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Revenue
 9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue

The following table presents revenue recognized by the Company for the three and nine months ended September 30, 2019 and 2018:
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
320,885

 
$
305,949

 
$
1,090,309

 
$
1,047,259

Underwriting Fees
17,598

 
11,440

 
61,428

 
62,784

Commissions and Related Fees
46,820

 
45,337

 
137,417

 
139,447

Total Investment Banking
$
385,303

 
$
362,726

 
$
1,289,154

 
$
1,249,490

 
 
 
 
 
 
 
 
Investment Management:
 
 
 
 
 
 
 
Asset Management and Administration Fees:
 
 
 
 
 
 
 
Wealth Management
$
12,155

 
$
11,560

 
$
35,408

 
$
33,826

Institutional Asset Management
495

 
1,118

 
2,044

 
2,777

Total Investment Management
$
12,650

 
$
12,678

 
$
37,452

 
$
36,603


Contract Balances
The change in the Company’s contract assets and liabilities during the periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the nine months ended September 30, 2019 and 2018 are as follows:
 
For the Nine Months Ended September 30, 2019
 
Receivables
(Current)(1)
 
Receivables
(Long-term)(2)
 
Contract Assets (Current)(3)
 
Contract Assets (Long-term)(4)
 
Deferred Revenue
(Current Contract Liabilities)(5)
 
Deferred Revenue
(Long-term Contract Liabilities)(6)
Balance at January 1, 2019
$
309,075

 
$
60,948

 
$
2,833

 
$
541

 
$
4,016

 
$
1,731

Increase (Decrease)
(3,403
)
 
3,628

 
(1,799
)
 
1,787

 
912

 
(1,116
)
Balance at September 30, 2019
$
305,672

 
$
64,576

 
$
1,034

 
$
2,328

 
$
4,928

 
$
615

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2018
 
Receivables
(Current)(1)
 
Receivables
(Long-term)(2)
 
Contract Assets (Current)(3)
 
Contract Assets (Long-term)(4)
 
Deferred Revenue
(Current Contract Liabilities)(5)
 
Deferred Revenue
(Long-term Contract Liabilities)(6)
Balance at January 1, 2018
$
184,993

 
$
34,008

 
$
—

 
$
—

 
$
3,147

 
$
1,834

Increase (Decrease)
47,263

 
19,728

 
46,960

 
3,869

 
7,011

 
(103
)
Balance at September 30, 2018
$
232,256

 
$
53,736

 
$
46,960

 
$
3,869

 
$
10,158

 
$
1,731

(1)
Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)
Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)
Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)
Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(5)
Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(6)
Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company recognized revenue of $3,377 and $10,870 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019, respectively, and $3,740 and $8,984 for the three and nine months ended September 30, 2018, respectively, that was previously included in deferred revenue on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.