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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 59,754,319 $ 46,314,388 $ 51,601,669
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,164,207 1,159,380 888,197
Share-based compensation 9,081,421 8,896,610 8,582,069
Increase in accounts receivable (5,021,516) (1,014,839) (1,615,070)
Change in current income taxes (6,617,780) 6,883,643 (3,003,072)
Change in deferred income taxes 1,079,247 (5,622,396) 2,893,063
Net (gain) loss on investments (21,058,463) 14,297,382 (9,730,751)
Net change in securities held by Consolidated Funds 6,286,645 (52,168,968) (5,511,669)
Increase in accrued incentive compensation 3,516,639 5,366,864 6,705,424
Increase in deferred compensation 7,954,330 1,907,084 6,298,320
Other changes in assets and liabilities 827,194 2,111,443 3,811,579
Net cash provided by operating activities 56,966,243 28,130,591 60,919,759
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (707,790) (781,951) (1,106,520)
Purchase of Company sponsored investments (14,351,062) (6,332,090) (21,044,429)
Proceeds from sale of Company sponsored investments 48,637,779 2,853,144 3,597,130
Net cash on deconsolidation of Company sponsored investments (22,723,853) 0 0
Net cash provided by (used in) investing activities 10,855,074 (4,260,897) (18,553,819)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding (1,390,482) (1,925,700) (4,966,042)
Payment of dividends (30,275,867) (28,094,564) (24,277,743)
Repurchase of common stock 11,340,880 21,207,770 6,290,077
Repurchase of common stock (38,749,654) (7,229,249) 0
Net cash used in financing activities (59,075,123) (16,041,743) (22,953,708)
CASH AND CASH EQUIVALENTS      
Net change during the year 8,746,194 7,827,951 19,412,232
At beginning of year 84,430,059 76,602,108 57,189,876
At end of year 93,176,253 84,430,059 76,602,108
Supplemental cash flow information:      
Income taxes paid 24,227,006 17,408,094 29,527,299
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation 3,655,296 4,109,197 3,892,424
Charitable donation of corporate investments and property and equipment 0 1,989,803 1,748,841
Net (redemptions) subscriptions of ETF Shares for marketable securities $ (3,244,940) $ 6,282,621 $ (1,555,305)