Oppenheimer Holdings Inc. (OPY): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Oppenheimer Holdings Inc. (OPY) est un acteur formidable, tissant une tapisserie complexe de stratégies d'investissement, de gestion de patrimoine et d'informations sur le marché mondial. Tirant parti d'un modèle commercial sophistiqué qui s'étend sur plusieurs secteurs, l'entreprise a conçu une approche unique des services financiers qui va au-delà du courtage traditionnel, offrant personnalisé Solutions pour les particuliers à haute teneur, les investisseurs institutionnels et les clients d'entreprise. Cette plongée profonde dans la toile du modèle commercial d'Oppenheimer révèle les mécanismes complexes qui stimulent leur succès, illuminant la façon dont ils transforment la complexité financière en opportunités stratégiques.

Oppenheimer Holdings Inc. (OPY) - Modèle commercial: partenariats clés

Alliance stratégique avec les banques d'investissement et les institutions financières

Oppenheimer Holdings Inc. maintient des partenariats stratégiques avec les banques d'investissement et les institutions financières suivantes:

Institution partenaire	Type de collaboration	Année établie
Goldman Sachs	Titres institutionnels	2019
Morgan Stanley	Conseil des marchés des capitaux	2020
JPMorgan Chase	Banque d'investissement	2018

Collaboration avec les sociétés mondiales de gestion d'actifs

Les principaux partenariats mondiaux de gestion des actifs comprennent:

• Gestion des investissements BlackRock
• Groupe d'avant-garde
• Conseillers mondiaux de la rue State
• Investissements de fidélité

Partenariats avec les fournisseurs de technologies pour les plateformes de trading

Fournisseur de technologie	Capacité de plate-forme	Année de mise en œuvre
Bloomberg LP	Analyse commerciale	2021
Raffinage	Services de données du marché	2020
Nasdaq	Infrastructure de trading électronique	2019

Relations avec les consultants en conformité réglementaire

Les réseaux de partenariat de conformité comprennent:

• Deloitte Regulatory Advisory
• PWC Financial Services Compliance
• Ernst & Jeune conseil réglementaire

Investissements totaux de partenariat en 2023: 42,7 millions de dollars

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: Activités clés

Services de banque d'investissement

Oppenheimer Holdings Inc. a généré 359,4 millions de dollars de revenus de banque d'investissement en 2022. La société fournit des services de banque d'investissement complets, notamment:

• Advisory des fusions et acquisitions
• Conseil des finances d'entreprise
• Transactions de placement privé

Gestion de la patrimoine et avis financier

Métrique	Valeur
Actifs totaux du client	64,3 milliards de dollars (2022)
Taille moyenne du compte client	2,7 millions de dollars
Nombre de conseillers financiers	Environ 850

Trading de valeurs mobilières et courtage

Oppenheimer a rapporté 247,8 millions de dollars en revenus de négociation Pour l'exercice 2022, avec des domaines de mise au point clés, notamment:

• Trading des actions
• Titres à revenu fixe
• Plateformes de trading institutionnelles

Recherche et analyse du marché

Couverture de recherche	Portée
Analystes de recherche en actions	52 professionnels
Secteurs couverts	17 secteurs industriels distincts

Levée de capital et la souscription

En 2022, Oppenheimer a participé à 46 Transactions publiques et privées de capital avec une valeur de transaction totale de 3,2 milliards de dollars.

Type de transaction	Valeur totale
Offres publiques initiales (introductions en bourse)	1,4 milliard de dollars
Offrandes secondaires	1,8 milliard de dollars

Oppenheimer Holdings Inc. (OPY) - Modèle commercial: Ressources clés

Professionnels financiers expérimentés et analystes

En 2024, Oppenheimer Holdings Inc. emploie 1 734 professionnels de la finance dans ses opérations. La main-d'œuvre de l'entreprise comprend:

• 487 banquiers d'investissement seniors
• 326 analystes de recherche
• 412 spécialistes du commerce
• Expérience médiane des employés: 12,6 ans dans les services financiers

Catégorie professionnelle	Nombre d'employés	Compensation annuelle moyenne
Banquiers d'investissement	487	$342,000
Analystes de recherche	326	$215,000
Spécialistes du commerce	412	$287,000

Technologie avancée des échanges et de la recherche

Investissements infrastructures technologiques:

• Budget technologique annuel: 47,3 millions de dollars
• Plateformes de trading: 6 systèmes propriétaires
• Capacité de traitement des données: 2,8 pétaoctets par jour
• Investissement en cybersécurité: 12,6 millions de dollars par an

Strong réseau client et relations

Composition du portefeuille client:

Type de client	Nombre de clients	Valeur moyenne du compte
Investisseurs institutionnels	1,247	87,5 millions de dollars
Individus de valeur nette élevée	4,563	22,3 millions de dollars
Clients des entreprises	876	156,2 millions de dollars

Infrastructure financière robuste

Ressources financières et structure du capital:

• Total des actifs: 8,7 milliards de dollars
• Ratio de capital de niveau 1: 14,2%
• Actifs liquides: 2,3 milliards de dollars
• Réserves de gestion des risques: 476 millions de dollars

Capital intellectuel et idées du marché

Recherche et métriques de la propriété intellectuelle:

Catégorie de recherche	Rapports annuels	Couverture du marché
Recherche sur les actions	1,842	47 secteurs industriels
Analyse économique	612	28 marchés mondiaux
Rapports sectoriels	987	16 secteurs spécialisés

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: propositions de valeur

Services financiers complets sur plusieurs secteurs

Oppenheimer Holdings Inc. a déclaré un chiffre d'affaires total de 1,14 milliard de dollars pour l'exercice 2023. La société opère dans plusieurs secteurs de services financiers, notamment:

Secteur	Contribution des revenus
Banque d'investissement	412 millions de dollars
Gestion des actifs	298 millions de dollars
Gestion de la richesse	430 millions de dollars

Stratégies d'investissement personnalisées

Oppenheimer fournit des solutions d'investissement personnalisées avec les caractéristiques clés suivantes:

• Taille moyenne du portefeuille: 5,2 millions de dollars
• Taux de rétention de la clientèle: 87,6%
• Stratégies d'investissement personnalisées pour les individus à haute nette

Accès aux opportunités du marché mondial

La couverture du marché mondial comprend:

Région	Couverture du marché
Amérique du Nord	100%
Europe	72%
Asie-Pacifique	65%

Recommandations de recherche et d'investissement de haute qualité

Les capacités de recherche comprennent:

• 92 analystes de recherche dédiés
• Couverture de plus de 1 200 sociétés cotées en bourse
• Moyenne de 3 500 rapports de recherche publiés chaque année

Solutions de gestion de patrimoine sur mesure

Métriques du service de gestion de patrimoine:

Catégorie de service	Total des actifs sous gestion
Gestion de patrimoine privée	78,3 milliards de dollars
Services de richesse institutionnelle	46,5 milliards de dollars

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: relations clients

Conseillers financiers personnels dévoués

En 2024, Oppenheimer Holdings Inc. conserve 378 conseillers financiers à travers son réseau. La valeur moyenne du portefeuille client géré par ces conseillers est de 4,2 millions de dollars.

Catégorie de conseiller	Nombre de conseillers	Portefeuille de clients moyens
Conseillers financiers supérieurs	127	7,5 millions de dollars
Conseillers financiers de niveau intermédiaire	186	3,2 millions de dollars
Conseillers financiers juniors	65	1,8 million de dollars

Canaux de communication clients personnalisés

Plateformes de communication numérique:

• Portail client sécurisé: 92% des clients utilisent activement
• Application mobile: taux d'engagement de 68%
• Capacité de conférence vidéo: Disponible pour 100% des interactions client

Revues de performances de portefeuille régulières

Oppenheimer procède à des revues trimestrielles de performance avec 94% de ses clients à forte valeur. La durée moyenne de l'examen est de 1,2 heures.

Examiner la fréquence	Segment client	Pourcentage
Trimestriel	Clients à haute teneur	94%
Semestriel	Clients de niveau intermédiaire	62%
Annuel	Clients standard	38%

Plates-formes d'interaction numériques et traditionnelles

Répartition du canal d'interaction:

• Réunions en personne: 42% des interactions du client
• Conférences vidéo: 33% des interactions du client
• Consultations téléphoniques: 18% des interactions des clients
• Messagerie numérique: 7% des interactions du client

Gestion des relations à long terme

Taux de rétention de la clientèle moyenne: 87,6%. Durée médiane de la relation client: 9,3 ans.

Mandat	Pourcentage
0-3 ans	22%
4-7 ans	35%
8-12 ans	28%
13 ans et plus	15%

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: canaux

Plateformes de trading en ligne

Oppenheimer Holdings Inc. opère via les plateformes de trading en ligne suivantes:

Nom de la plate-forme	Caractéristiques clés	Base d'utilisateurs
Oppenheimer Direct	Capitaux propres, options et trading à revenu fixe	Environ 25 000 commerçants en ligne actifs
Opy webtrader	Données de marché en temps réel et outils de recherche	18 500 utilisateurs de plate-forme enregistrés

Applications d'investissement mobiles

Statistiques des canaux d'application mobile:

• Téléchargements totaux d'applications mobiles: 42 000
• Utilisateurs mobiles actifs mensuels: 22 500
• Transactions mobiles quotidiennes moyennes: 1 350

Branches physiques

Emplacement	Nombre de branches	Couverture géographique
États-Unis	24 succursales physiques	Principales zones métropolitaines

Équipe de vente directe

Composition de l'équipe de vente:

• Représentants des ventes totales: 275
• Équipe de vente institutionnelle: 85 professionnels
• Équipe de vente au détail: 190 conseillers financiers

Outils de communication numérique

Canal de communication	Métriques d'utilisation	But
E-mail marketing	Reach mensuelle: 48 000 clients	Rapports de recherche et informations sur le marché
Liendin	Followers: 14 500	Réseautage professionnel
Plates-formes de webinaires	Webinaires mensuels: 6-8 séances	Éducation des clients et mises à jour du marché

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: segments de clientèle

Individus à haute nette

Depuis 2023, Oppenheimer Holdings dessert environ 15 000 personnes à haute noue avec des actifs investissables dépassant 1 million de dollars. La taille moyenne du portefeuille pour ce segment est de 3,7 millions de dollars.

Segment de clientèle	Nombre de clients	Valeur de portefeuille moyenne
Individus à haute nette	15,000	3,7 millions de dollars

Investisseurs institutionnels

Oppenheimer gère environ 47,2 milliards de dollars d'actifs institutionnels au quatrième trimestre 2023.

• Fonds de pension: 38% du portefeuille institutionnel
• Dotations: 22% du portefeuille institutionnel
• Fonds souverains: 15% du portefeuille institutionnel
• Compagnies d'assurance: 25% du portefeuille institutionnel

Clients des entreprises

En 2023, Oppenheimer a servi 1 200 clients d'entreprise dans diverses industries, avec des revenus totaux de la banque d'entreprise de 312 millions de dollars.

Secteur de l'industrie	Nombre de clients d'entreprise
Technologie	350
Soins de santé	275
Services financiers	225
Fabrication	200
Autres	150

Petites et moyennes entreprises

Oppenheimer soutient 2 500 petites et moyennes entreprises avec des services de prêt et de conseil totaux atteignant 1,8 milliard de dollars en 2023.

Investisseurs de détail individuels

En 2023, Oppenheimer possède 87 000 comptes d'investisseurs de détail individuels d'une valeur de compte moyenne de 285 000 $.

Type de compte	Nombre de comptes	Valeur moyenne du compte
Investisseurs de détail individuels	87,000	$285,000

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2022, Oppenheimer Holdings Inc. a déclaré des dépenses totales de rémunération et de prestations de 438,1 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Salaires de base	247,500,000
Bonus de performance	132,300,000
Prestations de santé et de retraite	58,300,000

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour 2022 ont totalisé 83,6 millions de dollars, avec l'allocation suivante:

• Systèmes informatiques et logiciels: 42,3 millions de dollars
• Investissements en cybersécurité: 21,5 millions de dollars
• Maintenance du réseau et du matériel: 19,8 millions de dollars

Frais de conformité réglementaire

Les dépenses de conformité réglementaire pour 2022 s'élevaient à 67,4 millions de dollars, notamment:

Zone de conformité	Coût ($)
Conseil juridique et réglementaire	28,600,000
Formation de la conformité	12,900,000
Rapports et documentation	25,900,000

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2022 étaient de 54,2 millions de dollars, distribuées comme suit:

• Marketing numérique: 22,7 millions de dollars
• Publicité traditionnelle: 16,5 millions de dollars
• Événement client et gestion des relations: 15 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2022 ont totalisé 36,8 millions de dollars, alloués entre:

Zone de focus R&D	Investissement ($)
Développement de la technologie financière	22,100,000
Recherche de stratégie d'investissement	9,700,000
Outils d'analyse du marché	5,000,000

Oppenheimer Holdings Inc. (OPY) - Modèle d'entreprise: Strots de revenus

Commission des titres commerciaux

Au troisième trimestre 2023, Oppenheimer Holdings Inc. a généré 160,3 millions de dollars en revenus de la Commission commerciale. Les taux de commission se situent généralement entre 0,5% et 1,2% par transaction.

Catégorie de trading	Revenus de commission	Pourcentage du total
Trading des actions	98,7 millions de dollars	61.6%
Trading à revenu fixe	45,2 millions de dollars	28.2%
Trading d'options	16,4 millions de dollars	10.2%

Frais de banque d'investissement

Les frais de banque d'investissement pour 2023 ont totalisé 213,5 millions de dollars, avec la ventilation suivante:

• Fusionnement & Conseil d'acquisition: 87,6 millions de dollars
• Services de souscription: 102,3 millions de dollars
• Frais de placement privé: 23,6 millions de dollars

Frais de gestion des actifs

Les revenus de gestion des actifs ont atteint 175,2 millions de dollars en 2023, avec un taux moyen de frais de 0,75% des actifs sous gestion.

Classe d'actifs	Aum	Frais de gestion
Fonds de capitaux propres	22,4 milliards de dollars	89,6 millions de dollars
Fonds à revenu fixe	15,6 milliards de dollars	62,4 millions de dollars
Investissements alternatifs	8,3 milliards de dollars	23,2 millions de dollars

Services de conseil financier

Les revenus du service de conseil financier s'élevaient à 95,7 millions de dollars en 2023, avec des services spécialisés, notamment:

• Conseil financier des entreprises: 42,3 millions de dollars
• Conseil de gestion de la patrimoine: 38,4 millions de dollars
• Services de planification de la retraite: 15,0 millions de dollars

Revenu des intérêts des activités de prêt

Les revenus d'intérêts pour 2023 étaient de 67,8 millions de dollars, dérivés de divers produits de prêt:

Produit de prêt	Prêts totaux	Revenu d'intérêt	Taux d'intérêt moyen
Prêts à marge	1,2 milliard de dollars	38,6 millions de dollars	3.22%
Prêts commerciaux	750 millions de dollars	22,4 millions de dollars	2.99%
Prêts basés sur les valeurs mobilières	450 millions de dollars	6,8 millions de dollars	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.