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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 38,165,138 $ 59,754,319 $ 46,314,388
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 992,836 1,164,207 1,159,380
Share-based compensation 7,739,320 9,081,421 8,896,610
Increase in accounts receivable (582,502) (5,021,516) (1,014,839)
Change in current income taxes 3,592,561 (6,617,780) 6,883,643
Change in deferred income taxes 1,949,407 1,079,247 (5,622,396)
Net (gain) loss on investments (3,005,441) (21,058,463) 14,297,382
Net change in securities held by Consolidated Funds 3,179,362 6,286,645 (52,168,968)
Increase in accrued incentive compensation 5,180,849 3,516,639 5,366,864
Increase in deferred compensation 2,899,748 7,954,330 1,907,084
Other changes in assets and liabilities (338,793) 827,194 2,111,443
Net cash provided by operating activities 59,772,485 56,966,243 28,130,591
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (2,450,421) (707,790) (781,951)
Purchase of Company sponsored investments (14,852,892) (14,351,062) (6,332,090)
Proceeds from sale of Company sponsored investments 25,715,013 48,637,779 2,853,144
Net cash on deconsolidation of Company sponsored investments 0 (22,723,853) 0
Net cash provided by (used in) investing activities 8,411,700 10,855,074 (4,260,897)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding (1,947,456) (1,390,482) (1,925,700)
Payment of dividends (37,976,714) (30,275,867) (28,094,564)
Repurchase of common stock (4,311,084) 11,340,880 21,207,770
Repurchase of common stock (18,646,982) (38,749,654) (7,229,249)
Net cash used in financing activities (62,882,236) (59,075,123) (16,041,743)
CASH AND CASH EQUIVALENTS      
Net change during the year 5,301,949 8,746,194 7,827,951
At beginning of year 93,176,253 84,430,059 76,602,108
At end of year 98,478,202 93,176,253 84,430,059
Supplemental cash flow information:      
Income taxes paid 8,415,900 24,227,006 17,408,094
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation 3,396,359 3,655,296 4,109,197
Charitable donation of corporate investments 0 0 1,989,803
Net (redemptions) subscriptions of ETF Shares for marketable securities $ 0 $ (3,244,940) $ 6,282,621