Oppenheimer Holdings is a middle-market investment bank and full-service broker-dealer operating two core businesses: wealth management and capital markets. In wealth management, Oppenheimer serves high-net-worth individuals and families through a network of 924 financial advisors across 88 U.S. offices, offering brokerage, investment advisory, financial planning, and trust services. Oppenheimer administered $143.3B in client assets as of year-end 2025, with $55.2B in fee-based AUM. In capital markets, Oppenheimer serves emerging growth and middle-market companies and institutional investors, advising on M&A, raising equity and debt capital, financing state and local governments, and providing restructuring advice. Oppenheimer also runs an institutional equity and fixed income sales and trading business supported by equity research covering roughly 675 securities. Wealth management revenue is driven by advisory fees on AUM and brokerage commissions, with the ongoing shift toward fee-based accounts making this segment more recurring and predictable. Capital markets revenue is more cyclical, driven by deal volumes across focus sectors including Healthcare, Technology, Industrials & Energy, Consumer & Retail, and Financial Institutions. Oppenheimer grows wealth management primarily by recruiting experienced financial advisors with existing client relationships. The company is also expanding internationally, including a newly formed Swiss wealth management entity targeting non-U.S. high-net-worth clients, and has launched a private markets platform for client access to alternative investments.