LPL Financial (LPLA) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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		74,708,931
Entity Central Index Key	0001397911
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Advisory	$ 1,199,811	$ 954,057
Commission	746,446	603,725
Asset-based	600,721	621,748
Service and fee	132,172	118,987
Transaction and fee	57,258	48,935
Interest Income	43,525	37,358
Other	52,660	33,022
Total net revenues	2,832,593	2,417,832
EXPENSES:
Advisory and commission	1,733,487	1,370,634
Compensation and benefits	274,369	233,533
Promotional	126,619	98,223
Occupancy and equipment	66,264	60,173
Depreciation and amortization	67,158	56,054
Interest Expense, Debt	60,082	39,184
Brokerage, clearing and exchange	30,532	26,126
Amortization of intangible assets	29,552	24,092
Professional services	13,279	14,220
Communications and data processing	19,744	17,675
Other	37,315	33,421
Costs and Expenses, Total	2,458,401	1,973,335
INCOME BEFORE PROVISION FOR INCOME TAXES	374,192	444,497
PROVISION FOR INCOME TAXES	85,428	105,613
NET INCOME	$ 288,764	$ 338,884
EARNINGS PER SHARE
Earnings per share, basic	$ 3.87	$ 4.30
Earnings per share, diluted	$ 3.83	$ 4.24
Weighted-average shares outstanding, basic	74,562	78,750
Weighted-average shares outstanding, diluted	75,463	79,974
Client cash
REVENUES:
Asset-based	$ 352,382	$ 418,275
Other asset-based
REVENUES:
Asset-based	248,339	203,473
Trailing
REVENUES:
Commission	361,211	317,653
Sales-based
REVENUES:
Commission	$ 385,235	$ 286,072

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 1,102,270	$ 465,671
Cash and equivalents segregated under federal or other regulations	1,610,996	2,007,312
Restricted cash	114,006	108,180
Receivables from:
Receivables from clients, net	591,503	588,585
Receivables from brokers, dealers and clearing organizations	103,236	50,069
Advisor loans, net	1,573,774	1,479,690
Other receivables, net	863,119	743,317
Investment securities	57,451	91,311
Property and equipment, net	987,308	933,091
Goodwill	1,840,972	1,856,648
Intangible Assets, Net (Excluding Goodwill)	690,767	671,585
Other assets	1,482,137	1,390,021
Total assets	11,017,539	10,385,480
LIABILITIES:
Payables to clients	2,486,605	2,266,176
Payables to broker-dealers and clearing organizations	190,419	163,337
Accrued advisory and commission expenses payable	232,084	216,541
Long-term Debt	3,853,794	3,734,111
Accounts payable and accrued liabilities	369,244	485,963
Other Liabilities, Noncurrent	1,615,512	1,440,373
Total liabilities	8,747,658	8,306,501
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 130,704,541 shares and 130,233,328 shares issued at March 31, 2024 and December 31, 2023, respectively	131	130
Additional paid-in capital	2,016,666	1,987,684
Treasury stock, at cost — 55,998,999 shares and 55,576,970 shares at March 31, 2024 and December 31, 2023, respectively	(4,101,055)	(3,993,949)
Retained earnings	4,354,139	4,085,114
Total stockholders' equity	2,269,881	2,078,979
Total liabilities and stockholders' equity	$ 11,017,539	$ 10,385,480
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	130,704,541	130,233,328

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	130,704,541	130,233,328
Treasury stock, shares	55,998,999	55,576,970

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, 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	338,884				338,884
Issuance of common stock to settle restricted stock units	(36,602)			$ (36,602)
Issuance of common stock to settle restricted stock units, net, shares		368,000		148,000
Treasury stock purchases	(277,053)			$ (277,053)
Treasury stock purchases, shares				1,206,000
Cash dividends on common stock	(23,584)				(23,584)
Stock option exercises and other	5,100	$ 0	2,466	$ 477	2,157
Stock option exercises and other, shares		(62,000)		(13,000)
Share-based compensation	18,636		18,636
ENDING BALANCE at Mar. 31, 2023	2,192,933	$ 130	1,933,988	$ (3,159,714)	3,418,529
ENDING BALANCE, shares at Mar. 31, 2023		130,086,000		51,749,000
BEGINNING BALANCE at Dec. 31, 2023	2,078,979	$ 130	1,987,684	$ (3,993,949)	4,085,114
BEGINNING BALANCE, shares at Dec. 31, 2023		130,233,000		55,577,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	288,764				288,764
Issuance of common stock to settle restricted stock units	(37,729)			$ (37,729)
Issuance of common stock to settle restricted stock units, net, shares		353,000		144,000
Treasury stock purchases	$ (70,005)			$ (70,005)
Treasury stock purchases, shares	296,145			296,000
Cash dividends on common stock	$ (22,411)				(22,411)
Stock option exercises and other	8,948	$ 1	5,647	$ 628	2,672
Stock option exercises and other, shares		(119,000)		(18,000)
Share-based compensation	23,335		23,335
ENDING BALANCE at Mar. 31, 2024	$ 2,269,881	$ 131	$ 2,016,666	$ (4,101,055)	$ 4,354,139
ENDING BALANCE, shares at Mar. 31, 2024		130,705,000		55,999,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.30	$ 0.30

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 288,764	$ 338,884
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	67,158	56,054
Amortization of intangible assets	29,552	24,092
Amortization of debt issuance costs	2,675	2,026
Share-based compensation	23,335	18,636
Provision for bad debts	2,668	3,347
Deferred income taxes	4	(96)
Loan forgiveness	64,605	49,036
Other	9,126	10,218
Changes in operating assets and liabilities:
Receivables from clients	(2,754)	(20,580)
Receivables from product sponsors, broker-dealers and clearing organizations	(53,167)	4,680
Advisor loans, net	(159,839)	(84,418)
Receivables from others	(121,596)	(16,457)
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	32,902	461
Operating leases	(805)	(765)
Other assets	(59,125)	(52,258)
Payables to clients	220,429	(562,308)
Payables to broker-dealers and clearing organizations	27,082	(35,046)
Accrued advisory and commission expenses payable	15,543	(9,513)
Accounts payable and accrued liabilities	(115,129)	(90,011)
Increase (Decrease) in Other Operating Liabilities	154,473	158,098
Net cash provided by (used in) operating activities	425,901	(205,920)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	245,000	135,000
Repayments of revolving credit facilities	(124,000)	0
Repayment of senior secured term loans	(2,675)	(2,675)
Payment of contingent consideration	(46,887)	0
Tax payments related to settlement of restricted stock units	(37,729)	(36,602)
Repurchase of common stock	(70,005)	(275,024)
Dividends on common stock	(22,411)	(23,584)
Proceeds from stock option exercises and other	8,948	5,100
Principal payment of finance leases and obligations	(88)	(70)
Net cash used in financing activities	(49,847)	(197,855)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(121,024)	(101,252)
Acquisitions, net of cash acquired	(10,171)	(251,338)
Proceeds from maturity of securities classified as held-to-maturity	1,250	1,750
Net cash used in investing activities	(129,945)	(350,840)
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	24,448	23,753
Lease assets obtained in exchange for operating lease liabilities	3,484	1,700
Contingent consideration liabilities recognized at acquisition date	19,918	41,334
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	246,109	(754,615)
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period	2,581,163	3,137,270
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period	2,827,272	2,382,655
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	43,542	39,870
Income taxes paid	9,205	10,404
Cash paid for amounts included in the measurement of operating lease liabilities	7,055	6,436
Cash paid for amounts included in the measurement of finance lease liabilities	$ 2,175	$ 2,138

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) cash, cash equivalent and restricted cash reconciliation - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,102,270	$ 465,671	$ 469,785
Cash segregated under federal and other regulations	1,610,996	2,007,312	1,807,283
Restricted cash	114,006	108,180	105,587
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 2,827,272	$ 2,581,163	$ 2,382,655	$ 3,137,270

Organization and Description of

Organization and Description of the Company	3 Months Ended
	Mar. 31, 2024
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 institutions (collectively, “advisors”) in the United States. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services, enabling its advisors to offer 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 common 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 for its advisors and institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. • 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. •

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, acquisitions, 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, 2023, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”). Recently Issued or Adopted Accounting Pronouncements There a re 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 three months ended March 31, 2024 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Commission revenue Annuities $ 436,473 $ 344,061 Mutual funds 186,540 165,038 Fixed income 48,641 35,267 Equities 35,451 25,890 Other 39,341 33,469 Total commission revenue $ 746,446 $ 603,725 The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands): Three Months Ended March 31, 2024 2023 Commission revenue Sales-based Annuities $ 229,077 $ 162,176 Fixed income 48,641 35,267 Mutual funds 43,496 37,477 Equities 35,451 25,890 Other 28,570 25,262 Total sales-based revenue $ 385,235 $ 286,072 Trailing Annuities $ 207,396 $ 181,885 Mutual funds 143,044 127,561 Other 10,771 8,207 Total trailing revenue $ 361,211 $ 317,653 Total commission revenue $ 746,446 $ 603,725 Asset-Based The following table sets forth asset-based revenue disaggregated by product category (in thousands): Three Months Ended March 31, 2024 2023 Asset-based revenue Client cash $ 352,382 $ 418,275 Sponsorship programs 134,101 102,470 Recordkeeping 114,238 101,003 Total asset-based revenue $ 600,721 $ 621,748 Service and Fee The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands): Three Months Ended March 31, 2024 2023 Service and fee revenue Over time (1) $ 102,536 $ 93,029 Point-in-time (2) 29,636 25,958 Total service and fee revenue $ 132,172 $ 118,987 _______________________________ (1) Service and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian 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 confirmation fees. Unearned Revenue The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenu e increased from $156.2 million as of December 31, 2023 t o $206.7 million as of March 31, 2024. The increase in u nearned revenue for the three months ended March 31, 2024 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $154.2 million of rev enue recognized during the three months ended March 31, 2024 that was included in the unearned revenue balance as of December 31, 2023. 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
	Mar. 31, 2024
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Acquisitions in the Current Period Entered into a definitive purchase agreement to acquire Atria Wealth Solutions, Inc (“Atria”) On February 13, 2024, the Company announced that it had entered into a definitive purchase agreement to acquire Atria, a wealth management solutions holding company headquartered in New York. As part of the agreement, Atria will transition its brokerage and advisory assets to the Company’s platform. The Company expects to close the transaction in the second half of 2024 for an initial purchase price of approximately $805 million and potential contingent consideration of up to $230 million based on future retention. The closing and the conversion, which is expected to be completed in mid-2025, are both subject to receipt of regulatory approval and other closing conditions. Other Acquisitions During the three months ended March 31, 2024, the Company completed two acquisitions under the Liquidity & Succession solution, in which the Company buys advisor practices. Total consideration for these transactions, which were accounted for under the acquisition method of accounting for business combinations, was $22.0 million, which included $9.5 million of cash, and liabilities of $12.5 million for contingent consideration, which represents the acquisition date fair value of the additional cash consideration that may be transferred to the sellers if certain asset growth is achieved in the three At March 31, 2024, the Company provisionally allocated $3.9 million of the purchase price to goodwill and $18.1 million to client relationships acquired as part of these acquisitions. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. The client relationships were valued using the income approach and assigned useful lives of 14 years. See Note 7 – Goodwill and Other Intangibles, Net , for additional information. Acquisitions Completed in Prior Periods 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 Company accounted for the acquisition under the acquisition method of accounting for business combinations, and total consideration for the transaction was $189.2 million, which included an initial cash payment of $143.8 million and a liability of $45.4 million for contingent consideration. The Company allocated $129.7 million of the purchase price to goodwill, $53.5 million to definite-lived intangible assets, $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. See Note 7 – Goodwill and Other Intangibles, Net , for additional information. Other Acquisitions During the year ended December 31, 2023, the Company completed a total of 19 acquisitions under the Liquidity & Succession solution. The Company also completed the acquisition of Boenning & Scattergood’s Private Client Group on January 31, 2023. Certain of these acquisitions have been accounted for as business combinations and certain have been accounted for as asset acquisitions. Business Combinations The Company accounted for five Liquidity & Succession transactions under the acquisition method of accounting for business combinations during the year ended December 31, 2023. Total consideration for these transactions was $190.2 million, which included initial consideration of $147.4 million, including $140.3 million of cash and a liability of $42.7 million for contingent consideration. At December 31, 2023, the Company allocated $84.5 million of the purchase price to goodwill and $105.7 million to the definite-lived intangible assets acquired as part of these acquisitions. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. The Company recorded purchase accounting adjustments during the three months ended March 31, 2024 related to acquisitions which were completed during the fourth quarter of 2023 and for which the Company’s purchase accounting analysis is ongoing. These adjustments resulted in a $39.6 million increase in customer relationships, a $7.4 million increase in liabilities for contingent consideration, a $12.6 million decrease in technology, and a $19.6 million decrease in goodwill. At March 31, 2024, the Company has provisionally allocated $42.7 million of the purchase price to goodwill and $64.5 million to definite-lived intangible assets acquired. The intangible assets are comprised primarily of client relationships which were assigned useful lives of 15 years. See Note 7 – Goodwill and Other Intangibles, Net , for additional information. Asset Acquisitions The Compan y accounted for fifteen other acquisitions as asset acquisitions during the year ended December 31, 2023. These transactions included initial consideration of $180.4 million, including $142.3 million of which was allocated to client relationships and $38.1 million of which was allocated to advisor relationships. These transactions include potential contingent payments of up to $73.1 million in the three years following the closing if certain asset growth is achieved. 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 , for additional information.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 o f assets or liabilities between these fair value measurement classifications during the three months ended March 31, 2024 or 2023. The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At March 31, 2024 and December 31, 2023, 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 when security prices move beyond a certain deviation threshold 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 March 31, 2024 and December 31, 2023, 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, 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 March 31, 2024 and December 31, 2023, the Company did not adjust prices received from the independent third-party pricing services. Contingent Consideration — The Company measures contingent consideration liabilities at fair value at the acquisition date, as applicable, and thereafter on a recurring basis using unobservable (Level 3) inputs. These contingent consideration liabilities are reflected in other liabilities. See Note 4 - Acquisitions for additional information. Level 3 Recurring Fair Value Measurements The Company determines the fair value for its contingent consideration obligations using Monte Carlo simulation and discounted cash flows models. Contingent payments are estimated by applying significant unobservable inputs, including forecasted growth rates applied to project future revenue or asset growth and discount rates which are based on the cost of debt and equity. These projections are measured against the performance targets specified in each respective acquisition agreement, which may include growth in assets under management, net new assets, asset conversion or retention, or revenue growth. Significant increases or decreases in the Company’s forecasted growth rates over the measurement period or discount rates would result in a higher or lower fair value measurement. The following table summarizes inputs used in the measurement of contingent consideration (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements March 31, 2024 December 31, 2023 Type Valuation Techniques Unobservable Inputs Range $ 84,762 $ 114,844 Contingent Consideration Monte-Carlo Simulation Model Forecasted Growth Rates 12.0% - 29.5% Discount Rate 13.1% - 23.2% 2,500 4,000 Contingent Consideration Discounted Cash Flow Model Discount Rate 9.3% $ 87,262 $ 118,844 The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands): Three Months Ended March 31, 2024 2023 Balance - Beginning of period $ 118,844 $ 3,860 Additions 19,918 41,334 Payments (51,500) — Fair value adjustments — 86 Balance - End of period $ 87,262 $ 45,280 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): March 31, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 184 $ — $ — $ 184 Cash equivalents segregated under federal or other regulations 769,823 — — 769,823 Restricted cash 110,231 — — 110,231 Investment securities — trading: U.S. treasury obligations 28,029 — — 28,029 Mutual funds 14,538 — — 14,538 Equity securities 627 — — 627 Money market funds 118 — — 118 Debt securities — 116 — 116 Total investment securities — trading 43,312 116 — 43,428 Other assets: Deferred compensation plan 740,549 — — 740,549 Fractional shares — investment (1) 197,093 — — 197,093 Other investments — 4,270 — 4,270 Total other assets: 937,642 4,270 — 941,912 Total assets at fair value $ 1,861,192 $ 4,386 $ — $ 1,865,578 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 74 $ — $ — $ 74 U.S. treasury obligations 5 — — 5 Total securities sold, but not yet purchased 79 — — 79 Fractional shares — repurchase obligation (1) 197,093 — — 197,093 Contingent consideration — — 87,262 87,262 Total other liabilities 197,172 — 87,262 284,434 Total liabilities at fair value $ 197,172 $ — $ 87,262 $ 284,434 ____________________ (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, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 166 $ — $ — $ 166 Cash equivalents segregated under federal or other regulations 720,077 — — 720,077 Restricted cash 103,226 — — 103,226 Investment securities — trading: Mutual funds 50,518 — — 50,518 U.S. treasury obligations 25,388 — — 25,388 Money market funds 107 — — 107 Equity securities 43 — — 43 Debt securities — 32 — 32 Total investment securities — trading 76,056 32 — 76,088 Other assets: Deferred compensation plan 677,548 — — 677,548 Fractional shares — investment (1) 177,131 — — 177,131 Other investments — 3,960 — 3,960 Total other assets 854,679 3,960 — 858,639 Total assets at fair value $ 1,754,204 $ 3,992 $ — $ 1,758,196 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 487 $ — $ — $ 487 Mutual funds 55 — — 55 Total securities sold, but not yet purchased 542 — — 542 Fractional shares — repurchase obligation (1) 177,131 — — 177,131 Contingent consideration — — 118,844 118,844 Total other liabilities 177,673 — 118,844 296,517 Total liabilities at fair value $ 177,673 $ — $ 118,844 $ 296,517 ____________________ (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): March 31, 2024 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 1,102,086 $ 1,102,086 $ — $ — $ 1,102,086 Cash segregated under federal or other regulations 841,173 841,173 — — 841,173 Restricted cash 3,775 3,775 — — 3,775 Receivables from clients, net 591,503 — 591,503 — 591,503 Receivables from brokers, dealers and clearing organizations 103,236 — 103,236 — 103,236 Advisor repayable loans, net (1) 341,091 — — 257,480 257,480 Other receivables, net 863,119 — 863,119 — 863,119 Investment securities — held-to-maturity securities 14,023 — 13,836 — 13,836 Other assets: Securities borrowed 2,671 — 2,671 — 2,671 Deferred compensation plan (2) 7,509 7,509 — — 7,509 Other investments (3) 4,692 — 4,692 — 4,692 Total other assets 14,872 7,509 7,363 — 14,872 Liabilities Client payables $ 2,486,605 $ — $ 2,486,605 $ — $ 2,486,605 Payables to brokers, dealers and clearing organizations 190,419 — 190,419 — 190,419 Corporate debt and other borrowings, net 3,853,794 — 3,784,875 — 3,784,875 December 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 465,505 $ 465,505 $ — $ — $ 465,505 Cash segregated under federal or other regulations 1,287,235 1,287,235 — — 1,287,235 Restricted cash 4,954 4,954 — — 4,954 Receivables from clients, net 588,585 — 588,585 — 588,585 Receivables from brokers, dealers and clearing organizations 50,069 — 50,069 — 50,069 Advisor repayable loans, net (1) 340,985 — — 236,888 236,888 Other receivables, net 743,317 — 743,317 — 743,317 Investment securities - held-to-maturity securities 15,223 — 15,079 — 15,079 Other assets: Securities borrowed 4,334 — 4,334 — 4,334 Deferred compensation plan (2) 6,217 6,217 — — 6,217 Other investments (3) 4,695 — 4,695 — 4,695 Total other assets 15,246 6,217 9,029 — 15,246 Liabilities Client payables $ 2,266,176 $ — $ 2,266,176 $ — $ 2,266,176 Payables to brokers, dealers and clearing organizations 163,337 — 163,337 — 163,337 Corporate debt and other borrowings, net 3,734,111 — 3,680,199 — 3,680,199 __________________ (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	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Trading securities — at fair value: U.S. treasury obligations $ 28,029 $ 25,388 Mutual funds 14,538 50,518 Equity securities 627 43 Money market funds 118 107 Debt securities 116 32 Total trading securities $ 43,428 $ 76,088 Held-to-maturity securities — at amortized cost: U.S. government notes $ 14,023 $ 15,223 Total held-to-maturity securities $ 14,023 $ 15,223 Total investment securities $ 57,451 $ 91,311 At March 31, 2024, 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 $ 4,969 $ 9,054 $ — $ — $ 14,023 U.S. government notes — at fair value $ 4,901 $ 8,935 $ — $ — $ 13,836

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLES, NET A summary of the activity impacting goodwill is presented below (in thousands): Balance at December 31, 2022 $ 1,642,468 Goodwill acquired 214,180 Balance at December 31, 2023 1,856,648 Purchase accounting adjustments (19,627) Goodwill acquired 3,951 Balance at March 31, 2024 $ 1,840,972 The Company completed various acquisitions, which were accounted for under the acquisition method of accounting for business combinations an d as asset acquisitions, and recorded purchase accounting adjustments during the periods presented. See Note 4 - Acquisitions , for additional information. The components of other intangibles, net were as follows at March 31, 2024 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and institution relationships 7.3 $ 936,178 $ (632,613) $ 303,565 Product sponsor relationships 2.0 234,086 (212,053) 22,033 Client relationships 12.8 374,229 (58,487) 315,742 Technology 9.2 20,850 (11,242) 9,608 Total definite-lived intangible assets, net $ 1,565,343 $ (914,395) $ 650,948 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 690,767 _______________________________ (1) During the three months ended March 31, 2024, the Company completed various acquisitions. See Note 4 - Acquisitions , for additional information . The components of other intangibles, net were as follows at December 31, 2023 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and institution relationships 7.3 $ 935,478 $ (614,277) $ 321,201 Product sponsor relationships 2.2 234,086 (209,076) 25,010 Client relationships 12.6 313,585 (51,328) 262,257 Technology 8.7 33,460 (10,162) 23,298 Total definite-lived intangibles, net $ 1,516,609 $ (884,843) $ 631,766 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 671,585 _______________________________ (1) During the year ended December 31, 2023, the Company completed various acquisitions. See Note 4 - Acquisitions , for additional information . Total amortization of other intangibles was $29.6 million and $24.1 million for the three months ended March 31, 2024 and 2023, respectively. Future amortization is estimated as follows (in thousands): 2024 - remainder $ 85,475 2025 104,686 2026 66,429 2027 61,280 2028 55,488 Thereafter 277,590 Total $ 650,948

Other Assert and Other Liabilit

Other Assert and Other Liabilities	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Other assets: Deferred compensation $ 748,058 $ 683,765 Prepaid assets 177,668 173,039 Fractional shares — investment (1) 197,093 177,131 Deferred tax assets, net 167,446 167,450 Operating lease assets 93,032 93,797 Debt issuance costs, net 7,747 9,065 Other 91,093 85,774 Total other assets $ 1,482,137 $ 1,390,021 Other liabilities: Deferred compensation $ 746,356 $ 684,178 Unearned revenue (2) 206,698 156,214 Fractional shares — repurchase obligation (1) 197,093 177,131 Operating lease liabilities 121,907 123,477 Finance lease liabilities 105,376 105,465 Taxes payable 100,741 24,522 Contingent consideration 87,262 118,844 Other 50,079 50,542 Total other liabilities $ 1,615,512 $ 1,440,373 _______________________________ (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	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Corporate Debt Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1) $ 1,024,525 SOFR+185 bps 7.176 % $ 1,027,200 SOFR+185 bps 7.206 % 11/12/2026 2027 Senior Notes (1) 400,000 Fixed Rate 4.625 % 400,000 Fixed Rate 4.625 % 11/15/2027 2028 Senior Notes (1) 750,000 Fixed Rate 6.750 % 750,000 Fixed Rate 6.750 % 11/17/2028 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 3,474,525 3,477,200 Less: Unamortized Debt Issuance Cost (21,731) (23,089) Corporate debt, net $ 3,452,794 $ 3,454,111 Other Borrowings Revolving Credit Facility (2) 401,000 ABR+37.5 bps / SOFR+147.5 bps 6.852 % 280,000 ABR+37.5 bps / SOFR+147.5 bps 6.966 % 3/15/2026 Total other borrowings $ 401,000 $ 280,000 Corporate Debt and Other Borrowings, Net $ 3,853,794 $ 3,734,111 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) The Parent’s outstanding balance at March 31, 2024 was comprised of an alternate base rate (“ABR”)-based balance of $10.0 million with the applicable margin of ABR + 37.5 bps (8.875%) and a SOFR-based balance of $391.0 million with the applicable margin of SOFR + 147.5 bps (6.800%). The following table presents amounts outstanding and available under the Company’s external lines of credit at March 31, 2024 (in millions): Description Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ 401 $ 1,599 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 Issuance of 2028 Senior Notes LPLH issued $750.0 million in aggregate principal amount of 6.750% senior notes on November 17, 2023 at 99.929% (“2028 Senior Notes”). The 2028 Senior Notes are unsecured obligations that will mature on November 17, 2028, and are fully and unconditionally guaranteed on a senior unsecured basis by LPLFH. The Company used the proceeds from the issuance to repay borrowings made under its senior secured revolving credit facility and for general corporate purposes. In connection with the issuance of the 2028 Senior Notes, the Company incurred $6.3 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. 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 March 31, 2024, the Company was in compliance with such covenants. Parent Revolving Credit Facility On July 18, 2023, LPLH amend ed 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 March 31, 2024. Other External Lines of Credit LPL Financial maintained five uncommitted lines of credit as of March 31, 2024. 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 March 31, 2024 or December 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 institutions, primarily to newly recruited advisors and institutions 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 institution joining LPL Financial. LPL Financial had no significant unfunded loan commitments at March 31, 2024 or December 31, 2023. 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. In 2023, the SEC proposed a potential settlement, under which the Company would pay a $50.0 million civil monetary penalty. As a result, the Company recorded $40.0 million in other expense in the consolidated statements of income for the year ended December 31, 2023 to reflect the amount of the penalty that is not covered by the Company’s captive insurance subsidiary. On March 22, 2024, the Company reached a settlement in principle with the staff of the SEC to resolve its civil investigation. The Company expects to pay the civil monetary penalty of $50.0 million during the second quarter of 2024. The settlement in principle remains subject to the negotiation of definitive documentation and approval by the SEC. 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): Three Months Ended March 31, 2024 2023 Beginning balance — January 1 $ 82,883 $ 74,071 Losses incurred 9,306 9,047 Losses paid (12,205) (5,725) Ending balance — March 31 $ 79,984 $ 77,393 Other Commitments As of March 31, 2024, the Company had approximately $484.9 million of client margin loans that were collateralized with securities having a fair value of approximately $678.9 million that LPL Financial can repledge, loan or sell. Of these securities, approximately $357.2 million were client-owned securities pledged to the Options Clearing Corporation as collateral to secure client obligations related to options positions. As of March 31, 2024, there were no restrictions that materially limited the Company’s ability to repledge, loan or sell the remaining $321.7 million of client collateral. Investment securities on the condensed consolidated statements of financial condition include $8.4 million and $5.5 million of trading securities pledged to the Options Clearing Corporation at March 31, 2024 and December 31, 2023, respectively, and $19.7 million and $19.9 million of trading securities pledged to the National Securities Clearing Corporation at March 31, 2024 and December 31, 2023, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	STOCKHOLDERS’ EQUITY Dividends The payment, timing and amount of any dividends are subject to approval by the Company’s Board of Directors (the “Board”) as well as certain limits under the Credit Agreement. 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): 2024 2023 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.30 $ 22.4 $ 0.30 $ 23.6 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. D

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	SHARE-BASED COMPENSATION In 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 11,656,366 shares remaining available for future issuance at March 31, 2024. 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 three months ended March 31, 2024: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2023 546,820 $ 54.81 Granted — $ — Exercised (119,010) $ 47.30 Forfeited and Expired — $ — Outstanding — March 31, 2024 427,810 $ 56.90 3.59 $ 88,684 Exercisable — March 31, 2024 427,810 $ 56.90 3.59 $ 88,684 Exercisable and expected to vest — March 31, 2024 427,810 $ 56.90 3.59 $ 88,684 The following table summarizes information about outstanding stock options and warrants as of March 31, 2024: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 60,485 $ 19.85 1.97 60,485 $ 19.85 $25.01 - $35.00 — $ — 0.00 — $ — $35.01 - $45.00 93,509 $ 39.48 2.85 93,509 $ 39.48 $45.01 - $65.00 6,687 $ 45.55 0.93 6,687 $ 45.55 $65.01 - $75.00 130,005 $ 65.50 3.77 130,005 $ 65.50 $75.01 - $80.00 137,124 $ 77.53 4.75 137,124 $ 77.53 427,810 $ 56.90 3.59 427,810 $ 56.90 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 March 31, 2024 and 2023. As of March 31, 2024, there was no unrecognized compensation cost related to non-vested stock options. 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 three months ended March 31, 2024: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2023 1,568 $ 187.93 776,604 $ 205.51 Granted — $ — 397,845 $ 262.65 Vested — $ — (352,203) $ 190.54 Forfeited — $ — (6,979) $ 229.66 Outstanding — March 31, 2024 1,568 $ 187.93 815,267 (1) $ 239.66 Expected to vest — March 31, 2024 1,568 $ 187.93 644,042 $ 258.09 _______________________________ (1) Includes 90,412 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 $20.3 million and $16.2 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, total unrecognized compensation cost for restricted stock awards and stock units was $138.4 million, which is expected to be recognized over a weighted-average remaining period of 2.23 years. The Company also grants restricted stock units to its advisors and to institutions. The Company recognized share-based compensation expense of $0.7 million related to the vesting of these awards during both the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, total unrecognized compensation cost for restricted stock units granted to advisors and institutions was $4.5 million, which is expected to be recognized over a weighted-average remaining period of 1.98 years.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended March 31, 2024 2023 Net income $ 288,764 $ 338,884 Basic weighted-average number of shares outstanding 74,562 78,750 Dilutive common share equivalents 901 1,224 Diluted weighted-average number of shares outstanding 75,463 79,974 Basic earnings per share $ 3.87 $ 4.30 Diluted earnings per share $ 3.83 $ 4.24 The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the three months ended March 31, 2024 and 2023, stock options, warrants and stock units representing common share equivalents of 162,078 shares and 75,416 shares, respectively, were anti-dilutive.

Net Capital and Regulatory Requ

Net Capital and Regulatory Requirements	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 LPL Financial LLC Net capital $ 328,479 Less: required net capital 18,070 Excess net capital $ 310,409 The Company’s subsidiary, PTC, also operates in a highly regulated industry and is subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on PTC’s operations. As of March 31, 2024, 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	3 Months Ended
	Mar. 31, 2024
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 institutions 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 institutions 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 institution 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	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Board declared a cash dividend of $0.30 per share on LPLFH’s outstanding common stock to be paid on June 4, 2024 to all stockholders of record on May 21, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 288,764	$ 338,884

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dan Arnold [Member]
Trading Arrangements, by Individual
Arrangement Duration	90 days
Officer Trading Arrangement [Member]
Trading Arrangements, by Individual
Title	Dan Arnold, President and Chief Executive Officer
Officer Trading Arrangement [Member] | Dan Arnold [Member]
Trading Arrangements, by Individual
Name	Dan Arnold, President and Chief Executive Officer
Adoption Date	March 13, 2024
Aggregate Available	20,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, acquisitions, 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, 2023, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).
Recently Issued & Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements There a re 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 three months ended March 31, 2024 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Commission revenue Annuities $ 436,473 $ 344,061 Mutual funds 186,540 165,038 Fixed income 48,641 35,267 Equities 35,451 25,890 Other 39,341 33,469 Total commission revenue $ 746,446 $ 603,725
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 March 31, 2024 2023 Commission revenue Sales-based Annuities $ 229,077 $ 162,176 Fixed income 48,641 35,267 Mutual funds 43,496 37,477 Equities 35,451 25,890 Other 28,570 25,262 Total sales-based revenue $ 385,235 $ 286,072 Trailing Annuities $ 207,396 $ 181,885 Mutual funds 143,044 127,561 Other 10,771 8,207 Total trailing revenue $ 361,211 $ 317,653 Total commission revenue $ 746,446 $ 603,725
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 March 31, 2024 2023 Asset-based revenue Client cash $ 352,382 $ 418,275 Sponsorship programs 134,101 102,470 Recordkeeping 114,238 101,003 Total asset-based revenue $ 600,721 $ 621,748
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 March 31, 2024 2023 Service and fee revenue Over time (1) $ 102,536 $ 93,029 Point-in-time (2) 29,636 25,958 Total service and fee revenue $ 132,172 $ 118,987 _______________________________ (1) Service and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian 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 confirmation fees.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosure, Measurement of Contingent Consideration Using Monte-Carlo Simulation Model	The following table summarizes inputs used in the measurement of contingent consideration (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements March 31, 2024 December 31, 2023 Type Valuation Techniques Unobservable Inputs Range $ 84,762 $ 114,844 Contingent Consideration Monte-Carlo Simulation Model Forecasted Growth Rates 12.0% - 29.5% Discount Rate 13.1% - 23.2% 2,500 4,000 Contingent Consideration Discounted Cash Flow Model Discount Rate 9.3% $ 87,262 $ 118,844
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands): Three Months Ended March 31, 2024 2023 Balance - Beginning of period $ 118,844 $ 3,860 Additions 19,918 41,334 Payments (51,500) — Fair value adjustments — 86 Balance - End of period $ 87,262 $ 45,280
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): March 31, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 184 $ — $ — $ 184 Cash equivalents segregated under federal or other regulations 769,823 — — 769,823 Restricted cash 110,231 — — 110,231 Investment securities — trading: U.S. treasury obligations 28,029 — — 28,029 Mutual funds 14,538 — — 14,538 Equity securities 627 — — 627 Money market funds 118 — — 118 Debt securities — 116 — 116 Total investment securities — trading 43,312 116 — 43,428 Other assets: Deferred compensation plan 740,549 — — 740,549 Fractional shares — investment (1) 197,093 — — 197,093 Other investments — 4,270 — 4,270 Total other assets: 937,642 4,270 — 941,912 Total assets at fair value $ 1,861,192 $ 4,386 $ — $ 1,865,578 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 74 $ — $ — $ 74 U.S. treasury obligations 5 — — 5 Total securities sold, but not yet purchased 79 — — 79 Fractional shares — repurchase obligation (1) 197,093 — — 197,093 Contingent consideration — — 87,262 87,262 Total other liabilities 197,172 — 87,262 284,434 Total liabilities at fair value $ 197,172 $ — $ 87,262 $ 284,434 ____________________ (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, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 166 $ — $ — $ 166 Cash equivalents segregated under federal or other regulations 720,077 — — 720,077 Restricted cash 103,226 — — 103,226 Investment securities — trading: Mutual funds 50,518 — — 50,518 U.S. treasury obligations 25,388 — — 25,388 Money market funds 107 — — 107 Equity securities 43 — — 43 Debt securities — 32 — 32 Total investment securities — trading 76,056 32 — 76,088 Other assets: Deferred compensation plan 677,548 — — 677,548 Fractional shares — investment (1) 177,131 — — 177,131 Other investments — 3,960 — 3,960 Total other assets 854,679 3,960 — 858,639 Total assets at fair value $ 1,754,204 $ 3,992 $ — $ 1,758,196 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 487 $ — $ — $ 487 Mutual funds 55 — — 55 Total securities sold, but not yet purchased 542 — — 542 Fractional shares — repurchase obligation (1) 177,131 — — 177,131 Contingent consideration — — 118,844 118,844 Total other liabilities 177,673 — 118,844 296,517 Total liabilities at fair value $ 177,673 $ — $ 118,844 $ 296,517 ____________________ (1)
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): March 31, 2024 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 1,102,086 $ 1,102,086 $ — $ — $ 1,102,086 Cash segregated under federal or other regulations 841,173 841,173 — — 841,173 Restricted cash 3,775 3,775 — — 3,775 Receivables from clients, net 591,503 — 591,503 — 591,503 Receivables from brokers, dealers and clearing organizations 103,236 — 103,236 — 103,236 Advisor repayable loans, net (1) 341,091 — — 257,480 257,480 Other receivables, net 863,119 — 863,119 — 863,119 Investment securities — held-to-maturity securities 14,023 — 13,836 — 13,836 Other assets: Securities borrowed 2,671 — 2,671 — 2,671 Deferred compensation plan (2) 7,509 7,509 — — 7,509 Other investments (3) 4,692 — 4,692 — 4,692 Total other assets 14,872 7,509 7,363 — 14,872 Liabilities Client payables $ 2,486,605 $ — $ 2,486,605 $ — $ 2,486,605 Payables to brokers, dealers and clearing organizations 190,419 — 190,419 — 190,419 Corporate debt and other borrowings, net 3,853,794 — 3,784,875 — 3,784,875 December 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 465,505 $ 465,505 $ — $ — $ 465,505 Cash segregated under federal or other regulations 1,287,235 1,287,235 — — 1,287,235 Restricted cash 4,954 4,954 — — 4,954 Receivables from clients, net 588,585 — 588,585 — 588,585 Receivables from brokers, dealers and clearing organizations 50,069 — 50,069 — 50,069 Advisor repayable loans, net (1) 340,985 — — 236,888 236,888 Other receivables, net 743,317 — 743,317 — 743,317 Investment securities - held-to-maturity securities 15,223 — 15,079 — 15,079 Other assets: Securities borrowed 4,334 — 4,334 — 4,334 Deferred compensation plan (2) 6,217 6,217 — — 6,217 Other investments (3) 4,695 — 4,695 — 4,695 Total other assets 15,246 6,217 9,029 — 15,246 Liabilities Client payables $ 2,266,176 $ — $ 2,266,176 $ — $ 2,266,176 Payables to brokers, dealers and clearing organizations 163,337 — 163,337 — 163,337 Corporate debt and other borrowings, net 3,734,111 — 3,680,199 — 3,680,199 __________________ (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)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Trading, and Equity Securities, FV-NI	The following table summarizes investment securities (in thousands): March 31, 2024 December 31, 2023 Trading securities — at fair value: U.S. treasury obligations $ 28,029 $ 25,388 Mutual funds 14,538 50,518 Equity securities 627 43 Money market funds 118 107 Debt securities 116 32 Total trading securities $ 43,428 $ 76,088 Held-to-maturity securities — at amortized cost: U.S. government notes $ 14,023 $ 15,223 Total held-to-maturity securities $ 14,023 $ 15,223 Total investment securities $ 57,451 $ 91,311
Maturities of securities held-to-maturity	At March 31, 2024, 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 $ 4,969 $ 9,054 $ — $ — $ 14,023 U.S. government notes — at fair value $ 4,901 $ 8,935 $ — $ — $ 13,836

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2022 $ 1,642,468 Goodwill acquired 214,180 Balance at December 31, 2023 1,856,648 Purchase accounting adjustments (19,627) Goodwill acquired 3,951 Balance at March 31, 2024 $ 1,840,972 The Company completed various acquisitions, which were accounted for under the acquisition method of accounting for business combinations an d as asset acquisitions, and recorded purchase accounting adjustments during the periods presented. See Note 4 - Acquisitions , for additional information.
Components of intangible assets	The components of other intangibles, net were as follows at March 31, 2024 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and institution relationships 7.3 $ 936,178 $ (632,613) $ 303,565 Product sponsor relationships 2.0 234,086 (212,053) 22,033 Client relationships 12.8 374,229 (58,487) 315,742 Technology 9.2 20,850 (11,242) 9,608 Total definite-lived intangible assets, net $ 1,565,343 $ (914,395) $ 650,948 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 690,767 _______________________________ (1) During the three months ended March 31, 2024, the Company completed various acquisitions. See Note 4 - Acquisitions , for additional information . The components of other intangibles, net were as follows at December 31, 2023 (in thousands): Weighted-Average Life Gross Accumulated Amortization Net Definite-lived intangibles, net (1) : Advisor and institution relationships 7.3 $ 935,478 $ (614,277) $ 321,201 Product sponsor relationships 2.2 234,086 (209,076) 25,010 Client relationships 12.6 313,585 (51,328) 262,257 Technology 8.7 33,460 (10,162) 23,298 Total definite-lived intangibles, net $ 1,516,609 $ (884,843) $ 631,766 Other indefinite-lived intangibles: Trademark and trade name 39,819 Total other intangibles, net $ 671,585 _______________________________ (1) During the year ended December 31, 2023, the Company completed various acquisitions. See Note 4 - Acquisitions , for additional information .
Amortization expense	Future amortization is estimated as follows (in thousands): 2024 - remainder $ 85,475 2025 104,686 2026 66,429 2027 61,280 2028 55,488 Thereafter 277,590 Total $ 650,948

Other Assert and Other Liabil_2

Other Assert and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Other assets: Deferred compensation $ 748,058 $ 683,765 Prepaid assets 177,668 173,039 Fractional shares — investment (1) 197,093 177,131 Deferred tax assets, net 167,446 167,450 Operating lease assets 93,032 93,797 Debt issuance costs, net 7,747 9,065 Other 91,093 85,774 Total other assets $ 1,482,137 $ 1,390,021 Other liabilities: Deferred compensation $ 746,356 $ 684,178 Unearned revenue (2) 206,698 156,214 Fractional shares — repurchase obligation (1) 197,093 177,131 Operating lease liabilities 121,907 123,477 Finance lease liabilities 105,376 105,465 Taxes payable 100,741 24,522 Contingent consideration 87,262 118,844 Other 50,079 50,542 Total other liabilities $ 1,615,512 $ 1,440,373 _______________________________ (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)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term and Other Borrowings	The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands): March 31, 2024 December 31, 2023 Corporate Debt Balance Applicable Margin Interest Rate Balance Applicable Margin Interest rate Maturity Term Loan B (1) $ 1,024,525 SOFR+185 bps 7.176 % $ 1,027,200 SOFR+185 bps 7.206 % 11/12/2026 2027 Senior Notes (1) 400,000 Fixed Rate 4.625 % 400,000 Fixed Rate 4.625 % 11/15/2027 2028 Senior Notes (1) 750,000 Fixed Rate 6.750 % 750,000 Fixed Rate 6.750 % 11/17/2028 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 3,474,525 3,477,200 Less: Unamortized Debt Issuance Cost (21,731) (23,089) Corporate debt, net $ 3,452,794 $ 3,454,111 Other Borrowings Revolving Credit Facility (2) 401,000 ABR+37.5 bps / SOFR+147.5 bps 6.852 % 280,000 ABR+37.5 bps / SOFR+147.5 bps 6.966 % 3/15/2026 Total other borrowings $ 401,000 $ 280,000 Corporate Debt and Other Borrowings, Net $ 3,853,794 $ 3,734,111 _______________________________ (1) No leverage or interest coverage maintenance covenants. (2) The Parent’s outstanding balance at March 31, 2024 was comprised of an alternate base rate (“ABR”)-based balance of $10.0 million with the applicable margin of ABR + 37.5 bps (8.875%) and a SOFR-based balance of $391.0 million with the applicable margin of SOFR + 147.5 bps (6.800%). The following table presents amounts outstanding and available under the Company’s external lines of credit at March 31, 2024 (in millions): Description Borrower Maturity Date Outstanding Available Senior secured, revolving credit facility LPL Holdings, Inc. March 2026 $ 401 $ 1,599 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)	3 Months Ended
	Mar. 31, 2024
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): Three Months Ended March 31, 2024 2023 Beginning balance — January 1 $ 82,883 $ 74,071 Losses incurred 9,306 9,047 Losses paid (12,205) (5,725) Ending balance — March 31 $ 79,984 $ 77,393

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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): 2024 2023 Dividend per Share Total Cash Dividend Dividend per Share Total Cash Dividend First quarter $ 0.30 $ 22.4 $ 0.30 $ 23.6

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock option and warrant activity	The following table summarizes the Company’s stock option and warrant activity as of and for the three months ended March 31, 2024: Number of Weighted- Weighted-Average Aggregate Outstanding — December 31, 2023 546,820 $ 54.81 Granted — $ — Exercised (119,010) $ 47.30 Forfeited and Expired — $ — Outstanding — March 31, 2024 427,810 $ 56.90 3.59 $ 88,684 Exercisable — March 31, 2024 427,810 $ 56.90 3.59 $ 88,684 Exercisable and expected to vest — March 31, 2024 427,810 $ 56.90 3.59 $ 88,684
Summary of outstanding stock options and warrant information	The following table summarizes information about outstanding stock options and warrants as of March 31, 2024: Outstanding Exercisable Range of Exercise Prices Number of Weighted- Weighted-Average Number of Weighted- $19.85 - $25.00 60,485 $ 19.85 1.97 60,485 $ 19.85 $25.01 - $35.00 — $ — 0.00 — $ — $35.01 - $45.00 93,509 $ 39.48 2.85 93,509 $ 39.48 $45.01 - $65.00 6,687 $ 45.55 0.93 6,687 $ 45.55 $65.01 - $75.00 130,005 $ 65.50 3.77 130,005 $ 65.50 $75.01 - $80.00 137,124 $ 77.53 4.75 137,124 $ 77.53 427,810 $ 56.90 3.59 427,810 $ 56.90
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 three months ended March 31, 2024: Restricted Stock Awards Stock Units Number of Weighted-Average Number of Weighted-Average Outstanding — December 31, 2023 1,568 $ 187.93 776,604 $ 205.51 Granted — $ — 397,845 $ 262.65 Vested — $ — (352,203) $ 190.54 Forfeited — $ — (6,979) $ 229.66 Outstanding — March 31, 2024 1,568 $ 187.93 815,267 (1) $ 239.66 Expected to vest — March 31, 2024 1,568 $ 187.93 644,042 $ 258.09 _______________________________ (1) Includes 90,412 vested and undistributed deferred stock units.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and diluted earnings per share computations	The calculation of basic and diluted earnings per share for the periods noted was as follows (in thousands, except per share data): Three Months Ended March 31, 2024 2023 Net income $ 288,764 $ 338,884 Basic weighted-average number of shares outstanding 74,562 78,750 Dilutive common share equivalents 901 1,224 Diluted weighted-average number of shares outstanding 75,463 79,974 Basic earnings per share $ 3.87 $ 4.30 Diluted earnings per share $ 3.83 $ 4.24

Net Capital and Regulatory Re_2

Net Capital and Regulatory Requirements (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 LPL Financial LLC Net capital $ 328,479 Less: required net capital 18,070 Excess net capital $ 310,409

Organization and Description _2

Organization and Description of the Company Consolidation, Parent Ownership Interest (Details) - LPL Financial LLC	3 Months Ended
	Mar. 31, 2024
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
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 600,721	$ 621,748
Client cash
Disaggregation of Revenue [Line Items]
Asset Based Fees	352,382	418,275
Sponsorship Programs [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	134,101	102,470
Recordkeeping Revenues [Member]
Disaggregation of Revenue [Line Items]
Asset Based Fees	$ 114,238	$ 101,003

Revenue - Commission Revenue Di

Revenue - Commission Revenue Disaggregated by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Commission	$ 746,446	$ 603,725
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	436,473	344,061
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	186,540	165,038
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	48,641	35,267
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	35,451	25,890
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 39,341	$ 33,469

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
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Commission	$ 746,446	$ 603,725
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	385,235	286,072
Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	361,211	317,653
Annuities [Member]
Disaggregation of Revenue [Line Items]
Commission	436,473	344,061
Annuities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	229,077	162,176
Annuities [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	207,396	181,885
Mutual Funds [Member]
Disaggregation of Revenue [Line Items]
Commission	186,540	165,038
Mutual Funds [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	43,496	37,477
Mutual Funds [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	143,044	127,561
Fixed Income [Member]
Disaggregation of Revenue [Line Items]
Commission	48,641	35,267
Fixed Income [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	48,641	35,267
Equities [Member]
Disaggregation of Revenue [Line Items]
Commission	35,451	25,890
Equities [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	35,451	25,890
Other [Member]
Disaggregation of Revenue [Line Items]
Commission	39,341	33,469
Other [Member] | Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Commission	28,570	25,262
Other [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Commission	$ 10,771	$ 8,207

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
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Service and fee	$ 132,172	$ 118,987
Point-in-time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	29,636	25,958
Over time [Member]
Disaggregation of Revenue [Line Items]
Service and fee	$ 102,536	$ 93,029

Revenue - Unearned Revenue Reco

Revenue - Unearned Revenue Recognized (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Unearned Revenue [Abstract]
Contract with Customer, Liability	$ 206.7	$ 156.2
Deferred Revenue, Revenue Recognized	$ 154.2

Acquisitions (Details)

Acquisitions (Details) $ in Thousands				3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Feb. 13, 2024 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) acquistion	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) acquistion	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Contingent consideration	$ 87,262			$ 87,262		$ 118,844
Goodwill	1,840,972			1,840,972		$ 1,856,648	$ 1,642,468
Acquisitions, net of cash acquired				10,171	$ 251,338
Decrease to provisional goodwill				$ (19,627)
Asset Acquisitions
Business Acquisition [Line Items]
Number of asset acquisitions | acquistion						15
Asset acquisition, consideration transferred						$ 180,400
Asset acquisition, consideration transferred, contingent consideration						$ 73,100
Asset acquisition, asset growth achieved duration						3 years
Customer Relationships
Business Acquisition [Line Items]
Weighted-average life remaining (in years)				12 years 9 months 18 days		12 years 7 months 6 days
Customer Relationships | Asset Acquisitions
Business Acquisition [Line Items]
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles						$ 142,300
Technology
Business Acquisition [Line Items]
Weighted-average life remaining (in years)				9 years 2 months 12 days		8 years 8 months 12 days
Advisor Relationships | Asset Acquisitions
Business Acquisition [Line Items]
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles						$ 38,100
Atria Wealth Solutions, Inc
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 805,000
Contingent consideration		$ 230,000
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	22,000			$ 22,000
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents	9,500			9,500
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities	12,500			12,500
Business combination, contingent consideration arrangements, change in range of outcomes, contingent consideration, liability, value, high				84,300
Goodwill	3,900			$ 3,900
Atria Wealth Solutions, Inc | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 18,100
Weighted-average life remaining (in years)	14 years
Atria Wealth Solutions, Inc | Minimum
Business Acquisition [Line Items]
Business acquisition, asset growth achieved duration				3 years
Atria Wealth Solutions, Inc | Maximum
Business Acquisition [Line Items]
Business acquisition, asset growth achieved duration				7 years
Other Acquisitions
Business Acquisition [Line Items]
Number of acquisitions | acquistion				2		19
FRGIS
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 189,200
Contingent consideration			45,400
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents			9,000
Goodwill			129,700
Acquisitions, net of cash acquired			143,800
Finite-lived intangible assets acquired			$ 53,500
Five Liquidity & Succession
Business Acquisition [Line Items]
Business combination, consideration transferred						$ 190,200
Contingent consideration						$ 42,700
Number of acquisitions | acquistion						5
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents						$ 140,300
Payments to acquire businesses, gross						147,400
Other 2023 Acquisitions
Business Acquisition [Line Items]
Goodwill	$ 42,700			$ 42,700		84,500
Finite-lived intangible assets acquired	$ 64,500			64,500		$ 105,700
Business combination, provisional information, initial accounting incomplete, adjustment, liabilities				7,400
Decrease to provisional goodwill				19,600
Other 2023 Acquisitions | Customer Relationships
Business Acquisition [Line Items]
Increase to provisional intangible assets acquired				39,600
Other 2023 Acquisitions | Technology
Business Acquisition [Line Items]
Increase to provisional intangible assets acquired				$ 12,600
Finite-lived intangible asset, useful life	15 years			15 years

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Disclosure, Measurement of Contingent Consideration Using Monte-Carlo Simulation Model (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 87,262	$ 118,844
Monte-Carlo Simulation Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 84,762	114,844
Monte-Carlo Simulation Model | Minimum | Forecasted Growth Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.120
Monte-Carlo Simulation Model | Minimum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.131
Monte-Carlo Simulation Model | Maximum | Forecasted Growth Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.295
Monte-Carlo Simulation Model | Maximum | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.232
Discounted Cash Flow Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 2,500	$ 4,000
Discounted Cash Flow Model | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	0.093

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - Beginning of period	$ 118,844	$ 3,860
Additions	19,918	41,334
Payments	(51,500)	0
Fair value adjustments	0	86
Balance - End of period	$ 87,262	$ 45,280

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 114,006	$ 108,180	$ 105,587
Securities owned — trading	43,428	76,088
Investment securities	57,451	91,311
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		166
Restricted cash	110,231	103,226
Securities owned — trading	43,428	76,088
Other assets	941,912	858,639
Total assets at fair value	1,865,578	1,758,196
Accounts payable and accrued liabilities		118,844
Other Liabilities, Fair Value Disclosure	284,434	296,517
Total liabilities at fair value	284,434	296,517
Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		166
Restricted cash	110,231	103,226
Securities owned — trading	43,312	76,056
Other assets	937,642	854,679
Total assets at fair value	1,861,192	1,754,204
Accounts payable and accrued liabilities		0
Other Liabilities, Fair Value Disclosure	197,172	177,673
Total liabilities at fair value	197,172	177,673
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
Restricted cash	0	0
Securities owned — trading	116	32
Other assets	4,270	3,960
Total assets at fair value	4,386	3,992
Securities sold, but not yet purchased		0
Accounts payable and accrued liabilities		0
Other Liabilities, Fair Value Disclosure	0	0
Total liabilities at fair value	0	0
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
Restricted cash	0	0
Securities owned — trading	0	0
Other assets	0	0
Total assets at fair value	0	0
Securities sold, but not yet purchased	0	0
Accounts payable and accrued liabilities		118,844
Other Liabilities, Fair Value Disclosure	87,262	118,844
Total liabilities at fair value	87,262	118,844
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	74	487
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	74	487
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
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		55
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		55
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	79	542
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	79	542
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	0
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
U.S. Treasury Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold, but not yet purchased	5
U.S. Treasury 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	5
U.S. Treasury 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
U.S. Treasury 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
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	769,823	720,077
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	769,823	720,077
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	184
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	184
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	118	107
Money Market Funds [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	118	107
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	118	107
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	116	32
Other Security Investments | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	116	32
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	116	32
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	14,538	50,518
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	14,538	50,518
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	627	43
Equity Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	627	43
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	627	43
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 Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	28,029	25,388
U.S. Treasury Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities owned — trading	28,029	25,388
U.S. Treasury 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	28,029	25,388
U.S. Treasury 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
U.S. Treasury 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
Deferred Compensation Plan | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	740,549	677,548
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	740,549	677,548
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	4,270	3,960
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	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	4,270	3,960
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	197,093	177,131
Other Liabilities, Fair Value Disclosure	197,093	177,131
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	197,093	177,131
Other Liabilities, Fair Value Disclosure	197,093	177,131
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	87,262
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	$ 87,262

Fair Value Measurements - Not M

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets, not measured at fair value
Cash and cash equivalents	$ 1,102,270	$ 465,671	$ 469,785
Cash segregated under federal and other regulations	1,610,996	2,007,312	1,807,283
Restricted cash	114,006	108,180	$ 105,587
Receivables from clients, net	591,503	588,585
Receivables from brokers, dealers and clearing organizations	103,236	50,069
Advisor loans, net	1,573,774	1,479,690
Other receivables, net	863,119	743,317
Investment securities - held-to-maturity securities	14,023	15,223
Other assets	1,482,137	1,390,021
Liabilities, not measured at fair value
Payables to clients	2,486,605	2,266,176
Payables to broker-dealers and clearing organizations	190,419	163,337
Corporate long-term debt	3,853,794	3,734,111
Financial instruments not measured at fair value
Assets, not measured at fair value
Cash and cash equivalents	1,102,086	465,505
Cash segregated under federal and other regulations	841,173	1,287,235
Restricted cash	3,775	4,954
Receivables from clients, net	591,503	588,585
Receivables from brokers, dealers and clearing organizations	103,236	50,069
Advisor loans, net	341,091	340,985
Other receivables, net	863,119	743,317
Investment securities - held-to-maturity securities	14,023	15,223
Other assets	14,872	15,246
Liabilities, not measured at fair value
Payables to clients	2,486,605	2,266,176
Payables to broker-dealers and clearing organizations	190,419	163,337
Corporate long-term debt	3,853,794	3,734,111
Financial instruments not measured at fair value | Other Investments
Assets, not measured at fair value
Other assets	4,692	4,695
Financial instruments not measured at fair value | Securities borrowed
Assets, not measured at fair value
Other assets	2,671	4,334
Financial instruments not measured at fair value | Deferred Compensation Plan
Assets, not measured at fair value
Other assets	7,509	6,217
Financial instruments not measured at fair value | Total Fair Value
Assets, not measured at fair value
Cash and cash equivalents	1,102,086	465,505
Cash segregated under federal and other regulations	841,173	1,287,235
Restricted cash	3,775	4,954
Receivables from clients, net	591,503	588,585
Receivables from brokers, dealers and clearing organizations	103,236	50,069
Advisor loans, net	257,480	236,888
Other receivables, net	863,119	743,317
Investment securities - held-to-maturity securities	13,836	15,079
Other assets	14,872	15,246
Liabilities, not measured at fair value
Payables to clients	2,486,605	2,266,176
Payables to broker-dealers and clearing organizations	190,419	163,337
Corporate long-term debt	3,784,875	3,680,199
Financial instruments not measured at fair value | Total Fair Value | Other Investments
Assets, not measured at fair value
Other assets	4,692	4,695
Financial instruments not measured at fair value | Total Fair Value | Securities borrowed
Assets, not measured at fair value
Other assets	2,671	4,334
Financial instruments not measured at fair value | Total Fair Value | Deferred Compensation Plan
Assets, not measured at fair value
Other assets	7,509	6,217
Financial instruments not measured at fair value | Fair Value, Inputs, Level 1 [Member]
Assets, not measured at fair value
Cash and cash equivalents	1,102,086	465,505
Cash segregated under federal and other regulations	841,173	1,287,235
Restricted cash	3,775	4,954
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	7,509	6,217
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	7,509	6,217
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	591,503	588,585
Receivables from brokers, dealers and clearing organizations	103,236	50,069
Advisor loans, net	0	0
Other receivables, net	863,119	743,317
Investment securities - held-to-maturity securities	13,836	15,079
Other assets	7,363	9,029
Liabilities, not measured at fair value
Payables to clients	2,486,605	2,266,176
Payables to broker-dealers and clearing organizations	190,419	163,337
Corporate long-term debt	3,784,875	3,680,199
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Other Investments
Assets, not measured at fair value
Other assets	4,692	4,695
Financial instruments not measured at fair value | Fair Value, Inputs, Level 2 [Member] | Securities borrowed
Assets, not measured at fair value
Other assets	2,671	4,334
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	257,480	236,888
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	Mar. 31, 2024	Dec. 31, 2023
Trading securities - at fair value:
Securities owned — trading	$ 43,428	$ 76,088
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	14,023	15,223
Short-term Investments	57,451	91,311
Money Market Funds [Member]
Trading securities - at fair value:
Securities owned — trading	118	107
Mutual funds
Trading securities - at fair value:
Securities owned — trading	14,538	50,518
Equity Securities [Member]
Trading securities - at fair value:
Securities owned — trading	627	43
U.S. treasury obligations [Member]
Trading securities - at fair value:
Securities owned — trading	28,029	25,388
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	14,023
US Government Agencies Debt Securities
Held-to-maturity securities - at amortized cost:
Total held-to-maturity securities	14,023	15,223
Other Security Investments
Trading securities - at fair value:
Securities owned — trading	$ 116	$ 32

Investment Securities (Details

Investment Securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Total	$ 14,023	$ 15,223
U.S. Treasury Securities [Member]
Maturities of securities held-to-maturity
U.S. government notes - at amortized cost, Within one year	4,969
U.S. government notes - at amortized cost, After one but within five years	9,054
U.S. government notes - at amortized cost, After five but within ten years	0
U.S. government notes - at amortized cost, Total	14,023
U.S. government notes - at fair value, Within one year	4,901
U.S. government notes - at fair value, After one but within five years	8,935
U.S. government notes - at fair value, After five but within ten years	0
U.S. government notes - at fair value, Total	13,836
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	14,023	$ 15,223
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,856,648	$ 1,642,468
Goodwill acquired	3,951	214,180
Purchase accounting adjustments	(19,627)
Goodwill, ending balance	$ 1,840,972	$ 1,856,648

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Components) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets
Gross Carrying Value	$ 1,565,343		$ 1,516,609
Accumulated Amortization	(914,395)		(884,843)
Net Carrying Value	650,948		631,766
Indefinite-lived Intangible Assets
Total intangible assets	690,767		671,585
Amortization of intangible assets	29,552	$ 24,092
Trademarks and Trade Names [Member]
Indefinite-lived Intangible Assets
Net Carrying Value	$ 39,819		$ 39,819
Advisor And Financial Institution Relationships [Member]
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)	7 years 3 months 18 days		7 years 3 months 18 days
Gross Carrying Value	$ 936,178		$ 935,478
Accumulated Amortization	(632,613)		(614,277)
Net Carrying Value	$ 303,565		$ 321,201
Product Sponsor Relationships [Member]
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)	2 years		2 years 2 months 12 days
Gross Carrying Value	$ 234,086		$ 234,086
Accumulated Amortization	(212,053)		(209,076)
Net Carrying Value	$ 22,033		$ 25,010
Customer Relationships
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)	12 years 9 months 18 days		12 years 7 months 6 days
Gross Carrying Value	$ 374,229		$ 313,585
Accumulated Amortization	(58,487)		(51,328)
Net Carrying Value	$ 315,742		$ 262,257
Technology
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)	9 years 2 months 12 days		8 years 8 months 12 days
Gross Carrying Value	$ 20,850		$ 33,460
Accumulated Amortization	(11,242)		(10,162)
Net Carrying Value	$ 9,608		$ 23,298
Trade Names [Member]
Finite-Lived Intangible Assets
Weighted-average life remaining (in years)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future amortization expense
Remainder of Fiscal Year	$ 85,475
Due Year One	104,686
Due Year Two	66,429
Due Year Three	61,280
Due Year Four	55,488
Due after Year Four	277,590
Net Carrying Value	$ 650,948	$ 631,766

Other Assert and Other Liabil_3

Other Assert and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other assets:
Deferred compensation	$ 748,058	$ 683,765
Prepaid assets	177,668	173,039
Fractional shares - investment	197,093	177,131
Deferred Income Tax Assets, Net	167,446	167,450
Operating lease assets	93,032	93,797
Debt issuance costs, net	7,747	9,065
Other	91,093	85,774
Total other assets	$ 1,482,137	1,390,021
Operating lease assets [Extensible List]	Total other assets
Other liabilities:
Deferred compensation	$ 746,356	684,178
Unearned revenue	206,698	156,214
Fractional shares - repurchase obligation	197,093	177,131
Operating lease liabilities	121,907	123,477
Finance lease liabilities	105,376	105,465
Taxes payable	100,741	24,522
Contingent consideration	87,262	118,844
Other	50,079	50,542
Total other liabilities	$ 1,615,512	$ 1,440,373
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	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 3,474,525	$ 3,477,200
Less Unamortized Debt Issuance Cost	(21,731)	(23,089)
Long-Term Senior Debt, Net	3,452,794	3,454,111
Long-Term Debt	3,853,794	3,734,111
Other Long-term Debt	401,000	280,000
Secured Debt | Fourth Amendment Agreement Term Loan B
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 1,024,525	$ 1,027,200
Variable Interest Rate (as percent)	7.176%	7.206%
Secured Debt | Fourth Amendment Agreement Term Loan B | London Interbank Offered Rate (LIBOR)
Borrowings [Line Items]
Applicable interest rate margin (as percent)	1.85%
Secured Debt | Fourth Amendment Agreement Term Loan B | Eurodollar Rate [Member]
Borrowings [Line Items]
Applicable interest rate margin (as percent)		1.85%
Unsecured Debt | Senior Notes Due 2027
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000
Fixed Interest Rate (as percent)	4.625%	4.625%
Unsecured Debt | Senior Notes Due 2028
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 750,000	$ 750,000
Fixed Interest Rate (as percent)	6.75%	6.75%
Unsecured Debt | Senior Notes Due 2029
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 900,000	$ 900,000
Fixed Interest Rate (as percent)	4%	4%
Unsecured Debt | Senior Notes Due 2031
Borrowings [Line Items]
Long-TermSeniorDebtGross	$ 400,000	$ 400,000
Fixed Interest Rate (as percent)	4.375%	4.375%
Line of Credit
Borrowings [Line Items]
Other Long-term Debt		$ 280,000
Revolving Credit Facility | Line of Credit
Borrowings [Line Items]
Long-Term Debt	$ 0	$ 0
Variable Interest Rate (as percent)	6.852%	6.966%
Other Long-term Debt	$ 401,000
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%
Other Long-term Debt	$ 10,000
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)	6.80%
Other Long-term Debt	$ 391,000

Corporate Debt and Other Borr_4

Corporate Debt and Other Borrowings, Net (Other Borrowings Outstanding) (Details) - Line of Credit $ in Millions	Mar. 31, 2024 USD ($)
Revolving Credit Facility | Senior Secured, Revolving Credit Facility Due March 2026
Line of Credit Facility [Line Items]
Outstanding	$ 401
Available	1,599
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)		3 Months Ended	12 Months Ended
	Jul. 18, 2023 USD ($)	Mar. 31, 2024 USD ($) lineOfCredit	Dec. 31, 2023 USD ($)	Nov. 17, 2023 USD ($) Rate	Jul. 17, 2023 USD ($)
Line of Credit Facility [Line Items]
Corporate long-term debt		$ 3,853,794,000	$ 3,734,111,000
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
Senior Notes, 2028 | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount				$ 750,000,000
Stated rate				6.75%
Debt instrument, issued at a discount, percent of principal | Rate				99.929%
Debt issuance costs				$ 6,300,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 200,000,000
Debt instrument, interest rate, effective percentage		6.852%	6.966%
Corporate long-term debt		$ 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		6.80%
Revolving Credit Facility | Broker-Dealer, Revolving Credit Facility | LPL Financial LLC | Line of Credit
Line of Credit Facility [Line Items]
Stated rate	1.25%
Debt issuance costs	$ 1,700,000
Line of credit, maximum borrowing capacity	$ 1,000,000,000
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]
Debt issuance costs	$ 5,500,000
Line of credit, maximum borrowing capacity	$ 2,000,000,000				$ 1,000,000,000
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) - SEC Civil Penalty - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 22, 2024
Settlement In Principle Is Reached
Loss Contingencies [Line Items]
Loss contingency, accrual, current		$ 50
Settlement In Principle Is Not Reached
Loss Contingencies [Line Items]
Civil penalty	$ 50
Litigation expense	$ 40

Commitments and Contingencies_2

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Broker-Dealer [Abstract]
Collateral securities	$ 484.9
Collateral security (Fair value)	678.9
Amount pledged with client-owned securities	357.2
Remaining collateral securities that can be re-pledged, loaned, or sold	321.7
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remaining collateral securities that can be re-pledged, loaned, or sold	321.7
Options Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	8.4	$ 5.5
National Securities Clearing Corporation [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Marketable Securities	$ 19.7	$ 19.9

Commitments and Contingencies -

Commitments and Contingencies - Self insurance Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Self-Insurance Liability [Roll Forward]
Self-insurance liability, beginning balance	$ 79,984	$ 77,393
Losses incurred	9,306	9,047
Losses paid	(12,205)	(5,725)
Self-insurance liability, ending balance	$ 82,883	$ 74,071

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.30	$ 0.30
Dividends, Common Stock [Abstract]
Cash dividends on common stock	$ 22,411	$ 23,584

Stockholdes' Equity (Share Repu

Stockholdes' Equity (Share Repurchases) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Stockholders' Equity Note [Abstract]
Shares Purchased | shares	296,145
Weighted-Average Price Paid Per Share | $ / shares	$ 236.39
Treasury Stock, Valued, Acquired, Excluding Excise Tax	$ 70
Stock Repurchase Program, Authorized Amount	$ 830

Share-Based Compensation (Texua

Share-Based Compensation (Texuals) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based compensation:
Authorized shares	17,754,197
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	11,656,366
Employees, officers and directors [Member] | Restricted Stock [Member]
Share-based compensation:
Share-based compensation expense	$ 20,300,000	$ 16,200,000
Share-based compensation cost unrecognized	$ 138,400,000
Non-vested compensation cost weighted-average period	2 years 2 months 23 days
Employees, officers and directors [Member] | Stock options and warrants [Member]
Share-based compensation:
Share-based compensation expense	$ 0	$ 0
Advisors and Financial Institutions [Member] | Restricted stock units (RSUs) [Member]
Share-based compensation:
Share-based compensation expense	700,000
Share-based compensation cost unrecognized	$ 4,500,000
Non-vested compensation cost weighted-average period	1 year 11 months 23 days

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option and Warrant Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Ending Balance | shares	427,810
Stock options and warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balance | shares	546,820
Number of Shares, Granted | shares	0
Stock option exercises and other, shares | shares	(119,010)
Number of Shares, Forfeited | shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighed-Average Exercise Price, Beginning Balance | $ / shares	$ 54.81
Weighted-Average Exercise Price, Granted | $ / shares	0
Weighted-Average Exercise Price, Exercised | $ / shares	47.30
Weighted-Average Exercise Price, Forfeited | $ / shares	0
Weighed-Average Exercise Price, Ending Balance | $ / shares	$ 56.90
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of Shares Exercisable, Ending Balance | shares	427,810
Weighted-Average Exercise Price, Exercisable | $ / shares	$ 56.90
Weighted-Average Remaining Contractual Term, Options Exercisable	3 years 7 months 2 days
Aggregate Intrinsic Value, Exercisable, Ending Balance | $	$ 88,684,000
Weighted-Average Remaining Contractual Term, Options Outstanding	3 years 7 months 2 days
Aggregate Intrinsic Value, Outstanding, Ending Balance | $	$ 88,684,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of Shares Exercisable and expect to vest | shares	427,810
Weighed-Average Exercise Price, Excercisable and expect to vest | $ / shares	$ 56.90
Weighted-Average Remaining Contractual Term, Exercisable and expected to vest	3 years 7 months 2 days
Aggregate Intrinsic Value, Exercisable and expected to vest, Ending Balance | $	$ 88,684,000

Share-Based Compensation - Outs

Share-Based Compensation - Outstanding Stock Options and Warrant Information (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	427,810
Number of shares, Exercisable | shares	427,810
Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Weighted-average remaining life (years), Outstanding	3 years 7 months 2 days
Weighted-average exercise price, Outstanding | $ / shares	$ 56.90
Weighted-average exercise price, Exercisable | $ / shares	$ 56.90
$19.85 - $25.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	60,485
Weighted-average remaining life (years), Outstanding	1 year 11 months 19 days
Weighted-average exercise price, Outstanding | $ / shares	$ 19.85
Number of shares, Exercisable | shares	60,485
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	93,509
Weighted-average remaining life (years), Outstanding	2 years 10 months 6 days
Weighted-average exercise price, Outstanding | $ / shares	$ 39.48
Number of shares, Exercisable | shares	93,509
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	6,687
Weighted-average remaining life (years), Outstanding	11 months 4 days
Weighted-average exercise price, Outstanding | $ / shares	$ 45.55
Number of shares, Exercisable | shares	6,687
Weighted-average exercise price, Exercisable | $ / shares	$ 45.55
$65.01 - $75.00 | Stock options and warrants [Member]
Summary information about outstanding stock options and warrants
Total number of shares, Outstanding | shares	130,005
Weighted-average remaining life (years), Outstanding	3 years 9 months 7 days
Weighted-average exercise price, Outstanding | $ / shares	$ 65.50
Number of shares, Exercisable | shares	130,005
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	137,124
Weighted-average remaining life (years), Outstanding	4 years 9 months
Weighted-average exercise price, Outstanding | $ / shares	$ 77.53
Number of shares, Exercisable | shares	137,124
Weighted-average exercise price, Exercisable | $ / shares	$ 77.53

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / 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	90,412
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	1,568
Number of Shares, Granted	0
Number of Shares, Vested	0
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	$ 187.93
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	0
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 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	776,604
Number of Shares, Granted	397,845
Number of Shares, Vested	(352,203)
Number of Shares, Forfeited	(6,979)
Number of Shares, Ending Balance	815,267
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	$ 205.51
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	262.65
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	190.54
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	229.66
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 239.66
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	644,042
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares	$ 258.09

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 288,764	$ 338,884
Basic weighted-average number of shares outstanding	74,562	78,750
Dilutive common share equivalents	901	1,224
Diluted weighted-average number of shares outstanding	75,463	79,974
Basic earnings per share	$ 3.87	$ 4.30
Diluted earnings per share	$ 3.83	$ 4.24

Earnings per Share (Textuals) (

Earnings per Share (Textuals) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	162,078	75,416

Net Capital and Regulatory Re_3

Net Capital and Regulatory Requirements (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Broker-Dealer [Abstract]
Net capital	$ 328,479
Less: required net capital	18,070
Excess net capital	$ 310,409

Subsequent Events - Dividend De

Subsequent Events - Dividend Declared (Details) - Subsequent Event	May 21, 2024 $ / shares
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	Jun. 04, 2024
Dividends payable, date of record	May 21, 2024