Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the year ended December 31, 2018:



(Expressed in thousands)	For the Year Ended December 31, 2018
	Reportable Segments
	Private Client			Asset Management		Capital Markets		Corporate/Other			Total
Revenues from contracts with customers:
Commissions from sales and trading	$	154,167		$	—	$	131,955	$	89		$	286,211
Mutual fund income	42,514			908		13		22			43,457
Advisory fees	243,474			70,775		67		33			314,349
Investment banking - capital markets	13,284			—		56,474		—			69,758
Investment banking - advisory	—			—		45,595		—			45,595
Bank deposit sweep income	116,052			—		—		—			116,052
Other	14,745			13		1,054		352			16,164
Total revenues from contracts with customers	584,236			71,696		235,158		496			891,586
Other sources of revenue:
Interest	37,581			—		13,739		1,164			52,484
Principal transactions, net	(1,125		)	—		23,378		(7,792		)	14,461
Other	(2,821		)	—		444		2,000			(377		)
Total other sources of revenue	33,635			—		37,561		(4,628		)	66,568
Total revenue	$	617,871		$	71,696	$	272,719	$	(4,132	)	$	958,154

Contract with Customer, Asset and Liability [Table Text Block]

Contract Balances

The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records receivables when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.

The Company had receivables related to revenue from contracts with customers of $23.7 million and $21.0 million at December 31, 2018 and January 1, 2018, respectively. The Company had no significant impairments related to these receivables during the year ended December 31, 2018.

The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet:



(Expressed in thousands)
	Ending Balance at December 31, 2018		Opening Balance at January 1, 2018
Contract assets (receivables):
Commission ⁽¹⁾	$	3,738	$	2,007
Mutual fund income ⁽²⁾	7,241		7,779
Advisory fees ⁽³⁾	1,214		1,460
Bank deposit sweep income ⁽⁴⁾	4,622		3,459
Investment banking fees ⁽⁵⁾	3,996		3,926
Other	2,869		2,398
Total contract assets	$	23,680	$	21,029
Deferred revenue (payables):
Investment banking fees ⁽⁶⁾	$	318	$	—
Total deferred revenue	$	318	$	—


(1)	Commission recorded on trade date but not yet settled.


(2)	Mutual fund income earned but not yet received.


(3)	Management and performance fees earned but not yet received.


(4)	Fees earned from FDIC-insured bank deposit program but not yet received.


(5)	Underwriting revenue and advisory fee earned but not yet received.


(6)	Retainer fees and fees earned from certain advisory transactions where the performance obligations have not yet been satisfied.