Oppenheimer Holdings Inc. (OPY): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen ist Oppenheimer Holdings Inc. (OPY) ein herausragender Akteur, der ein komplexes Geflecht aus Anlagestrategien, Vermögensverwaltung und globalen Marktkenntnissen webt. Mithilfe eines anspruchsvollen Geschäftsmodells, das sich über mehrere Sektoren erstreckt, hat das Unternehmen einen einzigartigen Ansatz für Finanzdienstleistungen entwickelt, der über das traditionelle Maklerangebot hinausgeht personalisiert Lösungen für vermögende Privatkunden, institutionelle Anleger und Firmenkunden gleichermaßen. Dieser tiefe Einblick in Oppenheimers Business Model Canvas enthüllt die komplizierten Mechanismen, die ihren Erfolg vorantreiben, und beleuchtet, wie sie finanzielle Komplexität in strategische Chancen umwandeln.

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Investmentbanken und Finanzinstituten

Oppenheimer Holdings Inc. unterhält strategische Partnerschaften mit folgenden Investmentbanken und Finanzinstituten:

Partnerinstitution	Art der Zusammenarbeit	Gründungsjahr
Goldman Sachs	Institutionelle Wertpapiere	2019
Morgan Stanley	Kapitalmarktberatung	2020
JPMorgan Chase	Investmentbanking	2018

Zusammenarbeit mit globalen Vermögensverwaltungsunternehmen

Zu den wichtigsten globalen Asset-Management-Partnerschaften gehören:

• BlackRock Investment Management
• Vanguard-Gruppe
• State Street Global Advisors
• Fidelity Investments

Partnerschaften mit Technologieanbietern für Handelsplattformen

Technologieanbieter	Plattformfähigkeit	Umsetzungsjahr
Bloomberg LP	Handelsanalysen	2021
Refinitiv	Marktdatendienste	2020
Nasdaq	Elektronische Handelsinfrastruktur	2019

Beziehungen zu Beratern für die Einhaltung gesetzlicher Vorschriften

Zu den Compliance-Partnernetzwerken gehören:

• Deloitte Regulierungsberatung
• Compliance bei PwC-Finanzdienstleistungen
• Ernst & Junge Regulierungsberatung

Gesamtinvestitionen der Partnerschaft im Jahr 2023: 42,7 Millionen US-Dollar

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Hauptaktivitäten

Investmentbanking-Dienstleistungen

Oppenheimer Holdings Inc. erzielte im Jahr 2022 einen Investmentbanking-Umsatz von 359,4 Millionen US-Dollar. Das Unternehmen bietet umfassende Investmentbanking-Dienstleistungen an, darunter:

• Beratung bei Fusionen und Übernahmen
• Unternehmensfinanzierungsberatung
• Privatplatzierungstransaktionen

Vermögensverwaltung und Finanzberatung

Metrisch	Wert
Gesamtvermögen des Kunden	64,3 Milliarden US-Dollar (2022)
Durchschnittliche Größe des Kundenkontos	2,7 Millionen US-Dollar
Anzahl der Finanzberater	Ungefähr 850

Wertpapierhandel und -vermittlung

Oppenheimer berichtete Handelserlöse in Höhe von 247,8 Millionen US-Dollar für das Geschäftsjahr 2022, mit Schwerpunktbereichen wie:

• Aktienhandel
• Festverzinsliche Wertpapiere
• Institutionelle Handelsplattformen

Forschung und Marktanalyse

Forschungsberichterstattung	Umfang
Aktien-Research-Analysten	52 Profis
Abgedeckte Sektoren	17 verschiedene Branchen

Kapitalbeschaffung und Underwriting

Im Jahr 2022 nahm Oppenheimer teil 46 öffentliche und private Kapitalbeschaffungstransaktionen mit einem Gesamttransaktionswert von 3,2 Milliarden US-Dollar.

Transaktionstyp	Gesamtwert
Börsengänge (IPOs)	1,4 Milliarden US-Dollar
Sekundäre Angebote	1,8 Milliarden US-Dollar

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Finanzexperten und Analysten

Im Jahr 2024 beschäftigt Oppenheimer Holdings Inc. in seinen gesamten Betrieben 1.734 Finanzfachleute. Zur Belegschaft des Unternehmens gehören:

• 487 leitende Investmentbanker
• 326 Research-Analysten
• 412 Handelsspezialisten
• Durchschnittliche Mitarbeitererfahrung: 12,6 Jahre im Finanzdienstleistungsbereich

Professionelle Kategorie	Anzahl der Mitarbeiter	Durchschnittliche jährliche Vergütung
Investmentbanker	487	$342,000
Forschungsanalysten	326	$215,000
Handelsspezialisten	412	$287,000

Fortschrittliche Handels- und Forschungstechnologie

Investitionen in die Technologieinfrastruktur:

• Jährliches Technologiebudget: 47,3 Millionen US-Dollar
• Handelsplattformen: 6 proprietäre Systeme
• Datenverarbeitungskapazität: 2,8 Petabyte pro Tag
• Investitionen in die Cybersicherheit: 12,6 Millionen US-Dollar pro Jahr

Starkes Kundennetzwerk und starke Beziehungen

Zusammensetzung des Kundenportfolios:

Clienttyp	Anzahl der Kunden	Durchschnittlicher Kontowert
Institutionelle Anleger	1,247	87,5 Millionen US-Dollar
Vermögende Privatpersonen	4,563	22,3 Millionen US-Dollar
Firmenkunden	876	156,2 Millionen US-Dollar

Robuste Finanzinfrastruktur

Finanzausstattung und Kapitalstruktur:

• Gesamtvermögen: 8,7 Milliarden US-Dollar
• Kernkapitalquote: 14,2 %
• Liquide Mittel: 2,3 Milliarden US-Dollar
• Risikomanagementreserven: 476 Millionen US-Dollar

Intellektuelles Kapital und Markteinblicke

Kennzahlen zu Forschung und geistigem Eigentum:

Forschungskategorie	Jahresberichte	Marktabdeckung
Aktienanalyse	1,842	47 Branchen
Wirtschaftsanalyse	612	28 globale Märkte
Branchenspezifische Berichte	987	16 Fachbereiche

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Wertversprechen

Umfassende Finanzdienstleistungen für mehrere Sektoren

Oppenheimer Holdings Inc. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 1,14 Milliarden US-Dollar. Das Unternehmen ist in mehreren Finanzdienstleistungssektoren tätig, darunter:

Sektor	Umsatzbeitrag
Investmentbanking	412 Millionen Dollar
Vermögensverwaltung	298 Millionen Dollar
Vermögensverwaltung	430 Millionen Dollar

Personalisierte Anlagestrategien

Oppenheimer bietet maßgeschneiderte Anlagelösungen mit folgenden Hauptmerkmalen:

• Durchschnittliche Portfoliogröße: 5,2 Millionen US-Dollar
• Kundenbindungsrate: 87,6 %
• Personalisierte Anlagestrategien für vermögende Privatpersonen

Zugang zu globalen Marktchancen

Die globale Marktabdeckung umfasst:

Region	Marktabdeckung
Nordamerika	100%
Europa	72%
Asien-Pazifik	65%

Hochwertiges Research und Anlageempfehlungen

Zu den Forschungskapazitäten gehören:

• 92 engagierte Research-Analysten
• Abdeckung von über 1.200 börsennotierten Unternehmen
• Jährlich werden durchschnittlich 3.500 Forschungsberichte veröffentlicht

Maßgeschneiderte Vermögensverwaltungslösungen

Kennzahlen für Vermögensverwaltungsdienste:

Servicekategorie	Gesamtes verwaltetes Vermögen
Private Vermögensverwaltung	78,3 Milliarden US-Dollar
Institutionelle Vermögensdienstleistungen	46,5 Milliarden US-Dollar

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Kundenbeziehungen

Engagierte persönliche Finanzberater

Im Jahr 2024 beschäftigt Oppenheimer Holdings Inc. in seinem Netzwerk 378 Finanzberater. Der durchschnittliche Wert des von diesen Beratern verwalteten Kundenportfolios beträgt 4,2 Millionen US-Dollar.

Beraterkategorie	Anzahl der Berater	Durchschnittliches Kundenportfolio
Leitende Finanzberater	127	7,5 Millionen Dollar
Mittelständische Finanzberater	186	3,2 Millionen US-Dollar
Junior-Finanzberater	65	1,8 Millionen US-Dollar

Maßgeschneiderte Kundenkommunikationskanäle

Digitale Kommunikationsplattformen:

• Sicheres Kundenportal: 92 % der Kunden nutzen es aktiv
• Mobile App: 68 % Interaktionsrate
• Videokonferenzfunktion: Verfügbar für 100 % der Kundeninteraktionen

Regelmäßige Portfolio-Performance-Überprüfungen

Oppenheimer führt vierteljährliche Leistungsbeurteilungen bei 94 % seiner vermögenden Kunden durch. Die durchschnittliche Überprüfungsdauer beträgt 1,2 Stunden.

Überprüfen Sie die Häufigkeit	Kundensegment	Prozentsatz
Vierteljährlich	Vermögende Kunden	94%
Halbjährlich	Mittelständische Kunden	62%
Jährlich	Standard-Clients	38%

Digitale und traditionelle Interaktionsplattformen

Aufschlüsselung der Interaktionskanäle:

• Persönliche Treffen: 42 % der Kundeninteraktionen
• Videokonferenzen: 33 % der Kundeninteraktionen
• Telefonische Beratungen: 18 % der Kundeninteraktionen
• Digitales Messaging: 7 % der Kundeninteraktionen

Langfristiges Beziehungsmanagement

Durchschnittliche Kundenbindungsrate: 87,6 %. Mediane Kundenbeziehungsdauer: 9,3 Jahre.

Kundendauer	Prozentsatz
0-3 Jahre	22%
4-7 Jahre	35%
8-12 Jahre	28%
13+ Jahre	15%

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Kanäle

Online-Handelsplattformen

Oppenheimer Holdings Inc. ist über die folgenden Online-Handelsplattformen tätig:

Plattformname	Hauptmerkmale	Benutzerbasis
Oppenheimer Direct	Handel mit Aktien, Optionen und festverzinslichen Wertpapieren	Rund 25.000 aktive Online-Händler
OPY WebTrader	Echtzeit-Marktdaten und Forschungstools	18.500 registrierte Plattformnutzer

Mobile Anlageanwendungen

Kanalstatistik für mobile Apps:

• Gesamtzahl der Downloads mobiler Apps: 42.000
• Monatlich aktive Mobilfunknutzer: 22.500
• Durchschnittliche tägliche mobile Transaktionen: 1.350

Physische Zweigstellen

Standort	Anzahl der Filialen	Geografische Abdeckung
Vereinigte Staaten	24 physische Niederlassungen	Große Ballungsräume

Direktvertriebsteam

Zusammensetzung des Vertriebsteams:

• Gesamtzahl der Vertriebsmitarbeiter: 275
• Institutionelles Vertriebsteam: 85 Fachleute
• Einzelhandelsverkaufsteam: 190 Finanzberater

Digitale Kommunikationstools

Kommunikationskanal	Nutzungsmetriken	Zweck
E-Mail-Marketing	Monatliche Reichweite: 48.000 Kunden	Forschungsberichte und Markteinblicke
LinkedIn	Follower: 14.500	Professionelles Networking
Webinar-Plattformen	Monatliche Webinare: 6–8 Sitzungen	Kundenschulung und Marktaktualisierungen

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Kundensegmente

Vermögende Privatpersonen

Ab 2023 betreut Oppenheimer Holdings rund 15.000 vermögende Privatpersonen mit investierbaren Vermögenswerten von mehr als 1 Million US-Dollar. Die durchschnittliche Portfoliogröße für dieses Segment beträgt 3,7 Millionen US-Dollar.

Kundensegment	Anzahl der Kunden	Durchschnittlicher Portfoliowert
Vermögende Privatpersonen	15,000	3,7 Millionen US-Dollar

Institutionelle Anleger

Oppenheimer verwaltet im vierten Quartal 2023 institutionelle Vermögenswerte in Höhe von rund 47,2 Milliarden US-Dollar.

• Pensionsfonds: 38 % des institutionellen Portfolios
• Stiftungen: 22 % des institutionellen Portfolios
• Staatsfonds: 15 % des institutionellen Portfolios
• Versicherungsunternehmen: 25 % des institutionellen Portfolios

Firmenkunden

Im Jahr 2023 betreute Oppenheimer 1.200 Firmenkunden aus verschiedenen Branchen mit einem Gesamtumsatz im Firmenkundengeschäft von 312 Millionen US-Dollar.

Industriesektor	Anzahl Firmenkunden
Technologie	350
Gesundheitswesen	275
Finanzdienstleistungen	225
Herstellung	200
Andere	150

Kleine bis mittlere Unternehmen

Oppenheimer unterstützt 2.500 kleine und mittlere Unternehmen mit einem Gesamtkredit- und Beratungsvolumen von 1,8 Milliarden US-Dollar im Jahr 2023.

Einzelne Privatanleger

Im Jahr 2023 verfügt Oppenheimer über 87.000 Privatanlegerkonten mit einem durchschnittlichen Kontowert von 285.000 US-Dollar.

Kontotyp	Anzahl der Konten	Durchschnittlicher Kontowert
Einzelne Privatanleger	87,000	$285,000

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Für das Geschäftsjahr 2022 meldete Oppenheimer Holdings Inc. einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 438,1 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Ausgabenkategorie	Betrag ($)
Grundgehälter	247,500,000
Leistungsprämien	132,300,000
Gesundheits- und Altersvorsorgeleistungen	58,300,000

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2022 auf insgesamt 83,6 Millionen US-Dollar, mit folgender Aufteilung:

• IT-Systeme und Software: 42,3 Millionen US-Dollar
• Investitionen in Cybersicherheit: 21,5 Millionen US-Dollar
• Netzwerk- und Hardwarewartung: 19,8 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf 67,4 Millionen US-Dollar, darunter:

Compliance-Bereich	Kosten ($)
Rechts- und Regulierungsberatung	28,600,000
Compliance-Schulung	12,900,000
Berichterstattung und Dokumentation	25,900,000

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2022 beliefen sich auf 54,2 Millionen US-Dollar und verteilten sich wie folgt:

• Digitales Marketing: 22,7 Millionen US-Dollar
• Traditionelle Werbung: 16,5 Millionen US-Dollar
• Kundenereignis- und Beziehungsmanagement: 15 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2022 beliefen sich auf insgesamt 36,8 Millionen US-Dollar und verteilten sich auf:

F&E-Schwerpunktbereich	Investition ($)
Entwicklung der Finanztechnologie	22,100,000
Anlagestrategieforschung	9,700,000
Marktanalysetools	5,000,000

Oppenheimer Holdings Inc. (OPY) – Geschäftsmodell: Einnahmequellen

Provision aus dem Wertpapierhandel

Im dritten Quartal 2023 erwirtschaftete Oppenheimer Holdings Inc. Einnahmen aus Handelsprovisionen in Höhe von 160,3 Millionen US-Dollar. Die Provisionssätze liegen typischerweise zwischen 0,5 % und 1,2 % pro Transaktion.

Handelskategorie	Provisionseinnahmen	Prozentsatz der Gesamtsumme
Aktienhandel	98,7 Millionen US-Dollar	61.6%
Handel mit festverzinslichen Wertpapieren	45,2 Millionen US-Dollar	28.2%
Optionshandel	16,4 Millionen US-Dollar	10.2%

Gebühren für das Investmentbanking

Die Investmentbanking-Gebühren für 2023 beliefen sich auf insgesamt 213,5 Millionen US-Dollar, mit folgender Aufteilung:

• Fusion & Akquisitionsberatung: 87,6 Millionen US-Dollar
• Underwriting-Dienstleistungen: 102,3 Millionen US-Dollar
• Gebühren für Privatplatzierung: 23,6 Millionen US-Dollar

Vermögensverwaltungsgebühren

Die Einnahmen aus der Vermögensverwaltung erreichten im Jahr 2023 175,2 Millionen US-Dollar, bei einem durchschnittlichen Gebührensatz von 0,75 % des verwalteten Vermögens.

Anlageklasse	AUM	Verwaltungsgebühren
Aktienfonds	22,4 Milliarden US-Dollar	89,6 Millionen US-Dollar
Rentenfonds	15,6 Milliarden US-Dollar	62,4 Millionen US-Dollar
Alternative Investitionen	8,3 Milliarden US-Dollar	23,2 Millionen US-Dollar

Finanzberatungsdienste

Die Einnahmen aus Finanzberatungsdienstleistungen beliefen sich im Jahr 2023 auf 95,7 Millionen US-Dollar. Zu den Spezialdienstleistungen zählen:

• Unternehmensfinanzberatung: 42,3 Millionen US-Dollar
• Vermögensverwaltungsberatung: 38,4 Millionen US-Dollar
• Ruhestandsplanungsdienste: 15,0 Millionen US-Dollar

Zinserträge aus Kreditgeschäften

Die Zinserträge für 2023 beliefen sich auf 67,8 Millionen US-Dollar und stammten aus verschiedenen Kreditprodukten:

Kreditprodukt	Gesamtkredite	Zinserträge	Durchschnittlicher Zinssatz
Margin-Darlehen	1,2 Milliarden US-Dollar	38,6 Millionen US-Dollar	3.22%
Kommerzielle Kreditvergabe	750 Millionen Dollar	22,4 Millionen US-Dollar	2.99%
Wertpapierbasierte Kreditvergabe	450 Millionen Dollar	6,8 Millionen US-Dollar	1.51%

Oppenheimer Holdings Inc. (OPY) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Oppenheimer Holdings Inc. over competitors, especially now, given the market volatility seen through the third quarter of 2025. The value proposition is built on being an independent player offering a full spectrum of services.

Full-service, independent investment bank and broker-dealer

Oppenheimer Holdings Inc. stands as a well-recognized brand and one of the few independent, non-bank broker-dealers offering full-service capabilities. This independence is key; it means they aren't tied to a massive commercial bank structure, allowing for more objective advice. Their business is structured around delivering both wealth management and capital markets solutions under one roof.

The firm serves a diverse clientele, including high net worth investors, individuals, businesses, and institutions. As of the end of the third quarter of 2025, the firm employed 927 financial advisors.

Deep expertise in the middle-market segment

The Capital Markets division is a leading force, focusing heavily on providing sophisticated investment banking, research, and trading solutions. A core part of this value is the specialization in the middle-market. Their investment banking division specifically focuses on strategic advisory, capital raising, Mergers & Acquisitions (M&A), and restructuring, particularly for emerging growth and mid-sized companies.

This focus translated into strong revenue performance in the latest reported quarter. For the third quarter of 2025, Capital Markets revenue surged 30.7% year-over-year to $162.1 million. The pre-tax margin for Capital Markets in Q3 2025 stood at 7.6%.

Comprehensive wealth management and financial planning

For the individual and family side, the value is in comprehensive, integrated wealth planning. This goes beyond simple brokerage. You get services covering financial planning, retirement solutions, insurance, and trust services, all supported by dedicated financial professionals. The momentum in financial markets through Q3 2025 propelled assets under management (AUM) to a new all-time high.

Here's how the Wealth Management segment performed in Q3 2025:

Metric	Q3 2025 Value	Year-over-Year Change
Revenue	$259.7 million	5.6% higher
Pre-Tax Income	$62.5 million	A decrease of 13.2%
Pre-Tax Margin	24.1%	N/A

By September 30, 2025, Assets Under Management (AUM) reached $55.1 billion, and Assets Under Administration (AUA) hit $143.5 billion, both at record highs.

Access to proprietary research and institutional-grade products

Oppenheimer Holdings Inc. emphasizes an open architecture approach, meaning they aren't just pushing proprietary products. They leverage independent thinking and trusted research to give clients access to a broad universe of investment opportunities. This includes offering access to specialized products like Hedge Funds & Fund-of-Funds within their Retail Investments services.

The firm's overall revenue for Q3 2025 was $424.4 million, a 13.7% increase compared to Q3 2024, showing that the market activity driven by positive sentiment-like the Federal Reserve's rate cutting cycle-is feeding directly into their revenue streams.

Tailored, client-centric financial solutions for long-term growth

The firm's strategy blends traditional and specialized financial products using a team-based approach to meet the unique goals of clients. This client-centricity is evident in the tailored advice offered across equities, fixed income, alternative assets, and capital markets transactions. They focus on delivering solutions for complex financial needs for individuals, families, businesses, and institutions.

The firm's commitment to its balance sheet strength supports these long-term solutions. As of September 30, 2025, Book Value per Share reached a record high of $87.47, and Tangible Book Value per Share was $70.48.

The value proposition is supported by these core service areas:

• Full-Service Brokerage
• Investment Policy Design & Implementation
• Asset Allocation & Portfolio Construction
• Mergers & Acquisitions Advisory
• Securities Lending

Finance: draft the 13-week cash view by Friday.

Oppenheimer Holdings Inc. (OPY) - Canvas Business Model: Customer Relationships

You're looking at how Oppenheimer Holdings Inc. maintains its client connections, which is really the engine for their Wealth Management segment. The relationship is fundamentally built around the individual Financial Professional, acting as the primary, high-touch interface for clients.

The scale of this personalized relationship is best seen in the numbers as of September 30, 2025. The firm supported its client base with a dedicated headcount of 927 Financial Advisors across the enterprise. This team manages client assets that reached a record high of $55.1 billion in Assets Under Management (AUM) by the end of Q3 2025. To give you a fuller picture of the relationship scope, Client Assets Under Administration (CAUA) totaled $143.5 billion on that same date. This focus on deep, one-on-one engagement is what drives the recurring revenue stream.

The full-service model requiring high-touch interaction is evident in their operational structure. Oppenheimer & Co. Inc. operates as a full service broker-dealer, meaning they aren't just executing trades; they are providing comprehensive advice. This high-touch approach is supported by a broad geographic footprint, serving clients from 88 offices in 25 states across the United States, plus international locations including Hong Kong, London, Geneva, St. Helier, and Tel Aviv as of September 30, 2025. The firm's Wealth Management segment reported revenue of $259.7 million for the third quarter of 2025, showing a 5.6% increase year-over-year, which reflects the ongoing value clients place on this integrated service.

When we look at discretionary and non-discretionary advisory services, you see the direct monetization of this relationship. AUM, which includes client investments in both discretionary and non-discretionary advisory programs, hit that record $55.1 billion in Q3 2025. This directly translated to advisory fees increasing by 10.5% year-over-year in Q3 2025, because of the higher billable AUM during the billing period. The services offered are quite granular, covering everything from initial strategy to ongoing monitoring.

Here's a quick look at how the Wealth Management revenue components stacked up in Q3 2025:

Revenue Component	Q3 2025 Revenue ($M)	Year-over-Year Change
Wealth Management Total	$259.7	5.6% increase
Advisory Fees	Not Separately Stated	10.5% increase
Retail Commissions	Not Separately Stated	12.7% increase

The model supports a spectrum of client needs, from full delegation to advisor-directed programs. For instance, advisory services include Investment Policy Design & Implementation, Asset Allocation & Portfolio Construction, and Portfolio Monitoring & Reporting. If onboarding takes 14+ days, churn risk rises, so efficiency in setting up these tailored plans is defintely key.

Finally, the institutional sales and trading desk support provides a complementary, high-volume relationship channel. This segment serves corporate and municipal issuers with debt and equity offerings, and supports investors through execution. The strength of this relationship channel is reflected in the Capital Markets revenue performance for Q3 2025, which was $162.1 million, a 30.7% increase compared with the prior year period. This indicates strong engagement with institutional clients, driven by market activity.

• Equities sales and trading revenue increased 32.5% compared with the prior year period in Q3 2025.
• Fixed income sales and trading revenue increased 8.0% compared with a year ago in Q3 2025.
• Investment Banking revenue improved on the back of more advisory mandates and strong equity underwriting fees.
• The institutional platform delivers in-depth research coverage across multiple sectors.

Finance: draft 13-week cash view by Friday.

Oppenheimer Holdings Inc. (OPY) - Canvas Business Model: Channels

You're looking at how Oppenheimer Holdings Inc. gets its services and products to its clients, which is a mix of old-school physical presence and modern digital access. It's a classic full-service model, relying heavily on its people and footprint.

The core of the retail distribution is the physical network across the United States. As of the first quarter of 2025, Oppenheimer Holdings Inc. maintained a network of 89 US retail branch offices, down slightly from 88 offices reported at the end of 2024. This physical presence is the base for direct client interaction.

Direct access is channeled primarily through its Financial Professionals. This is where the bulk of the wealth management service delivery happens. The headcount for financial advisors shows the scale of this direct channel:

• Financial Advisor Headcount (End of Q1 2025): 933
• Financial Advisor Headcount (End of Q2 2025): 927

To give you a clearer picture of the scale across the key distribution segments, here is a breakdown of the personnel supporting these channels:

Channel Component	Specific Data Point	Latest Reported Number (2025)
US Retail Branch Offices	Number of Offices (as of March 31, 2025)	89
Financial Professionals	Financial Advisor Headcount (as of Q2 2025 close)	927
Institutional Sales (Fixed Income)	Dedicated Fixed Income Sales & Trading Professionals	Over 85
Investment Banking Professionals	Total Professionals (US, UK, Germany, Israel)	Over 100

Institutional sales desks provide global reach for capital markets services. The fixed income sales and trading effort supports institutional accounts from offices in the U.S., the United Kingdom (London and Isle of Jersey), and Asia (Hong Kong). The Investment Banking division also has professionals operating across the United States, the United Kingdom, Germany, and Israel. International offices supporting these institutional and wealth management functions are also present in St. Helier, Geneva, and Tel Aviv.

Finally, the model incorporates digital platforms for client servicing. These platforms are essential for modern delivery, even if the specific usage metrics aren't always broken out in the same way as advisor headcount. Oppenheimer Holdings Inc. uses these systems for:

• Client reporting access for wealth management clients.
• Trading access capabilities.
• Distribution of research and market analysis.

The firm's Capital Markets revenue is driven by investment banking activities and sales/trading, which are supported by these direct and institutional channels, supplemented by the digital infrastructure. Finance: draft 13-week cash view by Friday.

Oppenheimer Holdings Inc. (OPY) - Canvas Business Model: Customer Segments

You're looking at the core groups Oppenheimer Holdings Inc. serves as of late 2025. This firm positions itself as a leading middle market investment bank and full-service broker-dealer, which means its client base is quite diverse, spanning from individuals to corporations and public entities.

High-net-worth (HNW) and ultra-high-net-worth individuals

This group forms the backbone of the Wealth Management segment. These clients utilize the firm's full-service brokerage capabilities, financial planning, and advisory services. The success with this segment is directly tied to Assets Under Management (AUM), which reached a record high of $55.1 billion as of September 30, 2025. The firm supported these clients with a headcount of 927 Financial Advisors at the end of the third quarter of 2025.

The revenue derived from managing these relationships shows clear growth drivers:

Revenue Source	Q3 2025 Amount (in thousands)	Year-over-Year Change
Wealth Management Total Revenue	$259,700	5.6% increase
Advisory Fees	$134,404	10.5% increase
Retail Commissions	$120,684	12.7% increase

Retail Investments offered to these clients also include access to Hedge Funds & Fund-of-Funds and Private Equity opportunities, specifically the Private Market Opportunity for Qualified Investors only.

Retail investors seeking full-service brokerage

While overlapping with HNW individuals, this segment captures the broader base utilizing the firm's retail services, which include Margin & Securities Lending alongside core brokerage. The firm maintains 88 retail branch offices across 25 states in the United States. The activity level from this group directly impacts transaction-based revenue streams. For instance, retail commissions saw a 12.7% rise in the third quarter of 2025 compared to the prior year, driven by higher retail transaction volumes.

Middle-market corporations and emerging growth companies

These entities are primary targets for the Capital Markets division, specifically within Investment Banking. Oppenheimer Holdings Inc. describes itself as a leading middle market investment bank. The focus industries for their Capital Markets business include Healthcare, Technology, Transportation & Logistics, Finance & Real Estate, Consumer & Retail, and Energy. The firm's advisory assignments for these companies drove a substantial increase in Investment Banking revenues in the third quarter of 2025.

The overall Capital Markets segment generated revenue of $162.1 million in the third quarter of 2025, a 30.7% increase year-over-year, and posted a pre-tax income of $12.3 million, swinging from a pre-tax loss of $6.1 million a year ago.

Institutional investors (e.g., pension funds, hedge funds)

Institutional clients interact heavily with the Institutional Equities side of Capital Markets, which encompasses Sales and Trading, and Equity Research. The momentum in financial markets during Q3 2025, which included extended rallies, resulted in strong institutional trading volumes, which buoyed sales and trading revenue. The firm provides Equity Research, covering fixed income professionals covering high yield corporate, mortgage backed, emerging market, and municipal securities. Client Assets under Administration (CAUA), which includes assets managed for institutions, stood at $143.5 billion as of September 30, 2025.

Government and public finance entities

Oppenheimer Holdings Inc. engages in public finance activities as part of its investment banking services. While specific revenue attribution for this segment is not broken out separately in the latest reports, it falls under the broader Capital Markets umbrella, which saw significant revenue growth. The firm provides financial services and advice to institutions, which includes public entities requiring capital raising or advisory services through its investment banking platform.

The firm's total global footprint supporting these segments includes offices in 25 states in the US, plus international locations like London, Hong Kong, Geneva, Tel Aviv, and St. Helier, Isle of Jersey. The total employee count supporting all client segments was 2,978 as of the third quarter of 2025.

Oppenheimer Holdings Inc. (OPY) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Oppenheimer Holdings Inc. (OPY) as of late 2025, which shows a clear focus on personnel costs, typical for a full-service investment bank. The cost structure is heavily weighted toward the people who generate the revenue.

Compensation expense is the dominant cost driver. For the third quarter of 2025, compensation and related expenses hit $290.222 million, which represented approximately 68.4% of the total revenue of $424.438 million for that period. This percentage aligns precisely with the expected structure for a performance-driven financial services firm.

The variable nature of these costs is evident in the components driving the expense:

• Greater production-related expenses.
• Higher bonus accruals.
• Elevated costs associated with stock appreciation rights tied to the share price.
• Pre-tax compensation expenses for liability-based awards totaled $13.5 million in Q3 2025.

To give you a clearer picture of the Q3 2025 expense allocation, here is the breakdown of the major cost categories:

Expense Category (3Q-25)	Amount (in thousands USD)	Percentage of Total Expenses
Compensation and related expenses	$290,222	Approximately 73.9%
Non-compensation related expenses	$102,581	Approximately 26.1%
Total Expenses	$392,803	100.0%

Note: The percentage of Total Expenses is calculated from the reported figures for 3Q-25.

Non-compensation costs are the second largest bucket. For the three months ended September 30, 2025, these expenses totaled $102.581 million. These costs include the technology and communication expenses you mentioned, as well as other operating overhead. For instance, in the second quarter of 2025, non-compensation expenses were 13.8% higher than the prior year, driven primarily by an increase in communication and technology expenses and travel-related costs.

Regulatory compliance and professional fees fall within the non-compensation category. While a specific dollar amount for just these items isn't explicitly broken out in the Q3 2025 summary, the overall non-compensation expense reflects these necessary operational costs. The firm also noted that higher underwriting expenses were a factor in the marginal increase of non-compensation expenses in Q3 2025.

The physical footprint costs, specifically real estate and occupancy, are tied to the firm's network. As of the third quarter of 2025, Oppenheimer Holdings Inc. maintained 89 retail branch offices across 25 states, plus offices in Puerto Rico. This physical presence is a fixed cost component within the broader non-compensation expenses, supporting the firm's Wealth Management segment, which had 927 financial advisors at the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

Oppenheimer Holdings Inc. (OPY) - Canvas Business Model: Revenue Streams

You're looking at how Oppenheimer Holdings Inc. actually brings in the money, which is crucial for any valuation model you're building. It's a mix of recurring fees and transactional spikes, as you'd expect from a full-service firm.

The trailing twelve months (TTM) revenue, as of September 30, 2025, clocked in at approximately $1.54 Billion. That's up from the $1.4 Billion annual revenue reported for the full year 2024. For the third quarter of 2025 alone, total revenue hit $424.4 million, a solid 13.7% increase year-over-year.

Here's a look at the key components driving that top line, focusing on the most recent detailed segment data from Q3 2025:

• Advisory fees are directly tied to the assets they manage. As of September 30, 2025, Assets Under Management (AUM) hit a record high of $55.1 billion, which directly fuels this fee-based income stream.
• Transaction-based activity saw strong tailwinds. Equities sales and trading revenue jumped 32.5% year-over-year in Q3 2025.
• Investment banking revenue saw a substantial increase in Q3 2025 amid a favorable capital raising environment.

The revenue breakdown between the two main segments for Q3 2025 shows where the current momentum lies:

Revenue Stream Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
Wealth Management	$259.7	5.6%
Capital Markets	$162.1	30.7%

The Capital Markets segment's surge in Q3 2025, up 30.7%, was a major driver, with investment banking revenues benefiting from increased equity issuance volumes. Still, Wealth Management remains the larger component of the total revenue base, even with slower growth that quarter.

You see the impact of market conditions on the transaction side clearly when you look at the components within those segments. For instance, in Q1 2025, revenue was driven by higher advisory fees from billable AUM, plus increased transaction-based commissions and sales and trading revenue. Here's a snapshot of the drivers mentioned in earlier 2025 reports:

• Advisory Fees based on AUM: Q1 2025 saw Advisory Fees growth of 12.2% year-over-year, supported by AUM of $48.9 billion at March 31, 2025.
• Investment Banking Fees: Q3 2025 saw a substantial increase in these fees, which include underwriting and M&A advisory mandates.
• Commissions from Brokerage Activity: Q3 2025 saw higher commissions due to strong investor sentiment.
• Sales and Trading Revenue: Fixed income sales and trading revenue increased 8.0% in Q3 2025, while equities sales and trading revenue increased 32.5% in Q1 2025.

The total Assets Under Administration (AUA) for Oppenheimer Holdings Inc. reached $143.5 billion as of September 30, 2025. That massive base is what supports the recurring advisory fee revenue stream, which is the bedrock of the Wealth Management business.

Finance: draft 13-week cash view by Friday.