XML 78 R27.htm IDEA: XBRL DOCUMENT
v3.19.3

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.

X
- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration