reed Financial, Inc. for $300.0 million. The Company recorded purchase accounting adjustments during the third quarter of 2021 which resulted in a $5.4 million decrease to provisional goodwill and a $4.0 million increase to provisional intangible assets. At September 30, 2021, the Company had provisionally allocated $127.4 million of the purchase price to goodwill, $122.7 million to definite-lived intangible assets, and the remainder to other assets acquired and liabilities assumed as part of the acquisition. See Note 7 - Goodwill and Other Intangible Assets , for additional information. On October 26, 2020, the Company acquired Blaze Portfolio Systems LLC, a technology company that provides an advisor-facing trading and portfolio rebalancing platform. The Company paid $11.6 million at closing and agreed to a f uture contingent payment of up to $4.0 million. On August 18, 2020, the Company acquired business relationships with advisors from E.K. Riley Investments, LLC and Lucia Securities, LLC, two unrelated broker-dealers and RIAs, for a combined $18.4 million. Both transactions have potential contingent payments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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 and nine months ended September 30, 2021 or September 30, 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 September 30, 2021 and December 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. 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 September 30, 2021, 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 number of future transactions. 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 September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 9,855 $ — $ — $ 9,855 Securities owned — trading: Money market funds 127 — — 127 Mutual funds 11,914 — — 11,914 Equity securities 436 — — 436 Debt securities — 12 — 12 U.S. treasury obligations 19,596 — — 19,596 Total securities owned — trading 32,073 12 — 32,085 Other assets 457,294 9,161 — 466,455 Total assets at fair value $ 499,222 $ 9,173 $ — $ 508,395 Liabilities Securities sold, but not yet purchased: Equity securities $ 59 $ — $ — $ 59 Debt securities — 111 — 111 Total securities sold, but not yet purchased 59 111 — 170 Accounts payable and accrued liabilities — — 3,451 3,451 Total liabilities at fair value $ 59 $ 111 $ 3,451 $ 3,621 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 6,205 $ — $ — $ 6,205 Securities owned — trading: Money market funds 125 — — 125 Mutual funds 9,137 — — 9,137 Equity securities 492 — — 492 U.S. treasury obligations 19,498 — — 19,498 Total securities owned — trading 29,252 — — 29,252 Other assets 371,202 8,953 — 380,155 Total assets at fair value $ 406,659 $ 8,953 $ — $ 415,612 Liabilities Securities sold, but not yet purchased: Equity securities $ 203 $ — $ — $ 203 Debt securities — 3 — 3 Total securities sold, but not yet purchased 203 3 — 206 Accounts payable and accrued liabilities — — 3,228 3,228 Total liabilities at fair value $ 203 $ 3 $ 3,228 $ 3,434 Fair Value of Financial Instruments not Measured at Fair Value The fair value of cash and cash equivalents, cash segregated under federal and other regulations, and restricted cash was estimated to approximate the carrying value and are classified as Level 1 of the fair value hierarchy. The fair value of receivables from clients, product sponsors, broker-dealers and clearing organizations, advisor loans and others, securities borrowed, drafts payable, payables to clients, broker-dealers and clearing organizations, and other payables was estimated to approximate the carrying value and are classified as Level 2 of the fair value hierarchy due to their short-term nature.

Held-to-Maturity Securities

Held-to-Maturity Securities	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Held-to-Maturity Securities	HELD-TO-MATURITY SECURITIES The Company, through its wholly owned subsidiary The Private Trust Company, N.A., holds U.S. government notes to satisfy minimum capital requirements of the OCC. These securities are recorded at amortized cost and classified as held-to-maturity securities 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 held-to-maturity securities were as follows (in thousands): September 30, 2021 December 31, 2020 Amortized cost $ 11,183 $ 13,235 Gross unrealized gain 55 159 Fair value (1) $ 11,238 $ 13,394 (1) The fair value of held-to-maturity securities is classified as Level 2 of the fair value hierarchy. At September 30, 2021, the held-to-maturity securities were scheduled to mature as follow s (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 $ 5,004 $ 6,179 $ — $ 11,183 U.S. government notes — at fair value $ 5,042 $ 6,196 $ — $ 11,238

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS The Company recorded purchase accounting adjustments during the third quarter of 2021 which resulted in a $5.4 million decrease to provisional goodwill and a $4.0 million increase to provisional intangible assets acquired as part of the acquisition of the wealth management business of Waddell & Reed Financial, Inc. At September 30, 2021, the Company had provisionally allocated $127.4 million of the purchase price to goodwill, $122.7 million to definite-lived intangible assets, and the remainder to other assets acquired and liabilities assumed as part of the acquisition. Acquired intangible assets are comprised primarily of advisor relationships with a weighted average useful life of approximately 9 years. See Note 4 - Acquisitions , for additional information. A summary of the activity impacting goodwill is presented below (in thousands): Balance at December 31, 2019 $ 1,503,648 Goodwill acquired 10,218 Balance at December 31, 2020 1,513,866 Goodwill acquired 127,372 Balance at September 30, 2021 $ 1,641,238 The components of intangible assets were as follows at September 30, 2021 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangible assets: Advisor and financial institution relationships 5.7 $ 802,222 $ (460,219) $ 342,003 Product sponsor relationships 4.3 234,086 (182,278) 51,808 Client relationships 7.4 45,520 (22,359) 23,161 Technology 6.6 19,040 (4,912) 14,128 Trade names 0.6 1,200 (1,130) 70 Total definite-lived intangible assets $ 1,102,068 $ (670,898) $ 431,170 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 470,989 The components of intangible assets were as follows at December 31, 2020 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangible assets: Advisor and financial institution relationships 5.4 $ 670,542 $ (415,169) $ 255,373 Product sponsor relationships 5.1 234,086 (173,345) 60,741 Client relationships 7.9 44,810 (19,237) 25,573 Technology 7.3 19,040 (3,220) 15,820 Trade names 1.3 1,200 (1,040) 160 Total definite-lived intangible assets $ 969,678 $ (612,011) $ 357,667 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 397,486 Total amortization of intangible assets was $21.5 million and $16.8 million for the three months ended September 30, 2021 and 2020, respectively, and $58.9 million and $50.1 million for the nine months ended September 30, 2021 and 2020, respectively. Future amortization is estimated as follows (in thousands): 2021 - remainder $ 21,479 2022 84,751 2023 80,655 2024 79,883 2025 71,510 Thereafter 92,892 Total $ 431,170

Long-term and Other Borrowings

Long-term and Other Borrowings	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term and Other Borrowings	LONG-TERM AND OTHER BORROWINGS The Company’s outstanding long-term borrowings were as follows (in thousands): September 30, 2021 December 31, 2020 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1) $ 1,051,275 LIBOR+175 bps 1.83 % $ 1,059,300 LIBOR+175 bps 1.90 % 11/12/2026 2025 Senior Notes (1) — Fixed Rate — % 900,000 Fixed Rate 5.75 % 9/15/2025 2027 Senior Notes (1) 400,000 Fixed Rate 4.63 % 400,000 Fixed Rate 4.63 % 11/15/2027 2029 Senior Notes (1) 900,000 Fixed Rate 4.00 % — Fixed Rate — % 3/15/2029 2031 Senior Notes (1) 400,000 Fixed Rate 4.38 % — Fixed Rate — % 5/15/2031 Total long-term borrowings (2) 2,751,275 2,359,300 Plus: Unamortized Premium — 7,083 Less: Unamortized Debt Issuance Cost (25,584) (20,969) Total Long-Term Borrowings $ 2,725,691 $ 2,345,414 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) The fair value of the Company’s debt was $2,803.7 million and $2,402.4 million at September 30, 2021 and December 31, 2020, respectively and was classified as Level 2 in the fair value hierarchy. The following table presents amounts available under the Company’s external lines of credit at September 30, 2021 (in millions): Other Borrowings Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ — $ 1,000 Broker-dealer revolving credit facility LPL Financial LLC July 2024 $ — $ 300 Secured, uncommitted lines of credit LPL Financial LLC March 2022 $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2022 $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2022 $ — $ 50 Unsecured, uncommitted lines of credit LPL Financial LLC None $ — $ 75 Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified There were no borrowings outstanding under the Company’s external lines of credit at September 30, 2021 or December 31, 2020, respectively. Issuance of 2031 Senior Notes LPLH raised $400.0 million in aggregate principal amount of 4.375% senior notes on May 18, 2021, which were issued at par (“2031 Senior Notes”). The Company used the proceeds from the issuance to repay borrowings made under the senior secured revolving credit facility related to the acquisition of the wealth management business of Waddell & Reed Financial, Inc. The 2031 Senior Notes are unsecured obligations, governed by an indenture, that will mature on May 15, 2031, and bear interest at the rate of 4.375% per year, with interest payable semi-annually. The Company may redeem all or part of the 2031 Senior Notes at any time prior to May 15, 2026 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus any accrued and unpaid interest thereon and a “make-whole” premium. Thereafter, the Company may redeem all or part of the 2031 Senior Notes at annually declining redemption premiums until May 15, 2029, 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. In connection with the issuance of the 2031 Senior Notes, the Company incurred $3.8 million in costs, which were capitalized as debt issuance costs in the unaudited condensed consolidated statements of financial condition. Issuance of 2029 Senior Notes LPLH raised $900.0 million in aggregate principal amount of 4.00% senior notes on March 15, 2021, which were issued at par (“2029 Senior Notes”). The Company used the proceeds from the issuance of the 2029 Senior Notes, along with existing corporate cash available, to redeem the 2025 Senior Notes. In connection with this redemption, the Company recognized $24.4 million as a loss on extinguishment of debt on the unaudited condensed consolidated statements of income. The 2029 Senior Notes are unsecured obligations, governed by an indenture, that will mature on March 15, 2029, and bear interest at the rate of 4.00% per year, with interest payable semi-annually. The Company may redeem all or part of the 2029 Senior Notes at any time prior to March 15, 2024 (subject to a customary “equity claw” redemption right) at 100% of the principal amount redeemed plus any accrued and unpaid interest thereon and a “make-whole” premium. Thereafter, the Company may redeem all or part of the 2029 Senior Notes at annually declining redemption premiums until March 15, 2026, 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. In connection with the issuance of the 2029 Senior Notes, the Company incurred $9.0 million in costs, which were capitalized as debt issuance costs in the unaudited condensed consolidated statements of financial condition. Credit Agreement On March 15, 2021, LPLFH and LPLH entered into a fifth amendment agreement (the “Amendment”) to the Company’s amended and restated credit agreement (“Credit Agreement”), which, among other things, increased the size of its senior secured revolving credit facility to $1.0 billion and extended the maturity date of its senior secured revolving credit facility. In connection with the execution of the Amendment, the Company incurred $3.2 million in costs, which are capitalized as debt issuance costs in the unaudited condensed consolidated statements of financial condition. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2021, the Company was in compliance with such covenants. Parent Revolving Credit Facility 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). 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 $300.0 million. Borrowings 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 broker-dealer credit agreement). The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants with which LPL Financial was in compliance as of September 30, 2021. Other External Lines of Credit

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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 loan commitments at September 30, 2021. Legal and 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. 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 September 30, 2021 and December 31, 2020, these self-insurance liabilities were $68.8 million and $51.5 million, respectively, and 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. Other Commitments As of September 30, 2021, the Company had approximately $495.1 million of client margin loans that were collateralized with securities having a fair value of approximately $693.1 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $77.4 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of September 30, 2021, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $615.7 million of client collateral.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
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 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): 2021 2020 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 20.0 $ 0.25 $ 19.7 Second quarter $ 0.25 $ 20.0 $ 0.25 $ 19.7 Third quarter $ 0.25 $ 20.1 $ 0.25 $ 19.8 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 September 30, 2021, the Company was authorized to purchase up to an additional $309.8 million of shares pursuant to share repurchase programs approved by the Board of Directors. The Company resumed share repurchases in the third quarter of 2021 in the amount of $40.0 million, representing 276,800 shares.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stockholders' Equity	SHARE-BASED COMPENSATION In May 2021, the Company adopted the 2021 Omnibus Equity Incentive Plan (the “2021 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 to the Company’s employees, non-employee directors and other service providers. The 2021 Plan serves as the successor to the Company’s 2010 Omnibus Equity Incentive Plan (the “2010 Plan”). Following the adoption of the 2021 Plan, the Company is no longer making grants under the 2010 Plan, and the 2021 Plan is the only plan under which equity awards are granted. However, awards previously granted under the 2010 Plan will remain outstanding until vested, exercised or forfeited, as applicable. There were 17,754,197 shares authorized for grant under the 2021 Plan and 14,784,444 shares remaining available for future issuance at September 30, 2021. Stock Options and Warrants The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2021: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2020 2,000,383 $ 45.57 Granted — $ — Exercised (629,809) $ 46.79 Forfeited and Expired (28,674) $ 58.85 Outstanding — September 30, 2021 1,341,900 $ 44.72 4.82 $ 150,347 Exercisable — September 30, 2021 1,250,990 $ 42.34 4.63 $ 143,144 Exercisable and expected to vest — September 30, 2021 1,339,980 $ 44.67 4.82 $ 150,195 The following table summarizes information about outstanding stock options and warrants as of September 30, 2021: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 321,985 $ 19.85 4.39 321,985 $ 19.85 $25.01 - $35.00 198,307 $ 29.49 0.89 198,307 $ 29.49 $35.01 - $45.00 275,785 $ 39.48 5.42 275,785 $ 39.48 $45.01 - $65.00 104,180 $ 48.43 3.14 104,180 $ 48.43 $65.01 - $75.00 199,939 $ 65.50 6.39 199,939 $ 65.50 $75.01 - $80.00 241,704 $ 77.53 7.38 150,794 $ 77.53 1,341,900 $ 44.72 4.82 1,250,990 $ 42.34 The Company recognized share-based compensation related to the vesting of stock options awarded to employees and officers of $0.7 million and $1.0 million during the three months ended September 30, 2021 and 2020, respectively, and $2.2 million and $3.4 million during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, total unrecognized compensation cost related to non-vested stock options granted to employees and officers was $0.7 million, which is expected to be recognized over a weighted-average period of 0.42 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, as of and for the nine months ended September 30, 2021: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2020 5,560 $ 64.74 904,445 $ 78.12 Granted 1,593 $ 156.54 487,785 $ 143.54 Vested (6,102) $ 72.89 (385,648) $ 80.26 Forfeited — $ — (71,986) $ 109.24 Outstanding — September 30, 2021 1,051 $ 156.54 934,596 (1) $ 109.41 Expected to vest — September 30, 2021 1,051 $ 156.54 816,322 $ 113.70 _______________________________ (1) Include s 72,347 v ested and undistributed deferred stock units. The Company grants restricted stock awards and deferred stock units to its directors and restricted stock units and performance stock units to its employees and 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 $8.6 million and $6.0 million of share-based compensation related to the vesting of these restricted stock awards and stock units during the three months ended September 30, 2021 and 2020, respectively, and $28.7 million and $19.0 million during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, total unrecognized compensation cost for restricted stock awards and stock units was $59.1 million, which is expected to be recognized over a weighted-average remaining period of 2.08 years. The Company also grants restricted stock units to its advisors and to financial institutions. The Company recognized share-based compensation of $0.5 million and $0.4 million related to the vesting of these awards during the three months ended September 30, 2021 and 2020, respectively, and $1.7 million during both the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, total unrecognized compensation cost for restricted stock units granted to advisors and financial institutions was $5.8 million, which is expected to be recognized over a weighted-average remaining period of 2.34 years.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income $ 103,064 $ 103,789 $ 351,785 $ 361,092 Basic weighted-average number of shares outstanding 80,182 79,176 79,981 79,207 Dilutive common share equivalents 1,667 1,374 1,791 1,405 Diluted weighted-average number of shares outstanding 81,849 80,550 81,772 80,612 Basic earnings per share $ 1.29 $ 1.31 $ 4.40 $ 4.56 Diluted earnings per share $ 1.26 $ 1.29 $ 4.30 $ 4.48 The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended September 30, 2020, stock options, warrants and stock units representing common share equivalents of 391,011 shares were anti-dilutive. There were no such anti-dilutive shares during the three months ended September 30, 2021. For the nine months ended September 30, 2021 and 2020, stock options, warrants and stock units representing common share equivalents of 2,501 shares and 510,774 shares, respectively, were anti-dilutive.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe 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 income tax rates of 25.3% and 23.3% for the three months ended September 30, 2021 and 2020, respectively, and 24.3% and 24.8% for the nine months ended September 30, 2021 and 2020, respectively.The increase in our effective income tax rate for the three months ended September 30, 2021 compared to 2020 was primarily due to the release of unrecognized tax benefits in the prior year.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has related party transactions with beneficial owners of more than ten percent of the Company’s outstanding common stock. Additionally, through its subsidiary LPL Financial, the Company provides services and charitable contributions to the LPL Financial Foundation, an organization that provides volunteer and financial support within the Company’s local communities. The Company recognized revenues for services provided to these related parties of $1.5 million and $1.2 million during the three months ended September 30, 2021 and 2020, respectively, and $4.4 million and $3.4 million during the nine months ended September 30, 2021 and 2020, respectively. The Company incurred expenses for the services provided by these related parties of $0.5 million and $1.2 million during the three months ended September 30, 2021 and 2020, respectively, and $1.3 million and $2.1 million during the nine months ended

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	9 Months Ended
	Sep. 30, 2021
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 the resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. Net capital and the related net capital requirement may fluctuate on a daily basis. LPL Financial is a clearing broker-dealer and, as of September 30, 2021, had net capital of $133.3 million, which was $119.2 million in excess of its minimum net capital requirement of $14.1 million. In April 2021, the Company acquired a broker-dealer as part of its acquisition of the wealth management business of Waddell & Reed Financial, Inc. (the “Waddell & Reed broker-dealer”). The Waddell & Reed broker-dealer is required to maintain net capital of $250,000, which represents the greater of 2% of its aggregate debits or the minimum net capital requirement of $250,000. At September 30, 2021, the Waddell & Reed broker-dealer had net capital of $8.2 million, which was $8.0 million in excess of its minimum capital requirement. The Company expects to dissolve the Waddell & Reed broker-dealer during the fourth quarter of 2021. 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 September 30, 2021 and December 31, 2020, 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	9 Months Ended
	Sep. 30, 2021
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, which is 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-issued securities. When-issued securities have been authorized but are contingent upon the actual issuance of the security. LPL Financial has established procedures to reduce this risk by generally requiring that clients deposit cash or securities into their account prior to placing an order. LPL Financial may at times hold equity securities on both a long and short basis that are recorded on the unaudited condensed consolidated statements of financial condition at market value. While long inventory positions represent LPL Financial’s ownership of securities, short inventory positions represent obligations of LPL Financial to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to LPL Financial as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are marked-to-market daily and are continuously monitored by LPL Financial.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn October 28, 2021, the Board of Directors declared a cash dividend of $0.25 per share on the Company’s outstanding common stock to be paid on November 29, 2021 to all stockholders of record on November 11, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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 credit losses for receivables, 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 condensed 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 should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2020, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).
Recently Issued & Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue - Reporting Category [Table Text Block]	The following table presents total commission revenues disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Commission revenues Annuities $ 314,134 $ 250,823 $ 900,010 $ 714,122 Mutual funds 201,120 146,788 569,958 436,744 Fixed income 30,092 16,731 97,116 64,319 Equities 28,943 30,283 98,371 95,689 Other 36,095 28,018 100,391 92,666 Total commission revenues $ 610,384 $ 472,643 $ 1,765,846 $ 1,403,540
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Commission revenues Sales-based Annuities $ 108,983 $ 81,475 $ 317,141 $ 238,287 Mutual funds 46,934 33,871 144,463 109,121 Fixed income 30,092 16,731 97,116 64,319 Equities 28,943 30,283 98,371 95,689 Other 24,852 17,997 68,582 60,844 Total sales-based revenues $ 239,804 $ 180,357 $ 725,673 $ 568,260 Trailing Annuities $ 205,151 $ 169,348 $ 582,869 $ 475,835 Mutual funds 154,186 112,917 425,495 327,623 Other 11,243 10,021 31,809 31,822 Total trailing revenues $ 370,580 $ 292,286 $ 1,040,173 $ 835,280 Total commission revenues $ 610,384 $ 472,643 $ 1,765,846 $ 1,403,540
Disaggregation of Revenue - Product and Service [Table Text Block]	The following table sets forth asset-based revenues disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Asset-based revenues Client cash $ 91,257 $ 108,705 $ 278,738 $ 376,369 Sponsorship programs 101,426 70,641 279,116 198,975 Recordkeeping 109,018 74,205 288,173 210,780 Total asset-based revenues $ 301,701 $ 253,551 $ 846,027 $ 786,124
Disaggregation of Revenue - Timing of Transfer of Good or Service [Table Text Block]	The following table sets forth transaction and fee revenues disaggregated by recognition pattern (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Transaction and fee revenues Point-in-time (1) $ 63,269 $ 52,444 $ 190,608 $ 170,388 Over time (2) 77,093 67,303 227,798 205,933 Total transaction and fee revenues $ 140,362 $ 119,747 $ 418,406 $ 376,321 _______________________________ (1) Transaction and fee revenues recognized at a point-in-time include revenues such as transaction fees, IRA termination fees and technology fees. (2) Transaction and fee revenues recognized over time include revenues such as error and omission insurance fees, IRA custodian fees and technology fees.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 9,855 $ — $ — $ 9,855 Securities owned — trading: Money market funds 127 — — 127 Mutual funds 11,914 — — 11,914 Equity securities 436 — — 436 Debt securities — 12 — 12 U.S. treasury obligations 19,596 — — 19,596 Total securities owned — trading 32,073 12 — 32,085 Other assets 457,294 9,161 — 466,455 Total assets at fair value $ 499,222 $ 9,173 $ — $ 508,395 Liabilities Securities sold, but not yet purchased: Equity securities $ 59 $ — $ — $ 59 Debt securities — 111 — 111 Total securities sold, but not yet purchased 59 111 — 170 Accounts payable and accrued liabilities — — 3,451 3,451 Total liabilities at fair value $ 59 $ 111 $ 3,451 $ 3,621 The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 6,205 $ — $ — $ 6,205 Securities owned — trading: Money market funds 125 — — 125 Mutual funds 9,137 — — 9,137 Equity securities 492 — — 492 U.S. treasury obligations 19,498 — — 19,498 Total securities owned — trading 29,252 — — 29,252 Other assets 371,202 8,953 — 380,155 Total assets at fair value $ 406,659 $ 8,953 $ — $ 415,612 Liabilities Securities sold, but not yet purchased: Equity securities $ 203 $ — $ — $ 203 Debt securities — 3 — 3 Total securities sold, but not yet purchased 203 3 — 206 Accounts payable and accrued liabilities — — 3,228 3,228 Total liabilities at fair value $ 203 $ 3 $ 3,228 $ 3,434

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	9 Months Ended
	Sep. 30, 2021
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 held-to-maturity securities were as follows (in thousands): September 30, 2021 December 31, 2020 Amortized cost $ 11,183 $ 13,235 Gross unrealized gain 55 159 Fair value (1) $ 11,238 $ 13,394 (1) The fair value of held-to-maturity securities is classified as Level 2 of the fair value hierarchy.
Maturities of securities held-to-maturity	At September 30, 2021, the held-to-maturity securities were scheduled to mature as follow s (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 $ 5,004 $ 6,179 $ — $ 11,183 U.S. government notes — at fair value $ 5,042 $ 6,196 $ — $ 11,238

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of activity in goodwill	A summary of the activity impacting goodwill is presented below (in thousands): Balance at December 31, 2019 $ 1,503,648 Goodwill acquired 10,218 Balance at December 31, 2020 1,513,866 Goodwill acquired 127,372 Balance at September 30, 2021 $ 1,641,238
Components of intangible assets	The components of intangible assets were as follows at September 30, 2021 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangible assets: Advisor and financial institution relationships 5.7 $ 802,222 $ (460,219) $ 342,003 Product sponsor relationships 4.3 234,086 (182,278) 51,808 Client relationships 7.4 45,520 (22,359) 23,161 Technology 6.6 19,040 (4,912) 14,128 Trade names 0.6 1,200 (1,130) 70 Total definite-lived intangible assets $ 1,102,068 $ (670,898) $ 431,170 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 470,989 The components of intangible assets were as follows at December 31, 2020 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangible assets: Advisor and financial institution relationships 5.4 $ 670,542 $ (415,169) $ 255,373 Product sponsor relationships 5.1 234,086 (173,345) 60,741 Client relationships 7.9 44,810 (19,237) 25,573 Technology 7.3 19,040 (3,220) 15,820 Trade names 1.3 1,200 (1,040) 160 Total definite-lived intangible assets $ 969,678 $ (612,011) $ 357,667 Indefinite-lived intangible assets: Trademark and trade name 39,819 Total intangible assets $ 397,486
Amortization expense	Future amortization is estimated as follows (in thousands): 2021 - remainder $ 21,479 2022 84,751 2023 80,655 2024 79,883 2025 71,510 Thereafter 92,892 Total $ 431,170

Long-term and Other Borrowings

Long-term and Other Borrowings (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term and Other Borrowings	The Company’s outstanding long-term borrowings were as follows (in thousands): September 30, 2021 December 31, 2020 Long-Term Borrowings Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1) $ 1,051,275 LIBOR+175 bps 1.83 % $ 1,059,300 LIBOR+175 bps 1.90 % 11/12/2026 2025 Senior Notes (1) — Fixed Rate — % 900,000 Fixed Rate 5.75 % 9/15/2025 2027 Senior Notes (1) 400,000 Fixed Rate 4.63 % 400,000 Fixed Rate 4.63 % 11/15/2027 2029 Senior Notes (1) 900,000 Fixed Rate 4.00 % — Fixed Rate — % 3/15/2029 2031 Senior Notes (1) 400,000 Fixed Rate 4.38 % — Fixed Rate — % 5/15/2031 Total long-term borrowings (2) 2,751,275 2,359,300 Plus: Unamortized Premium — 7,083 Less: Unamortized Debt Issuance Cost (25,584) (20,969) Total Long-Term Borrowings $ 2,725,691 $ 2,345,414 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) The fair value of the Company’s debt was $2,803.7 million and $2,402.4 million at September 30, 2021 and December 31, 2020, respectively and was classified as Level 2 in the fair value hierarchy. The following table presents amounts available under the Company’s external lines of credit at September 30, 2021 (in millions): Other Borrowings Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ — $ 1,000 Broker-dealer revolving credit facility LPL Financial LLC July 2024 $ — $ 300 Secured, uncommitted lines of credit LPL Financial LLC March 2022 $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2022 $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2022 $ — $ 50 Unsecured, uncommitted lines of credit LPL Financial LLC None $ — $ 75 Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
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): 2021 2020 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.25 $ 20.0 $ 0.25 $ 19.7 Second quarter $ 0.25 $ 20.0 $ 0.25 $ 19.7 Third quarter $ 0.25 $ 20.1 $ 0.25 $ 19.8

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2020 2,000,383 $ 45.57 Granted — $ — Exercised (629,809) $ 46.79 Forfeited and Expired (28,674) $ 58.85 Outstanding — September 30, 2021 1,341,900 $ 44.72 4.82 $ 150,347 Exercisable — September 30, 2021 1,250,990 $ 42.34 4.63 $ 143,144 Exercisable and expected to vest — September 30, 2021 1,339,980 $ 44.67 4.82 $ 150,195
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants as of September 30, 2021: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 321,985 $ 19.85 4.39 321,985 $ 19.85 $25.01 - $35.00 198,307 $ 29.49 0.89 198,307 $ 29.49 $35.01 - $45.00 275,785 $ 39.48 5.42 275,785 $ 39.48 $45.01 - $65.00 104,180 $ 48.43 3.14 104,180 $ 48.43 $65.01 - $75.00 199,939 $ 65.50 6.39 199,939 $ 65.50 $75.01 - $80.00 241,704 $ 77.53 7.38 150,794 $ 77.53 1,341,900 $ 44.72 4.82 1,250,990 $ 42.34
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, as of and for the nine months ended September 30, 2021: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2020 5,560 $ 64.74 904,445 $ 78.12 Granted 1,593 $ 156.54 487,785 $ 143.54 Vested (6,102) $ 72.89 (385,648) $ 80.26 Forfeited — $ — (71,986) $ 109.24 Outstanding — September 30, 2021 1,051 $ 156.54 934,596 (1) $ 109.41 Expected to vest — September 30, 2021 1,051 $ 156.54 816,322 $ 113.70 _______________________________ (1) Include s 72,347 v ested and undistributed deferred stock units.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income $ 103,064 $ 103,789 $ 351,785 $ 361,092 Basic weighted-average number of shares outstanding 80,182 79,176 79,981 79,207 Dilutive common share equivalents 1,667 1,374 1,791 1,405 Diluted weighted-average number of shares outstanding 81,849 80,550 81,772 80,612 Basic earnings per share $ 1.29 $ 1.31 $ 4.40 $ 4.56 Diluted earnings per share $ 1.26 $ 1.29 $ 4.30 $ 4.48

Organization and Description _2

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details) - LPL Financial LLC [Member]	9 Months Ended
	Sep. 30, 2021
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

Revenue - Commission Revenue Di

Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Commission	$ 610,384	$ 472,643	$ 1,765,846	$ 1,403,540
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	314,134	250,823	900,010	714,122
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	201,120	146,788	569,958	436,744
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	30,092	16,731	97,116	64,319
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	28,943	30,283	98,371	95,689
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 36,095	$ 28,018	$ 100,391	$ 92,666

Revenue - Commission Revenue _2

Revenue - Commission Revenue Disaggregated by Product Category and Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Commission	$ 610,384	$ 472,643	$ 1,765,846	$ 1,403,540
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	239,804	180,357	725,673	568,260
Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	370,580	292,286	1,040,173	835,280
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	314,134	250,823	900,010	714,122
Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	108,983	81,475	317,141	238,287
Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	205,151	169,348	582,869	475,835
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	201,120	146,788	569,958	436,744
Mutual Funds [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	46,934	33,871	144,463	109,121
Mutual Funds [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	154,186	112,917	425,495	327,623
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	30,092	16,731	97,116	64,319
Fixed Income [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	30,092	16,731	97,116	64,319
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	28,943	30,283	98,371	95,689
Equities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	28,943	30,283	98,371	95,689
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	36,095	28,018	100,391	92,666
Other [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	24,852	17,997	68,582	60,844
Other [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 11,243	$ 10,021	$ 31,809	$ 31,822

Revenue - Asset-based Revenue d

Revenue - Asset-based Revenue disaggregated by Product and Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 301,701	$ 253,551	$ 846,027	$ 786,124
Client Cash Revenue [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	91,257	108,705	278,738	376,369
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	101,426	70,641	279,116	198,975
Recordkeeping [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 109,018	$ 74,205	$ 288,173	$ 210,780

Revenue - Transaction and Fee R

Revenue - Transaction and Fee Revenue Disaggregated by Timing of Transfer of Good or Service (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 140,362	$ 119,747	$ 418,406	$ 376,321
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	63,269	52,444	190,608	170,388
Over time [Member]
Disaggregation of Revenue [Line Items]
Transaction And Other Fees	$ 77,093	$ 67,303	$ 227,798	$ 205,933

Revenue - Unearned Revenue Reco

Revenue - Unearned Revenue Recognized (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Unearned Revenue [Abstract]
Deferred Revenue, Revenue Recognized	$ 93.5

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Oct. 26, 2020	Aug. 18, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 241,604	$ 18,899
Goodwill				$ 1,641,238	1,641,238		$ 1,513,866	$ 1,503,648
Waddell & Reed Financial, Inc.
Business Acquisition [Line Items]
Decrease to provisional goodwill				5,400
Increase to provisional intangible assets acquired				4,000
Goodwill				127,400	127,400
Finite-lived intangible assets acquired				$ 122,700	$ 122,700
Payments to Acquire Businesses, Gross	$ 300,000
Blaze Portfolio Systems LLC
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 11,600
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 4,000
E.K. Riley Investments, LLC and Lucia Securities, LLC [Domain]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 18,400
Business Acquisition, Effective Date of Acquisition			Aug. 18, 2020

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 32,085	$ 29,252
Securities sold, but not yet purchased	170	206
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	9,855	6,205
Securities owned — trading	32,085	29,252
Other assets	466,455	380,155
Total assets at fair value	508,395	415,612
Securities sold, but not yet purchased	170	206
Accounts payable and accrued liabilities	3,451	3,228
Total liabilities at fair value	3,621	3,434
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	9,855	6,205
Securities owned — trading	32,073	29,252
Other assets	457,294	371,202
Total assets at fair value	499,222	406,659
Securities sold, but not yet purchased	59	203
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	59	203
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	12	0
Other assets	9,161	8,953
Total assets at fair value	9,173	8,953
Securities sold, but not yet purchased	111	3
Accounts payable and accrued liabilities	0	0
Total liabilities at fair value	111	3
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities	3,451	3,228
Total liabilities at fair value	3,451	3,228
Equity 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	59	203
Equity 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	59	203
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	111	3
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] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	111	3
Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	0	0
Money Market Funds [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	127	125
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	127	125
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	11,914	9,137
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	11,914	9,137
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Mutual Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	436	492
Equity 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	436	492
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	12
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
Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	12
Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0
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	19,596	19,498
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	19,596	19,498
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	0	0
U.S. treasury obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	$ 0	$ 0

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,183	$ 13,235
U.S. Treasury Securities [Member]
Summary of amortized cost, gross unrealized gain (loss) and fair value of securities held-to-maturity
U.S. government notes - at amortized cost, Total	11,183	13,235
Gross unrealized gain	55	159
U.S. government notes - at fair value, Total	$ 11,238	$ 13,394

Held-to-Maturity Securities (_2

Held-to-Maturity Securities (Details 1) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 11,183	$ 13,235
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	5,004
U.S. government notes - at amortized cost, After one but within five years	6,179
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	11,183	13,235
U.S. government notes - at fair value, Within one year	5,042
U.S. government notes - at fair value, After one but within five years	6,196
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	$ 11,238	$ 13,394

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details Textures) - USD ($) $ in Thousands	Apr. 30, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Goodwill acquired			$ 10,218		$ 127,372
Total amortization expense of intangible assets		$ 21,531		$ 16,829	$ 58,887	$ 50,088
Waddell & Reed Financial, Inc.
Business Acquisition [Line Items]
Decrease to provisional goodwill		(5,400)
Increase to provisional intangible assets acquired		$ 4,000
Weighted-Average Life Remaining (in years)	9 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,513,866	$ 1,513,866
Goodwill acquired	$ 10,218	127,372
Goodwill, ending balance		$ 1,641,238

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Gross Carrying Value	$ 1,102,068	$ 969,678
Accumulated Amortization	(670,898)	(612,011)
Net Carrying Value	431,170	357,667
Indefinite-lived Intangible Assets
Total intangible assets	470,989	397,486
Trademarks and Trade Names [Member]
Indefinite-lived Intangible Assets
Net Carrying Value	$ 39,819	$ 39,819
Advisor And Financial Institution Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	5 years 8 months 12 days	5 years 4 months 24 days
Gross Carrying Value	$ 802,222	$ 670,542
Accumulated Amortization	(460,219)	(415,169)
Net Carrying Value	$ 342,003	$ 255,373
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	4 years 3 months 18 days	5 years 1 month 6 days
Gross Carrying Value	$ 234,086	$ 234,086
Accumulated Amortization	(182,278)	(173,345)
Net Carrying Value	$ 51,808	$ 60,741
Client Relationships [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	7 years 4 months 24 days	7 years 10 months 24 days
Gross Carrying Value	$ 45,520	$ 44,810
Accumulated Amortization	(22,359)	(19,237)
Net Carrying Value	$ 23,161	$ 25,573
Technology [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	6 years 7 months 6 days	7 years 3 months 18 days
Gross Carrying Value	$ 19,040	$ 19,040
Accumulated Amortization	(4,912)	(3,220)
Net Carrying Value	$ 14,128	$ 15,820
Trade Names [Member]
Finite-Lived Intangible Assets
Weighted-Average Life Remaining (in years)	7 months 6 days	1 year 3 months 18 days
Gross Carrying Value	$ 1,200	$ 1,200
Accumulated Amortization	(1,130)	(1,040)
Net Carrying Value	$ 70	$ 160

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Future amortization expense
Remainder of Fiscal Year	$ 21,479
Due Year One	84,751
Due Year Two	80,655
Due Year Three	79,883
Due Year Four	71,510
Due after Year Four	92,892
Net Carrying Value	$ 431,170	$ 357,667

Long-term and Other Borrowing_2

Long-term and Other Borrowings (Long-Term Borrowings Outstanding) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	May 18, 2021	Mar. 15, 2021	Dec. 31, 2020
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 2,751,275			$ 2,359,300
Debt Instrument, Unamortized Premium	0			7,083
Less Unamortized Debt Issuance Cost	(25,584)			(20,969)
Long-Term Senior Debt, Net	2,725,691			2,345,414
Long-term and other borrowings, net	2,725,691			2,345,414
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Borrowings [Line Items]
Fair value of indebtedness	2,803,700			2,402,400
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 1,051,275			$ 1,059,300
Variable Interest Rate (as percent)	1.83%			1.90%
Secured Debt [Member] | Fourth Amendment Agreement Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)	1.75%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 0			$ 900,000
Fixed Interest Rate (as percent)	0.00%			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%
Unsecured Debt [Member] | Senior Notes Due 2029
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 900,000			$ 0
Fixed Interest Rate (as percent)	4.00%		4.00%	0.00%
Unsecured Debt [Member] | Senior Notes Due 2031
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000			$ 0
Fixed Interest Rate (as percent)	4.38%	4.375%		0.00%

Long-term and Other Borrowing_3

Long-term and Other Borrowings (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions	Sep. 30, 2021USD ($)
Revolving Credit Facility [Member] | Senior Secured, Revolving Credit Facility Due March 2026
Line of Credit Facility [Line Items]
Outstanding	$ 0
Available	1,000
Revolving Credit Facility [Member] | Broker-Dealer, Revolving Credit Facility Due July 2024
Line of Credit Facility [Line Items]
Outstanding	0
Available	300
Secured Debt [Member] | Secured, Uncommitted Lines of Credit Due March 2022
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Secured Debt [Member] | Secured, Uncommitted Lines of Credit, No Maturity, One
Line of Credit Facility [Line Items]
Outstanding	0
Secured Debt [Member] | Secured, Uncommitted Lines of Credit, No Maturity, Two
Line of Credit Facility [Line Items]
Outstanding	0
Unsecured Debt [Member] | Unsecured, Uncommitted Lines of Credit Due September 2021, One
Line of Credit Facility [Line Items]
Outstanding	0
Available	75
Unsecured Debt [Member] | Unsecured, Uncommitted Lines of Credit Due September 2021, Two
Line of Credit Facility [Line Items]
Outstanding	0
Available	50
Unsecured Debt [Member] | Unsecured, Uncommitted Lines of Credit, No Maturity
Line of Credit Facility [Line Items]
Outstanding	0
Available	$ 75

Long-term and Other Borrowing_4

Long-term and Other Borrowings (Credit Agreement Textuals) (Details) - USD ($) $ in Thousands	May 18, 2021	Mar. 15, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Borrowings [Line Items]
Gain (Loss) on Extinguishment of Debt			$ 0	$ 0	$ (24,400)	$ 0
Revolving Credit Facility [Member]
Borrowings [Line Items]
Debt Issuance Costs, Gross		$ 3,200
Line of credit, maximum borrowing capacity		1,000,000
Unsecured Debt [Member] | Senior Notes Due 2029
Borrowings [Line Items]
Long-term Debt, Gross		$ 900,000
Fixed Interest Rate (as percent)		4.00%	4.00%		4.00%		0.00%
Debt Issuance Costs, Gross		$ 9,000
Gain (Loss) on Extinguishment of Debt		$ (24,400)
Unsecured Debt [Member] | Senior Notes Due 2029 | Debt Instrument, Redemption, Period One
Borrowings [Line Items]
Debt Instrument, Redemption Price, Percentage		100.00%
Unsecured Debt [Member] | Senior Notes Due 2029 | Debt Instrument, Redemption, Period Two
Borrowings [Line Items]
Debt Instrument, Redemption Price, Percentage		100.00%
Unsecured Debt [Member] | Senior Notes Due 2027 [Member]
Borrowings [Line Items]
Fixed Interest Rate (as percent)			4.63%		4.63%		4.63%
Unsecured Debt [Member] | Senior Notes Due 2025 [Member]
Borrowings [Line Items]
Fixed Interest Rate (as percent)			0.00%		0.00%		5.75%
Unsecured Debt [Member] | Senior Notes Due 2031
Borrowings [Line Items]
Long-term Debt, Gross	$ 400,000
Fixed Interest Rate (as percent)	4.375%		4.38%		4.38%		0.00%
Debt Issuance Costs, Gross	$ 3,800
Unsecured Debt [Member] | Senior Notes Due 2031 | Debt Instrument, Redemption, Period One
Borrowings [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
Unsecured Debt [Member] | Senior Notes Due 2031 | Debt Instrument, Redemption, Period Two
Borrowings [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%

Long-term and Other Borrowing_5

Long-term and Other Borrowings - Revolving Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Mar. 15, 2021	Jul. 31, 2019
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 1,000
LPL Financial LLC [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity			$ 300
Minimum [Member] | Eurodollar Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Minimum [Member] | LPL Financial LLC [Member] | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.125%
Maximum [Member] | Eurodollar Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Maximum [Member] | LPL Financial LLC [Member] | Eurodollar Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.375%

Long-term and Other Borrowing_6

Long-term and Other Borrowings - Line of Credit (Bank Loans Payable Textuals) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Total number of uncommitted lines of credit	6
Number of uncommitted lines of credit with an unspecified limit	2
Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 275

Commitments and Contingencies (

Commitments and Contingencies (Legal) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Self Insurance Reserve	$ 68.8	$ 51.5

Commitments and Contingencies_2

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Brokers and Dealers [Abstract]
Collateral securities	$ 495.1
Collateral security (Fair value)	693.1
Amount pledged with client-owned securities	77.4
Remaining collateral securities that can be re-pledged, loaned, or sold	615.7
Options Clearing Corporation [Member]
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	4.5	$ 4.5
National Securities Clearing Corporation [Member]
Security Owned and Pledged as Collateral, Fair Value [Abstract]
Trading securities pledged to clearing organizations	$ 15	$ 15

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends, Common Stock [Abstract]
Cash dividends on common stock	$ 20,057	$ 20,000	$ 20,000	$ 19,809	$ 19,700	$ 19,700	$ 60,068	$ 59,267

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Amount Remaining	$ 309,800	$ 309,800
Treasury stock purchased	$ 40,000	$ 40,005	$ 150,036
Treasury stock purchased (in shares)	276,800

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based compensation:
Authorized shares	17,754,197		17,754,197
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	14,784,444		14,784,444
Employees, officers and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 8.6	$ 6	$ 28.7	$ 19
Share-based compensation cost unrecognized	59.1		$ 59.1
Non-vested compensation cost weighted-average period			2 years 29 days
Employees, officers and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense	0.7	1	$ 2.2	$ 3.4
Share-based compensation cost unrecognized	0.7		$ 0.7
Non-vested compensation cost weighted-average period			5 months 1 day
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	0.5	$ 0.4	$ 1.7
Share-based compensation cost unrecognized	$ 5.8		$ 5.8
Non-vested compensation cost weighted-average period			2 years 4 months 2 days

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option and Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance	1,341,900
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance	2,000,383
Number of Shares, Granted	0
Number of Shares, Exercised	(629,809)
Number of Shares, Forfeited	(28,674)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighed-Average Exercise Price, Beginning Balance	$ 45.57
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised	46.79
Weighted-Average Exercise Price, Forfeited	58.85
Weighed-Average Exercise Price, Ending Balance	$ 44.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance	1,250,990
Weighted-Average Exercise Price, Exercisable	$ 42.34
Weighted-Average Remaining Contractual Term, Options Exercisable	4 years 7 months 17 days
Aggregate Intrinsic Value, Exercisable, Ending Balance	$ 143,144
Weighted-Average Remaining Contractual Term, Options Outstanding	4 years 9 months 25 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 150,347
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest	1,339,980
Weighed-Average Exercise Price, Excercisable and expect to vest	$ 44.67
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	4 years 9 months 25 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance	$ 150,195

Share-Based Compensation - Outs

Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	1,341,900
Number of shares, Exercisable | shares	1,250,990
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	4 years 9 months 25 days
Weighted-average exercise price, Outstanding | $ / shares	$ 44.72
Weighted-average exercise price, Exercisable | $ / shares	$ 42.34
$19.85 - $25.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	321,985
Weighted-average remaining life (years), Outstanding	4 years 4 months 20 days
Weighted-average exercise price, Outstanding | $ / shares	$ 19.85
Number of shares, Exercisable | shares	321,985
Weighted-average exercise price, Exercisable | $ / shares	$ 19.85
$25.01 - $35.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	198,307
Weighted-average remaining life (years), Outstanding	10 months 20 days
Weighted-average exercise price, Outstanding | $ / shares	$ 29.49
Number of shares, Exercisable | shares	198,307
Weighted-average exercise price, Exercisable | $ / shares	$ 29.49
$35.01 - $45.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	275,785
Weighted-average remaining life (years), Outstanding	5 years 5 months 1 day
Weighted-average exercise price, Outstanding | $ / shares	$ 39.48
Number of shares, Exercisable | shares	275,785
Weighted-average exercise price, Exercisable | $ / shares	$ 39.48
$45.01 - $65.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	104,180
Weighted-average remaining life (years), Outstanding	3 years 1 month 20 days
Weighted-average exercise price, Outstanding | $ / shares	$ 48.43
Number of shares, Exercisable | shares	104,180
Weighted-average exercise price, Exercisable | $ / shares	$ 48.43
$65.01 - $75.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	199,939
Weighted-average remaining life (years), Outstanding	6 years 4 months 20 days
Weighted-average exercise price, Outstanding | $ / shares	$ 65.50
Number of shares, Exercisable | shares	199,939
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	241,704
Weighted-average remaining life (years), Outstanding	7 years 4 months 17 days
Weighted-average exercise price, Outstanding | $ / shares	$ 77.53
Number of shares, Exercisable | shares	150,794
Weighted-average exercise price, Exercisable | $ / shares	$ 77.53

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / 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	72,347
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	5,560
Number of Shares, Granted	1,593
Number of Shares, Vested	(6,102)
Number of Shares, Forfeited	0
Number of Shares, Ending Balance	1,051
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	$ 64.74
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	156.54
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	72.89
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 156.54
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	1,051
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 156.54
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	904,445
Number of Shares, Granted	487,785
Number of Shares, Vested	(385,648)
Number of Shares, Forfeited	(71,986)
Number of Shares, Ending Balance	934,596
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	$ 78.12
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	143.54
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	80.26
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	109.24
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 109.41
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	816,322
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 113.70

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 103,064	$ 103,789	$ 351,785	$ 361,092
Basic weighted-average number of shares outstanding	80,182	79,176	79,981	79,207
Dilutive common share equivalents	1,667	1,374	1,791	1,405
Diluted weighted-average number of shares outstanding	81,849	80,550	81,772	80,612
Basic earnings per share	$ 1.29	$ 1.31	$ 4.40	$ 4.56
Diluted earnings per share	$ 1.26	$ 1.29	$ 4.30	$ 4.48

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of Earnings per Share amount	391,011	2,501	510,774

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate			21.00%
Effective income tax rate	25.30%	23.30%	24.30%	24.80%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Shareholder Percent Ownership in Company			10.00%
Revenue from related party transactions	$ 1,500	$ 1,200	$ 4,400	$ 3,400
Related party transactions expenses	$ 500	$ 1,200	$ 1,300	$ 2,100

Net Capital and Regulatory Re_2

Net Capital and Regulatory Requirements (Details) $ in Thousands	Sep. 30, 2021USD ($)
Net Capital and Regulatory Requirements [Line Items]
Broker-Dealer, Net Capital	$ 133,300
Broker-Dealer, Excess Net Capital, Alternative Standard	119,200
Broker-Dealer, Minimum Net Capital Required, Broker-Dealer Subsidiary, Aggregate Indebtedness Standard	14,100
Waddell & Reed Broker-Dealer
Net Capital and Regulatory Requirements [Line Items]
Broker-Dealer, Net Capital	8,200
Broker-Dealer, Excess Net Capital, Alternative Standard	$ 8,000

Subsequent Events - Dividend De

Subsequent Events - Dividend Declared (Details) - Subsequent Event [Member] - $ / shares	Nov. 29, 2021	Nov. 11, 2021	Oct. 28, 2021
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Oct. 28, 2021
Dividends Payable, Amount Per Share			$ 0.25
Forecast [Member]
Subsequent Event [Line Items]
Dividends Payable, Date to be Paid	Nov. 29, 2021
Dividends Payable, Date of Record		Nov. 11, 2021

Subsequent Events - Business Ac

Subsequent Events - Business Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Subsequent Event [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 241,604	$ 18,899