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Consolidated Statements of Income - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUES:      
Total revenue $ 136,716,371 $ 154,496,019 $ 182,193,837
OPERATING EXPENSES:      
Compensation and related costs, excluding deferred compensation expense (benefit) 70,730,640 70,505,216 73,591,327
Deferred compensation expense (benefit) 5,599,880 (4,402,265) 7,082,153
General and administrative 14,935,033 13,606,922 14,020,836
Sales and marketing 6,684,410 7,159,686 7,659,423
Mutual fund administration 3,262,421 3,294,983 3,581,960
Total operating expenses 101,212,384 90,164,542 105,935,699
NET OPERATING INCOME 35,503,987 64,331,477 76,258,138
Investment income (loss), net 23,071,441 (20,186,511) 16,381,216
Gain on sale of High Yield-Focused Advisory Contracts 0 6,813,579 9,000,000
Total non-operating income (loss) 23,071,441 (13,372,932) 25,381,216
NET INCOME BEFORE TAXES 58,575,428 50,958,545 101,639,354
Income tax expense (15,489,880) (14,087,783) (26,049,815)
NET INCOME 43,085,548 36,870,762 75,589,539
Net loss (income) attributable to redeemable noncontrolling interest (859,126) 3,563,345 (1,388,930)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 42,226,422 $ 40,434,107 $ 74,200,609
Earnings per share attributable to common shareholders      
Basic (in dollars per share) $ 14.32 $ 13.01 $ 23.34
Diluted (in dollars per share) $ 14.32 $ 13.01 $ 23.34
Weighted average shares outstanding      
Basic (in shares) 2,948,625 3,107,604 3,179,497
Diluted (in shares) 2,948,625 3,107,604 3,179,497
Investment advisory      
REVENUES:      
Total revenue $ 129,179,500 $ 144,325,517 $ 170,137,609
Mutual fund administration, net      
REVENUES:      
Total revenue $ 7,536,871 $ 10,170,502 $ 12,056,228