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RF Capital Reports AUA of $35.2 Billion for July 2022; Up $1.3 Billion from June 2022 as a Result of Improved Market Conditions

Toronto, August 2, 2022 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary month-end assets under administration (AUA) of $35.2 billion as of July 31, 2022. 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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RF Capital Reports Record Q2 2022 Results

  • Highest quarterly Adjusted EBITDA since becoming a pure-play wealth management firm in late 2020
  • AUA down amid challenging market conditions but revenue diversification helps fuel growth
  • Continued recruiting momentum  



Toronto, July 28, 2022
- RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported record quarterly revenue of $90.8 million; up 15% from Q2 a year ago. The increase in revenue was driven largely by record insurance revenue and higher interest income which was a function of rising benchmark rates. Consolidated Adjusted EBITDA4 was $16.6 million this quarter compared with $13.3 million a year ago. Reported net income was $0.1 million, a $1.9 million improvement from the same period last year. Wealth Management Adjusted EBITDA was $18.3 million, up 18% from $15.5 million last year.

Kish Kapoor, President and Chief Executive Officer, commented, “We were able to achieve record-breaking results this quarter in very difficult operating conditions, demonstrating our success in diversifying the firm’s sources of revenue. We grew Wealth Management Adjusted EBITDA1 by 18% over Q2 last year and by 40% over Q1 despite volatile markets. These increases were largely due to revenue tailwinds from increasing benchmark interest rates and insurance revenue as we continue expanding our in-house insurance capabilities. We should continue to benefit from higher interest rates throughout the year though expect insurance revenue to tail off  from the record level in Q2. In the face of ongoing market volatility, we will manage our operating expenses prudently.”

Commenting further, Mr. Kapoor said, “The wealth management industry is experiencing a confluence of market conditions that we haven’t seen for almost 50 years. In times of financial stress, we are reminded that the value of face-to-face advice cannot be underestimated. By focusing on the long-term and by emphasizing the importance of a holistic financial planning-led approach to wealth management, our advisors are stepping up to help their clients navigate the current uncertainty.”

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RF Capital to Announce Second Quarter 2022 Results

TORONTO, ON. (July 7, 2022) – RF Capital Group Inc. (the Company) (TSX:RCG) will release its second quarter 2022 financial results and host an earnings conference call on Friday, July 29, 2022.

Financial results will be issued via earnings release at approximately 7:00 a.m. ET.  A conference call and live audio webcast to discuss the Company’s second quarter results will be held that morning at 10:00 a.m. ET. Interested parties are invited to access the quarterly conference call on a listen-only basis as follows:


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RF Capital Reports AUA of $33.9 Billion for June 2022

Toronto, July 4, 2022 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary month-end assets under administration (AUA) of $33.9 billion as of June 30, 2022. AUA decreased 5.1% in June 2022 compared with declines in the S&P/TSX Composite and S&P 500 indices of 9.0% and 8.4%, respectively, over the same period. 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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RF Capital Reports AUA of $35.7 Billion for May 2022

Toronto, June 1, 2022 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary month-end assets under administration (AUA) of $35.7 billion as of May 31, 2022. 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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RF Capital Establishes Automatic Share Purchase Plan

TORONTO, ON. (May 11, 2022) – RF Capital Group Inc. (the Company) (TSX: RCG) today announced that, in connection with its previously announced normal course issuer bid (NCIB) to purchase up to 548,571 of its common shares, it has entered into an automatic share purchase plan (ASPP) with the designated broker responsible for the NCIB. The ASPP is intended to allow for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods.

Pursuant to the ASPP, purchases will be made by the designated broker based on pre-established purchasing parameters, without further instructions by the Company, in compliance with the rules of the Toronto Stock Exchange (TSX), applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented on or around May 16, 2022.

Outside of the ASPP, common shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws. The NCIB commenced on March 9, 2022, and will end no later than March 8, 2023. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB. As of the date hereof, the Company has not purchased any common shares under its NCIB.

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RF Capital Announces Voting Results from Annual Meeting of Shareholders

TORONTO, ON. (May 5, 2022) – RF Capital Group Inc. (the Company) (TSX: RCG) today announced the voting results from its virtual Annual Meeting of Shareholders (the Meeting) held on May 4, 2022. At the Meeting, President & Chief Executive Officer, Kish Kapoor, provided an update on the Company’s strategic progress and priorities, and discussed the Company’s financial results. Interested parties can access that presentation by clicking here.

1. ELECTION OF DIRECTORS

Each of the ten nominees listed in the Company’s management information circular (the 2022 Circular) dated March 21, 2022, were elected to serve as a director of the Company until the next annual meeting or until their successor is elected or appointed, with the outcome of the vote being as follows:


2. APPOINTMENT OF AUDITORS

KPMG LLP was appointed as the Company’s auditor for 2022.

Detailed voting results for the Meeting can be accessed on SEDAR at www.sedar.com.

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Richardson Wealth Donates to CAMH Foundation in Support of Employee Mental Health

TORONTO, May 5, 2022 - RF Capital Group Inc. (TSX: RCG) is proud to announce that its wholly-owned subsidiary Richardson Wealth Limited (Richardson Wealth) has made a multi-year financial commitment to the Centre of Addiction and Mental Health (CAMH) Foundation. Now, as part of CAMH’s Business Leaders for Mental Health Action, Richardson Wealth is prioritizing the psychological health and wellbeing of its employees and helping create change across corporate Canada.

“We are committed to doing the right thing at Richardson Wealth. By championing a culture of belonging, we ensure everyone has a voice,” says Kish Kapoor, President and CEO. “This enables us to think and act with great empathy and compassion. It also helps us elevate wellness among our people — our company’s greatest assets.”

“We are proud to join a coalition of leaders who, like us, deeply value the importance of employees’ mental wellbeing,” says Michael Williams, SVP, Chief Risk Officer. “Richardson Wealth’s commitment to championing mental health is linked to our commitment to diversity, equity, and inclusion. We know that mental illness can disproportionately affect certain demographics depending on factors such as gender, race, or sexual orientation. It is critical that we address the stigma surrounding mental illness and take action,” says Williams, who also serves on the Board of Directors for CAMH Foundation. 

This three-year commitment to CAMH strongly aligns with Richardson Wealth’s people-first organizational culture. Further, Richardson Wealth was recently named on the 2022 list of Top 50 Best Workplaces™ in Canada for organizations with 100-999 employees by Great Place to Work®.

"We are grateful to Richardson Wealth for joining CAMH's coalition of Business Leaders for Mental Health Action," says Deborah Gillis, President & CEO of CAMH Foundation. "It is inspiring to see another Canadian employer stepping forward to not only address, but to champion mental health in the workplace and commit to unleashing their employees' full potential."

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RF Capital Reports First Quarter 2022 Results

  • Continued growth momentum in fee revenue, AUA, and recruiting pipeline
  • Decline in transaction-based revenue amid heightened geo-political uncertainty and market volatility
  • Improved outlook for remainder of 2022

Toronto, May 4, 2022 - RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported record AUA1 of $37.1 billion and record quarterly revenue of $88.8 million; up from $32.8 billion and $83.7 million, respectively, a year ago. The increase in revenue was driven largely by record fee revenue of $67.9 million, which was up $10.3 million or 18% from Q1 last year. Corporate finance and transaction-based revenue was down from elevated levels last year. Consolidated Adjusted EBITDA4 was $11.1 million this quarter compared with $12.1 million a year ago.  Adjusted EBITDA4 in our Wealth Management segment was $13.1 million this quarter. The Company’s reported net loss declined largely due to a $6.1 million decrease in transformation charges.


1. Assets under administration (AUA) is a measure of client assets and is common to the wealth management business. AUA represents the market value of client assets managed and administered by Richardson Wealth from which it earns commissions and fee revenue.
2. Represents conversations with advisors that have advanced beyond a certain probability threshold, and is a measure that management uses to assess outside advisors’ interest in Richardson Wealth. The Company expects to convert only a portion of this pipeline. 
3. Calculated as fee revenue divided by commissionable revenue in our Wealth Management segment.  For further information, please see the “Non-GAAP and Supplemental Financial Measures” section at the end of this press release. 
4. Considered to be non-GAAP or supplemental financial measures, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “Non-GAAP and Supplemental Financial Measures” section at the end of this press release.

 

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RF Capital Reports AUA of $35.9 Billion for April 2022

Toronto, May 2, 2022 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary month-end assets under administration (AUA) of $35.9 billion as of April 30, 2022. AUA declined 3.2% in April 2022 compared with declines in the S&P/TSX Composite and S&P 500 indices of 5.2% and 8.8%, respectively, over the same period. 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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