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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 36,870,762 $ 75,589,539 $ 38,165,138
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,377,610 1,281,420 992,836
Share-based compensation 10,660,673 7,415,170 7,739,320
Increase (decrease) in accounts receivable 3,107,409 (2,666,551) (582,502)
Change in current income taxes (2,265,287) 1,058,278 3,592,561
Change in deferred income taxes (4,526,654) (1,410,106) 1,949,407
Gain on sale of High Yield-Focused Advisory Contracts (6,813,579) (9,000,000) 0
Net loss (gain) on investments 24,471,894 (10,878,658) (3,005,441)
Net change in securities held by Consolidated Funds (14,039,687) (50,430,607) 3,179,362
Increase (decrease) in accrued incentive compensation (4,647,548) 9,365,224 5,180,849
Increase (decrease) in deferred compensation (6,603,304) 4,106,342 2,899,748
Other changes in assets and liabilities 1,890,346 1,882,186 (338,793)
Net cash provided by operating activities 39,482,635 26,312,237 59,772,485
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (101,454) (1,104,981) (2,450,421)
Purchase of Company sponsored investments (7,606,958) (21,395,411) (14,852,892)
Proceeds from sale of Company sponsored investments 6,928,704 40,764,891 25,715,013
Proceeds From Sale Of Nonfinancial Assets 6,813,579 9,000,000 0
Net cash provided by investing activities 6,033,871 27,264,499 8,411,700
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding obligations (3,436,678) (1,625,413) (1,947,456)
Payment of dividends (30,696,907) (72,960,976) (37,976,714)
Repurchase of common stock 9,461,710 10,298,891 (4,311,084)
Repurchase of common stock (38,726,007) (7,820,315) (18,646,982)
Proceeds received under employee stock purchase plan 526,285 603,268 0
Net cash used in financing activities (62,871,597) (71,504,545) (62,882,236)
CASH AND CASH EQUIVALENTS      
Net change during the year (17,355,091) (17,927,809) 5,301,949
At beginning of year 80,550,393 98,478,202 93,176,253
At end of year 63,195,302 80,550,393 98,478,202
Supplemental cash flow information:      
Income taxes paid 20,879,724 26,401,643 8,415,900
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation 487,870 529,806 3,396,359
Charitable donation of corporate investments $ 0 $ 366,555 $ 0