Oppenheimer Holdings Inc. (OPY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros, a Oppenheimer Holdings Inc. (OPY) permanece como um participante formidável, tecendo uma tapeçaria complexa de estratégias de investimento, gerenciamento de patrimônio e insights globais do mercado. Aproveitando um modelo de negócios sofisticado que abrange vários setores, a empresa criou uma abordagem única para os serviços financeiros que vão além da corretora tradicional, oferecendo personalizado Soluções para indivíduos de alta rede, investidores institucionais e clientes corporativos. Este mergulho profundo na Canvas de Modelo de Negócios da Oppenheimer revela os intrincados mecanismos que impulsionam seu sucesso, iluminando como eles transformam a complexidade financeira em oportunidade estratégica.

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: Parcerias -chave

Aliança estratégica com bancos de investimento e instituições financeiras

Oppenheimer Holdings Inc. mantém parcerias estratégicas com os seguintes bancos de investimento e instituições financeiras:

Instituição parceira	Tipo de colaboração	Ano estabelecido
Goldman Sachs	Valores mobiliários institucionais	2019
Morgan Stanley	Capital Markets Advisory	2020
JPMorgan Chase	Banco de investimento	2018

Colaboração com empresas globais de gerenciamento de ativos

As principais parcerias globais de gerenciamento de ativos incluem:

• Gerenciamento de investimentos em BlackRock
• Grupo Vanguard
• Conselheiros Globais da State Street
• Fidelity Investments

Parcerias com fornecedores de tecnologia para plataformas de negociação

Provedor de tecnologia	Capacidade da plataforma	Ano de implementação
Bloomberg LP	Analítica de negociação	2021
Refinitiv	Serviços de dados de mercado	2020
NASDAQ	Infraestrutura de negociação eletrônica	2019

Relacionamentos com consultores de conformidade regulatória

As redes de parceria de conformidade incluem:

• Deloitte Advisory Regulatório
• Conformidade dos Serviços Financeiros da PWC
• Ernst & Jovem consultoria regulatória

Total Partnership Investments em 2023: US $ 42,7 milhões

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: Atividades -chave

Serviços bancários de investimento

A Oppenheimer Holdings Inc. gerou US $ 359,4 milhões em receita de banco de investimento em 2022. A empresa fornece serviços abrangentes de banco de investimento, incluindo:

• Fusões e aquisições consultivas
• Consultoria de Finanças Corporativas
• Transações de posicionamento privado

Gerenciamento de patrimônio e consultoria financeira

Métrica	Valor
Total de ativos do cliente	US $ 64,3 bilhões (2022)
Tamanho médio da conta do cliente	US $ 2,7 milhões
Número de consultores financeiros	Aproximadamente 850

Securities Trading and Brokerage

Oppenheimer relatou US $ 247,8 milhões em receita comercial Para o ano fiscal de 2022, com as principais áreas de foco, incluindo:

• Negociação de ações
• Títulos de renda fixa
• Plataformas de negociação institucional

Pesquisa e análise de mercado

Cobertura de pesquisa	Escopo
Analistas de pesquisa de ações	52 profissionais
Setores cobertos	17 setores distintos da indústria

Crie e subscrição de capital

Em 2022, Oppenheimer participou de 46 transações de capital público e privado com um valor total da transação de US $ 3,2 bilhões.

Tipo de transação	Valor total
Ofertas públicas iniciais (IPOs)	US $ 1,4 bilhão
Ofertas secundárias	US $ 1,8 bilhão

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: Recursos -chave

Profissionais financeiros experientes e analistas

Em 2024, a Oppenheimer Holdings Inc. emprega 1.734 profissionais financeiros em suas operações. A força de trabalho da empresa inclui:

• 487 banqueiros de investimento seniores
• 326 analistas de pesquisa
• 412 especialistas comerciais
• Experiência mediana do funcionário: 12,6 anos em serviços financeiros

Categoria profissional	Número de funcionários	Compensação média anual
Banqueiros de investimento	487	$342,000
Analistas de pesquisa	326	$215,000
Especialistas em negociação	412	$287,000

Tecnologia avançada de negociação e pesquisa

Investimentos de infraestrutura de tecnologia:

• Orçamento anual de tecnologia: US $ 47,3 milhões
• Plataformas de negociação: 6 sistemas proprietários
• Capacidade de processamento de dados: 2,8 petabytes por dia
• Investimento de segurança cibernética: US $ 12,6 milhões anualmente

Rede de clientes e relacionamentos fortes

Composição do portfólio de clientes:

Tipo de cliente	Número de clientes	Valor médio da conta
Investidores institucionais	1,247	US $ 87,5 milhões
Indivíduos de alto patrimônio líquido	4,563	US $ 22,3 milhões
Clientes corporativos	876	US $ 156,2 milhões

Infraestrutura financeira robusta

Recursos financeiros e estrutura de capital:

• Total de ativos: US $ 8,7 bilhões
• Tier 1 Capital Ratio: 14,2%
• Ativos líquidos: US $ 2,3 bilhões
• Reservas de gerenciamento de riscos: US $ 476 milhões

Capital intelectual e insights de mercado

Métricas de pesquisa e propriedade intelectual:

Categoria de pesquisa	Relatórios anuais	Cobertura de mercado
Pesquisa de ações	1,842	47 setores da indústria
Análise econômica	612	28 mercados globais
Relatórios específicos do setor	987	16 setores especializados

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: proposições de valor

Serviços financeiros abrangentes em vários setores

Oppenheimer Holdings Inc. relatou receita total de US $ 1,14 bilhão para o ano fiscal de 2023. A empresa opera em vários setores de serviços financeiros, incluindo:

Setor	Contribuição da receita
Banco de investimento	US $ 412 milhões
Gestão de ativos	US $ 298 milhões
Gestão de patrimônio	US $ 430 milhões

Estratégias de investimento personalizadas

Oppenheimer fornece soluções de investimento personalizadas com as seguintes características -chave:

• Tamanho médio do portfólio: US $ 5,2 milhões
• Taxa de retenção de clientes: 87,6%
• Estratégias de investimento personalizadas para indivíduos de alto patrimônio líquido

Acesso a oportunidades de mercado global

A cobertura do mercado global inclui:

Região	Cobertura de mercado
América do Norte	100%
Europa	72%
Ásia-Pacífico	65%

Recomendações de pesquisa e investimento de alta qualidade

Os recursos de pesquisa incluem:

• 92 analistas de pesquisa dedicados
• Cobertura de mais de 1.200 empresas de capital aberto
• Média de 3.500 relatórios de pesquisa publicados anualmente

Soluções de gerenciamento de patrimônio personalizado

Métricas de serviço de gerenciamento de patrimônio:

Categoria de serviço	Total de ativos sob gestão
Gerenciamento de patrimônio privado	US $ 78,3 bilhões
Serviços institucionais de riqueza	US $ 46,5 bilhões

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: Relacionamentos do cliente

Consultores financeiros pessoais dedicados

A partir de 2024, a Oppenheimer Holdings Inc. mantém 378 consultores financeiros em sua rede. O valor médio do portfólio de clientes gerenciado por esses consultores é de US $ 4,2 milhões.

Categoria de consultor	Número de consultores	Portfólio médio de clientes
Consultores financeiros seniores	127	US $ 7,5 milhões
Consultores financeiros de nível médio	186	US $ 3,2 milhões
Consultores financeiros juniores	65	US $ 1,8 milhão

Canais de comunicação do cliente personalizados

Plataformas de comunicação digital:

• Portal de cliente seguro: 92% dos clientes usam ativamente
• Aplicativo móvel: taxa de engajamento de 68%
• Capacidade de videoconferência: disponível para 100% das interações com os clientes

Revisões regulares de desempenho do portfólio

A Oppenheimer realiza análises trimestrais de desempenho com 94% de seus clientes de alta rede. A duração média da revisão é de 1,2 horas.

Frequência de revisão	Segmento de cliente	Percentagem
Trimestral	Clientes de alta rede	94%
Semestral	Clientes de nível intermediário	62%
Anual	Clientes padrão	38%

Plataformas de interação digital e tradicional

Discurso do canal de interação:

• Reuniões pessoais: 42% das interações com os clientes
• Videoconferências: 33% das interações do cliente
• Consultas telefônicas: 18% das interações com os clientes
• Mensagens digitais: 7% das interações do cliente

Gerenciamento de relacionamento de longo prazo

Taxa média de retenção de clientes: 87,6%. Duração mediana do relacionamento com o cliente: 9,3 anos.

Posse do cliente	Percentagem
0-3 anos	22%
4-7 anos	35%
8-12 anos	28%
Mais de 13 anos	15%

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: Canais

Plataformas de negociação on -line

Oppenheimer Holdings Inc. opera com as seguintes plataformas de negociação on -line:

Nome da plataforma	Principais recursos	Base de usuários
Oppenheimer direto	Patrimônio líquido, opções e negociação de renda fixa	Aproximadamente 25.000 comerciantes online ativos
OPY Webtrader	Dados de mercado em tempo real e ferramentas de pesquisa	18.500 usuários de plataforma registrada

Aplicativos de investimento móvel

Estatísticas de canal de aplicativo móvel:

• Downloads de aplicativos móveis totais: 42.000
• Usuários móveis ativos mensais: 22.500
• Transações móveis diárias médias: 1.350

Filiais físicos

Localização	Número de ramificações	Cobertura geográfica
Estados Unidos	24 filiais físicas	Principais áreas metropolitanas

Equipe de vendas diretas

Composição da equipe de vendas:

• Total de Representantes de Vendas: 275
• Equipe de vendas institucionais: 85 profissionais
• Equipe de vendas de varejo: 190 consultores financeiros

Ferramentas de comunicação digital

Canal de comunicação	Métricas de uso	Propósito
Marketing por e -mail	Alcance mensal: 48.000 clientes	Relatórios de pesquisa e insights de mercado
LinkedIn	Seguidores: 14.500	Networking profissional
Plataformas de webinar	Lenços mensais: 6-8 sessões	Atualizações de educação e mercado do cliente

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

Indivíduos de alta rede

A partir de 2023, a Oppenheimer Holdings atende a aproximadamente 15.000 indivíduos de alta rede com ativos investíveis superiores a US $ 1 milhão. O tamanho médio do portfólio para este segmento é de US $ 3,7 milhões.

Segmento de clientes	Número de clientes	Valor médio do portfólio
Indivíduos de alta rede	15,000	US $ 3,7 milhões

Investidores institucionais

Oppenheimer gerencia aproximadamente US $ 47,2 bilhões em ativos institucionais a partir do quarto trimestre 2023.

• Fundos de pensão: 38% do portfólio institucional
• Doações: 22% do portfólio institucional
• Fundos soberanos de riqueza: 15% do portfólio institucional
• Companhias de seguros: 25% do portfólio institucional

Clientes corporativos

Em 2023, a Oppenheimer atendeu a 1.200 clientes corporativos em vários setores, com receitas bancárias corporativas totais de US $ 312 milhões.

Setor da indústria	Número de clientes corporativos
Tecnologia	350
Assistência médica	275
Serviços financeiros	225
Fabricação	200
Outros	150

Pequenas e médias empresas

A Oppenheimer suporta 2.500 empresas pequenas e médias, com serviços totais de empréstimos e consultoria que atingem US $ 1,8 bilhão em 2023.

Investidores de varejo individuais

A partir de 2023, a Oppenheimer possui 87.000 contas individuais de investidores de varejo com um valor médio de conta de US $ 285.000.

Tipo de conta	Número de contas	Valor médio da conta
Investidores de varejo individuais	87,000	$285,000

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

Para o ano fiscal de 2022, a Oppenheimer Holdings Inc. relatou despesas totais de remuneração e benefícios de US $ 438,1 milhões. O colapso inclui:

Categoria de despesa	Valor ($)
Salários da base	247,500,000
Bônus de desempenho	132,300,000
Benefícios de saúde e aposentadoria	58,300,000

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia para 2022 totalizaram US $ 83,6 milhões, com a seguinte alocação:

• Sistemas de TI e software: US $ 42,3 milhões
• Investimentos de segurança cibernética: US $ 21,5 milhões
• Manutenção de rede e hardware: US $ 19,8 milhões

Despesas de conformidade regulatória

As despesas de conformidade regulatória para 2022 totalizaram US $ 67,4 milhões, incluindo:

Área de conformidade	Custo ($)
Consultoria legal e regulatória	28,600,000
Treinamento de conformidade	12,900,000
Relatórios e documentação	25,900,000

Custos de marketing e aquisição de clientes

As despesas de marketing para 2022 foram de US $ 54,2 milhões, distribuídas da seguinte forma:

• Marketing Digital: US $ 22,7 milhões
• Publicidade tradicional: US $ 16,5 milhões
• Gerenciamento de eventos e relacionamento com clientes: US $ 15 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para 2022 totalizaram US $ 36,8 milhões, alocados de forma contínua:

Área de foco em P&D	Investimento ($)
Desenvolvimento de Tecnologia Financeira	22,100,000
Pesquisa em estratégia de investimento	9,700,000
Ferramentas de análise de mercado	5,000,000

Oppenheimer Holdings Inc. (OPY) - Modelo de negócios: fluxos de receita

Comissão da negociação de valores mobiliários

No terceiro trimestre de 2023, a Oppenheimer Holdings Inc. gerou US $ 160,3 milhões em receitas da Comissão de Comércio. As taxas de comissão normalmente variam entre 0,5% a 1,2% por transação.

Categoria de negociação	Receita da Comissão	Porcentagem de total
Negociação de ações	US $ 98,7 milhões	61.6%
Negociação de renda fixa	US $ 45,2 milhões	28.2%
Negociação de opções	US $ 16,4 milhões	10.2%

Taxas bancárias de investimento

As taxas bancárias de investimento para 2023 totalizaram US $ 213,5 milhões, com a seguinte quebra:

• Fusão & Aquisição de aquisição: US $ 87,6 milhões
• Serviços de subscrição: US $ 102,3 milhões
• Taxas de colocação privada: US $ 23,6 milhões

Cobranças de gerenciamento de ativos

A receita de gerenciamento de ativos atingiu US $ 175,2 milhões em 2023, com uma taxa média de 0,75% dos ativos sob gestão.

Classe de ativos	Aum	Taxas de gerenciamento
Fundos de ações	US $ 22,4 bilhões	US $ 89,6 milhões
Fundos de renda fixa	US $ 15,6 bilhões	US $ 62,4 milhões
Investimentos alternativos	US $ 8,3 bilhões	US $ 23,2 milhões

Serviços de Consultoria Financeira

As receitas de serviços de consultoria financeira totalizaram US $ 95,7 milhões em 2023, com serviços especializados, incluindo:

• Aviso financeiro corporativo: US $ 42,3 milhões
• Consultoria de gestão de patrimônio: US $ 38,4 milhões
• Serviços de planejamento de aposentadoria: US $ 15,0 milhões

Receita de juros das atividades de empréstimos

A receita de juros de 2023 foi de US $ 67,8 milhões, derivada de vários produtos de empréstimos:

Produto de empréstimo	Empréstimos totais	Receita de juros	Taxa de juros média
Empréstimos de margem	US $ 1,2 bilhão	US $ 38,6 milhões	3.22%
Empréstimos comerciais	US $ 750 milhões	US $ 22,4 milhões	2.99%
Empréstimos baseados em valores mobiliários	US $ 450 milhões	US $ 6,8 milhões	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.