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Highest-Ever AUA and Fee-Based Revenue Fuels Third Quarter 2021 Results



Toronto, November 5, 2021
- RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported quarterly revenue of $79.7 million, record quarterly assets under administration (AUA) of $34.4 billion and adjusted consolidated EBITDA2 of $13.0 million for the third quarter ended September 30, 2021. Adjusted EBITDA2 in our Wealth Management Segment was $14.8 million in Q3 2021 (including $14.0 million at Richardson Wealth).

“In less than six months since we announced our strategy at our AGM, we have delivered on many of our promises and posted record results while doing so. This quarter was no different. We announced a transaction with Fidelity that will enhance our advisor and client experience by providing them access to a world class digital and custodial platform and it will also result in just under $10 million in operating synergies in the first year following adoption of their platform. We also secured a $200 million credit facility to accelerate our growth and invest in our platform, and we reported highest ever AUA of $34.4 billion and recruiting pipeline of $15 billion. All of this has started to show up in our operating results and the number of high quality advisory teams joining our firm,” said Kish Kapoor, President and CEO.

Commenting further, Mr. Kapoor said, “Our Q3 results demonstrate the effectiveness of both our strategy and our execution. We ended the third quarter with record fee-based revenue (which is now 90% of all commissionable revenue), our highest-ever quarterly AUA and adjusted EBITDA in our Wealth Management segment was $14.8 million. 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).”

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RF Capital Reports Record AUA of $35.7 Billion for October 2021

Toronto, November 1, 2021 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported record preliminary month-end assets under administration (AUA) of $35.7 billion as of October 31, 2021.  AUA is a key performance indicator and one of the financial measures used by management, investment advisors and the Company’s shareholders to assess operating performance.  


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Richardson Wealth Advisors Named to Prestigious List of Canada’s Top Wealth Advisors

TORONTO, October 29, 2021 - Richardson Wealth Limited (Richardson Wealth), a wholly owned subsidiary of RF Capital Group Inc. (TSX: RCG) (RF Capital), is honoured to announce that Alexandra Horwood and Benji Miles have been named to The Globe and Mail’s Report on Business 2021 ranking of Canada’s Top Wealth Advisors. In partnership with SHOOK Research, this new annual list identifies the most effective and successful financial advisors in the country.

“This is an exceptional acknowledgement of two of our top advisors. We are proud they have received this prized recognition, further signalling that Richardson Wealth is the place that industry leaders call home. Known for their professionalism, trustworthiness and dedication, Ms. Horwood and Mr. Miles continually raise the bar, providing top tier service and incredible value that exceed our clients’ expectations,” says Kish Kapoor, President and CEO, RF Capital Group.

The independent assessment, conducted by SHOOK Research, evaluates a range of quantitative and qualitative criteria to determine who is the best in the business. “For our advisors to be the best, we strive to provide them with the best—from world class technology to customizable tools and digital solutions. That Ms. Horwood and Mr. Miles made the list of Canada’s Top Wealth Advisors is a tribute to our firm’s legacy of excellence, the value of the name on our door, and why high-net-worth Canadian families continue to choose Richardson Wealth,” says Kapoor.

Ms. Horwood heads Alexandra Horwood & Partners at Richardson Wealth. She is a multi-award-winning portfolio manager and investment advisor. Her specialty is long-term investing and comprehensive, tax-smart wealth management strategies for successful mining executives, business owners, and wealthy families. 

Mr. Miles heads the Miles Wealth Management Group at Richardson Wealth. He has built a practice focused on creating personalized wealth plans. His industry expertise and access to resources allow him to provide wealth management services in areas such as tax, estate and retirement planning, insurance solutions and business succession.


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Richardson Wealth Attracts Another Top Performing Woman to its Corporate Team

TORONTO, October 25, 2021 - Richardson Wealth Limited (Richardson Wealth), a wholly owned subsidiary of RF Capital Group Inc. (TSX: RCG) is proud to announce that Sascha Isaacs has filled the newly created role of Vice President and Portfolio Manager, Family Office Wealth Counsel.

 

“It’s our goal to dig deep and find the very best fit for our corporate role opportunities.  This means we strive to hire people with highly specialized expertise and exceptional industry experience. Sascha is the ideal subject matter expert for this role because of her rich resume and wealth management history on Bay St.,” says Kish Kapoor, President and CEO, RF Capital Group. “We are also on a determined effort to attract strong women at every level of our organization and onboarding Sascha is more proof that we are experiencing serious momentum.”

 

Ms. Isaacs, who joined from CI Private Client, will play a critical role in supporting Richardson Wealth’s Portfolio Managers and Investment Advisors and create a unique but consistent client experience across our Family Office Wealth Counsel. She will also be instrumental in determining the office’s strategic multi-year roadmap including asset and revenue growth.

 

“Sascha is an incredible addition to our team of focused experts who provide direct consultation to our advisors,” Sarah Widmeyer, SVP, Head of Wealth Strategies at Richardson Wealth commented. “Her depth of knowledge will continue to help Richardson Wealth be the brand of choice for Canada’s top advisors & their high net-worth clients.”

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RF Capital To Announce Third Quarter 2021 Results November 5, 2021

TORONTO, ON. (October 18, 2021) – RF Capital Group Inc. (TSX: RCG) will release its third quarter 2021 financial results on Friday, November 5, 2021 at approximately 7:00 a.m. (EST).

 

THIRD QUARTER CONFERENCE CALL

A conference call and live audio webcast to discuss RF Capital’s third quarter 2021 results will be held that morning at 10:00 a.m. (EST).  Interested parties are invited to access the quarterly conference call on a listen-only basis by dialing 416-406-0743 or 1-800-898-3989 (toll free) and entering participant passcode 3350095#, or via live audio webcast at https://rfcapgroup.com/Investor-Relations/Quarterly-Information. A recording of the conference call will be available until Monday, December 6, 2021, by dialing 905-694-9451 or 1-800-408-3053 (toll free) and entering access code 8752860#. The audio webcast will be archived at https://rfcapgroup.com/Investor-Relations/Quarterly-Information.

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RF Capital Reports AUA of $34.5 Billion for September 2021

Toronto, October 4, 2021 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary month-end assets under administration (AUA) of $34.5 billion as of September 30, 2021.  AUA is a key performance indicator and one of the financial measures used by management, investment advisors and the Company’s shareholders to assess operating performance.   

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Richardson Wealth on list of Best Workplaces™ in Financial Services and Insurance

TORONTO, October 5, 2021 - Richardson Wealth on list of Best Workplaces™ in Financial Services and Insurance by Great Place to Work®, a global authority on workplace culture. This is the fifth accreditation Richardson Wealth has received this year along with Top 50 Best Workplaces™, Best Workplaces™ for Women, Best Workplaces™ for Mental Wellness, and Best Workplaces™ in Ontario.

“When our own people tell us we’re doing things right, we couldn’t ask for a stronger endorsement. Being listed as a Best Workplace in Financial Services and Insurance is an acknowledgement of our culture of high standards and excellence in everything we do. It also is a testament that we are a company where people can place their trust—a Richardson family legacy,” says Kish Kapoor, President and CEO, RF Capital Group.

Richardson Wealth received this honour after a thorough and independent analysis conducted by Great Place to Work®. The list is based on direct feedback from employees of the hundreds of organizations that were surveyed by Great Place to Work®. The data has a 90% confidence and a plus or minus 5% margin of error.  

“It’s not just our own people who are endorsing us. The best and brightest in the industry are also starting to see exactly what is behind the name on our door. Since June of this year alone, we have welcomed Morson Carson Wealth Counsel from Comox, B.C., Andrew Masson, The Conlin Group, Kamel Wealth Management and The Susan O’Brien Group Wealth Advisory—all from Calgary, Borisoff Wealth Management from Vancouver, and Marcel Latreille from Ottawa,” says Kish Kapoor. “Both inside and outside Richardson Wealth, we are being endorsed by the most seasoned top talent in the industry.”

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Joseph Bakish and Francis Sabourin named to Five Star Advisor List

TORONTO, October 5, 2021 - Richardson Wealth Limited (Richardson Wealth), a wholly owned subsidiary of RF Capital Group Inc. (TSX: RCG) announced today that Joseph Bakish and Francis Sabourin named to Five Star Advisor List (Quebec region).  This recognition celebrates Canada’s top advisors based on the value proposition they offer to clients. 

“We congratulate Joseph and Francis for this well-deserved recognition.  What is particularly noteworthy is that the top-scoring category for Five Star Advisors in Quebec was client trust. Francis and Joseph continue to do an excellent job at cultivating trusted relationships by delving deep into their clients’ unique circumstances and then coming up with potential strategies to help them achieve their goals”, said Kish Kapoor, President and Chief Executive Officer.  “It is clear that Richardson Wealth boasts a wealth of advisor talent across the country, and we continue to attract even more top advisors opting for the personal white-glove experience that we provide.”

Five Star Advisors’ recognition was based on investors rating their advisor in six key areas: communication, portfolio performance, product knowledge, client trust, client knowledge and customer service. 

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Ida Khajadourian and Rosemary Horwood named to Five Star Advisor List

TORONTO, October 4, 2021 - Richardson Wealth Limited (Richardson Wealth), a wholly owned subsidiary of RF Capital Group Inc. (TSX: RCG) announced today that Ida Khajadourian and Rosemary Horwood named to Five Star Advisor List.  This recognition celebrates Canada’s top advisors for demonstrated excellence in the investment industry.

“We congratulate Ida and Rosemary for this well-deserved recognition.  They possess a critical ability to engage with clients and build long-standing trusted relationships by understanding the responsibility of every decision they make”, said Kish Kapoor, President and Chief Executive Officer.  “They continue to champion the power of women in our industry and personify the true spirit of entrepreneurship, collaboration and innovation that is synonymous with the Richardson Wealth brand.”

Five Star Advisors’ recognition was based on investors rating their advisor in six key areas: communication, portfolio performance, product knowledge, client trust, client knowledge and customer service. 

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RF Capital Announces Revolving Credit Facility to Pursue Aggressive Growth Strategy

Toronto, ON, September 10, 2021 – RF Capital Group Inc. (the Company) (TSX:RCG) announced today it has secured a $200 million revolving credit facility (the Facility) with a syndicate of lenders (the Lenders). The initial authorized principal of the Facility is $125 million. The Facility also includes an accordion provision that will enable the Company to request increases in the total commitment, under the same terms, by an aggregate amount of up to $75 million, subject to the Lenders’ approval.

"This new facility will provide us with substantial capacity to deliver on our vision to be the brand of choice for Canada’s top advisors and their high net worth clients, and to create greater value for shareholders. Combined with our strong current and future operating cash flows, which we expect to improve as a result of the agreement we recently announced with Fidelity, and our excess working capital, this $200 million facility will provide us with ample funding and flexibility to repay our existing debt and to further accelerate our organic growth, recruiting and other strategic corporate development initiatives,” said Kish Kapoor, President and Chief Executive Officer.

The interest rate on the Facility will be approximately 25 to 75 basis points less than what the Company pays on its existing debt facility. The Facility will bear interest at a spread over prescribed benchmark rates, with the spread depending on the Company’s leverage at the time that it draws on the Facility. The Facility has an initial two-year term with an option for additional one-year terms, subject to the Lenders’ approval.

"The Facility will provide us with access to growth capital at attractive terms. That outcome reflects the strength of our franchise, our stable ownership structure, the power of the Richardson brand and our compelling growth strategy. We appreciate the great sense of partnership, commitment and belief in our ambitious strategy that our lenders demonstrated as we work towards this great result for shareholders,” said Tim Wilson, Chief Financial Officer.

Canadian Imperial Bank of Commerce (CIBC) will act as Sole Bookrunner and Administrative Agent, with CIBC and BMO Capital Markets acting as Co-lead Arrangers, and with significant support from Canadian Western Bank and the Bank of China. The closing of the Facility is subject to regulatory approval and other customary conditions.

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