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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 75,589,539 $ 38,165,138 $ 59,754,319
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,281,420 992,836 1,164,207
Share-based compensation 7,415,170 7,739,320 9,081,421
Increase in accounts receivable (2,666,551) (582,502) (5,021,516)
Change in current income taxes 1,058,278 3,592,561 (6,617,780)
Change in deferred income taxes (1,410,106) 1,949,407 1,079,247
Gain on sale of high yield-focused advisory contracts (9,000,000) 0 0
Net gain on investments (10,878,658) (3,005,441) (21,058,463)
Net change in securities held by Consolidated Funds (50,430,607) 3,179,362 6,286,645
Increase in accrued incentive compensation 9,365,224 5,180,849 3,516,639
Increase in deferred compensation 4,106,342 2,899,748 7,954,330
Other changes in assets and liabilities 1,882,186 (338,793) 827,194
Net cash provided by operating activities 26,312,237 59,772,485 56,966,243
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (1,104,981) (2,450,421) (707,790)
Purchase of Company sponsored investments (21,395,411) (14,852,892) (14,351,062)
Proceeds from sale of Company sponsored investments 40,764,891 25,715,013 48,637,779
Net cash on deconsolidation of Company sponsored investments 0 0 (22,723,853)
Proceeds From Sale Of Nonfinancial Assets 9,000,000 0 0
Net cash provided by investing activities 27,264,499 8,411,700 10,855,074
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding (1,625,413) (1,947,456) (1,390,482)
Payment of dividends (72,960,976) (37,976,714) (30,275,867)
Repurchase of common stock 10,298,891 (4,311,084) 11,340,880
Repurchase of common stock (7,820,315) (18,646,982) (38,749,654)
Proceeds received under employee stock purchase plan 603,268 0 0
Net cash used in financing activities (71,504,545) (62,882,236) (59,075,123)
CASH AND CASH EQUIVALENTS      
Net change during the year (17,927,809) 5,301,949 8,746,194
At beginning of year 98,478,202 93,176,253 84,430,059
At end of year 80,550,393 98,478,202 93,176,253
Supplemental cash flow information:      
Income taxes paid 26,401,643 8,415,900 24,227,006
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation 529,806 3,396,359 3,655,296
Charitable donation of corporate investments 366,555 0 0
Net redemptions of ETF Shares for marketable securities $ 0 $ 0 $ (3,244,940)