Revenues from contracts with customers (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

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 three months ended September 30, 2019 and 2018:

(Expressed in thousands)	For the Three Months Ended September 30, 2019
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other			Total
Revenue from contracts with customers:
Commissions from sales and trading	$	35,994	$	—	$	32,569	$	9		$	68,572
Mutual fund income	10,050		—		1		4			10,055
Advisory fees	62,510		18,366		2		9			80,887
Investment banking - capital markets	2,557		—		8,773		—			11,330
Investment banking - advisory	—		—		10,468		—			10,468
Bank deposit sweep income	28,894		—		—		—			28,894
Other	3,296		2		448		576			4,322
Total revenue from contracts with customers	143,301		18,368		52,261		598			214,528
Other sources of revenue:
Interest	8,652		—		3,272		420			12,344
Principal transactions, net	70		—		8,515		(979		)	7,606
Other	31		—		20		264			315
Total other sources of revenue	8,753		—		11,807		(295		)	20,265
Total revenue	$	152,054	$	18,368	$	64,068	$	303		$	234,793

(Expressed in thousands)	For the Three Months Ended September 30, 2018
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other			Total
Revenue from contracts with customers:
Commissions from sales and trading	$	36,553	$	—	$	31,807	$	10		$	68,370
Mutual fund income	11,059		240		4		5			11,308
Advisory fees	60,516		17,627		3		8			78,154
Investment banking - capital markets	2,733		—		15,806		—			18,539
Investment banking - advisory	—		—		9,789		—			9,789
Bank deposit sweep income	30,053		—		—		—			30,053
Other	3,654		3		318		40			4,015
Total revenue from contracts with customers	144,568		17,870		57,727		63			220,228
Other sources of revenue:
Interest	9,469		—		3,678		256			13,403
Principal transactions, net	675		—		6,423		(7,114		)	(16		)
Other	3,371		—		302		526			4,199
Total other sources of revenue	13,515		—		10,403		(6,332		)	17,586
Total revenue	$	158,083	$	17,870	$	68,130	$	(6,269	)	$	237,814

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the nine months ended September 30, 2019 and 2018:

(Expressed in thousands)	For the Nine Months Ended September 30, 2019
	Reportable Segments
	Private Client		Asset Management			Capital Markets		Corporate/Other			Total
Revenue from contracts with customers:
Commissions from sales and trading	$	110,496	$	—		$	98,621	$	16		$	209,133
Mutual fund income	29,788		(5		)	3		13			29,799
Advisory fees	181,634		53,572			9		26			235,241
Investment banking - capital markets	9,568		—			32,065		—			41,633
Investment banking - advisory	—		—			40,214		—			40,214
Bank deposit sweep income	94,692		—			—		—			94,692
Other	10,101		2			1,289		2,369			13,761
Total revenue from contracts with customers	436,279		53,569			172,201		2,424			664,473
Other sources of revenue:
Interest	27,699		—			9,566		1,356			38,621
Principal transactions, net	2,292		—			24,984		(5,187		)	22,089
Other	11,239		7			97		972			12,315
Total other sources of revenue	41,230		7			34,647		(2,859		)	73,025
Total revenue	$	477,509	$	53,576		$	206,848	$	(435	)	$	737,498

(Expressed in thousands)	For the Nine Months Ended September 30, 2018
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other			Total
Revenue from contracts with customers:
Commissions from sales and trading	$	115,924	$	—	$	96,826	$	87		$	212,837
Mutual fund income	32,327		745		11		15			33,098
Advisory fees	180,426		52,465		57		24			232,972
Investment banking - capital markets	10,572		—		46,398		—			56,970
Investment banking - advisory	—		—		27,472		—			27,472
Bank deposit sweep income	84,203		—		—		—			84,203
Other	11,359		9		750		(6		)	12,112
Total revenue from contracts with customers	434,811		53,219		171,514		120			659,664
Other sources of revenue:
Interest	27,820		1		10,146		719			38,686
Principal transactions, net	807		—		15,804		(7,501		)	9,110
Other	5,292		—		401		1,747			7,440
Total other sources of revenue	33,919		1		26,351		(5,035		)	55,236
Total revenue	$	468,730	$	53,220	$	197,865	$	(4,915	)	$	714,900

Contract with Customer, Asset and Liability

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 condensed consolidated balance sheet:

(Expressed in thousands)
	Ending Balance at September 30, 2019		Opening Balance at January 1, 2019
Contract assets (receivables):
Commission (1)	$	3,295	$	3,738
Mutual fund income (2)	6,836		7,241
Advisory fees (3)	1,013		1,214
Bank deposit sweep income (4)	3,911		4,622
Investment banking fees (5)	7,688		3,996
Other	2,452		2,869
Total contract assets	$	25,195	$	23,680
Deferred revenue (payables):
Investment banking fees (6)	$	1,055	$	318
IRA fees (7)	667		—
Total deferred revenue	$	1,722	$	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 fees earned but not yet received.

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

(7) Fee received in advance on an annual basis.