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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 21,032 $ 87,174
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 21,923 18,464
Employee loan amortization and reserves on employee loans 14,551 6,574
Equity-based compensation and allocations of net income to limited partnership units and FPUs 42,204 12,141
Deferred compensation expense 187 (7)
Losses (gains) on equity method investments (1,023) (783)
Realized losses (gains) on marketable securities (289) (2,487)
Unrealized losses (gains) on marketable securities   21
Loss (gains) on other investments 40 (20,395)
Amortization of discount (premium) on notes payable 1,098 519
Impairment of fixed assets, intangible assets and investments 7,253 357
Deferred tax provision (benefit) 786 (1,896)
Change in estimated acquisition earn-out payables (1,141) (1,482)
Consolidated net income (loss), adjusted for non-cash and non-operating items 106,621 98,200
Decrease (increase) in operating assets:    
Securities owned (131) (1,738)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,753,696) (1,065,889)
Accrued commissions receivable, net (59,682) (46,275)
Loans, forgivable loans and other receivables from employees and partners, net (34,183) (28,420)
Receivables from related parties 9,004 (882)
Other assets 7,698 (12,431)
Increase (decrease) in operating liabilities:    
Repurchase agreements 512 3,341
Securities loaned (10,929) 9,928
Accrued compensation 22,413 (21,688)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,760,191 1,035,134
Payables to related parties (59,153) (2,023)
Accounts payable, accrued and other liabilities (60,259) (28,035)
Net cash provided by (used in) operating activities (71,594) (60,778)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (6,631) (12,123)
Capitalization of software development costs (12,931) (6,259)
Purchase of equity method investments (245) (368)
Payments for acquisitions, net of cash and restricted cash acquired (7,938) 26,265
Proceeds from sale of marketable securities 11,362 4,553
Purchase of assets (2,000)  
Net cash provided by (used in) investing activities (18,383) 12,068
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of long-term debt and collateralized borrowings (3,402) (3,731)
Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs 227,837 249,450
Earnings distributions to limited partnership interests and other noncontrolling interests (29,578) (27,188)
Redemption and repurchase of limited partnership interests (16,575) (5,201)
Dividends to stockholders (49,633) (47,434)
Repurchase of Class A common stock   (1,236)
Payments on acquisition earn-outs (3,928) (5,903)
Net cash provided by (used in) financing activities 124,721 158,757
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements (13,496) 1,291
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements 21,248 111,338
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period 636,114 416,778
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period 657,362 528,116
Supplemental cash information:    
Cash paid during the period for taxes 17,461 5,722
Cash paid during the period for interest 15,394 13,835
Supplemental non-cash information:    
Issuance of Class A common stock upon exchange of limited partnership interests 3,264 9,736
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 1,399 1,874
Right-of-use assets and liabilities $ 7,654 $ 190,219