Oppenheimer Holdings Inc. (OPY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros, Oppenheimer Holdings Inc. (OPY) se erige como un jugador formidable, tejiendo un complejo tapiz de estrategias de inversión, gestión de patrimonio e ideas del mercado global. Aprovechando un modelo de negocio sofisticado que abarca múltiples sectores, la empresa ha creado un enfoque único para los servicios financieros que va más allá de la corretaje tradicional, ofreciendo personalizado Soluciones para individuos de alto nivel de red, inversores institucionales y clientes corporativos por igual. Esta profunda inmersión en el lienzo de modelo de negocio de Oppenheimer revela los intrincados mecanismos que impulsan su éxito, iluminando cómo transforman la complejidad financiera en oportunidades estratégicas.

Oppenheimer Holdings Inc. (OPY) - Modelo de negocios: asociaciones clave

Alianza estratégica con bancos de inversión e instituciones financieras

Oppenheimer Holdings Inc. mantiene asociaciones estratégicas con los siguientes bancos de inversión e instituciones financieras:

Institución asociada	Tipo de colaboración	Año establecido
Goldman Sachs	Valores institucionales	2019
Morgan Stanley	Asesoramiento de mercados de capitales	2020
JPMorgan Chase	Banca de inversión	2018

Colaboración con empresas de gestión de activos globales

Las asociaciones clave de gestión de activos globales incluyen:

• Gestión de inversiones de BlackRock
• Grupo de vanguardia
• Asesores globales de State Street
• Inversiones de fidelidad

Asociaciones con proveedores de tecnología para plataformas comerciales

Proveedor de tecnología	Capacidad de plataforma	Año de implementación
Bloomberg LP	Análisis de comercio	2021
Refinitiv	Servicios de datos de mercado	2020
Nasdaq	Infraestructura de comercio electrónico	2019

Relaciones con consultores de cumplimiento regulatorio

Las redes de asociación de cumplimiento incluyen:

• Asesoramiento regulatorio de Deloitte
• Cumplimiento de servicios financieros de PWC
• Ernst & Young Regulatory Consulting

Inversiones totales de asociación en 2023: $ 42.7 millones

Oppenheimer Holdings Inc. (OPY) - Modelo de negocios: actividades clave

Servicios de banca de inversión

Oppenheimer Holdings Inc. generó $ 359.4 millones en ingresos de banca de inversión en 2022. La empresa proporciona servicios integrales de banca de inversión que incluyen:

• Aviso de fusiones y adquisiciones
• Consultoría de finanzas corporativas
• Transacciones de colocación privada

Gestión de patrimonio y asesoramiento financiero

Métrico	Valor
Activos totales del cliente	$ 64.3 mil millones (2022)
Tamaño promedio de la cuenta del cliente	$ 2.7 millones
Número de asesores financieros	Aproximadamente 850

Comercio de valores y corretaje

Oppenheimer informó $ 247.8 millones en ingresos comerciales Para el año fiscal 2022, con áreas de enfoque clave que incluyen:

• Comercio de renta variable
• Valores de renta fija
• Plataformas de comercio institucional

Investigación y análisis de mercado

Cobertura de investigación	Alcance
Analistas de investigación de renta variable	52 profesionales
Sectores cubiertos	17 sectores de la industria distintos

Crianza de capital y suscripción

En 2022, Oppenheimer participó en 46 transacciones de recaudación de capital público y privado con un valor de transacción total de $ 3.2 mil millones.

Tipo de transacción	Valor total
Ofertas públicas iniciales (OPI)	$ 1.4 mil millones
Ofrendas secundarias	$ 1.8 mil millones

Oppenheimer Holdings Inc. (OPY) - Modelo de negocio: recursos clave

Profesionales y analistas financieros experimentados

A partir de 2024, Oppenheimer Holdings Inc. emplea a 1.734 profesionales financieros en sus operaciones. La fuerza laboral de la compañía incluye:

• 487 banqueros de inversión senior
• 326 analistas de investigación
• 412 especialistas comerciales
• Experiencia media del empleado: 12.6 años en servicios financieros

Categoría profesional	Número de empleados	Compensación anual promedio
Banqueros de inversión	487	$342,000
Analistas de investigación	326	$215,000
Especialistas comerciales	412	$287,000

Tecnología avanzada de comercio e investigación

Inversiones de infraestructura tecnológica:

• Presupuesto de tecnología anual: $ 47.3 millones
• Plataformas de comercio: 6 sistemas propietarios
• Capacidad de procesamiento de datos: 2.8 petabytes por día
• Inversión de ciberseguridad: $ 12.6 millones anuales

Red y relaciones de clientes fuertes

Composición de cartera de clientes:

Tipo de cliente	Número de clientes	Valor de cuenta promedio
Inversores institucionales	1,247	$ 87.5 millones
Individuos de alto patrimonio	4,563	$ 22.3 millones
Clientes corporativos	876	$ 156.2 millones

Infraestructura financiera robusta

Recursos financieros y estructura de capital:

• Activos totales: $ 8.7 mil millones
• Relación de capital de nivel 1: 14.2%
• Activos líquidos: $ 2.3 mil millones
• Reservas de gestión de riesgos: $ 476 millones

Capital intelectual y ideas del mercado

Investigación y métricas de propiedad intelectual:

Categoría de investigación	Informes anuales	Cobertura del mercado
Investigación de capital	1,842	47 sectores de la industria
Análisis económico	612	28 mercados globales
Informes específicos del sector	987	16 sectores especializados

Oppenheimer Holdings Inc. (OPY) - Modelo de negocio: propuestas de valor

Servicios financieros integrales en múltiples sectores

Oppenheimer Holdings Inc. reportó ingresos totales de $ 1.14 mil millones para el año fiscal 2023. La compañía opera en múltiples sectores de servicios financieros que incluyen:

Sector	Contribución de ingresos
Banca de inversión	$ 412 millones
Gestión de activos	$ 298 millones
Gestión de patrimonio	$ 430 millones

Estrategias de inversión personalizadas

Oppenheimer proporciona soluciones de inversión personalizadas con las siguientes características clave:

• Tamaño promedio de la cartera: $ 5.2 millones
• Tasa de retención del cliente: 87.6%
• Estrategias de inversión personalizadas para individuos de alto nivel de red

Acceso a oportunidades de mercado global

La cobertura del mercado global incluye:

Región	Cobertura del mercado
América del norte	100%
Europa	72%
Asia-Pacífico	65%

Recomendaciones de investigación e inversión de alta calidad

Las capacidades de investigación incluyen:

• 92 analistas de investigación dedicados
• Cobertura de más de 1.200 empresas que cotizan en bolsa
• Promedio de 3.500 informes de investigación publicados anualmente

Soluciones de gestión de patrimonio a medida

Métricas del servicio de gestión de patrimonio:

Categoría de servicio	Activos totales bajo administración
Gestión de patrimonio privado	$ 78.3 mil millones
Servicios de riqueza institucional	$ 46.5 mil millones

Oppenheimer Holdings Inc. (OPY) - Modelo de negocios: relaciones con los clientes

Asesores financieros personales dedicados

A partir de 2024, Oppenheimer Holdings Inc. mantiene 378 asesores financieros en su red. El valor promedio de la cartera del cliente administrado por estos asesores es de $ 4.2 millones.

Categoría de asesor	Número de asesores	Cartera promedio de clientes
Asesores financieros senior	127	$ 7.5 millones
Asesores financieros de nivel medio	186	$ 3.2 millones
Asesores financieros junior	65	$ 1.8 millones

Canales de comunicación de clientes personalizados

Plataformas de comunicación digital:

• Portal de cliente seguro: el 92% de los clientes usan activamente
• Aplicación móvil: tasa de compromiso del 68%
• Capacidad de la videoconferencia: disponible para el 100% de las interacciones del cliente

Revisiones regulares de rendimiento de la cartera

Oppenheimer realiza revisiones trimestrales de desempeño con el 94% de sus clientes de alto nivel de red. La duración de la revisión promedio es de 1.2 horas.

Frecuencia de revisión	Segmento de clientes	Porcentaje
Trimestral	Clientes de alto nivel de red	94%
Semestral	Clientes de nivel medio	62%
Anual	Clientes estándar	38%

Plataformas de interacción digital y tradicional

Desglose del canal de interacción:

• Reuniones en persona: 42% de las interacciones del cliente
• Video conferencias: 33% de las interacciones del cliente
• Consultas telefónicas: 18% de las interacciones del cliente
• Mensajes digitales: 7% de las interacciones del cliente

Gestión de relaciones a largo plazo

Tasa promedio de retención del cliente: 87.6%. Duración mediana de la relación con el cliente: 9.3 años.

Tenencia del cliente	Porcentaje
0-3 años	22%
4-7 años	35%
8-12 años	28%
Más de 13 años	15%

Oppenheimer Holdings Inc. (OPY) - Modelo de negocios: canales

Plataformas de comercio en línea

Oppenheimer Holdings Inc. opera a través de las siguientes plataformas de comercio en línea:

Nombre de la plataforma	Características clave	Base de usuarios
Oppenheimer directo	Equidad, opciones y comercio de renta fija	Aproximadamente 25,000 comerciantes en línea activos
Opy WebTrader	Datos de mercado en tiempo real y herramientas de investigación	18.500 usuarios de plataforma registrados

Aplicaciones de inversión móvil

Estadísticas del canal de aplicaciones móviles:

• Descargas totales de aplicaciones móviles: 42,000
• Usuarios móviles activos mensuales: 22,500
• Transacciones móviles diarias promedio: 1.350

Ramas físicas

Ubicación	Número de ramas	Cobertura geográfica
Estados Unidos	24 ramas físicas	Principales áreas metropolitanas

Equipo de ventas directas

Composición del equipo de ventas:

• Representantes de ventas totales: 275
• Equipo de ventas institucionales: 85 profesionales
• Equipo de ventas minoristas: 190 asesores financieros

Herramientas de comunicación digital

Canal de comunicación	Métricas de uso	Objetivo
Marketing por correo electrónico	Alcance mensual: 48,000 clientes	Investigaciones de informes e ideas del mercado
LinkedIn	Seguidores: 14,500	Redes profesionales
Plataformas de seminarios web	Webinarios web mensuales: 6-8 sesiones	Educación al cliente y actualizaciones del mercado

Oppenheimer Holdings Inc. (OPY) - Modelo de negocios: segmentos de clientes

Individuos de alto nivel de red

A partir de 2023, Oppenheimer Holdings atiende a aproximadamente 15,000 individuos de alto patrimonio con activos invertibles superiores a $ 1 millón. El tamaño promedio de la cartera para este segmento es de $ 3.7 millones.

Segmento de clientes	Número de clientes	Valor de cartera promedio
Individuos de alto nivel de red	15,000	$ 3.7 millones

Inversores institucionales

Oppenheimer administra aproximadamente $ 47.2 mil millones en activos institucionales a partir del cuarto trimestre de 2023.

• Fondos de pensiones: 38% de la cartera institucional
• Dotaciones: 22% de la cartera institucional
• Fondos de riqueza soberana: 15% de la cartera institucional
• Compañías de seguros: 25% de la cartera institucional

Clientes corporativos

En 2023, Oppenheimer atendió a 1.200 clientes corporativos en varias industrias, con ingresos totales de banca corporativa de $ 312 millones.

Sector industrial	Número de clientes corporativos
Tecnología	350
Cuidado de la salud	275
Servicios financieros	225
Fabricación	200
Otros	150

Empresas pequeñas a medianas

Oppenheimer admite 2.500 empresas pequeñas a medianas con servicios de préstamos y asesoramiento totales que alcanzan $ 1.8 mil millones en 2023.

Inversores minoristas individuales

A partir de 2023, Oppenheimer tiene 87,000 cuentas de inversores minoristas individuales con un valor de cuenta promedio de $ 285,000.

Tipo de cuenta	Número de cuentas	Valor de cuenta promedio
Inversores minoristas individuales	87,000	$285,000

Oppenheimer Holdings Inc. (OPY) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

Para el año fiscal 2022, Oppenheimer Holdings Inc. reportó gastos totales de compensación y beneficios de $ 438.1 millones. El desglose incluye:

Categoría de gastos	Monto ($)
Salarios base	247,500,000
Bonos de rendimiento	132,300,000
Beneficios de atención médica y jubilación	58,300,000

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para 2022 totalizaron $ 83.6 millones, con la siguiente asignación:

• Sistemas y software de TI: $ 42.3 millones
• Inversiones de ciberseguridad: $ 21.5 millones
• Mantenimiento de la red y el hardware: $ 19.8 millones

Gastos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 ascendieron a $ 67.4 millones, incluidos:

Área de cumplimiento	Costo ($)
Consultoría legal y regulatoria	28,600,000
Capacitación de cumplimiento	12,900,000
Informes y documentación	25,900,000

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2022 fueron de $ 54.2 millones, distribuidos de la siguiente manera:

• Marketing digital: $ 22.7 millones
• Publicidad tradicional: $ 16.5 millones
• Gestión de eventos y relaciones del cliente: $ 15 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2022 totalizaron $ 36.8 millones, asignadas a través de:

Área de enfoque de I + D	Inversión ($)
Desarrollo de tecnología financiera	22,100,000
Investigación de estrategia de inversión	9,700,000
Herramientas de análisis de mercado	5,000,000

Oppenheimer Holdings Inc. (OPY) - Modelo de negocios: flujos de ingresos

Comisión de la negociación de valores

A partir del tercer trimestre de 2023, Oppenheimer Holdings Inc. generó $ 160.3 millones en ingresos por comisión comercial. Las tasas de comisión generalmente oscilan entre 0.5% y 1.2% por transacción.

Categoría de negociación	Ingresos por comisión	Porcentaje de total
Comercio de renta variable	$ 98.7 millones	61.6%
Comercio de renta fija	$ 45.2 millones	28.2%
Operación de opciones	$ 16.4 millones	10.2%

Tarifas de banca de inversión

Las tarifas de banca de inversión para 2023 totalizaron $ 213.5 millones, con el siguiente desglose:

• Fusión & Aviso de adquisición: $ 87.6 millones
• Servicios de suscripción: $ 102.3 millones
• Tasas de colocación privada: $ 23.6 millones

Cargos de gestión de activos

Los ingresos de gestión de activos alcanzaron los $ 175.2 millones en 2023, con una tasa de tarifas promedio de 0.75% de los activos bajo administración.

Clase de activo	Aum	Tarifas de gestión
Fondos de capital	$ 22.4 mil millones	$ 89.6 millones
Fondos de renta fija	$ 15.6 mil millones	$ 62.4 millones
Inversiones alternativas	$ 8.3 mil millones	$ 23.2 millones

Servicios de asesoramiento financiero

Los ingresos por servicios de asesoramiento financiero ascendieron a $ 95.7 millones en 2023, con servicios especializados que incluyen:

• Aviso financiero corporativo: $ 42.3 millones
• Consultoría de gestión de patrimonio: $ 38.4 millones
• Servicios de planificación de jubilación: $ 15.0 millones

Ingresos de intereses de las actividades de préstamo

Los ingresos por intereses para 2023 fueron de $ 67.8 millones, derivados de varios productos de préstamo:

Producto de préstamo	Préstamos totales	Ingresos por intereses	Tasa de interés promedio
Préstamo de margen	$ 1.2 mil millones	$ 38.6 millones	3.22%
Préstamo comercial	$ 750 millones	$ 22.4 millones	2.99%
Préstamos basados ​​en valores	$ 450 millones	$ 6.8 millones	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.