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Richardson Wealth reports Q3 loss, record AUA | Investment Executive

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The firm reported adjusted net income in the quarter of $2.49 million, compared to $2.40 million in the previous quarter. Quarterly revenue was $79.68 million, compared to $79.06 million in Q2.

Richardson’s advisory teams had average AUA of $218 million in Q3, up 21% from the third quarter in the previous year. Average client household AUA was $1.1 million (the same as the previous quarter), and the number of households with assets over $1 million was up 11% from Q3 2020.

Richardson also reported positive news on the recruitment front, bringing on five new advisors in the quarter with AUA of more than $1 billion.

“Doubling down on the support we provide advisors, and their clients, is clearly resonating with people inside and outside our firm, with a record five new advisors joining our firm this quarter alone (our highest quarterly recruiting total in nearly a decade),” president and CEO Kish Kapoor said in a statement.

Richardson had 161 advisory teams, compared to 157 the previous quarter and 160 a year ago.

Fee income for the quarter was a record $62 million, up $9 million from a year ago. Recurring fee-based income now represents 90% of total commissionable revenue, the firm said.

RF Capital’s consolidated adjusted earnings before interest, taxes, depreciation and amortization was $13.00 million, down from $13.34 million in the previous quarter.

Operating expenses were up $7.4 million compared to the last quarter, from $34.09 million in Q2 to $41.48 million this quarter.

Commissions from Richardson Wealth declined from the second quarter, from $10.13 million in Q2 to $6.68 million in Q3. However, investment management and fee income increased from $58.91 million last quarter to $61.95 million this quarter.

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