Ladies and gentlemen, welcome to RF Capital Group third quarter 2022 earnings conference call. I would now like to turn the meeting over to Mr. Rocco Colella, Managing Director, Investor Relations. Please go ahead, sir. Thank you, operator. Good morning, everyone, and thanks for joining us today. Welcome to our third quarter 2022 earnings call. If you have any questions following this call, please reach out to Investor Relations. My contact information can be found at the end of our earnings release. Before we get started, I would like to remind you that this call is being webcast and available for subsequent replay. Today's remarks may contain forward-looking information and actual results could differ materially. Forward-looking information is subject to many risks and uncertainties. Certain factors or assumptions applied in the forward-looking information can be found in our latest AIF and MD&A. As always, these documents are available on our website and at sedar.com. This morning, our President and CEO, Kishore Kapoor, and our CFO, Tim Wilson, are on the call. Kishore will provide opening remarks and key takeaways for the most recent quarter. Tim will then cover financial results, and Kishore will end with closing remarks, following which we will open the call to questions from analysts. I will now turn the call over to Kishore. Good morning, everyone, and thanks, Rocco. It is my pleasure to conduct this earnings call from our new headquarters in Toronto's fast-developing waterfront community. Our new space at 100 Queens Quay East has a magnificent 360-degree view, cutting-edge design, state-of-the-art technology, and the highest standards in modern construction. It also has been designed for a wide range of hybrid work options. This move brings our corporate teams together from two locations to one, and our Toronto branch will also be relocating here this month. We have effectively reduced our footprint in the downtown core from 100,000 to 85,000 sq ft. As you will see in a vertical city that has a busy skyline, we have our own well-defined presence. I wanna give a big shout-out to Scott Stennett, Lynne Brejak, James King, their teams, and countless others who have worked tirelessly over the last several months and years to create this beautiful working environment for our fast-growing advisor base and their clients, as well as all our advisor teams and corporate employees supporting them. I would also like to thank everyone who has been impacted by this move for their patience, encouragement, and enthusiasm. A grand opening will be held over the next few months to showcase our space and welcome clients, recruits, investors, and analysts to our new home. This is another promise delivered, and what I'm most proud of is that this ambitious project, a CAD 20 million project, was completed on budget, on time-ish, at a much lower future operating cost. With that, let's review the third quarter, which incidentally marks Richardson Wealth's second anniversary of operation. Despite the turbulent markets and a significant CAD 3.5 billion drop in AUA since March 31 of this year, this quarter we posted 8% growth in revenue year-over-year, and record Adjusted EBITDA of CAD 17 million on a consolidated basis and CAD 19.3 million at our wealth management segment. These results were primarily due to a threefold growth in interest revenue, 70% increase in insurance revenues over Q3 of last year. Those gains were offset by lower fee-based revenues and corporate finance revenues, both of which were impacted by the declines of 15.7% and 20.9% in the S&P/TSX Composite Index and S&P 500 Indices, respectively. Tim will share more about our results in his remarks shortly. This quarter also features the release of 3 out of 6 million shares currently held in escrow. With this release, our public float is now 44% of the outstanding shares. The remaining shares held in escrow will be released next October, increasing our public float to 54%. On the people front, we welcome Sébastien Lacoste to manage our office in Ottawa, and Graham Westmacott and Susan Daly to our office in Kitchener as advisors. They join a growing list of people who are attracted to our story, including the 119 teams that are currently in our recruiting pipeline that exceeds CAD 24 billion. Operationally, we continue to work hard to help prepare our advisors to integrate our new digital solutions into their practices, including engaging Envestnet and Fidelity to assist in this complicated undertaking. Although we are encountering some early challenges, I'm encouraged by the work Sarah Whitmire, Scott Stennett, Jan Sampson, and their teams are doing to resolve the issues identified by our advisor teams. Even more encouraging is the collaboration among our advisors who share best practices and lessons learned with one another. We expect the recruiting momentum to accelerate once these digital transformation projects have been fully implemented. Last week, we also began the process of electing an advisor to sit on our RF Capital board of directors as an advisor nominee director, filling the seat vacated by the previous advisor incumbent, Marc Dalpé. Marc served on one or more of our boards for the past seven and a half years and did a tremendous job providing wise counsel to the board. We thank him for this service. Our entire company of 914 employees, advisors, and advisor teams were invited to nominate a candidate and then participate in a vote to narrow the candidates down to the top two. Advisors representing 82% of our assets, along with 381 employees who support them, voted for these candidates. Six impressive candidates stood for election, including Stephen Cudmore, Brad Gustafson, Rosemary Horwood, Susan Brine, David Porter, and Francis Sabourin. Stephen Cudmore and David Porter received the most votes. The board is now conducting their due diligence on these candidates, and if they're both approved, we will hold our final runoff vote on November 16 to elect our IA nominee director. The new director will be announced shortly thereafter and will fill the vacant seat effective January 1, 2023, and serve until our next AGM in the spring of 2023. Additionally, they will be included in the slate of candidates for election at the 2023 AGM. With an advisor now being re-elected to our board, I also recently announced the creation of a new CEO advisory council that will consist of advisor representation across the country and the five election candidates noted above. This council will connect four times a year to provide me with direct feedback and guidance to help us continue to further enhance our overall advisor and client experience. Before I turn it over to Tim, I want to acknowledge eight advisors who deserve special recognition. Last month, these professionals were named on The Globe and Mail's list of Canada's top 150 wealth advisors. In partnership with Shook Research, advisors across the country and industry were analyzed and ranked based on in-depth independent research and various criteria. From quantitative data, such as revenue and assets under management, to qualitative facts such as their client experience and community involvement, a fulsome range of information is collected to make this decision. We're so proud of Rahim Chatur out of our Calgary office, Tim Conlin, also out of our Calgary office, Marc Dalpé from Montreal, Alexandra Horwood from Toronto, Ida Khajadourian from Toronto, Neil Kumar from Vancouver, Kyle Richie from Toronto, and Tyler Steele from Vancouver. We salute each of these advisors for their extraordinary service to their clients. We're proud of them and all the exceptional advisors that call Richardson Wealth their home. Many more Richardson Wealth advisors are also listed on The Globe and Mail and Shook Research provincial list of top advisors. Those names are still under embargo, so we will share them on our next call. There is one more person I would like to highlight. Hartley T. Richardson, the CEO of James Richardson & Sons, Limited, was inducted just last night into the Manitoba Business Hall of Fame. Hartley is being honored for demonstrating a vision unique among his peers, providing leadership to move others to achieve their goals, demonstrating true integrity, and having built a legacy that will enrich those who follow. This award celebrates the greatest leaders and mentors in the province of Manitoba. On behalf of all of us at Richardson Wealth, we congratulate Hartley for his befitting award and thank him for his leadership, commitment, and contribution to the success of our company and for being a role model who we all admire and deeply respect. With that, I'll turn the call over to Tim. Thanks, Kishore, and good morning, everyone. Even with the declining equity markets affecting our more market-sensitive business activities, we continue to deliver strong results. Record results, in fact. The combined impact of other revenue sources has more than offset declines in corporate finance activity and client trading. In Q3, Adjusted EBITDA increased by 31% to a record CAD 17 million, the second straight quarterly record. An increase of 8% in revenue to CAD 85.9 million fueled that performance. Wealth management Adjusted EBITDA rose by 30% to CAD 19.3 million. That business increased its operating margin to 22.5%. Two key drivers contributed to the revenue growth. First, interest revenue grew by CAD 8.1 million, or 201% since Q3 of last year, and by 57% from Q2. When benchmark rates rise, we earn more on cash balances and margin loans. Even though margin loans decreased by 30%, 32% year-over-year due to client deleveraging amid volatile markets, as you would expect, the rate increases have been so significant that margin lending was still up. Second, we grew insurance revenue by 70% over last year to CAD 2 million, thanks to our enhanced focus on that business. We expect to continue building our insurance business more broadly in the remainder of 2022 and into the new year. As mentioned at the beginning of my remarks, market-sensitive revenues remain soft, so interest and insurance revenue growth was partially offset by a CAD 1.8 million or 46% decrease in corporate finance revenue from Q3 of last year. Largely due to an industry-wide slowdown in new issue activity and a 5% drop in client trading commissions. We tend to see retail trading activity drop in the face of volatile markets. It isn't a surprise that corporate issuers and retail investors are taking a step back in this environment. Given the current level of uncertainty, we do not expect activity to pick up significantly in Q4. When corporate finance activity does pick up again, our partnerships with Cormark and with Bloom Burton will ensure that we are well-positioned to take advantage of the increased industry activity. We benefited from our strategic shift towards more recurring fee income again in Q3. Due to a stable average AUA, fee revenue was relatively unchanged year-over-year. Average AUA benefited from the market run-up mid-quarter and was 0.5% higher compared with last year and down less than 2% sequentially. CAD 1.7 billion net new assets over the past year and CAD 470 million over the past quarter were just enough to offset market declines. As a result, Q3 fee revenue was consistent with both of those periods. It is unlikely that markets will recover substantially this year, so we believe that fee revenue will be flat into Q4. Now let's talk briefly about expenses. In line with stronger revenue growth, adjusted operating expenses increased by 8%. SG&A was up CAD 1.5 million or 11% due to costs associated with stock borrowing activity and the timing of sales tax recoveries. In addition, we're seeing certain SG&A expenses gradually normalize, including office and business development expenses, with a gradual return to office and in-person events. Compensation costs rose by 5% or CAD 0.9 million as a result of hiring to support business growth and annual merit increases. The business growth component includes the effect of adding 19 FTE from advisor teams that were recruited over the past year. Compensation cost increases were offset in part by the true up of corporate bonuses this quarter. As we move through Q4 and into 2023, we will continue to invest responsibly in our business to support our growth objectives. Expenses will be tightly controlled relative to revenue opportunities. As a reminder, we will convert to Fidelity's unified technology platform on December thirty-first. The result will be an estimated annual EBITDA benefit of just under CAD 10 million, including CAD 6 million in run rate cost savings, net of revenue sharing. As a result of this initiative, our cost base will also be more variable, and we will be able to achieve greater scale more quickly. The benefits will start to be realized in January 2023. Next, let's look at some other notable items. Our capital levels remain strong. We had CAD 102 million in net working capital at the end of September. Combined with positive operating cash flow and our credit facility, we have ample capital to support advisors, recruit more, repurchase shares under our NCIB, and acquire businesses if the opportunity presents itself. A total of 18,000 shares were bought under our NCIB during the quarter, and we expect to remain active in Q4. Looking forward, we believe that Q4 Adjusted EBITDA will be in line to slightly higher than Q3, largely due to rising interest rates. This view is premised on markets staying flat to where they are today. Though, as you would know, there is downside risk in the market that could affect that EBITDA expectation. There is also upside if more of our insurance pipeline materializes in Q4 than we anticipate at the moment. As a whole, it was a great quarter, and through the first nine months of the year, we are approaching our full year 2021 Adjusted EBITDA despite a more challenging market environment. We remain confident that we will increase long-term shareholder value as we build upon the foundations that we have laid. Now, I'll turn it back to Kish for closing remarks. Thanks, Jim. With Q3 behind us, we're now focused on finishing the year strong. Financially, we're encouraged by the rebound in the equity markets in October, which resulted in a billion-dollar increase in our AUA during the month. If this holds for the balance of the year, we expect to post another solid quarter led by rising fee-based revenue, strong interest income, and even more growth in our insurance business, which has many files in the mill with insurance carriers. Operationally, we will do everything we can to ensure a smooth transition to Fidelity in the new year, as well as enhance the advisor experience on Envestnet. We will begin to press hard to attract advisors to our new offices across the country, including Toronto, Burlington, and Kitchener. We remain confident that by focusing on building a great business for the long term, not only will we endure the challenges of a turbulent market in the near term, we will see our efforts translate into long-term value for you. Thank you for your patience and loyalty as we continue this difficult but incredibly exciting journey to transform our business to pursue opportunities in a 5 trillion dollar wealth management industry, which is expected to double in the next decade or so. Finally, I'd like to thank you for joining us today, and I look forward to updating you on our progress next year. I'll now turn the call back over to Rocco. Thanks, Kishore. That concludes our formal remarks this morning. Operator, we are now ready to open the call to questions from analysts. Thank you. We will now take questions from the telephone lines. If you have a question and you are using a speakerphone, please lift your handset before making a selection. If you have a question, please press star one on your device's keypad. You may cancel your question at any time by pressing star two. Please press star one at this time if you have a question. This will give me time for our participants to register for questions. We thank you for your patience. Our first question is from Jim Byrne from Acumen Capital Partners. Please go ahead. Yeah, thank you. Good morning, guys. Congrats on the quarter. Tim, I guess in your kind of remarks, you kinda touched on this a little bit, but obviously interest revenues continue to climb. We just got another interest rate increase here in Canada. Is this kind of the level that you would expect for Q4 obviously pushing margins higher, you know, for the next number of quarters? Is this what we can anticipate? I think we are obviously not economists, but the market is expecting further interest rate increases in Q4. I think right now, 25 more basis points in December and 25 in January, both of which will be, you know, further positives for our business. We do expect interest revenue to climb from where it was in Q3. Okay. Probably stabilize around that level through 2023. Yeah, I guess that's my next question would be, I guess, as long as interest rates stay high or continue to move a little bit higher, you know, this, whatever the interest income revenue was this quarter, we can kinda just build from that going forward. Exactly. That's our current expectation. All premised on the market's view, but that's the belief at the moment. Yeah. No, that's perfect. Maybe a question for you, Kishore. It's good to see the recruiting pipeline, you know, continues to grow. Has there been any change in, you know, philosophy or strategy from your part, obviously, given the market volatility in the past number of months? No, there's no change in strategy. We continue to tell our story as widely as possible, pretty much in every province, every city. We are, however, deliberately not onboarding people to our platform until such time as we've completed our transition to Fidelity. I think that just simply makes sense, so not to be disruptive for clients as they onboard, best to onboard them on our new platform. That's about it on our strategy. It's a push towards onboarding in Q1 and Q2 of 2023. We do have something in the neighborhood of, I don't know, Tim, I recall it's about 11-12 offers that are out there. Yeah. We believe out of those 11-12 offers that are in the hands of recruits, eight or so will onboard in Q1 or early part of Q2. Those are all really good signs. One of the things that Natalie visit and her team are doing is making sure that we don't slow down in building our pipeline and telling our story, because the larger the pipeline obviously gives us a better chance and probability of being able to attract those 14 or 15 teams we wanted every year. You know, everybody takes their time in deciding as to when they'll come on. Some people's decision points takes them a 6-month journey. The key is to always be building your pipeline. Oh, that's great. Anything to add to that? Sorry. Maybe just one last one. Sure. Go ahead. Oh, sorry, Kishore. Tim, maybe just one last one from me. Now that Toronto office space is largely complete and moved in, just remind us of the capital plans for Q4 and then maybe the 2023 capital plans. Yeah. There’s a bit more residual flowing through in Q4 from our Toronto office, so call it CAD 5 billion roughly that we’ll see flow through then. Next year is obviously gonna be much lighter given that we don’t have a move of this magnitude. We do have business as usual investments that we make in different technology platforms, and we have a couple of other office renovations or enhancements that we’re putting through. I would expect capital outlays to be in the range of CAD 10 million-CAD 15 million next year. We’re still in the process of our 2023 planning and firming up that number, but broad message is it will be down from 2022. Excellent. Thanks, guys. Thank you. Well, we look forward to having you here, Jim, the office and it's so spectacular. It'd be fairly fun to show it to you. Yeah. We'll have to get something in the calendar. Thanks. Thank you. Following question is from Jeff Fenwick, from Cormark Securities. Please go ahead. Hi, good morning, everybody. Good morning. Kishore Kapoor, I just wanted to follow up on the recruiting pipeline. I mean, that number now north of CAD 20 billion obviously is very, very large. I think you were just sort of speaking to you'd like to be able to onboard sort of 14-15 teams. You know, sort of my math is that's maybe CAD 3 billion-CAD 4 billion in client assets. I'm just trying to get a sense of like with the operational investments done, assuming market conditions do improve, like what is the reasonable expectation on that. That CAD 22 billion pipeline. Is CAD 3 billion-CAD 4 billion the appropriate number in a year that you could onboard or do you think there's capacity to push beyond that? You know, our plan is to be doing about CAD 2.5 billion-CAD 3 billion a year, and we think that that is a good target. It's something that we can digest, we can onboard without you know, having a poor experience on onboarding. Obviously if we see signs that we have greater demand, greater interest, we're not gonna say no. We will add to our staffing because it does take a big team to assist on onboarding. We will add to it if we start seeing early signs of a demand greater than that. What we do is we meet biweekly to see the trends in our pipeline. We have good indications on when people will onboard or where they're in the journey on the decision. If we see early signs, we will staff up. Really, we're looking at CAD 2.5 billion-CAD 3 billion a year right now, at least for 2023 for sure. Okay. Thank you. That's helpful. Maybe a bit of clarification around variable comp and how the interest revenue gets factored into that. I'm assuming it attracts less of a benefit for the employees there, so your variable comp percentage has fallen. Is that the right way to think about it? Yeah, I mean, that's really just a true up of our corporate cash bonuses. To the extent that we remeasure our expectations against the targets that we set at the end of the year, we just normally true up every single quarter. This year, partly based on the actual assets that we're bringing onboard from new recruits, we adjusted it down in Q3. Okay. I'm just trying to get a sense of, you know, the going forward. I think the last few quarters it's trended down. It was 46%, then 43%, and then 40% this quarter. You know, does it sort of normalize up a bit from here, or do you think you kind of run. I know mix is a factor obviously, but how should we be thinking about that? The numbers you're quoting, I think are the advisor compensation, is that correct? That's correct. Yes. That's correct. Yeah. What I was telling you about was the corporate cash bonuses that show up in the compensation line. I would expect advisor compensation is a function of commissionable revenue, and I would expect it to, with interest rates having trended where they are and with expectations that interest rates are now stabilizing, I would expect Q3 a pretty good run rate. It may come down. That percentage may come down marginally from where it is today, but not significantly. Okay. I think you did speak to the CapEx expectations from here. Just in terms of other, just sort of run rate expense, like the project, you had the project office that was helping you execute on your strategic plan. Do those, I assume that spend begins to fall away as well next year. Yes. We'll next quarter give you our expectations for performance in 2023 since we're still working through that planning cycle. I would expect expenses increase more in line with inflation from here. We'll have some offsets from, you know, reduced expenditures on these more significant initiatives like Fidelity and Envestnet. As we've mentioned, we'll continue to invest in our business and our growth opportunities. There will be some offsetting expenses in other areas. If I just jump in there for a second, Jeff, you know, you talked about our recruiting momentum. You know, last about a year and a half ago, we learned that there was a significant opportunity for us to grow our presence in Kitchener because we had a lot of inbound interest from our advisors. Our existing premises in Kitchener were already full, and our lease was up. We looked at space in Kitchener. It made so much sense for us to relocate really downtown where, you know, in the midst of the offices of Google and Oracle, sort of an epicenter of activity. We knew that the pipeline was strong. In one year now we're gonna triple our presence in Kitchener by sometime in April of next year. It just made sense to open up a new office and spend the money. We're always looking at, first and foremost, is filling our existing offices that we have across the country where we have capacity. Every once in a while we're gonna see a market where there's a very strong inbound interest to wanna join our firm, and at that time, you know, we'll make a decision about the kind of space we need. It's. The good news is we have interest, we have demand, and therefore we are spending money, but we're spending it prudently and thoughtfully in markets where we think we're gonna have high density within that office. That's helpful color. Thank you. That's all I had. Thanks. Thank you. Thanks. Once again, please press star one at this time for any questions or comments. We have no further questions registered at this time, so I would now like to turn the meeting back over to you, Mr. Colella. Thank you, Maude. Thank you everyone for joining us today. As always, please feel free to reach out to investor relations if you have any further questions. Have a great weekend. Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.