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Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 12,942,129 $ 13,125,448
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 285,823 217,748
Share-based compensation 1,851,702 1,998,782
Decrease (increase) in accounts receivable 347,488 (249,435)
Change in current income taxes 4,167,325 6,997,489
Change in deferred income taxes (492,725) (500,219)
Net losses (gains) on investments 2,994,792 (3,392,620)
Net change in trading securities held by Consolidated Funds (35,143,135) (1,310,800)
Decrease in accrued incentive compensation (13,729,303) (12,304,076)
Increase in deferred compensation 3,513,366 4,501,147
Other changes in assets and liabilities 4,438,764 (1,832,863)
Net cash provided by (used in) operating activities (18,823,774) 7,250,601
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (144,948) (67,315)
Purchase of Company sponsored investments (3,143,561) (6,060,665)
Proceeds from sale of Company sponsored investments 1,148,162 1,124,308
Net cash used in investing activities (2,140,347) (5,003,672)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (501,564) (796,920)
Net subscriptions received from redeemable noncontrolling interest holders 3,661,843 677,818
Net cash provided by (used in) financing activities 3,160,279 (119,102)
CASH AND CASH EQUIVALENTS    
Net change during the period (17,803,842) 2,127,827
At beginning of period 76,602,108 57,189,876
At end of period 58,798,266 59,317,703
Supplemental cash flow information:    
Income taxes paid 27,500 0
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 4,109,197 3,892,424
Charitable donation of corporate investments and property and equipment 1,989,803 1,748,841
Net issuance (redemption) of ETF shares for marketable securities $ 1,524,340 $ 1,351,436