Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

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 years ended December 31, 2019 and 2018:



(Expressed in thousands)	For the Year Ended December 31, 2019
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other			Total
Revenues from contracts with customers:
Commissions from sales and trading	$	148,661	$	—	$	131,380	$	28		$	280,069
Mutual fund income	40,025		—		3		17			40,045
Advisory fees	264,839		88,748		10		74			353,671
Investment banking - capital markets	13,528		—		59,251		—			72,779
Investment banking - advisory	—		—		53,432		—			53,432
Bank deposit sweep income	117,422		—		—		—			117,422
Other	13,288		5		1,713		2,398			17,404
Total revenues from contracts with customers	597,763		88,753		245,789		2,517			934,822
Other sources of revenue:
Interest	35,809		—		13,302		1,612			50,723
Principal transactions, net	3,341		—		31,621		(4,868		)	30,094
Other	16,496		2		118		1,124			17,740
Total other sources of revenue	55,646		2		45,041		(2,132		)	98,557
Total revenue	$	653,409	$	88,755	$	290,830	$	385		$	1,033,379

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 $28.9 million and $23.7 million at December 31, 2019 and January 1, 2019, respectively. The Company had no significant impairments related to these receivables during the years ended December 31, 2019 and 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, 2019		Opening Balance at January 1, 2019
Contract assets (receivables):
Commission ⁽¹⁾	$	2,824	$	3,738
Mutual fund income ⁽²⁾	6,746		7,241
Advisory fees ⁽³⁾	1,594		1,214
Bank deposit sweep income ⁽⁴⁾	3,454		4,622
Investment banking fees ⁽⁵⁾	9,284		3,996
Other	4,986		2,869
Total contract assets	$	28,888	$	23,680
Deferred revenue (payables):
Investment banking fees ⁽⁶⁾	$	408	$	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.