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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Consolidated net income (loss) $ 56,602 $ 72,253 $ 286,610
Less: Consolidated net income from discontinued operations, net of tax     (178,462)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:      
Fixed asset depreciation and intangible asset amortization 84,115 79,466 71,495
Employee loan amortization and reserves on employee loans 67,032 35,650 16,460
Equity-based compensation and allocations of net income to limited partnership units and FPUs 183,545 170,625 200,057
Deferred compensation expense 630 5,879 5,879
Losses (gains) on equity method investments (1,126) (4,115) (7,377)
Realized losses (gains) on marketable securities (289) (3,528) (11,831)
Unrealized losses (gains) on marketable securities (69) (3,204) 2,316
Loss (gains) on other investments 431 (18,163) (43,113)
Amortization of discount (premium) on notes payable 4,187 3,223 (1,081)
Impairment of fixed assets, intangible assets and investments 9,396 4,466 2,807
Deferred tax provision (benefit) (16,549) (4,196) (23,737)
Change in estimated acquisition earn-out payables 4,661 5,622 2,885
Forfeitures of Class A common stock   (139) (1,458)
Other 2,730 (5,682) 4,445
Consolidated net income (loss), adjusted for non-cash and non-operating items 395,296 338,157 325,895
Decrease (increase) in operating assets:      
Securities owned (1,346) 883 (25,401)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers 246,498 389,058 (206,051)
Accrued commissions receivable, net 44,389 (22,287) (108,851)
Loans, forgivable loans and other receivables from employees and partners, net (149,145) (119,469) (104,266)
Receivables from related parties 5,427 (4,215) 37,506
Other assets (20,070) 5,239 (25,343)
Increase (decrease) in operating liabilities:      
Repurchase agreements   (986) 986
Securities loaned (13,902) (1,238) (129,580)
Accrued compensation 13,752 (7,231) (49,853)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers (235,605) (353,313) 167,443
Payables to related parties (38,822) 32,342 (833)
Accounts payable, accrued and other liabilities 57,791 (17,878) 51,003
Net cash provided by (used in) operating activities 304,263 239,062 (67,345)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of fixed assets (30,829) (46,665) (24,528)
Capitalization of software development costs (53,997) (48,846) (49,813)
Purchase of equity method investments (1,458) (1,715) (925)
Proceeds from equity method investments 4,326 3,737 7,046
Payments for acquisitions, net of cash acquired (7,871) 28,261 (50,562)
Proceeds from sale of marketable securities 14,237 24,626 128,018
Purchase of other assets (2,000)    
Net cash provided by (used in) investing activities (77,592) (40,602) 9,236
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayments of long-term debt and collateralized borrowings (357,789) (332,378) (449,598)
Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs 524,396 709,849 639,196
Earnings distributions to limited partnership interests and other noncontrolling interests (63,109) (113,673) (163,935)
Redemption and repurchase of limited partnership interests (47,613) (43,270) (51,943)
Dividends to stockholders (60,440) (192,442) (231,446)
Repurchase of Class A common stock (6) (1,236) (10,439)
Cancellation of RSUs in satisfaction of withholding tax requirements   (458) (647)
Proceeds from issuance of Class A common stock, net of costs     327,624
Payments on acquisition earn-outs (8,540) (8,146) (7,924)
Net cash provided by (used in) financing activities (13,101) 18,246 50,888
Net cash provided by (used in) operating activities from discontinued operations 0 0 (748,231)
Net cash provided by (used in) investing activities from discontinued operations 0 0 18,347
Net cash provided by (used in) financing activities from discontinued operations 0 0 367,931
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements 993 2,630 (10,838)
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements 214,563 219,336 (380,012)
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period 636,114 416,778 796,790
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period 850,677 636,114 416,778
Supplemental cash information:      
Cash paid during the period for taxes 41,910 47,997 66,540
Cash paid during the period for interest 69,572 51,776 41,951
Supplemental non-cash information:      
Issuance of Class A common stock upon exchange of limited partnership interests 11,388 26,146 143,232
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 1,578 3,040 $ 21,899
ROU assets and liabilities $ 34,456 $ 169,065