Jim Byrne's questions to RENN Fund (RCG) leadership • Q2 2022
Question
Jim Byrne from Acumen Capital inquired about the competitive landscape for advisor recruitment, the strength of the recruiting pipeline, the revised timeline for the Fidelity platform conversion, and the capital expenditure status for the new Toronto office.
Answer
President and CEO Kish Kapoor described the competitive environment as healthy, with strong activity from independent firms and a growing $21 billion recruiting pipeline. He clarified the Fidelity conversion was moved to December 31 based on advisor feedback for a smoother transition. CFO Tim Wilson confirmed the Toronto office move is on schedule for October, with about one-third of the over $20 million budget spent, funded by excess working capital.