Revenue from contracts with customers (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and nine months ended September 30, 2023 and 2022:


(Expressed in thousands)	For the Three Months Ended September 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	36,176	$	—	$	39,539	$	4	$	75,719
Mutual fund and insurance income	8,209		—		1		4		8,214
Advisory fees	82,774		25,188		—		7		107,969
Investment banking - capital markets	2,115		—		17,295		—		19,410
Investment banking - advisory	—		—		18,001		—		18,001
Bank deposit sweep income	42,304		—		—		—		42,304
Other	3,236		—		311		27		3,574
Total revenue from contracts with customers	174,814		25,188		75,147		42		275,191
Other sources of revenue:
Interest	21,248		—		4,246		936		26,430
Principal transactions, net	(612)		—		15,020		2,484		16,892
Other	(2,196)		(4,358)		163		545		(5,846)
Total other sources of revenue	18,440		(4,358)		19,429		3,965		37,476
Total revenue	$	193,254	$	20,830	$	94,576	$	4,007	$	312,667


(Expressed in thousands)	For the Three Months Ended September 30, 2022
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	39,290	$	—	$	42,699	$	12	$	82,001
Mutual fund and insurance income	7,603		—		1		3		7,607
Advisory fees	78,055		24,865		—		7		102,927
Investment banking - capital markets	1,950		—		7,173		—		9,123
Investment banking - advisory	—		—		29,270		—		29,270
Bank deposit sweep income	35,769		—		—		—		35,769
Other	5,126		—		652		39		5,817
Total revenue from contracts with customers	167,793		24,865		79,795		61		272,514
Other sources of revenue:
Interest	14,471		—		2,265		625		17,361
Principal transactions, net	(884)		—		8,637		(1,251)		6,502
Other	(2,766)		5		250		245		(2,266)
Total other sources of revenue	10,821		5		11,152		(381)		21,597
Total revenue	$	178,614	$	24,870	$	90,947	$	(320)	$	294,111


(Expressed in thousands)	For the Nine Months Ended September 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	112,766	$	—	122,740		18		$	235,524
Mutual fund and insurance income	23,632		—		6		12		23,650
Advisory fees	238,168		72,023		—		23		310,214
Investment banking - capital markets	5,590		—		32,881		—		38,471
Investment banking - advisory	—		—		56,883		—		56,883
Bank deposit sweep income	135,273		—		—		—		135,273
Other	10,513		—		1,411		145		12,069
Total revenue from contracts with customers	525,942		72,023		213,921		198		812,084
Other sources of revenue:
Interest	64,230		—		11,384		3,077		78,691
Principal transactions, net	1,509		—		38,834		6,292		46,635
Other	6,239		(5,036)		301		1,622		3,126
Total other sources of revenue	71,978		(5,036)		50,519		10,991		128,452
Total revenue	$	597,920	$	66,987	$	264,440	$	11,189	$	940,536


(Expressed in thousands)	For the Nine Months Ended September 30, 2022
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	120,753	$	—	137,760		29		$	258,542
Mutual fund and insurance income	23,733		—		7		25		23,765
Advisory fees	249,667		76,289		117		25		326,098
Investment banking - capital markets	7,615		—		26,407		—		34,022
Investment banking - advisory	35		—		59,459		—		59,494
Bank deposit sweep income	54,968		—		—		—		54,968
Other	12,770		—		1,449		227		14,446
Total revenue from contracts with customers	469,541		76,289		225,199		306		771,335
Other sources of revenue:
Interest	32,987		—		4,950		730		38,667
Principal transactions, net	(5,050)		—		16,717		(1,543)		10,124
Other	(23,546)		13		406		362		(22,765)
Total other sources of revenue	4,391		13		22,073		(451)		26,026
Total revenue	$	473,932	$	76,302	$	247,272	$	(145)	$	797,361

Schedule of 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)	As of
	September 30, 2023		December 31, 2022
Contract assets (receivables):
Commission (1)	$	3,428	$	3,533
Mutual fund income (2)	5,472		4,993
Advisory fees (3)	3,602		5,368
Bank deposit sweep income (4)	5,173		9,057
Investment banking fees (5)	9,775		5,136
Other	7,230		4,686
Total contract assets	$	34,680	$	32,773
Deferred revenue (payables):
Investment banking fees (6)	$	1,120	$	900
IRA fees (7)	683		—
Total deferred revenue	$	1,803	$	900

(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, including certain receivables.

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

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