Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
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 - $0.001 par value per share | |
Trading Symbol | LPLA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,620,553 | |
Entity Central Index Key | 0001397911 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUES: | ||||
Advisory | $ 1,081,562 | $ 923,766 | $ 3,050,184 | $ 2,972,714 |
Commission | 643,600 | 584,980 | 1,870,211 | 1,743,881 |
Asset-based | 585,132 | 489,263 | 1,796,595 | 1,149,261 |
Service and fee | 135,648 | 121,745 | 377,757 | 347,359 |
Transaction and fee | 50,210 | 43,328 | 146,081 | 134,470 |
Interest Income | 40,773 | 22,092 | 116,103 | 39,958 |
Other | (14,542) | (22,116) | 52,088 | (120,005) |
Total net revenues | 2,522,383 | 2,163,058 | 7,409,019 | 6,267,638 |
EXPENSES: | ||||
Advisory and commission | 1,488,432 | 1,304,528 | 4,307,829 | 3,983,084 |
Compensation and benefits | 243,759 | 208,051 | 708,972 | 596,784 |
Promotional | 131,645 | 94,510 | 332,433 | 259,539 |
Occupancy and equipment | 61,339 | 54,636 | 186,517 | 161,654 |
Depreciation and amortization | 64,627 | 51,669 | 179,058 | 145,576 |
Interest Expense, Debt | 48,363 | 33,186 | 132,389 | 89,152 |
Brokerage, clearing and exchange | 24,793 | 20,850 | 80,067 | 66,812 |
Amortization of intangible assets | 27,760 | 22,654 | 78,593 | 65,018 |
Professional services | 18,699 | 16,871 | 51,011 | 53,183 |
Communications and data processing | 19,634 | 17,812 | 57,903 | 49,162 |
Other | 75,660 | 31,557 | 143,259 | 105,240 |
Costs and Expenses, Total | 2,204,711 | 1,856,324 | 6,258,031 | 5,575,204 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 317,672 | 306,734 | 1,150,988 | 692,434 |
PROVISION FOR INCOME TAXES | 93,381 | 74,403 | 302,293 | 165,814 |
NET INCOME | $ 224,291 | $ 232,331 | $ 848,695 | $ 526,620 |
EARNINGS PER SHARE | ||||
Earnings per share, basic | $ 2.95 | $ 2.91 | $ 10.97 | $ 6.59 |
Earnings per share, diluted | $ 2.91 | $ 2.86 | $ 10.82 | $ 6.47 |
Weighted-average shares outstanding, basic | 76,062 | 79,805 | 77,339 | 79,909 |
Weighted-average shares outstanding, diluted | 77,147 | 81,250 | 78,439 | 81,415 |
Client cash | ||||
REVENUES: | ||||
Asset-based | $ 360,518 | $ 294,993 | $ 1,157,208 | $ 534,409 |
Other asset-based | ||||
REVENUES: | ||||
Asset-based | 224,614 | 194,270 | 639,387 | 614,852 |
Trailing | ||||
REVENUES: | ||||
Commission | 331,808 | 315,087 | 973,386 | 981,164 |
Sales-based | ||||
REVENUES: | ||||
Commission | $ 311,792 | $ 269,893 | $ 896,825 | $ 762,717 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 799,209 | $ 847,519 |
Cash and equivalents segregated under federal or other regulations | 1,370,108 | 2,199,362 |
Restricted cash | 105,717 | 90,389 |
Receivables from: | ||
Receivables from clients, net | 581,017 | 561,569 |
Receivables from brokers, dealers and clearing organizations | 41,081 | 56,276 |
Advisor loans, net | 1,369,587 | 1,123,004 |
Other receivables, net | 723,573 | 677,766 |
Investment securities | 52,623 | 52,610 |
Property and equipment, net | 883,388 | 780,357 |
Goodwill | 1,772,182 | 1,642,468 |
Intangible Assets, Net (Excluding Goodwill) | 641,166 | 427,676 |
Other assets | 1,147,678 | 1,023,230 |
Total assets | 9,487,329 | 9,482,226 |
LIABILITIES: | ||
Payables to clients | 1,999,555 | 2,694,929 |
Payables to broker-dealers and clearing organizations | 98,697 | 147,752 |
Accrued advisory and commission expenses payable | 208,827 | 203,292 |
Long-term Debt | 3,124,480 | 2,717,444 |
Accounts payable and accrued liabilities | 388,946 | 448,630 |
Other Liabilities, Noncurrent | 1,576,236 | 1,102,627 |
Total liabilities | 7,396,741 | 7,314,674 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 600,000,000 shares authorized; 130,198,861 shares and 129,655,843 shares issued at September 30, 2023 and December 31, 2022, respectively | 130 | 130 |
Additional paid-in capital | 1,970,096 | 1,912,886 |
Treasury stock, at cost — 54,579,627 shares and 50,407,844 shares at September 30, 2023 and December 31, 2022, respectively | (3,766,871) | (2,846,536) |
Retained earnings | 3,887,233 | 3,101,072 |
Total stockholders' equity | 2,090,588 | 2,167,552 |
Total liabilities and stockholders' equity | $ 9,487,329 | $ 9,482,226 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 130,198,861 | 129,655,843 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 130,198,861 | 129,655,843 |
Treasury stock, shares | 54,579,627 | 50,407,844 |
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 |
BEGINNING BALANCE at Dec. 31, 2021 | $ 1,670,533 | $ 129 | $ 1,841,402 | $ (2,498,600) | $ 2,327,602 |
BEGINNING BALANCE, shares at Dec. 31, 2021 | 128,758,000 | 48,768,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 526,620 | 526,620 | |||
Issuance of common stock to settle restricted stock units | (24,690) | $ (24,690) | |||
Issuance of common stock to settle restricted stock units, net, shares | 362,000 | 134,000 | |||
Treasury stock purchases | (175,018) | $ (175,018) | |||
Treasury stock purchases, shares | 930,000 | ||||
Cash dividends on common stock | (59,945) | (59,945) | |||
Stock option exercises and other | 22,302 | 15,321 | $ 1,717 | 5,264 | |
Stock option exercises and other, shares | (424,000) | (48,000) | |||
Share-based compensation | 39,710 | 39,710 | |||
ENDING BALANCE at Sep. 30, 2022 | 1,999,512 | $ 129 | 1,896,433 | $ (2,696,591) | 2,799,541 |
ENDING BALANCE, shares at Sep. 30, 2022 | 129,544,000 | 49,784,000 | |||
BEGINNING BALANCE at Jun. 30, 2022 | 1,844,060 | $ 129 | 1,879,312 | $ (2,620,798) | 2,585,417 |
BEGINNING BALANCE, shares at Jun. 30, 2022 | 129,366,000 | 49,428,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 232,331 | 232,331 | |||
Issuance of common stock to settle restricted stock units | (1,331) | $ (1,331) | |||
Issuance of common stock to settle restricted stock units, net, shares | 51,000 | 6,000 | |||
Treasury stock purchases | (75,007) | $ (75,007) | |||
Treasury stock purchases, shares | 366,000 | ||||
Cash dividends on common stock | (19,950) | (19,950) | |||
Stock option exercises and other | 7,360 | $ 0 | 5,072 | $ 545 | 1,743 |
Stock option exercises and other, shares | (127,000) | (16,000) | |||
Share-based compensation | 12,049 | 12,049 | |||
ENDING BALANCE at Sep. 30, 2022 | 1,999,512 | $ 129 | 1,896,433 | $ (2,696,591) | 2,799,541 |
ENDING BALANCE, shares at Sep. 30, 2022 | 129,544,000 | 49,784,000 | |||
BEGINNING BALANCE at Dec. 31, 2022 | 2,167,552 | $ 130 | 1,912,886 | $ (2,846,536) | 3,101,072 |
BEGINNING BALANCE, shares at Dec. 31, 2022 | 129,656,000 | 50,408,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 848,695 | 848,695 | |||
Issuance of common stock to settle restricted stock units | (39,416) | $ (39,416) | |||
Issuance of common stock to settle restricted stock units, net, shares | 439,000 | 162,000 | |||
Treasury stock purchases | $ (882,807) | $ (882,807) | |||
Treasury stock purchases, shares | 4,062,437 | 4,062,000 | |||
Cash dividends on common stock | $ (69,562) | (69,562) | |||
Stock option exercises and other | 13,604 | 4,688 | $ 1,888 | 7,028 | |
Stock option exercises and other, shares | (104,000) | (52,000) | |||
Share-based compensation | 52,522 | 52,522 | |||
ENDING BALANCE at Sep. 30, 2023 | 2,090,588 | $ 130 | 1,970,096 | $ (3,766,871) | 3,887,233 |
ENDING BALANCE, shares at Sep. 30, 2023 | 130,199,000 | 54,580,000 | |||
BEGINNING BALANCE at Jun. 30, 2023 | 2,122,066 | $ 130 | 1,952,828 | $ (3,514,364) | 3,683,472 |
BEGINNING BALANCE, shares at Jun. 30, 2023 | 130,142,000 | 53,515,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 224,291 | 224,291 | |||
Issuance of common stock to settle restricted stock units | (820) | $ (820) | |||
Issuance of common stock to settle restricted stock units, net, shares | 43,000 | 4,000 | |||
Treasury stock purchases | (252,349) | $ (252,349) | |||
Treasury stock purchases, shares | 1,079,000 | ||||
Cash dividends on common stock | (22,839) | (22,839) | |||
Stock option exercises and other | 3,771 | $ 0 | 800 | $ 662 | 2,309 |
Stock option exercises and other, shares | (14,000) | (18,000) | |||
Share-based compensation | 16,468 | 16,468 | |||
ENDING BALANCE at Sep. 30, 2023 | $ 2,090,588 | $ 130 | $ 1,970,096 | $ (3,766,871) | $ 3,887,233 |
ENDING BALANCE, shares at Sep. 30, 2023 | 130,199,000 | 54,580,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.90 | $ 0.75 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 848,695 | $ 526,620 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 179,058 | 145,576 |
Amortization of intangible assets | 78,593 | 65,018 |
Amortization of debt issuance costs | 6,283 | 4,826 |
Share-based compensation | 52,522 | 39,710 |
Provision for bad debts | 11,844 | 11,931 |
Deferred income taxes | (160) | (355) |
Loan forgiveness | 156,866 | 132,245 |
Other | 12,774 | (17,393) |
Changes in operating assets and liabilities: | ||
Receivables from clients | (19,777) | (56,373) |
Receivables from product sponsors, broker-dealers and clearing organizations | 15,195 | (17,708) |
Advisor loans, net | (414,826) | (194,045) |
Receivables from others | (50,351) | (66,367) |
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI | 173 | (7,990) |
Operating leases | (2,381) | (1,800) |
Other assets | (98,923) | (32,934) |
Payables to clients | (695,374) | 1,563,636 |
Payables to broker-dealers and clearing organizations | (49,055) | (1,634) |
Accrued advisory and commission expenses payable | 3,708 | (27,899) |
Accounts payable and accrued liabilities | (48,257) | 128,490 |
Increase (Decrease) in Other Operating Liabilities | 383,456 | (71,402) |
Net cash provided by operating activities | 370,063 | 2,122,152 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (297,435) | (232,175) |
Acquisitions, net of cash acquired | (360,584) | (35,182) |
Purchase of securities classified as held-to-maturity | (4,725) | (10,936) |
Proceeds from maturity of securities classified as held-to-maturity | 4,250 | 3,750 |
Purchases of other investments | 0 | (3,108) |
Net cash used in investing activities | (658,494) | (277,651) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facilities | 746,000 | 465,000 |
Repayments of revolving credit facilities | (334,000) | (555,000) |
Repayment of senior secured term loans | (8,025) | (8,025) |
Payment of debt issuance costs | (7,182) | (1,872) |
Tax payments related to settlement of restricted stock units | (39,416) | (24,690) |
Repurchase of common stock | (875,081) | (175,018) |
Dividends on common stock | (69,562) | (59,945) |
Proceeds from stock option exercises and other | 13,604 | 22,302 |
Principal payment of finance leases and obligations | (143) | (397) |
Net cash used in financing activities | (573,805) | (337,645) |
NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH | (862,236) | 1,506,856 |
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period | 3,137,270 | 2,072,364 |
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period | 2,275,034 | 3,579,220 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 134,328 | 86,382 |
Income taxes paid | 89,097 | 157,060 |
Cash paid for amounts included in the measurement of operating lease liabilities | 20,733 | 18,321 |
Cash paid for amounts included in the measurement of finance lease liabilities | 6,414 | 6,699 |
NONCASH DISCLOSURES: | ||
Capital expenditures included in accounts payable and accrued liabilities | 14,923 | 26,000 |
Lease asset obtained in exchange for operating lease liabilities | $ 14,602 | $ 9,084 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 799,209 | $ 847,519 | $ 1,219,418 | |
Cash segregated under federal and other regulations | 1,370,108 | 2,199,362 | 2,268,090 | |
Restricted cash | 105,717 | 90,389 | 91,712 | |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 2,275,034 | $ 3,137,270 | $ 3,579,220 | $ 2,072,364 |
Organization and Description of
Organization and Description of the Company | 9 Months Ended |
Sep. 30, 2023 | |
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 enterprises (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 personalized 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”) is an intermediate holding company and directly or indirectly owns 100% of the issued and outstanding equity interests of all of LPLFH’s indirect subsidiaries, including a 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 advisor that principally transacts business as an agent for its advisors and enterprises 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 advisors (“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 provides an advisor-facing trading and portfolio rebalancing platform. • 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, together with its affiliate Fiduciary Trust Company of New Hampshire, 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”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated financial statements (“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, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations 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 condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The 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, 2022, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Condensed Consolidated Financial Statement Presentation Changes Certain financial statement line items have been reclassified in the condensed consolidated statement of financial condition as of September 30, 2023 to better align with industry practice and the Company’s business. The Company reclassified liabilities for contingent consideration, which were previously included in accounts payable and accrued liabilities, to other liabilities in the condensed consolidated statement of financial condition as of September 30, 2023. This reclassification has not been applied retroactively as the impact on the prior year was not material. This change did not impact total liabilities for the periods presented; however, the condensed consolidated statement of cash flows for the nine months ended September 30, 2023 has been updated to conform to the current presentation on the condensed consolidated statement of financial condition. Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the nine months ended September 30, 2023 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUE Commission The following table presents total commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Commission revenue Annuities $ 371,304 $ 327,386 $ 1,074,210 $ 938,383 Mutual funds 169,318 164,190 499,550 521,951 Fixed income 42,286 32,729 113,736 86,947 Equities 27,414 24,278 80,778 88,820 Other 33,278 36,397 101,937 107,780 Total commission revenue $ 643,600 $ 584,980 $ 1,870,211 $ 1,743,881 The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Commission revenue Trailing Annuities $ 187,330 $ 175,043 $ 555,520 $ 549,936 Mutual funds 134,600 130,116 390,924 400,810 Other 9,878 9,928 26,942 30,418 Total trailing revenue $ 331,808 $ 315,087 $ 973,386 $ 981,164 Sales-based Annuities $ 183,974 $ 152,343 $ 518,690 $ 388,447 Mutual funds 34,718 34,074 108,626 121,141 Fixed income 42,286 32,729 113,736 86,947 Equities 27,414 24,278 80,778 88,820 Other 23,400 26,469 74,995 77,362 Total sales-based revenue $ 311,792 $ 269,893 $ 896,825 $ 762,717 Total commission revenue $ 643,600 $ 584,980 $ 1,870,211 $ 1,743,881 Asset-Based The following table sets forth asset-based revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset-based revenue Client cash $ 360,518 $ 294,993 $ 1,157,208 $ 534,409 Sponsorship programs 118,871 93,344 330,597 299,319 Recordkeeping 105,743 100,926 308,790 315,533 Total asset-based revenue $ 585,132 $ 489,263 $ 1,796,595 $ 1,149,261 Service and Fee The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service and fee revenue Over time (1) $ 101,129 $ 90,723 $ 288,745 $ 260,469 Point-in-time (2) 34,519 31,022 89,012 86,890 Total service and fee revenue $ 135,648 $ 121,745 $ 377,757 $ 347,359 _______________________________ (1) Service and fee revenue recognized over time includes revenue such as IRA custodian fees, error and omission insurance fees, and technology fees. (2) Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, account fees, and conference services. 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. Unearned revenue increased from $138.1 million as of December 31, 2022 to $172.2 million as of September 30, 2023. The increase in unearned revenue for the nine months ended September 30, 2023 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $136.7 million of rev enue recognized during the nine months ended September 30, 2023 that was included in the unearned revenue balance as of December 31, 2022. The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. 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, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Acquisition of Financial Resources Group Investment Services, LLC On January 31, 2023, the Company acquired Financial Resources Group Investment Services, LLC, a broker-dealer and independent branch office, in order to expand its addressable markets and complement organic gro wth. The transaction closed on January 31, 2023 for an initial payment of approximately $140 million with potential contingent payments over the three years following the closing. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. At September 30, 2023, the Company had allocated $129.7 million of the purchase price to goodwill, $53.5 million to definite-lived intangible assets, $45.4 million to liabilities for contingent consideration, $9.0 million to cash acquired and the remainder to other assets acquired and liabilities assumed as part of the acquisition. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. The intangible assets are comprised of $34.7 million of bank relationships and $18.8 million of advisor relationships, which were valued using the income approach and are included in the Advisor and enterprise relationships line item in Note 7 - Goodwill and Other Intangibles, Net . The fair value determination of bank and advisor relationships required the Company to make significant estimates and assumptions related to future net cash flows and discount rates. Other Acquisitions During the nine months ended September 30, 2023, the Company also allocated $160.7 million to custom er relationships and $70.2 million to adviso r relationships acquired under its Liquidity & Succession solution and as part of the Company’s acquisition of Boenning & Scattergood’s Private Client Group on January 31, 2023. These transactions include potential contingent payments of $115.9 million, which may become payable over the next five years. The Company has not recognized a liability for these contingent payments as the amounts to be paid will be uncertain until a future measurement date. See Note 7 - Goodwill and Other Intangibles, Net , |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 or 2022. 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, 2023 and December 31, 2022, 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 and U.S. government obligations, which are short term in nature with readily determinable values derived from active markets. Cash Equivalents Segregated Under Federal or Other Regulations — The Company’s cash equivalents segregated under federal or other regulations include U.S. treasury bills, which are short term in nature with readily determinable values derived from active markets. Trading Securities 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 negotiable 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, 2023 and December 31, 2022, 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 life insurance, 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. Fractional Shares — The Company’s investment in fractional shares held by customers is reflected in other assets while the related purchase obligation for such shares is reflected in other liabilities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its investment in fractional shares held by customers and the related repurchase obligation. 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. At September 30, 2023 and December 31, 2022, the Company did not adjust prices received from the independent third-party pricing services. 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 forecasted assets under management or number of future transactions. The contingent payments are estimated by applying assumptions, including forecasted volatility and discount rates, to the forecasted payments to calculate the fair value as of the valuation date. The Company 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. Recurring Fair Value Measurements The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 666 $ — $ — $ 666 Cash equivalents segregated under federal or other regulations 596,034 — — 596,034 Investment securities — trading: U.S. treasury obligations 25,041 — — 25,041 Mutual funds 10,917 — — 10,917 Money market funds 107 — — 107 Equity securities 97 — — 97 Debt securities — 39 — 39 Total investment securities — trading 36,162 39 — 36,201 Other assets: Deferred compensation plan 591,942 — — 591,942 Fractional shares — investment (1) 147,864 — — 147,864 Other investments 4,218 — 4,218 Total other assets: 739,806 4,218 — 744,024 Total assets at fair value $ 1,372,668 $ 4,257 $ — $ 1,376,925 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 44 $ — $ — $ 44 Total securities sold, but not yet purchased 44 — — 44 Fractional shares — repurchase obligation (1) 147,864 — — 147,864 Contingent consideration — — 49,387 49,387 Total other liabilities 147,908 — 49,387 197,295 Total liabilities at fair value $ 147,908 $ — $ 49,387 $ 197,295 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“DRIP”). The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 13,639 $ — $ — $ 13,639 Cash equivalents segregated under federal or other regulations 1,131,040 — — 1,131,040 Investment securities — trading: U.S. treasury obligations 24,402 — — 24,402 Mutual funds 10,679 — — 10,679 Equity securities 980 — — 980 Debt securities — 585 — 585 Money market funds 112 — — 112 Total investment securities — trading 36,173 585 — 36,758 Other assets: Deferred compensation plan 489,976 — — 489,976 Fractional shares — investment (1) 122,253 — — 122,253 Other investments — 5,248 — 5,248 Total other assets 612,229 5,248 — 617,477 Total assets at fair value $ 1,793,081 $ 5,833 $ — $ 1,798,914 Liabilities Accounts payable and accrued liabilities — contingent consideration $ — $ — $ 3,860 $ 3,860 Other liabilities: Securities sold, but not yet purchased: Debt securities — 61 — 61 Equity securities 20 — — 20 Mutual funds 4 — — 4 Total securities sold, but not yet purchased 24 61 — 85 Fractional shares — repurchase obligation (1) 122,253 — — 122,253 Total other liabilities 122,277 61 — 122,338 Total liabilities at fair value $ 122,277 $ 61 $ 3,860 $ 126,198 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP. Fair Value of Financial Instruments Not Measured at Fair Value The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands): September 30, 2023 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 798,543 $ 798,543 $ — $ — $ 798,543 Cash segregated under federal or other regulations 774,074 774,074 — — 774,074 Restricted cash 105,717 105,717 — — 105,717 Receivables from clients, net 581,017 — 581,017 — 581,017 Receivables from brokers, dealers and clearing organizations 41,081 — 41,081 — 41,081 Advisor repayable loans, net (1) 318,077 — — 235,570 235,570 Other receivables, net 723,573 — 723,573 — 723,573 Investment securities — held-to-maturity securities 16,422 — 16,047 — 16,047 Other assets: Securities borrowed 9,349 — 9,349 — 9,349 Deferred compensation plan (2) 7,987 7,987 — — 7,987 Other investments (3) 4,694 — 4,694 — 4,694 Total other assets 22,030 7,987 14,043 — 22,030 Liabilities Client payables $ 1,999,555 $ — $ 1,999,555 $ — $ 1,999,555 Payables to brokers, dealers and clearing organizations 98,697 — 98,697 — 98,697 Corporate debt and other borrowings, net 3,124,480 — 2,936,206 — 2,936,206 December 31, 2022 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 833,880 $ 833,880 $ — $ — $ 833,880 Cash segregated under federal or other regulations 1,068,322 1,068,322 — — 1,068,322 Restricted cash 90,389 90,389 — — 90,389 Receivables from clients, net 561,569 — 561,569 — 561,569 Receivables from brokers, dealers and clearing organizations 56,276 — 56,276 — 56,276 Advisor repayable loans, net (1) 280,040 — — 219,062 219,062 Other receivables, net 677,766 — 677,766 — 677,766 Investment securities - held-to-maturity securities 15,852 — 15,471 — 15,471 Other assets: Securities borrowed 9,626 — 9,626 — 9,626 Deferred compensation plan (2) 6,343 6,343 — — 6,343 Other investments (3) 4,647 — 4,647 — 4,647 Total other assets 20,616 6,343 14,273 — 20,616 Liabilities Client payables $ 2,694,929 $ — $ 2,694,929 $ — $ 2,694,929 Payables to brokers, dealers and clearing organizations 147,752 — 147,752 — 147,752 Corporate debt and other borrowings, net 2,717,444 — 2,530,011 — 2,530,011 __________________ (1) Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or change in agreed upon terms. (2) Includes cash balances awaiting investment or distribution to plan participants. (3) Other investments include Depository Trust Company common shares and Federal Reserve stock. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The Company’s investment securities include debt and equity securities that the Company has classified as trading securities, which are carried at fair value, as well as investments in U.S. government notes, which are held by The Private Trust Company, N.A. to satisfy minimum capital requirements of the OCC. These securities are recorded at amortized cost and classified as held-to-maturity as the Company has both the intent and ability to hold these investments to maturity. The following table summarizes investment securities (in thousands): September 30, 2023 December 31, 2022 Trading securities — at fair value: U.S. treasury obligations $ 25,041 $ 24,402 Mutual funds 10,917 10,679 Money market funds 107 112 Equity securities 97 980 Debt securities 39 585 Total trading securities $ 36,201 $ 36,758 Held-to-maturity securities — at amortized cost: U.S. government notes $ 16,422 $ 15,852 Total held-to-maturity securities $ 16,422 $ 15,852 Total investment securities $ 52,623 $ 52,610 At September 30, 2023, 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 After ten years Total U.S. government notes — at amortized cost $ 4,981 $ 11,441 $ — $ — $ 16,422 U.S. government notes — at fair value $ 4,871 $ 11,176 $ — $ — $ 16,047 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLES, NET On January 31, 2023, the Company acquired Financial Resources Group Investment Services, LLC. See Note 4 - Acquisitions , for additional information. A summary of the activity impacting goodwill is presented below (in thousands): Balance at December 31, 2021 $ 1,642,443 Goodwill acquired 25 Balance at December 31, 2022 1,642,468 Goodwill acquired 129,714 Balance at September 30, 2023 $ 1,772,182 The components of other intangibles, net were as follows at September 30, 2023 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and enterprise relationships 6.4 $ 934,704 $ (595,557) $ 339,147 Product sponsor relationships 2.4 234,086 (206,098) 27,988 Client relationships 12.8 269,741 (45,143) 224,598 Technology 4.8 19,040 (9,426) 9,614 Total definite-lived intangible assets, net $ 1,457,571 $ (856,224) $ 601,347 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 641,166 _______________________________ (1) During the nine months ended September 30, 2023, the Company allocated $230.9 million to intangible assets acquired under its Liquidity & Succession solution and the acquisition of Boenning & Scattergood’s Private Client Group. These intangible assets were comprised primarily of customer relationships with an assigned useful life of 14 years. The components of other intangibles, net were as follows at December 31, 2022 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net: Advisor and enterprise relationships 5.1 $ 809,872 $ (542,415) $ 267,457 Product sponsor relationships 3.2 234,086 (197,165) 36,921 Client relationships (1) 8.0 102,491 (30,318) 72,173 Technology 5.4 19,040 (7,734) 11,306 Total definite-lived intangibles, net $ 1,165,489 $ (777,632) $ 387,857 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 427,676 _______________________________ (1) During the year ended December 31, 2022, the Company acquired client relationship intangible assets of $54.1 million as a result of acquisitions under its Liquidity & Succession solution. These acquisitions were accounted for as asset acquisitions with an assigned useful life of 9 years. Total amortization of other intangibles was $27.8 million and $22.7 million for the three months ended September 30, 2023 and 2022, respectively, and $78.6 million and $65.0 million for the nine months ended September 30, 2023 and 2022, respectively. Future amortization is estimated as follows (in thousands): 2023 - remainder $ 27,161 2024 108,468 2025 100,094 2026 61,838 2027 56,689 Thereafter 247,097 Total $ 601,347 |
Other Assert and Other Liabilit
Other Assert and Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets And Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | OTHER ASSETS AND OTHER LIABILITIES The components of other assets and other liabilities were as follows (dollars in thousands): September 30, 2023 December 31, 2022 Other assets: Deferred compensation $ 599,929 $ 496,319 Prepaid assets 115,727 144,607 Fractional shares — investment (1) 147,864 122,253 Deferred tax assets, net 99,157 98,997 Operating lease assets 95,003 92,534 Debt issuance costs, net 10,382 6,422 Other 79,616 62,098 Total other assets $ 1,147,678 $ 1,023,230 Other liabilities: Deferred compensation $ 598,975 $ 497,736 Unearned revenue (2) 172,180 138,109 Fractional shares — repurchase obligation (1) 147,864 122,253 Operating lease liabilities 125,412 125,280 Finance lease liabilities 105,516 105,660 Taxes payable 326,859 113,503 Other 99,430 86 Total other liabilities $ 1,576,236 $ 1,102,627 _______________________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. (2) See Note 3 - Revenue for further information. |
Corporate Debt and Other Borrow
Corporate Debt and Other Borrowings, Net | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Corporate Debt and Other Borrowings, Net | CORPORATE DEBT AND OTHER BORROWINGS, NET The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): September 30, 2023 December 31, 2022 Corporate Debt Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1)(2) $ 1,029,875 SOFR+185 bps 7.180 % $ 1,037,900 LIBOR+175 bps 5.870 % 11/12/2026 2027 Senior Notes (1) 400,000 Fixed Rate 4.625 % 400,000 Fixed Rate 4.625 % 11/15/2027 2029 Senior Notes (1) 900,000 Fixed Rate 4.000 % 900,000 Fixed Rate 4.000 % 3/15/2029 2031 Senior Notes (1) 400,000 Fixed Rate 4.375 % 400,000 Fixed Rate 4.375 % 5/15/2031 Total Corporate Debt 2,729,875 2,737,900 Less: Unamortized Debt Issuance Cost (17,395) (20,456) Corporate debt, net $ 2,712,480 $ 2,717,444 Other Borrowings Revolving Credit Facility (2)(3) 412,000 ABR+37.5 bps / SOFR+147.5 bps 7.002 % — LIBOR+25 bps 5.642 % 3/15/2026 Total other borrowings $ 412,000 $ — Corporate Debt and Other Borrowings, Net $ 3,124,480 $ 2,717,444 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) In March 2023, the Company amended its Credit Agreement to transition the Parent Revolving Credit Facility and Term Loan B from London Interbank Offered Rate (“LIBOR”)-based to Secured Overnight Financing Rate (“SOFR”)-based interest rates, which became effective in March and April 2023, respectively. (3) The Parent’s outstanding balance at September 30, 2023 was comprised of an alternate base rate (“ABR”)-based balance of $40.0 million with the applicable margin of ABR + 37.5 bps (8.875%) and a SOFR-based balance of $372.0 million with the applicable margin of SOFR + 147.5 bps (6.801%). The following table presents amounts outstanding and available under the Company’s external lines of credit at September 30, 2023 (in millions): Description Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ 412 $ 1,588 Broker-dealer revolving credit facility LPL Financial LLC July 2024 $ — $ 1,000 Unsecured, uncommitted lines of credit LPL Financial LLC None $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2024 $ — $ 50 Secured, uncommitted lines of credit LPL Financial LLC March 2025 $ — $ 75 Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Credit Agreement On March 13, 2023, LPLFH and LPLH entered into a sixth amendment agreement to the Company’s amended and restated credit agreement (the “Credit Agreement”), which, among other things, replaced LIBOR with SOFR. The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of September 30, 2023, the Company was in compliance with such covenants. Parent Revolving Credit Facility On July 18, 2023, LPLH amended its revolving credit facility to, among other things, increase the maximum borrowing from $1.0 billion to $2.0 billion. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 112.5 to 187.5 basis points over SOFR plus 10 basis points or 12.5 to 87.5 basis points over the alternate base rate (the greatest of (i) the NYFRB Rate plus 1/2 of 1%, (ii) the Prime Rate and (iii) the Adjusted Term SOFR Rate for a one month Interest Period plus 1%, each as defined in the Credit Agreement) depending on the Debt Ratings (as defined in the Credit Agreement). In connection with the amendment of the credit facility, LPLH incurred $5.5 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. Broker-Dealer Revolving Credit Facility On July 18, 2023, LPL Financial, the Company’s broker-dealer subsidiary, renewed its committed senior unsecured revolving credit facility that matures on July 16, 2024 and allows for a maximum borrowing of up to $1.0 billion. Borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) SOFR plus 0.10%, (ii) the effective federal funds rate and (iii) the overnight bank funding rate, in each case, as such rate is administered or determined by the Federal Reserve Bank of New York from time to time. In connection with the renewal of the credit facility, LPL Financial incurred $1.7 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The bro ker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of September 30, 2023. Other External Lines of Credit LPL Financial maintained five uncommitted lines of credit as of September 30, 2023. Two o f the lines have unspecified limits, which are primarily dependent on LPL Financial’s ability to provide sufficient collateral. T he other three lines have a total limit of $200.0 million , which allow for uncollateralized borrowings. There were no b alances outstanding under these lines at September 30, 2023 or December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 advisors and enterprises, primarily to newly recruited advisors and enterprises 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 or enterprise joining LPL Financial. LPL Financial had no significant unfunded loan commitments at September 30, 2023 or December 31, 2022. 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 condensed 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; or the potential opportunities for settlement and the status of any settlement discussions. 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. In October 2022, the Company received a request for information from the SEC in connection with an investigation of the Company’s compliance with records preservation requirements for business-related electronic communications stored on personal devices or messaging platforms that have not been approved by the Company. The staff of the SEC proposed a potential settlement with the Company to resolve its civil investigation. Under the SEC’s proposed resolution, the Company would pay a $50.0 million civil monetary penalty. As a result of the foregoing, the Company has recorded $40.0 million in other expense in the condensed consolidated statements of income for the three and nine months ended September 30, 2023 to reflect the amount of the penalty that is not covered by the Company’s captive insurance subsidiary. The Company has not yet reached a settlement in principle with the SEC, and any settlement agreement remains subject to the negotiation of the civil monetary penalty and definitive documentation. 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 its 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 actuarial assumptions and estimates. 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. Self-insurance liabilities are included in accounts payable and accrued liabilities in the condensed consolidated statements of financial condition. Self-insurance related charges are included in other expense in the condensed consolidated statements of income. The following table provides a reconciliation of the beginning and ending balances of self-insurance liabilities for the periods presented (in thousands): Nine Months Ended September 30, 2023 2022 Beginning balance — January 1 $ 74,071 $ 67,152 Losses incurred 27,140 27,376 Losses paid (17,659) (24,347) Ending balance — September 30 $ 83,552 $ 70,181 Other Commitments As of September 30, 2023, the Company had approximately $485.9 million of client margin loans that were collateralized with securities having a fair value of approximately $680.3 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $242.6 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, 2023, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $437.7 million of client collateral. Investment securities on the condensed consolidated statements of financial condition include $5.4 million and $4.5 million of trading securities pledged to the Options Clearing Corporation at September 30, 2023 and December 31, 2022, respectively, and $19.6 million and $19.9 million of trading securities pledged to the National Securities Clearing Corporation at September 30, 2023 and December 31, 2022, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
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 LPLFH’s Board of Directors (the “Board”) as well as certain limits under the Credit Agreement and the indentures governing the Company’s senior unsecured notes (the “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): 2023 2022 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.30 $ 23.6 $ 0.25 $ 20.0 Second quarter $ 0.30 $ 23.1 $ 0.25 $ 20.0 Third quarter $ 0.30 $ 22.8 $ 0.25 $ 20.0 Share Repurchases The Company engages in a share repurchase program that was approved by the Board, pursuant to which LPLFH may repurchase its issued and outstanding shares of common stock from time to time. Repurchased shares are included in treasury stock on the condensed consolidated statements of financial condition. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | SHARE-BASED COMPENSATIONIn May 2021, the Company adopted its 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 12,751,630 shares remaining available for future issuance at September 30, 2023. Stock Options and Warrants The Company has not granted stock options or warrants since 2019. The following table summarizes the Company’s stock option and warrant activity as of and for the nine months ended September 30, 2023: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2022 673,764 $ 53.45 Granted — $ — Exercised (101,188) $ 45.69 Forfeited and Expired — $ — Outstanding — September 30, 2023 572,576 $ 54.83 3.82 $ 104,680 Exercisable — September 30, 2023 572,576 $ 54.83 3.82 $ 104,680 Exercisable and expected to vest — September 30, 2023 572,576 $ 54.83 3.82 $ 104,680 The following table summarizes information about outstanding stock options and warrants as of September 30, 2023: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 63,123 $ 19.85 2.40 63,123 $ 19.85 $25.01 - $35.00 — $ — 0.00 — $ — $35.01 - $45.00 161,250 $ 39.48 3.44 161,250 $ 39.48 $45.01 - $65.00 53,658 $ 48.84 1.07 53,658 $ 48.84 $65.01 - $75.00 139,939 $ 65.50 4.37 139,939 $ 65.50 $75.01 - $80.00 154,606 $ 77.53 5.25 154,606 $ 77.53 572,576 $ 54.83 3.82 572,576 $ 54.83 The Company recognized no share-based compensation expense related to the vesting of stock options awarded to employees and officers during the three months ended September 30, 2023 and 2022, no expense during the nine months ended September 30, 2023, and $0.2 million of expense during the nine months ended September 30, 2022. As of September 30, 2023, there was no unrecognized compensation cost related to non-vested stock options as the remaining share-based compensation expense was recognized during the three months ended March 31, 2022. 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, 2023: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2022 814 $ 173.78 863,174 $ 149.11 Granted 2,753 $ 190.92 405,585 $ 220.57 Vested (1,999) $ 186.29 (439,077) $ 108.43 Forfeited — $ — (35,519) $ 208.71 Outstanding — September 30, 2023 1,568 $ 187.93 794,163 (1) $ 205.43 Expected to vest — September 30, 2023 1,568 $ 187.93 650,643 $ 219.43 _______________________________ (1) Includes 90,253 vested 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 $13.5 million and $10.2 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the three months ended September 30, 2023 and 2022, respectively, and $44.3 million and $34.9 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, total unrecognized compensation cost for restricted stock awards and stock units was $89.6 million, which is expected to be recognized over a weighted-average remaining period of 2.04 years. The Company also grants restricted stock units to its advisors and to enterprises. The Company recognized share-based compensation expense of $0.7 million related to the vesting of these awards during both the three months ended September 30, 2023 and 2022, respectively, and $2.0 million and $1.9 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, total unrecognized compensation cost for restricted stock units granted to advisors and enterprises was $6.1 million, which is expected to be recognized over a weighted-average remaining period of 2.35 years. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Net income $ 224,291 $ 232,331 $ 848,695 $ 526,620 Basic weighted-average number of shares outstanding 76,062 79,805 77,339 79,909 Dilutive common share equivalents 1,085 1,445 1,100 1,506 Diluted weighted-average number of shares outstanding 77,147 81,250 78,439 81,415 Basic earnings per share $ 2.95 $ 2.91 $ 10.97 $ 6.59 Diluted earnings per share $ 2.91 $ 2.86 $ 10.82 $ 6.47 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, 2023 and 2022, stock options, warrants and stock units representing common share equivalents of 9,513 shares and 7,843 shares, respectively, were anti-dilutive. For the nine months ended September 30, 2023 and 2022, stock options, warrants and stock units representing common share equivalents of 120,753 shares and 3,000 shares, respectively, were anti-dilutive. |
Net Capital and Regulatory Requ
Net Capital and Regulatory Requirements | 9 Months Ended |
Sep. 30, 2023 | |
Broker-Dealer [Abstract] | |
Net Capital and Regulatory Requirements | NET CAPITAL AND REGULATORY REQUIREMENTS The Company’s broker-dealer subsidiaries are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act of 1934, as amended), which requires the maintenance of minimum net capital. The net capital rules also provide that a 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 the Financial Industry Regulatory Authority (“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. The following table presents the net capital position of the Company’s primary broker-dealer subsidiary (in thousands): September 30, 2023 LPL Financial LLC Net capital $ 280,685 Less: required net capital 15,082 Excess net capital $ 265,603 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, 2023, LPL Financial an d 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, 2023 | |
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 may offer loans to new and existing advisors and enterprises to facilitate their relationship with LPL Financial, transition to LPL Financial’s platform or fund business development activities. LPL Financial may incur losses if advisors or enterprises do not fulfill their obligations with respect to these loans. To mitigate this risk, LPL Financial evaluates the performance and creditworthiness of the advisor or enterprise prior to offering repayable loans. 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 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSThe Board declared a cash dividend of $0.30 per share on LPLFH’s outstanding common stock to be paid on November 27, 2023 to all stockholders of record on November 9, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 224,291 | $ 232,331 | $ 848,695 | $ 526,620 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Dan Arnold [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 91 days |
Matthew Enyedi [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 231 days |
Richard Steinmeier [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 182 days |
Officer Trading Arrangement [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended September 30, 2023, none of our officers (as defined in Rule 16a-1(f) under the Exchange Act) entered into, modified or terminated contracts, instructions or written plans for the purchase or sale of our common stock that are intended to satisfy the affirmative defense conditions specified in Rule 10b5-1(c) under the Exchange Act. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements (“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, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations 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 condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The 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, 2022, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Condensed Consolidated Financial Statement Presentation Changes |
Recently Issued & Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements There are no relevant recently issued accounting pronouncements that would materially impact the Company’s condensed consolidated financial statements and related disclosures. There were no new accounting pronouncements adopted during the nine months ended September 30, 2023 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue - Reporting Category [Table Text Block] | The following table presents total commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Commission revenue Annuities $ 371,304 $ 327,386 $ 1,074,210 $ 938,383 Mutual funds 169,318 164,190 499,550 521,951 Fixed income 42,286 32,729 113,736 86,947 Equities 27,414 24,278 80,778 88,820 Other 33,278 36,397 101,937 107,780 Total commission revenue $ 643,600 $ 584,980 $ 1,870,211 $ 1,743,881 |
Disaggregation of Revenue - Reporting Category & Timing of Transfer of Good or Service [Table Text Block] | The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Commission revenue Trailing Annuities $ 187,330 $ 175,043 $ 555,520 $ 549,936 Mutual funds 134,600 130,116 390,924 400,810 Other 9,878 9,928 26,942 30,418 Total trailing revenue $ 331,808 $ 315,087 $ 973,386 $ 981,164 Sales-based Annuities $ 183,974 $ 152,343 $ 518,690 $ 388,447 Mutual funds 34,718 34,074 108,626 121,141 Fixed income 42,286 32,729 113,736 86,947 Equities 27,414 24,278 80,778 88,820 Other 23,400 26,469 74,995 77,362 Total sales-based revenue $ 311,792 $ 269,893 $ 896,825 $ 762,717 Total commission revenue $ 643,600 $ 584,980 $ 1,870,211 $ 1,743,881 |
Disaggregation of Revenue - Product and Service [Table Text Block] | The following table sets forth asset-based revenue disaggregated by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset-based revenue Client cash $ 360,518 $ 294,993 $ 1,157,208 $ 534,409 Sponsorship programs 118,871 93,344 330,597 299,319 Recordkeeping 105,743 100,926 308,790 315,533 Total asset-based revenue $ 585,132 $ 489,263 $ 1,796,595 $ 1,149,261 |
Disaggregation of Revenue - Timing of Transfer of Good or Service [Table Text Block] | The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service and fee revenue Over time (1) $ 101,129 $ 90,723 $ 288,745 $ 260,469 Point-in-time (2) 34,519 31,022 89,012 86,890 Total service and fee revenue $ 135,648 $ 121,745 $ 377,757 $ 347,359 _______________________________ (1) Service and fee revenue recognized over time includes revenue such as IRA custodian fees, error and omission insurance fees, and technology fees. (2) Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, account fees, and conference services. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 666 $ — $ — $ 666 Cash equivalents segregated under federal or other regulations 596,034 — — 596,034 Investment securities — trading: U.S. treasury obligations 25,041 — — 25,041 Mutual funds 10,917 — — 10,917 Money market funds 107 — — 107 Equity securities 97 — — 97 Debt securities — 39 — 39 Total investment securities — trading 36,162 39 — 36,201 Other assets: Deferred compensation plan 591,942 — — 591,942 Fractional shares — investment (1) 147,864 — — 147,864 Other investments 4,218 — 4,218 Total other assets: 739,806 4,218 — 744,024 Total assets at fair value $ 1,372,668 $ 4,257 $ — $ 1,376,925 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 44 $ — $ — $ 44 Total securities sold, but not yet purchased 44 — — 44 Fractional shares — repurchase obligation (1) 147,864 — — 147,864 Contingent consideration — — 49,387 49,387 Total other liabilities 147,908 — 49,387 197,295 Total liabilities at fair value $ 147,908 $ — $ 49,387 $ 197,295 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“DRIP”). The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 13,639 $ — $ — $ 13,639 Cash equivalents segregated under federal or other regulations 1,131,040 — — 1,131,040 Investment securities — trading: U.S. treasury obligations 24,402 — — 24,402 Mutual funds 10,679 — — 10,679 Equity securities 980 — — 980 Debt securities — 585 — 585 Money market funds 112 — — 112 Total investment securities — trading 36,173 585 — 36,758 Other assets: Deferred compensation plan 489,976 — — 489,976 Fractional shares — investment (1) 122,253 — — 122,253 Other investments — 5,248 — 5,248 Total other assets 612,229 5,248 — 617,477 Total assets at fair value $ 1,793,081 $ 5,833 $ — $ 1,798,914 Liabilities Accounts payable and accrued liabilities — contingent consideration $ — $ — $ 3,860 $ 3,860 Other liabilities: Securities sold, but not yet purchased: Debt securities — 61 — 61 Equity securities 20 — — 20 Mutual funds 4 — — 4 Total securities sold, but not yet purchased 24 61 — 85 Fractional shares — repurchase obligation (1) 122,253 — — 122,253 Total other liabilities 122,277 61 — 122,338 Total liabilities at fair value $ 122,277 $ 61 $ 3,860 $ 126,198 ____________________ |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands): September 30, 2023 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 798,543 $ 798,543 $ — $ — $ 798,543 Cash segregated under federal or other regulations 774,074 774,074 — — 774,074 Restricted cash 105,717 105,717 — — 105,717 Receivables from clients, net 581,017 — 581,017 — 581,017 Receivables from brokers, dealers and clearing organizations 41,081 — 41,081 — 41,081 Advisor repayable loans, net (1) 318,077 — — 235,570 235,570 Other receivables, net 723,573 — 723,573 — 723,573 Investment securities — held-to-maturity securities 16,422 — 16,047 — 16,047 Other assets: Securities borrowed 9,349 — 9,349 — 9,349 Deferred compensation plan (2) 7,987 7,987 — — 7,987 Other investments (3) 4,694 — 4,694 — 4,694 Total other assets 22,030 7,987 14,043 — 22,030 Liabilities Client payables $ 1,999,555 $ — $ 1,999,555 $ — $ 1,999,555 Payables to brokers, dealers and clearing organizations 98,697 — 98,697 — 98,697 Corporate debt and other borrowings, net 3,124,480 — 2,936,206 — 2,936,206 December 31, 2022 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 833,880 $ 833,880 $ — $ — $ 833,880 Cash segregated under federal or other regulations 1,068,322 1,068,322 — — 1,068,322 Restricted cash 90,389 90,389 — — 90,389 Receivables from clients, net 561,569 — 561,569 — 561,569 Receivables from brokers, dealers and clearing organizations 56,276 — 56,276 — 56,276 Advisor repayable loans, net (1) 280,040 — — 219,062 219,062 Other receivables, net 677,766 — 677,766 — 677,766 Investment securities - held-to-maturity securities 15,852 — 15,471 — 15,471 Other assets: Securities borrowed 9,626 — 9,626 — 9,626 Deferred compensation plan (2) 6,343 6,343 — — 6,343 Other investments (3) 4,647 — 4,647 — 4,647 Total other assets 20,616 6,343 14,273 — 20,616 Liabilities Client payables $ 2,694,929 $ — $ 2,694,929 $ — $ 2,694,929 Payables to brokers, dealers and clearing organizations 147,752 — 147,752 — 147,752 Corporate debt and other borrowings, net 2,717,444 — 2,530,011 — 2,530,011 __________________ (1) Includes repayable loans and forgivable loans which have converted to repayable upon advisor termination or change in agreed upon terms. (2) Includes cash balances awaiting investment or distribution to plan participants. (3) Other investments include Depository Trust Company common shares and Federal Reserve stock. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table summarizes investment securities (in thousands): September 30, 2023 December 31, 2022 Trading securities — at fair value: U.S. treasury obligations $ 25,041 $ 24,402 Mutual funds 10,917 10,679 Money market funds 107 112 Equity securities 97 980 Debt securities 39 585 Total trading securities $ 36,201 $ 36,758 Held-to-maturity securities — at amortized cost: U.S. government notes $ 16,422 $ 15,852 Total held-to-maturity securities $ 16,422 $ 15,852 Total investment securities $ 52,623 $ 52,610 |
Maturities of securities held-to-maturity | At September 30, 2023, 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 After ten years Total U.S. government notes — at amortized cost $ 4,981 $ 11,441 $ — $ — $ 16,422 U.S. government notes — at fair value $ 4,871 $ 11,176 $ — $ — $ 16,047 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2021 $ 1,642,443 Goodwill acquired 25 Balance at December 31, 2022 1,642,468 Goodwill acquired 129,714 Balance at September 30, 2023 $ 1,772,182 |
Components of intangible assets | The components of other intangibles, net were as follows at September 30, 2023 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and enterprise relationships 6.4 $ 934,704 $ (595,557) $ 339,147 Product sponsor relationships 2.4 234,086 (206,098) 27,988 Client relationships 12.8 269,741 (45,143) 224,598 Technology 4.8 19,040 (9,426) 9,614 Total definite-lived intangible assets, net $ 1,457,571 $ (856,224) $ 601,347 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 641,166 _______________________________ (1) During the nine months ended September 30, 2023, the Company allocated $230.9 million to intangible assets acquired under its Liquidity & Succession solution and the acquisition of Boenning & Scattergood’s Private Client Group. These intangible assets were comprised primarily of customer relationships with an assigned useful life of 14 years. The components of other intangibles, net were as follows at December 31, 2022 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net: Advisor and enterprise relationships 5.1 $ 809,872 $ (542,415) $ 267,457 Product sponsor relationships 3.2 234,086 (197,165) 36,921 Client relationships (1) 8.0 102,491 (30,318) 72,173 Technology 5.4 19,040 (7,734) 11,306 Total definite-lived intangibles, net $ 1,165,489 $ (777,632) $ 387,857 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 427,676 _______________________________ (1) During the year ended December 31, 2022, the Company acquired client relationship intangible assets of $54.1 million as a result of acquisitions under its Liquidity & Succession solution. These acquisitions were accounted for as asset acquisitions with an assigned useful life of 9 years. |
Amortization expense | Future amortization is estimated as follows (in thousands): 2023 - remainder $ 27,161 2024 108,468 2025 100,094 2026 61,838 2027 56,689 Thereafter 247,097 Total $ 601,347 |
Other Assert and Other Liabil_2
Other Assert and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets And Other Liabilities [Abstract] | |
Schedule of other assets and other liabilities | The components of other assets and other liabilities were as follows (dollars in thousands): September 30, 2023 December 31, 2022 Other assets: Deferred compensation $ 599,929 $ 496,319 Prepaid assets 115,727 144,607 Fractional shares — investment (1) 147,864 122,253 Deferred tax assets, net 99,157 98,997 Operating lease assets 95,003 92,534 Debt issuance costs, net 10,382 6,422 Other 79,616 62,098 Total other assets $ 1,147,678 $ 1,023,230 Other liabilities: Deferred compensation $ 598,975 $ 497,736 Unearned revenue (2) 172,180 138,109 Fractional shares — repurchase obligation (1) 147,864 122,253 Operating lease liabilities 125,412 125,280 Finance lease liabilities 105,516 105,660 Taxes payable 326,859 113,503 Other 99,430 86 Total other liabilities $ 1,576,236 $ 1,102,627 _______________________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP program. (2) See Note 3 - Revenue for further information. |
Corporate Debt and Other Borr_2
Corporate Debt and Other Borrowings, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term and Other Borrowings | The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): September 30, 2023 December 31, 2022 Corporate Debt Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1)(2) $ 1,029,875 SOFR+185 bps 7.180 % $ 1,037,900 LIBOR+175 bps 5.870 % 11/12/2026 2027 Senior Notes (1) 400,000 Fixed Rate 4.625 % 400,000 Fixed Rate 4.625 % 11/15/2027 2029 Senior Notes (1) 900,000 Fixed Rate 4.000 % 900,000 Fixed Rate 4.000 % 3/15/2029 2031 Senior Notes (1) 400,000 Fixed Rate 4.375 % 400,000 Fixed Rate 4.375 % 5/15/2031 Total Corporate Debt 2,729,875 2,737,900 Less: Unamortized Debt Issuance Cost (17,395) (20,456) Corporate debt, net $ 2,712,480 $ 2,717,444 Other Borrowings Revolving Credit Facility (2)(3) 412,000 ABR+37.5 bps / SOFR+147.5 bps 7.002 % — LIBOR+25 bps 5.642 % 3/15/2026 Total other borrowings $ 412,000 $ — Corporate Debt and Other Borrowings, Net $ 3,124,480 $ 2,717,444 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) In March 2023, the Company amended its Credit Agreement to transition the Parent Revolving Credit Facility and Term Loan B from London Interbank Offered Rate (“LIBOR”)-based to Secured Overnight Financing Rate (“SOFR”)-based interest rates, which became effective in March and April 2023, respectively. (3) The Parent’s outstanding balance at September 30, 2023 was comprised of an alternate base rate (“ABR”)-based balance of $40.0 million with the applicable margin of ABR + 37.5 bps (8.875%) and a SOFR-based balance of $372.0 million with the applicable margin of SOFR + 147.5 bps (6.801%). The following table presents amounts outstanding and available under the Company’s external lines of credit at September 30, 2023 (in millions): Description Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ 412 $ 1,588 Broker-dealer revolving credit facility LPL Financial LLC July 2024 $ — $ 1,000 Unsecured, uncommitted lines of credit LPL Financial LLC None $ — $ 75 Unsecured, uncommitted lines of credit LPL Financial LLC September 2024 $ — $ 50 Secured, uncommitted lines of credit LPL Financial LLC March 2025 $ — $ 75 Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified Secured, uncommitted lines of credit LPL Financial LLC None $ — unspecified |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Guarantee Insurance Contracts, Claim Liability | The following table provides a reconciliation of the beginning and ending balances of self-insurance liabilities for the periods presented (in thousands): Nine Months Ended September 30, 2023 2022 Beginning balance — January 1 $ 74,071 $ 67,152 Losses incurred 27,140 27,376 Losses paid (17,659) (24,347) Ending balance — September 30 $ 83,552 $ 70,181 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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): 2023 2022 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.30 $ 23.6 $ 0.25 $ 20.0 Second quarter $ 0.30 $ 23.1 $ 0.25 $ 20.0 Third quarter $ 0.30 $ 22.8 $ 0.25 $ 20.0 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2022 673,764 $ 53.45 Granted — $ — Exercised (101,188) $ 45.69 Forfeited and Expired — $ — Outstanding — September 30, 2023 572,576 $ 54.83 3.82 $ 104,680 Exercisable — September 30, 2023 572,576 $ 54.83 3.82 $ 104,680 Exercisable and expected to vest — September 30, 2023 572,576 $ 54.83 3.82 $ 104,680 |
Summary of outstanding stock options and warrant information | The following table summarizes information about outstanding stock options and warrants as of September 30, 2023: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 63,123 $ 19.85 2.40 63,123 $ 19.85 $25.01 - $35.00 — $ — 0.00 — $ — $35.01 - $45.00 161,250 $ 39.48 3.44 161,250 $ 39.48 $45.01 - $65.00 53,658 $ 48.84 1.07 53,658 $ 48.84 $65.01 - $75.00 139,939 $ 65.50 4.37 139,939 $ 65.50 $75.01 - $80.00 154,606 $ 77.53 5.25 154,606 $ 77.53 572,576 $ 54.83 3.82 572,576 $ 54.83 |
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, 2023: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2022 814 $ 173.78 863,174 $ 149.11 Granted 2,753 $ 190.92 405,585 $ 220.57 Vested (1,999) $ 186.29 (439,077) $ 108.43 Forfeited — $ — (35,519) $ 208.71 Outstanding — September 30, 2023 1,568 $ 187.93 794,163 (1) $ 205.43 Expected to vest — September 30, 2023 1,568 $ 187.93 650,643 $ 219.43 _______________________________ (1) Includes 90,253 vested and undistributed deferred stock units. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Net income $ 224,291 $ 232,331 $ 848,695 $ 526,620 Basic weighted-average number of shares outstanding 76,062 79,805 77,339 79,909 Dilutive common share equivalents 1,085 1,445 1,100 1,506 Diluted weighted-average number of shares outstanding 77,147 81,250 78,439 81,415 Basic earnings per share $ 2.95 $ 2.91 $ 10.97 $ 6.59 Diluted earnings per share $ 2.91 $ 2.86 $ 10.82 $ 6.47 |
Net Capital and Regulatory Re_2
Net Capital and Regulatory Requirements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Broker-Dealer [Abstract] | |
Broker-Dealer, Net Capital Requirement, SEC Regulation | The following table presents the net capital position of the Company’s primary broker-dealer subsidiary (in thousands): September 30, 2023 LPL Financial LLC Net capital $ 280,685 Less: required net capital 15,082 Excess net capital $ 265,603 |
Organization and Description _2
Organization and Description of the Company Consolidation, Parent Ownership Interest (Details) - LPL Financial LLC | 9 Months Ended |
Sep. 30, 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership Interest Percentage In Subsidiary | 100% |
Number of States in which Entity Operates | 50 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | $ 585,132 | $ 489,263 | $ 1,796,595 | $ 1,149,261 |
Client cash | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | 360,518 | 294,993 | 1,157,208 | 534,409 |
Sponsorship Programs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | 118,871 | 93,344 | 330,597 | 299,319 |
Recordkeeping Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset Based Fees | $ 105,743 | $ 100,926 | $ 308,790 | $ 315,533 |
Revenue - Commission Revenue Di
Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 643,600 | $ 584,980 | $ 1,870,211 | $ 1,743,881 |
Annuities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 371,304 | 327,386 | 1,074,210 | 938,383 |
Mutual Funds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 169,318 | 164,190 | 499,550 | 521,951 |
Fixed Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 42,286 | 32,729 | 113,736 | 86,947 |
Equities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 27,414 | 24,278 | 80,778 | 88,820 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 33,278 | $ 36,397 | $ 101,937 | $ 107,780 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 643,600 | $ 584,980 | $ 1,870,211 | $ 1,743,881 |
Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 311,792 | 269,893 | 896,825 | 762,717 |
Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 331,808 | 315,087 | 973,386 | 981,164 |
Annuities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 371,304 | 327,386 | 1,074,210 | 938,383 |
Annuities [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 183,974 | 152,343 | 518,690 | 388,447 |
Annuities [Member] | Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 187,330 | 175,043 | 555,520 | 549,936 |
Mutual Funds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 169,318 | 164,190 | 499,550 | 521,951 |
Mutual Funds [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 34,718 | 34,074 | 108,626 | 121,141 |
Mutual Funds [Member] | Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 134,600 | 130,116 | 390,924 | 400,810 |
Fixed Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 42,286 | 32,729 | 113,736 | 86,947 |
Fixed Income [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 42,286 | 32,729 | 113,736 | 86,947 |
Equities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 27,414 | 24,278 | 80,778 | 88,820 |
Equities [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 27,414 | 24,278 | 80,778 | 88,820 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 33,278 | 36,397 | 101,937 | 107,780 |
Other [Member] | Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | 23,400 | 26,469 | 74,995 | 77,362 |
Other [Member] | Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Commission | $ 9,878 | $ 9,928 | $ 26,942 | $ 30,418 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Service and fee | $ 135,648 | $ 121,745 | $ 377,757 | $ 347,359 |
Point-in-time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Service and fee | 34,519 | 31,022 | 89,012 | 86,890 |
Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Service and fee | $ 101,129 | $ 90,723 | $ 288,745 | $ 260,469 |
Revenue - Unearned Revenue Reco
Revenue - Unearned Revenue Recognized (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Unearned Revenue [Abstract] | ||
Contract with Customer, Liability | $ 172.2 | $ 138.1 |
Deferred Revenue, Revenue Recognized | $ 136.7 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,772,182 | $ 1,642,468 | $ 1,642,443 | |
Finite-lived intangible assets acquired | 230,900 | $ 54,100 | ||
FRGIS | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 140,000 | |||
Goodwill | 129,700 | |||
Finite-lived intangible assets acquired | 53,500 | |||
Business combination, contingent consideration, liability | 45,400 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents | 9,000 | |||
FRGIS | Bank Relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | 34,700 | |||
FRGIS | Advisor Relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | 18,800 | |||
Boenning & Scattergood's Private Client Group | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration, liability | 115,900 | |||
Boenning & Scattergood's Private Client Group | Advisor Relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | 70,200 | |||
Boenning & Scattergood's Private Client Group | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 160,700 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | $ 36,201 | $ 36,758 |
Investment securities | 52,623 | 52,610 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,639 | |
Securities owned — trading | 36,201 | 36,758 |
Other assets | 744,024 | 617,477 |
Total assets at fair value | 1,376,925 | 1,798,914 |
Accounts payable and accrued liabilities | 3,860 | |
Other Liabilities, Fair Value Disclosure | 197,295 | 122,338 |
Total liabilities at fair value | 197,295 | 126,198 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,639 | |
Securities owned — trading | 36,162 | 36,173 |
Other assets | 739,806 | 612,229 |
Total assets at fair value | 1,372,668 | 1,793,081 |
Accounts payable and accrued liabilities | 0 | |
Other Liabilities, Fair Value Disclosure | 147,908 | 122,277 |
Total liabilities at fair value | 147,908 | 122,277 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Securities owned — trading | 39 | 585 |
Other assets | 4,218 | 5,248 |
Total assets at fair value | 4,257 | 5,833 |
Securities sold, but not yet purchased | 0 | |
Accounts payable and accrued liabilities | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | 61 |
Total liabilities at fair value | 0 | 61 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 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 | 3,860 | |
Other Liabilities, Fair Value Disclosure | 49,387 | 0 |
Total liabilities at fair value | 49,387 | 3,860 |
Equity Securities [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 44 | 20 |
Equity Securities [Member] | Fair Value, Recurring | 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 | 44 | 20 |
Equity Securities [Member] | Fair Value, Recurring | 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 | 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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 61 | |
Debt Securities [Member] | Fair Value, Recurring | 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 | |
Debt Securities [Member] | Fair Value, Recurring | 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 | 61 | |
Debt Securities [Member] | Fair Value, Recurring | 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 | |
Mutual Funds [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 4 | |
Mutual Funds [Member] | Fair Value, Recurring | 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 | 4 | |
Mutual Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 0 | |
Mutual Funds [Member] | Fair Value, Recurring | 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 | |
Securities Sold, Not yet Purchased | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities sold, but not yet purchased | 44 | 85 |
Securities Sold, Not yet Purchased | Fair Value, Recurring | 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 | 44 | 24 |
Securities Sold, Not yet Purchased | Fair Value, Recurring | 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 | 61 |
Securities Sold, Not yet Purchased | Fair Value, Recurring | 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 | |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 596,034 | 1,131,040 |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 596,034 | 1,131,040 |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents Segregated Under Federal Or Other Regulations | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 666 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 666 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Cash Equivalents Not Subject To Segregation | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 107 | 112 |
Money Market Funds [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 107 | 112 |
Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 107 | 112 |
Money Market Funds [Member] | Fair Value, Recurring | 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 | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Other Security Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 39 | 585 |
Other Security Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 39 | 585 |
Other Security Investments | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Other Security Investments | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 39 | 585 |
Other Security Investments | Fair Value, Recurring | 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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 10,917 | 10,679 |
Mutual Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 10,917 | 10,679 |
Mutual Funds [Member] | Fair Value, Recurring | 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 | 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 97 | 980 |
Equity Securities [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 97 | 980 |
Equity Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 97 | 980 |
Equity Securities [Member] | Fair Value, Recurring | 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 | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
U.S. treasury obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 25,041 | 24,402 |
U.S. treasury obligations [Member] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 25,041 | 24,402 |
U.S. treasury obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 25,041 | 24,402 |
U.S. treasury obligations [Member] | Fair Value, Recurring | 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 | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities owned — trading | 0 | 0 |
Deferred Compensation Plan | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 591,942 | 489,976 |
Deferred Compensation Plan | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 591,942 | 489,976 |
Deferred Compensation Plan | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Deferred Compensation Plan | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Other Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 4,218 | 5,248 |
Other Investments | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | |
Other Investments | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 4,218 | 5,248 |
Other Investments | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Fractional Shares | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 147,864 | 122,253 |
Other Liabilities, Fair Value Disclosure | 147,864 | 122,253 |
Fractional Shares | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 147,864 | 122,253 |
Other Liabilities, Fair Value Disclosure | 147,864 | 122,253 |
Fractional Shares | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | |
Fractional Shares | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | $ 0 |
Other Liabilities, Fair Value Disclosure | 0 | |
contingent consideration [Domain] | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 49,387 | |
contingent consideration [Domain] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
contingent consideration [Domain] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 0 | |
contingent consideration [Domain] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | $ 49,387 |
Fair Value Measurements - Not M
Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets, not measured at fair value | |||
Cash and cash equivalents | $ 799,209 | $ 847,519 | $ 1,219,418 |
Cash segregated under federal and other regulations | 1,370,108 | 2,199,362 | 2,268,090 |
Restricted cash | 105,717 | 90,389 | $ 91,712 |
Receivables from clients, net | 581,017 | 561,569 | |
Receivables from brokers, dealers and clearing organizations | 41,081 | 56,276 | |
Advisor loans, net | 1,369,587 | 1,123,004 | |
Other receivables, net | 723,573 | 677,766 | |
Investment securities - held-to-maturity securities | 16,422 | 15,852 | |
Other assets | 1,147,678 | 1,023,230 | |
Liabilities, not measured at fair value | |||
Payables to clients | 1,999,555 | 2,694,929 | |
Payables to broker-dealers and clearing organizations | 98,697 | 147,752 | |
Corporate long-term debt | 3,124,480 | 2,717,444 | |
Financial instruments not measured at fair value | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 798,543 | 833,880 | |
Cash segregated under federal and other regulations | 774,074 | 1,068,322 | |
Restricted cash | 105,717 | 90,389 | |
Receivables from clients, net | 581,017 | 561,569 | |
Receivables from brokers, dealers and clearing organizations | 41,081 | 56,276 | |
Advisor loans, net | 318,077 | 280,040 | |
Other receivables, net | 723,573 | 677,766 | |
Investment securities - held-to-maturity securities | 16,422 | 15,852 | |
Other assets | 22,030 | 20,616 | |
Liabilities, not measured at fair value | |||
Payables to clients | 1,999,555 | 2,694,929 | |
Payables to broker-dealers and clearing organizations | 98,697 | 147,752 | |
Corporate long-term debt | 3,124,480 | 2,717,444 | |
Financial instruments not measured at fair value | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 4,694 | 4,647 | |
Financial instruments not measured at fair value | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 9,349 | 9,626 | |
Financial instruments not measured at fair value | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 7,987 | 6,343 | |
Financial instruments not measured at fair value | Total Fair Value | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 798,543 | 833,880 | |
Cash segregated under federal and other regulations | 774,074 | 1,068,322 | |
Restricted cash | 105,717 | 90,389 | |
Receivables from clients, net | 581,017 | 561,569 | |
Receivables from brokers, dealers and clearing organizations | 41,081 | 56,276 | |
Advisor loans, net | 235,570 | 219,062 | |
Other receivables, net | 723,573 | 677,766 | |
Investment securities - held-to-maturity securities | 16,047 | 15,471 | |
Other assets | 22,030 | 20,616 | |
Liabilities, not measured at fair value | |||
Payables to clients | 1,999,555 | 2,694,929 | |
Payables to broker-dealers and clearing organizations | 98,697 | 147,752 | |
Corporate long-term debt | 2,936,206 | 2,530,011 | |
Financial instruments not measured at fair value | Total Fair Value | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 4,694 | 4,647 | |
Financial instruments not measured at fair value | Total Fair Value | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 9,349 | 9,626 | |
Financial instruments not measured at fair value | Total Fair Value | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 7,987 | 6,343 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 798,543 | 833,880 | |
Cash segregated under federal and other regulations | 774,074 | 1,068,322 | |
Restricted cash | 105,717 | 90,389 | |
Receivables from clients, net | 0 | 0 | |
Receivables from brokers, dealers and clearing organizations | 0 | 0 | |
Advisor loans, net | 0 | 0 | |
Other receivables, net | 0 | 0 | |
Investment securities - held-to-maturity securities | 0 | 0 | |
Other assets | 7,987 | 6,343 | |
Liabilities, not measured at fair value | |||
Payables to clients | 0 | 0 | |
Payables to broker-dealers and clearing organizations | 0 | 0 | |
Corporate long-term debt | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member] | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 7,987 | 6,343 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 0 | 0 | |
Cash segregated under federal and other regulations | 0 | 0 | |
Restricted cash | 0 | 0 | |
Receivables from clients, net | 581,017 | 561,569 | |
Receivables from brokers, dealers and clearing organizations | 41,081 | 56,276 | |
Advisor loans, net | 0 | 0 | |
Other receivables, net | 723,573 | 677,766 | |
Investment securities - held-to-maturity securities | 16,047 | 15,471 | |
Other assets | 14,043 | 14,273 | |
Liabilities, not measured at fair value | |||
Payables to clients | 1,999,555 | 2,694,929 | |
Payables to broker-dealers and clearing organizations | 98,697 | 147,752 | |
Corporate long-term debt | 2,936,206 | 2,530,011 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 4,694 | 4,647 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 9,349 | 9,626 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | |||
Assets, not measured at fair value | |||
Cash and cash equivalents | 0 | 0 | |
Cash segregated under federal and other regulations | 0 | 0 | |
Restricted cash | 0 | 0 | |
Receivables from clients, net | 0 | 0 | |
Receivables from brokers, dealers and clearing organizations | 0 | 0 | |
Advisor loans, net | 235,570 | 219,062 | |
Other receivables, net | 0 | 0 | |
Investment securities - held-to-maturity securities | 0 | 0 | |
Other assets | 0 | 0 | |
Liabilities, not measured at fair value | |||
Payables to clients | 0 | 0 | |
Payables to broker-dealers and clearing organizations | 0 | 0 | |
Corporate long-term debt | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | Other Investments | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | Securities borrowed | |||
Assets, not measured at fair value | |||
Other assets | 0 | 0 | |
Financial instruments not measured at fair value | Fair Value, Inputs, Level 3 [Member] | Deferred Compensation Plan | |||
Assets, not measured at fair value | |||
Other assets | $ 0 | $ 0 |
Investment Securities - Summary
Investment Securities - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Trading securities - at fair value: | ||
Securities owned — trading | $ 36,201 | $ 36,758 |
Held-to-maturity securities - at amortized cost: | ||
Total held-to-maturity securities | 16,422 | 15,852 |
Short-term Investments | 52,623 | 52,610 |
Money Market Funds [Member] | ||
Trading securities - at fair value: | ||
Securities owned — trading | 107 | 112 |
Mutual funds | ||
Trading securities - at fair value: | ||
Securities owned — trading | 10,917 | 10,679 |
Equity Securities [Member] | ||
Trading securities - at fair value: | ||
Securities owned — trading | 97 | 980 |
U.S. treasury obligations [Member] | ||
Trading securities - at fair value: | ||
Securities owned — trading | 25,041 | 24,402 |
Held-to-maturity securities - at amortized cost: | ||
Total held-to-maturity securities | 16,422 | |
US Government Agencies Debt Securities | ||
Held-to-maturity securities - at amortized cost: | ||
Total held-to-maturity securities | 16,422 | 15,852 |
Other Security Investments | ||
Trading securities - at fair value: | ||
Securities owned — trading | $ 39 | $ 585 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Maturities of securities held-to-maturity | ||
U.S. government notes - at amortized cost, Total | $ 16,422 | $ 15,852 |
U.S. Treasury Securities [Member] | ||
Maturities of securities held-to-maturity | ||
U.S. government notes - at amortized cost, Within one year | 4,981 | |
U.S. government notes - at amortized cost, After one but within five years | 11,441 | |
U.S. government notes - at amortized cost, After five but within ten years | 0 | |
U.S. government notes - at amortized cost, Total | 16,422 | |
U.S. government notes - at fair value, Within one year | 4,871 | |
U.S. government notes - at fair value, After one but within five years | 11,176 | |
U.S. government notes - at fair value, After five but within ten years | 0 | |
U.S. government notes - at fair value, Total | 16,047 | |
US Government Agencies Debt Securities | ||
Maturities of securities held-to-maturity | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 0 | |
U.S. government notes - at amortized cost, Total | 16,422 | $ 15,852 |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,642,468 | $ 1,642,443 |
Goodwill acquired | 129,714 | 25 |
Goodwill, ending balance | $ 1,772,182 | $ 1,642,468 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets | |||||
Weighted-Average Life Remaining (in years) | 14 years | 9 years | |||
Gross Carrying Value | $ 1,457,571 | $ 1,457,571 | $ 1,165,489 | ||
Accumulated Amortization | (856,224) | (856,224) | (777,632) | ||
Net Carrying Value | 601,347 | 601,347 | 387,857 | ||
Indefinite-lived Intangible Assets | |||||
Total intangible assets | 641,166 | 641,166 | 427,676 | ||
Finite-lived intangible assets acquired | 230,900 | 230,900 | 54,100 | ||
Amortization of intangible assets | 27,760 | $ 22,654 | 78,593 | $ 65,018 | |
Trademarks and Trade Names [Member] | |||||
Indefinite-lived Intangible Assets | |||||
Net Carrying Value | 39,819 | $ 39,819 | $ 39,819 | ||
Advisor And Financial Institution Relationships [Member] | |||||
Finite-Lived Intangible Assets | |||||
Weighted-Average Life Remaining (in years) | 6 years 4 months 24 days | 5 years 1 month 6 days | |||
Gross Carrying Value | 934,704 | $ 934,704 | $ 809,872 | ||
Accumulated Amortization | (595,557) | (595,557) | (542,415) | ||
Net Carrying Value | 339,147 | $ 339,147 | $ 267,457 | ||
Product Sponsor Relationships [Member] | |||||
Finite-Lived Intangible Assets | |||||
Weighted-Average Life Remaining (in years) | 2 years 4 months 24 days | 3 years 2 months 12 days | |||
Gross Carrying Value | 234,086 | $ 234,086 | $ 234,086 | ||
Accumulated Amortization | (206,098) | (206,098) | (197,165) | ||
Net Carrying Value | 27,988 | $ 27,988 | $ 36,921 | ||
Customer Relationships | |||||
Finite-Lived Intangible Assets | |||||
Weighted-Average Life Remaining (in years) | 12 years 9 months 18 days | 8 years | |||
Gross Carrying Value | 269,741 | $ 269,741 | $ 102,491 | ||
Accumulated Amortization | (45,143) | (45,143) | (30,318) | ||
Net Carrying Value | 224,598 | $ 224,598 | $ 72,173 | ||
Technology [Member] | |||||
Finite-Lived Intangible Assets | |||||
Weighted-Average Life Remaining (in years) | 4 years 9 months 18 days | 5 years 4 months 24 days | |||
Gross Carrying Value | 19,040 | $ 19,040 | $ 19,040 | ||
Accumulated Amortization | (9,426) | (9,426) | (7,734) | ||
Net Carrying Value | $ 9,614 | $ 9,614 | $ 11,306 | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets | |||||
Weighted-Average Life Remaining (in years) | 0 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Future amortization expense | ||
Remainder of Fiscal Year | $ 27,161 | |
Due Year One | 108,468 | |
Due Year Two | 100,094 | |
Due Year Three | 61,838 | |
Due Year Four | 56,689 | |
Due after Year Four | 247,097 | |
Net Carrying Value | $ 601,347 | $ 387,857 |
Other Assert and Other Liabil_3
Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other assets: | ||
Deferred compensation | $ 599,929 | $ 496,319 |
Prepaid assets | 115,727 | 144,607 |
Fractional shares - investment | 147,864 | 122,253 |
Deferred Income Tax Assets, Net | 99,157 | 98,997 |
Operating lease assets | 95,003 | 92,534 |
Debt issuance costs, net | 10,382 | 6,422 |
Other | 79,616 | 62,098 |
Total other assets | $ 1,147,678 | 1,023,230 |
Operating lease assets [Extensible List] | Total other assets | |
Other liabilities: | ||
Deferred compensation | $ 598,975 | 497,736 |
Unearned revenue | 172,180 | 138,109 |
Fractional shares - repurchase obligation | 147,864 | 122,253 |
Operating lease liabilities | 125,412 | 125,280 |
Finance lease liabilities | 105,516 | 105,660 |
Taxes payable | 326,859 | 113,503 |
Other | 99,430 | 86 |
Total other liabilities | $ 1,576,236 | $ 1,102,627 |
Operating lease liabilities [Extensible List] | Total other liabilities | |
Finance lease liabilities [Extensible List] | Total other liabilities | Total other liabilities |
Corporate Debt and Other Borr_3
Corporate Debt and Other Borrowings, Net (Long-Term Borrowings Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Borrowings [Line Items] | |||
Long-TermSeniorDebtGross | $ 2,729,875 | $ 2,729,875 | $ 2,737,900 |
Less Unamortized Debt Issuance Cost | (17,395) | (17,395) | (20,456) |
Long-Term Senior Debt, Net | 2,712,480 | 2,712,480 | 2,717,444 |
Long-Term Debt | 3,124,480 | 3,124,480 | 2,717,444 |
Other Long-term Debt | 412,000 | 412,000 | 0 |
Secured Debt | Fourth Amendment Agreement Term Loan B | |||
Borrowings [Line Items] | |||
Long-TermSeniorDebtGross | $ 1,029,875 | $ 1,029,875 | $ 1,037,900 |
Variable Interest Rate (as percent) | 7.18% | 7.18% | 5.87% |
Secured Debt | Fourth Amendment Agreement Term Loan B | London Interbank Offered Rate (LIBOR) | |||
Borrowings [Line Items] | |||
Applicable interest rate margin (as percent) | 1.85% | 1.75% | |
Unsecured Debt | Senior Notes Due 2027 | |||
Borrowings [Line Items] | |||
Long-TermSeniorDebtGross | $ 400,000 | $ 400,000 | $ 400,000 |
Fixed Interest Rate (as percent) | 4.625% | 4.625% | 4.625% |
Unsecured Debt | Senior Notes Due 2029 | |||
Borrowings [Line Items] | |||
Long-TermSeniorDebtGross | $ 900,000 | $ 900,000 | $ 900,000 |
Fixed Interest Rate (as percent) | 4% | 4% | 4% |
Unsecured Debt | Senior Notes Due 2031 | |||
Borrowings [Line Items] | |||
Long-TermSeniorDebtGross | $ 400,000 | $ 400,000 | $ 400,000 |
Fixed Interest Rate (as percent) | 4.375% | 4.375% | 4.375% |
Line of Credit | |||
Borrowings [Line Items] | |||
Other Long-term Debt | $ 0 | ||
Revolving Credit Facility | Line of Credit | |||
Borrowings [Line Items] | |||
Long-Term Debt | $ 0 | $ 0 | $ 0 |
Variable Interest Rate (as percent) | 7.002% | 7.002% | 5.642% |
Other Long-term Debt | $ 412,000 | $ 412,000 | |
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | |||
Borrowings [Line Items] | |||
Applicable interest rate margin (as percent) | 0.25% | ||
Revolving Credit Facility | Line of Credit | ABR | |||
Borrowings [Line Items] | |||
Applicable interest rate margin (as percent) | 0.375% | 0.375% | |
Variable Interest Rate (as percent) | 8.875% | 8.875% | |
Other Long-term Debt | $ 40,000 | $ 40,000 | |
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | |||
Borrowings [Line Items] | |||
Applicable interest rate margin (as percent) | 1.475% | 1.475% | |
Variable Interest Rate (as percent) | 6.801% | 6.801% | |
Other Long-term Debt | $ 372,000 | $ 372,000 |
Corporate Debt and Other Borr_4
Corporate Debt and Other Borrowings, Net (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions | Sep. 30, 2023 USD ($) |
Revolving Credit Facility | Senior Secured, Revolving Credit Facility Due March 2026 | |
Line of Credit Facility [Line Items] | |
Outstanding | $ 412 |
Available | 1,588 |
Revolving Credit Facility | Broker-Dealer, Revolving Credit Facility Due July 2024 | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | 1,000 |
Secured Debt | Secured, Uncommitted Lines of Credit, Due March 2025 | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | 75 |
Secured Debt | Secured, Uncommitted Lines of Credit, No Maturity, One | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Secured Debt | Secured, Uncommitted Lines of Credit, No Maturity, Two | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Unsecured Debt | Unsecured, Uncommitted Lines of Credit Due September 2021, One | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | 75 |
Unsecured Debt | Unsecured, Uncommitted Lines of Credit Due September 2021, Two | |
Line of Credit Facility [Line Items] | |
Outstanding | 0 |
Available | $ 50 |
Corporate Debt and Other Borr_5
Corporate Debt and Other Borrowings, Net - Textuals (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 18, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) lineOfCredit | Jul. 17, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |||||
Corporate long-term debt | $ 3,124,480 | $ 3,124,480 | $ 2,717,444 | ||
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Total number of uncommitted lines of credit | lineOfCredit | 5 | ||||
Number of uncommitted lines of credit with an unspecified limit | lineOfCredit | 2 | ||||
Number of uncommitted lines of credit with a specified limit | lineOfCredit | 3 | ||||
Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 200,000 | $ 200,000 | |||
Debt instrument, interest rate, effective percentage | 7.002% | 7.002% | 5.642% | ||
Corporate long-term debt | $ 0 | $ 0 | $ 0 | ||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.475% | 1.475% | |||
Debt instrument, interest rate, effective percentage | 6.801% | 6.801% | |||
Revolving Credit Facility | Broker-Dealer, Revolving Credit Facility | LPL Financial LLC | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | ||||
Stated rate | 1.25% | ||||
Debt issuance costs | $ 1,700 | ||||
Revolving Credit Facility | Broker-Dealer, Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | LPL Financial LLC | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.10% | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 2,000,000 | $ 1,000,000 | |||
Debt issuance costs | $ 5,500 | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Debt instrument, interest rate, effective percentage | 0.10% | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 50% | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Minimum | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.125% | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Minimum | Base Rate | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.125% | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Maximum | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.875% | ||||
Revolving Credit Facility | Parent Revolving Credit Facility | Maximum | Base Rate | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.875% |
Commitments and Contingencies (
Commitments and Contingencies (Legal) (Details) - Settlement In Principle Is Not Reached - SEC Civil Penalty $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Civil penalty | $ 50 |
Litigation expense | $ 40 |
Commitments and Contingencies_2
Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Broker-Dealer [Abstract] | ||
Collateral securities | $ 485.9 | |
Collateral security (Fair value) | 680.3 | |
Amount pledged with client-owned securities | 242.6 | |
Remaining collateral securities that can be re-pledged, loaned, or sold | 437.7 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Remaining collateral securities that can be re-pledged, loaned, or sold | 437.7 | |
Options Clearing Corporation [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Marketable Securities | 5.4 | $ 4.5 |
National Securities Clearing Corporation [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Marketable Securities | $ 19.6 | $ 19.9 |
Commitments and Contingencies -
Commitments and Contingencies - Self insurance Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Self-Insurance Liability [Roll Forward] | ||
Self-insurance liability, beginning balance | $ 83,552 | $ 70,181 |
Losses incurred | 27,140 | 27,376 |
Losses paid | (17,659) | (24,347) |
Self-insurance liability, ending balance | $ 74,071 | $ 67,152 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.25 | $ 0.25 | $ 0.25 | ||
Dividends, Common Stock [Abstract] | ||||||||
Cash dividends on common stock | $ 22,839 | $ 23,100 | $ 23,600 | $ 19,950 | $ 20,000 | $ 20,000 | $ 69,562 | $ 59,945 |
Stockholdes' Equity (Share Repu
Stockholdes' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Amount Remaining | $ 1,100,000 | $ 1,100,000 | ||
Treasury stock purchased | $ 252,349 | $ 75,007 | $ 882,807 | $ 175,018 |
Shares Purchased | 4,062,437 | |||
Weighted-Average Price Paid Per Share | $ 215.41 | |||
Document Period End Date | Sep. 30, 2023 | |||
Treasury Stock, Valued, Acquired, Excluding Excise Tax | $ 875,000 | |||
Excise taxes | $ 7,700 |
Share-Based Compensation (Texua
Share-Based Compensation (Texuals) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 12,751,630 | 12,751,630 | ||
Employees, officers and directors [Member] | Restricted Stock [Member] | ||||
Share-based compensation: | ||||
Share-based compensation expense | $ 13,500,000 | $ 10,200,000 | $ 44,300,000 | $ 34,900,000 |
Share-based compensation cost unrecognized | 89,600,000 | $ 89,600,000 | ||
Non-vested compensation cost weighted-average period | 2 years 14 days | |||
Employees, officers and directors [Member] | Stock options and warrants [Member] | ||||
Share-based compensation: | ||||
Share-based compensation expense | 0 | $ 0 | $ 0 | 200,000 |
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member] | ||||
Share-based compensation: | ||||
Share-based compensation expense | 700,000 | 2,000,000 | $ 1,900,000 | |
Share-based compensation cost unrecognized | $ 6,100,000 | $ 6,100,000 | ||
Non-vested compensation cost weighted-average period | 2 years 4 months 6 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, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares Outstanding, Ending Balance | 572,576 |
Stock options and warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares Outstanding, Beginning Balance | 673,764 |
Number of Shares, Granted | 0 |
Stock option exercises and other, shares | (101,188) |
Number of Shares, Forfeited | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighed-Average Exercise Price, Beginning Balance | $ 53.45 |
Weighted-Average Exercise Price, Granted | 0 |
Weighted-Average Exercise Price, Exercised | 45.69 |
Weighted-Average Exercise Price, Forfeited | 0 |
Weighed-Average Exercise Price, Ending Balance | $ 54.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of Shares Exercisable, Ending Balance | 572,576 |
Weighted-Average Exercise Price, Exercisable | $ 54.83 |
Weighted-Average Remaining Contractual Term, Options Exercisable | 3 years 9 months 25 days |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ 104,680 |
Weighted-Average Remaining Contractual Term, Options Outstanding | 3 years 9 months 25 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ 104,680 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Number of Shares Exercisable and expect to vest | 572,576 |
Weighed-Average Exercise Price, Excercisable and expect to vest | $ 54.83 |
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest | 3 years 9 months 25 days |
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance | $ 104,680 |
Share-Based Compensation - Outs
Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 572,576 |
Number of shares, Exercisable | shares | 572,576 |
Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Weighted-average remaining life (years), Outstanding | 3 years 9 months 25 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 54.83 |
Weighted-average exercise price, Exercisable | $ / shares | $ 54.83 |
$19.85 - $25.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 63,123 |
Weighted-average remaining life (years), Outstanding | 2 years 4 months 24 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 19.85 |
Number of shares, Exercisable | shares | 63,123 |
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 | 0 |
Weighted-average remaining life (years), Outstanding | 0 years |
Weighted-average exercise price, Outstanding | $ / shares | $ 0 |
Number of shares, Exercisable | shares | 0 |
Weighted-average exercise price, Exercisable | $ / shares | $ 0 |
$35.01 - $45.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 161,250 |
Weighted-average remaining life (years), Outstanding | 3 years 5 months 8 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 39.48 |
Number of shares, Exercisable | shares | 161,250 |
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 | 53,658 |
Weighted-average remaining life (years), Outstanding | 1 year 25 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 48.84 |
Number of shares, Exercisable | shares | 53,658 |
Weighted-average exercise price, Exercisable | $ / shares | $ 48.84 |
$65.01 - $75.00 | Stock options and warrants [Member] | |
Summary information about outstanding stock options and warrants | |
Total number of shares, Outstanding | shares | 139,939 |
Weighted-average remaining life (years), Outstanding | 4 years 4 months 13 days |
Weighted-average exercise price, Outstanding | $ / shares | $ 65.50 |
Number of shares, Exercisable | shares | 139,939 |
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 | 154,606 |
Weighted-average remaining life (years), Outstanding | 5 years 3 months |
Weighted-average exercise price, Outstanding | $ / shares | $ 77.53 |
Number of shares, Exercisable | shares | 154,606 |
Weighted-average exercise price, Exercisable | $ / shares | $ 77.53 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
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 | 90,253 |
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 | 814 |
Number of Shares, Granted | 2,753 |
Number of Shares, Vested | (1,999) |
Number of Shares, Forfeited | 0 |
Number of Shares, Ending Balance | 1,568 |
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 | $ 173.78 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 190.92 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 186.29 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 187.93 |
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 | 1,568 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 187.93 |
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 | 863,174 |
Number of Shares, Granted | 405,585 |
Number of Shares, Vested | (439,077) |
Number of Shares, Forfeited | (35,519) |
Number of Shares, Ending Balance | 794,163 |
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 | $ 149.11 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 220.57 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 108.43 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 208.71 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 205.43 |
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 | 650,643 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 219.43 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 224,291 | $ 232,331 | $ 848,695 | $ 526,620 |
Basic weighted-average number of shares outstanding | 76,062 | 79,805 | 77,339 | 79,909 |
Dilutive common share equivalents | 1,085 | 1,445 | 1,100 | 1,506 |
Diluted weighted-average number of shares outstanding | 77,147 | 81,250 | 78,439 | 81,415 |
Basic earnings per share | $ 2.95 | $ 2.91 | $ 10.97 | $ 6.59 |
Diluted earnings per share | $ 2.91 | $ 2.86 | $ 10.82 | $ 6.47 |
Earnings per Share (Textuals) (
Earnings per Share (Textuals) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,513 | 7,843 | 120,753 | 3,000 |
Net Capital and Regulatory Re_3
Net Capital and Regulatory Requirements (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Broker-Dealer [Abstract] | |
Net capital | $ 280,685 |
Less: required net capital | 15,082 |
Excess net capital | $ 265,603 |
Subsequent Events - Dividend De
Subsequent Events - Dividend Declared (Details) - Subsequent Event - $ / shares | Nov. 27, 2023 | Nov. 09, 2023 |
Subsequent Event [Line Items] | ||
Dividend payable, amount per share (in USD per share) | $ 0.30 | |
Forecast | ||
Subsequent Event [Line Items] | ||
Dividends payable, date to be paid | Nov. 27, 2023 | |
Dividends payable, date of record | Nov. 09, 2023 |