(All dollar amounts are stated in Canadian dollars unless otherwise indicated)¹

TORONTO, Feb. 8, 2012 /PRNewswire/ - During the third quarter of fiscal 2012, the quarter ended December 31, 2011, Canaccord Financial Inc. (Canaccord, TSX: CF, AIM: CF.) generated $147.9 million in revenue and recorded net income of $2.5 million, or $0.01 per common share. Restructuring and acquisition-related expense items (Significant Items) totalling $10.7 million, or $8.1 million after tax, were incurred during the quarter, including $6.3 million of restructuring costs, $2.7 million related to the proposed acquisition of Collins Stewart Hawkpoint plc (Collins Stewart Hawkpoint), and $1.7 million of amortization of intangible assets. Excluding Significant Items, a non-IFRS measure, Canaccord recorded net income of $10.6 million or $0.11 per diluted common share.⁽²⁾

"The strategic investments we undertook to expand our global capabilities and enhance Canaccord's long term performance highlighted our fiscal third quarter, with our announced acquisition of Collins Stewart Hawkpoint, and the closing of our acquisition of a 50% interest in BGF Equities," said Paul Reynolds, President and CEO of Canaccord Financial Inc. "Combined, these growth initiatives will add important scale to our UK and US businesses, establish key operations in Singapore, Hong Kong, Australia and Europe, and provide a strong, high-margin UK Wealth Management business to our global platform."

Mr. Reynolds continued, "We're particularly pleased with the record advisory revenue our Merger, Acquisition and Restructuring practice generated during the quarter, due in part to our growing presence in Asia and our strong corporate relationships in Canada.  As global economic and market challenges continue to restrain capital raising activities, we see the growth of our advisory business as a key opportunity to offset reduced activity in some of Canaccord's other business segments, while we best position our company for the eventual market recovery."

Third quarter of fiscal 2012 vs. third quarter of fiscal 2011

• Revenue of $147.9 million, down 42% or $106.9 million from $254.8 million
• Expenses of $142.8 million, down 26% or $50.1 million from $192.9 million
• Net income of $2.5 million compared to net income of $43.0 million
• Return on common equity (ROE) of 0.6%, down from 24.3% ⁽²⁾⁽³⁾
• Diluted earnings per common share (EPS) of $0.01 compared to diluted EPS of $0.51

Excluding significant items⁽²⁾⁽⁴⁾

• Expenses of $132.1 million, down 31% or $58.1 million from $190.2 million
• Net income of $10.6 million compared to net income of $45.6 million
• ROE of 4.6%, down from 25.0% ⁽²⁾⁽³⁾
• Diluted EPS of $0.11 compared to diluted EPS of $0.55 in the third quarter of 2011

Third quarter of fiscal 2012 vs. second quarter of fiscal 2012

• Revenue of $147.9 million, up 24% or $28.4 million from $119.5 million
• Expenses of $142.8 million, up 13% or $16.4 million from $126.4 million
• Net income of $2.5 million compared to a net loss of $5.3 million
• ROE of 0.6%, up from (2.8)%⁽²⁾⁽³⁾
• Diluted EPS of $0.01 compared to diluted loss per common share of $0.09 in the second quarter of 2012

Excluding significant items⁽²⁾⁽⁴⁾

• Expenses of $132.1 million, up 8% or $9.6 million from $122.5 million
• Net income of $10.6 million compared to a net loss of $1.7 million
• ROE of 4.6%, up from (0.9)% ⁽²⁾⁽³⁾
• Diluted EPS of $0.11 compared to diluted loss per common share of $0.05 in the second quarter of 2012

Year-to-date fiscal 2012 vs. year-to-date fiscal 2011
(Nine months ended December 31, 2011 vs. nine months ended December 31, 2010)

• Revenue of $427.2 million, down 23% or $128.8 million from $556.0 million
• Expenses of $413.3 million, down 12% or $58.6 million from $471.9 million
• Net income of $10.4 million compared to net income of $58.4 million
• ROE of 1.3%, down from 11.4%⁽²⁾⁽³⁾
• Diluted EPS of $0.09 compared to diluted EPS of $0.72 in the year to date fiscal 2011

Excluding significant items⁽²⁾⁽⁴⁾

• Expenses of $397.7 million, down $57.2 million from $454.9 million
• Net income of $23.1 million compared to net income of $71.9 million
• ROE of 3.4%, down from 14.1% ⁽²⁾⁽³⁾
• Diluted EPS of $0.23 compared to diluted EPS of $0.89 in the year to date fiscal 2011

Financial condition at end of third quarter 2012 vs. third quarter 2011

• Cash and cash equivalents balance of $700.9 million, down $12.2 million from $713.1 million
• Working capital of $471.9 million, up $100.4 million from $371.5 million
• Total shareholders' equity of $852.3 million, up $127.6 million from $724.7 million
• Book value per diluted common share for the period end was $8.54, up 1.4% or $0.11 from $8.43⁽²⁾
• On February 8, 2012, the Board of Directors approved a quarterly dividend of $0.10 per common share payable on March 15, 2012 with a record date of March 2, 2012
• On February 8, 2012, the Board of Directors also approved a cash dividend of $0.34375 per Series A Preferred Share payable on April 2, 2012 with a record date of March 16, 2012

SUMMARY OF OPERATIONS

Corporate

• On November 1, 2011, Canaccord Financial Inc. closed its acquisition of a 50%  interest in BGF Equities (BGF). The aggregate consideration paid by Canaccord for the 50% interest in BGF totalled AUD$40.2 million [C$42.2 million]. Subsequent to the closing, BGF was rebranded as Canaccord BGF. The 50% interest was acquired through the purchase of shares from certain existing shareholders and the purchase of treasury shares as follows:
• AUD$14.7 million for the purchase of existing BGF Equities shares, primarily from passive non-executive shareholders
• AUD$5.5 million⁽⁵⁾ in Canaccord common shares (the Consideration Shares) issued to key executives of BGF
• AUD$20.0 million for the subscription of treasury shares in BGF
• On December 15, 2011, Canaccord Financial Inc. announced that it had made a formal offer to acquire 100% of the equity of Collins Stewart Hawkpoint CSHP for a price of £0.96 per CSHP-LN common share
• The proposed acquisition will significantly grow the scale of Canaccord's capital markets operations in the UK and US, and will expand the Company's operations into Singapore. The transaction will also provide Canaccord with a strong UK and European wealth management business.
• It is intended that the acquisition will be implemented by way of a court-sanctioned scheme of arrangement under the UK Companies Act, which requires approval from Collins Stewart Hawkpoint shareholders.
• Subject to Collins Stewart Hawkpoint shareholder approval and obtaining formal clearances from the UK Financial Services Authority, the Monetary Authority of Singapore and certain other regulatory authorities, Canaccord believes court hearings to sanction the scheme and associated matters will occur on March 16, 2012 and March 21, 2012, and the acquisition will close ("the scheme will become effective") at 8:00 am London time on March 22, 2012.  Further announcements will be made if there are changes to these dates.
• During the fiscal third quarter, Canaccord Financial Inc. repurchased and cancelled 650,000 of its common shares under the terms of its normal course issuer bid (NCIB). 1,350,000 shares remain available for repurchase under the NCIB.

Capital Markets

• Canaccord Genuity led or co-led 20 transactions globally, raising total proceeds of $324.1 million⁽⁶⁾ during fiscal Q3/12
• Canaccord Genuity participated in 77 transactions globally, raising total proceeds of $1.2 billion⁽⁶⁾  during fiscal Q3/12
• During fiscal Q3/12, Canaccord Genuity led or co-led the following transactions:
• C$69.0 million for Artis Real Estate Investment Trust on the TSX
• £46.5 million for Rockhopper Exploration PLC on AIM
• C$46.0 million for Carpathian Gold Inc. on the TSX
• C$46.0 million for Huntingdon Real Estate Investment Trust on the TSX
• US$43.4 million for NewLink Genetics Corp. on NASDAQ
• US$40.1 million for Metminco Ltd. on AIM
• C$34.3 million for Amica Mature Lifestyles Inc. on the TSX
• C$33.4 million for Premier Gold Mines Limited on the TSX
• Canaccord Genuity generated record advisory revenues of $38.5 million during fiscal Q3/12, an increase of 53% compared to the same quarter last year
• During fiscal Q3/12, Canaccord Genuity advised on the following M&A and advisory transactions:
• Daylight Energy on its acquisition by Sinopec International Petroleum Exploration and Production Corporation
• Second Lien Noteholders of OPTI Canada Inc. with respect to restructuring of debt and sale of the company
• Zarlink Semiconductor Inc. with respect to the hostile bid and eventual acquisition by Microsemi Corporation
• Labopharm Inc. on its acquisition by Paladin Labs Inc.
• Grayd Resource Corporation on its acquisition by Agnico-Eagle Mines Ltd.
• Hathor Exploration Limited on its acquisition by Rio Tinto Ltd.
• New Gold Inc. on its acquisition of Silver Quest Resources Ltd.

Wealth Management

• Canaccord Wealth Management recorded a net loss of $0.9 million before taxes in Q3/12
• Assets under administration were $14.4 billion, down 2% from $14.6 billion at the end of Q2/12 and down 10% from $16.0 billion at the end of Q3/11⁽²⁾
• Assets under management were $607 million, up 6% from $574 million at the end of Q2/12 and up 18% from $514 million at the end of Q3/11 ⁽²⁾
• As at December 31, 2011, Canaccord Wealth Management had 278 Advisory Teams⁽⁷⁾, an increase of six from 272 Advisory Teams as of December 31, 2010 and an increase of seven from 271 Advisory Teams as of September 30, 2011
• During the third quarter of Canaccord's fiscal year, the Independent Wealth Management (IWM) platform added three new branches: Summerland, British Columbia; Trail, British Columbia; and Brampton, Ontario
• Canaccord Wealth Management now has 35 branches across Canada, including 23 operating on the IWM platform

Non-IFRS Measures

The non-International Financial Reporting Standards (IFRS) measures presented include assets under administration, assets under management, book value per diluted common share, return on common equity and figures that exclude significant items. Significant items include restructuring costs and acquisition-related expense items, which include costs recognized in relation to both prospective and completed acquisitions. Management believes that these non-IFRS measures will allow for a better evaluation of the operating performance of Canaccord's business and facilitate meaningful comparison of results in the current period to those in prior periods and future periods. Figures that exclude significant items provide useful information by excluding certain items that may not be indicative of Canaccord's core operating results. A limitation of utilizing these figures that exclude significant items is that the IFRS accounting effects of these items do in fact reflect the underlying financial results of Canaccord's business; thus, these effects should not be ignored in evaluating and analyzing Canaccord's financial results. Therefore, management believes that Canaccord's IFRS measures of financial performance and the respective non-IFRS measures should be considered together.

Selected financial information excluding significant items
		Three months ended December 31				Quarter- over-		Nine months ended December 31				YTD- over-
(C$ thousands, except % amounts)		2011		2010		quarter change		2011		2010		YTD change
Total revenue per IFRS		$147,889		$254,834		(42.0)%		$427,172		$556,036		(23.2)%
Total expenses per IFRS		142,822		192,918		(26.0)%		413,252		471,880		(12.4)%
Significant items recorded in Canaccord Genuity
Acquisition-related costs - Collins Stewart Hawkpoint		2,700		-		n.m.		2,700		-		n.m.
Acquisition-related costs - BGF		-		-		-		1,443		-		n.m.
Acquisition-related costs - The Balloch Group Limited (TBG )		-		1,750		(100.0)%		-		1,750		(100.0)%
Acquisition-related costs - Genuity Capital Markets (Genuity)		-		-		-		-		10,990		(100.0)%
Amortization of intangible assets		1,767		930		90.0%		3,627		4,196		(13.6)%
Restructuring costs		1,292		-		n.m.		1,292		-		n.m.
Significant items recorded in Corporate and Other
Acquisition-related costs - prospective acquisitions not pursued		-		-		-		1,513		-		n.m.
Restructuring costs		5,000		-		n.m		5,000		-		n.m.
Total significant items		10,759		2,680		301.5%		15,575		16,936		(8.0)%
Total expenses excluding significant items		132,063		190,238		(30.6)%		397,677		454,944		(12.6)%
Net income before tax - adjusted		$15,826		$64,596		(75.5)%		$29,495		$101,092		(70.8)%
Income taxes - adjusted		5,182		18,992		(72.7)%		6,391		29,219		(78.1)%
Net income - adjusted		$10,644		$45,604		(76.7)%		$23,104		$71,873		(67.9)%
Earnings per common share - basic, adjusted		$0.12		$0.61		(80.3)%		$0.26		$0.99		(73.7)%
Earnings per common share - diluted, adjusted		$0.11		$0.55		(80.0)%		$0.23		$0.89		(74.2)%

n.m.: not meaningful

TO OUR SHAREHOLDERS:

The third quarter of fiscal 2012 was a period of growth for Canaccord Financial.  We announced the transformative acquisition of Collins Stewart Hawkpoint plc to grow our operations in the UK, Europe, the US and Singapore.  We closed our acquisition of a 50% interest in BGF Equities to establish operations in Australia and Hong Kong.  And we leveraged the expanded M&A and restructuring capabilities we gained through our acquisition of Genuity Capital Markets in May 2010 to achieve record advisory revenue this quarter.

Over the last few years, we've set out to become a pre-eminent global, growth-focused investment bank.  And we're making significant progress to deliver on that goal.  The market dislocation and the current economic environment have provided some challenges for our business over the short term.  However, they have also provided us with exceptional opportunities to capture strategically important assets that we believe will enhance the long term value and performance of our company.

The steady, recurring revenue generated through Collins Stewart's wealth management business will enhance the stability of our earnings, while its significant on-and-offshore operations will substantially grow our assets under administration.  Our expansion into Europe, Australia, Singapore and Hong Kong provides us with important access to many key markets where we see opportunities to leverage our capabilities and expand our client base, while also diversifying our revenue streams through a growing number of geographic markets.  And as our Asia-Pacific strategy continues to take shape, we're confident Canaccord will emerge as a leading investment bank for resource companies and investors in that region - a vital sector for many Asian economies and a complementary expansion to our well-regarded resource industry knowledge base.

We're building a business to meet the evolving needs of our clients, and a company that can adapt to changing market opportunities to capture long-term value for our shareholders.  Furthermore, we're choosing to invest strategically in corporate development activities that can provide benefits to many parts of our business.

Our clients are increasingly expressing an interest in cross-border activities.  Our expanding M&A and restructuring practice has never been more active.  And we've developed a strong, progressively more global pipeline of business.  All are key indicators the investments we've made in the Company the last several years are building shareholder value.  Even more, they are examples of the opportunities we see for Canaccord in the years ahead and reasons we're excited about the future of our business.

QUARTERLY PERFORMANCE

During Canaccord's fiscal third quarter of 2012, the Company generated $147.9 million in revenue, an increase of 24% from the previous quarter, but down 42% from the record revenue we generated in the same quarter last year, when market activity was significantly more pronounced.  Even so, the record advisory revenue generated by our global M&A team this quarter provided a substantial contribution to Canaccord's performance, and helped to counteract reduced business activity experienced in other segments of our company.

As noted last quarter, difficult decisions to reduce staffing levels in certain geographies and flatten our management structure were implemented during Q3/12.  $6.3 million of pre-tax restructuring charges associated with these initiatives were booked during the quarter.  While decisions like these are never easy, we believe they were necessary to better align our resources with our current economic environment and best deploy capital in areas we see the most opportunity in.

Investments we're making to significantly strengthen our global operations and enhance the long term performance of our company were also apparent in this quarter's results.  $4.5 million of pre-tax acquisition-related expenses were booked during the quarter, including $2.7 million for the proposed acquisition of Collins Stewart Hawkpoint.

Despite the difficult market environment our industry continues to contend with, Canaccord performed relatively well.  Excluding the restructuring and acquisition-related expense items noted above, net income for the third quarter of fiscal 2012 was $10.6 million, or $0.11 per diluted common share.  Including these expense items, on an IFRS basis, net income for the quarter was $2.5 million, or $0.01 per diluted common share.

We continue to maintain a very strong balance sheet, ending the quarter with $700.9 million of cash and cash equivalents and $471.9 million in working capital.  The Company is very well capitalized to meet our operational needs; though, to facilitate our impending acquisition of Collins Stewart Hawkpoint, we secured a $150 million credit facility in December, which will be repayable 180 days after it is first drawn upon.  We were also very active in share buybacks during the quarter, purchasing 650,000 CF common shares from the market that were subsequently cancelled.  1,350,000 common shares remain available for repurchase under our current normal course issuer bid (NCIB) arrangement.

CANACCORD GENUITY

Record advisory revenue was a key driver of Canaccord Genuity's performance this quarter, which helped to offset slower investment banking and trading activity.  At $38.5 million, advisory revenue was 78% higher than last quarter and 53% higher than the same quarter last year.  Much of the advisory business generated during fiscal Q3/12 was achieved through cross-border transactions -- highlighting the strength of our global M&A capabilities and underscoring the potential we believe exists by expanding our advisory business into Europe through our acquisition of Collins Stewart Hawkpoint.

Canaccord Genuity advised on seven M&A and restructuring transactions that closed during the quarter.  Of these transactions, two specifically demonstrated the importance of our growing Asian advisory practice and provided significant fees to our business.  Canaccord advised Daylight Energy Ltd. on its $2.2 billion acquisition by Sinopec International Petroleum Exploration, as well as the Second Lien Noteholders of OPTI Canada with respect to the restructuring and sale of that company.

Ongoing economic and market instability continues to drag on global capital raising activities.  This, combined with lower trading volumes on some of the key exchanges we operate on, affected the overall results of our capital markets division this quarter.  Globally, Canaccord Genuity generated $93.6 million in revenue, up 35% from the previous quarter, but down significantly from the record revenue generated by the division in the same quarter of last year.

Despite the challenging market environment, Canaccord Genuity led 20 transactions during the quarter, raising $324 million for clients, and participated in 77 transactions globally that raised $1.2 billion.  Our pipeline of transactions remains strong across all our geographies, and we expect capital raising activities will rebound when economic concerns and uncertainty related to the European debt crisis subside.

During the fiscal third quarter, we were also very pleased to welcome new colleagues in Australia and Hong Kong, through the acquisition of a 50% interest in BGF Equities - now known as Canaccord BGF.  Contributions from this business are now being recorded on a fully consolidated basis and are attributable to Canaccord Genuity.  While still very early in our shared business strategy, we're already seeing positive indications from our operations in Australia and Hong Kong.

CANACCORD WEALTH MANAGEMENT

Prolonged market volatility and cautious investor sentiment continued to affect the performance of Canaccord Wealth Management.  Revenue for the third quarter was $44.6 million, down 6% from last quarter and 35% from the same quarter last year.

Ongoing efforts to improve the efficiency of the business have helped to lower the break-even point of the division; however, expansion and recruitment activities did impact some expense lines.  During the fiscal third quarter Canaccord Wealth Management welcomed three new IWM branches: Trail and Summerland, British Columbia, and Brampton, Ontario.  This expansion activity, combined with recruiting efforts during the period, increased the number of Advisory Teams by seven, ending the quarter with 278 Advisory Teams across Canada.

Expenses for the division during Q3/12 were $37.2 million, a slight decrease from the previous quarter, but 28% lower than the same period last year.  After expense allocations, Canaccord Wealth Management recorded a small pre-tax loss of $0.9 million during the fiscal third quarter.

As a positive indication of growth in our discretionary accounts platform, assets under management continued to grow, ending the quarter at $607 million - an increase of 6% from the end of the second quarter and 18% compared to the same quarter last year.  Assets under administration were $14.4 billion at December 31, 2011, down approximately 2% from the end of last quarter and 10% compared to the same period last year.

LOOKING FORWARD

As we move forward with the acquisition and integration of Collins Stewart Hawkpoint, we're increasingly more confident that our shared culture and values will provide for a seamless combination.  The Collins Stewart Hawkpoint shareholder vote to approve the transaction takes place on February 9, 2012.  Assuming we receive approval from their shareholders and from all applicable regulators, we anticipate closing will occur in late March.

When our combined business emerges, Canaccord will be better positioned for the eventual market recovery than ever before.  We'll benefit from the strong, recurring fee-based revenue from a high-margin wealth management business in the UK.  We'll leverage our expanded advisory capabilities in the UK and Europe to add value to new and established corporate clients.  We'll grow our Asia presence through a strategically important Singapore office with listing capabilities.  And we'll combine the best capital markets professionals on one back-office platform.

Most importantly, we'll see our business repositioned in the minds of our clients and within the competitive landscape -- as a formidable, independent competitor to many larger investment banks in the UK and the US.

We look forward to welcoming new colleagues and offices from Collins Stewart Hawkpoint to Canaccord's global platform in the next few months.  I'm convinced our combined capabilities, shared corporate relationships and pooled sector expertise will generate significant value for our clients and shareholders in the years ahead.

Kind regards,

Paul D. Reynolds,
President & CEO
Canaccord Financial Inc.

ACCESS TO QUARTERLY RESULTS INFORMATION

Interested investors, the media and others may review this quarterly earnings release and supplementary financial information at http://www.canaccordfinancial.com/EN/IR/Pages/default.aspx.

CONFERENCE CALL AND WEBCAST PRESENTATION

Interested parties are invited to listen to Canaccord's third quarter fiscal 2012 results conference call with analysts and institutional investors, via a live webcast or a toll free number. The conference call is scheduled for Wednesday, February 8, 2012, at 2:00 p.m. (Pacific Time), 5:00 p.m. (Eastern Time), 10:00 p.m. (UK Time), and at 6:00 a.m. (China Standard Time), and 9:00 a.m. (Australia EDT Time) on Thursday, February 9, 2012. At that time, senior executives will comment on the results for the third quarter of the fiscal 2012 year and respond to questions from analysts and institutional investors.

The conference call may be accessed live and archived on a listen-only basis via the Internet at: www.canaccordfinancial.com/EN/NewsEvents/Pages/Events.aspx

Analysts and institutional investors can call in via telephone at:

• 647-427-7450 (within Toronto)
• 1-888-231-8191 (toll free outside Toronto)
• 0-800-051-7107 (toll free from the UK)
• 10-800-714-1191 (toll free from Northern China)
• 10-800-140-1195 (toll free from Southern China)
• 1-800-287-011 (toll free from Australia)

Please request to participate in Canaccord Financial's Q3/12 earnings call.

A replay of the conference call can be accessed after 5:00 p.m. (Pacific Time), 8:00 p.m. (Eastern Time) on February 8, 2012, and after 1:00 a.m. (UK Time), 9:00 a.m. (China Standard Time) and 12:00 p.m. (Australia EDT Time) on February 9, 2012 until March 24, 2012 at 416-849-0833 or 1-855-859-2056 by entering passcode 44141412 followed by the pound (#) sign.

ABOUT CANACCORD FINANCIAL INC.
Through its principal subsidiaries, Canaccord Financial Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets.  Since its establishment in 1950, Canaccord has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services.  Canaccord has 53 offices worldwide, including 37 Wealth Management offices located across Canada.  Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, China, Hong Kong, Australia and Barbados.

Canaccord Financial Inc. is publicly traded under the symbol CF on the TSX and the symbol CF. on AIM, a market operated by the London Stock Exchange.  Canaccord's Series A Preferred Shares are listed on the TSX under the symbol CF.PR.A.

None of the information on Canaccord's websites at www.canaccordfinancial.com, www.canaccordgenuity.com, and www.canaccord.com should be considered incorporated herein by reference.

^{_______________________________________}

¹ As required by the Canadian Accounting Standards Board (AcSB), the Company adopted International Financial Reporting Standards (IFRS) effective April 1, 2011. All financial information provided for fiscal 2012 is in accordance with IFRS, and all comparative financial information for the four quarters of fiscal 2011 has been restated and presented in accordance with IFRS.
² See Non-IFRS Measures.
³ ROE is presented on an annualized basis. ROE for the period is calculated by dividing the annualized net income (loss) available to common shareholders for the period over the average common shareholders' equity for the period. See Non-IFRS Measures.
⁴ Significant items include restructuring costs and acquisition-related expense items as discussed under Non-IFRS Measures.
⁵ A total of 623,796 Consideration Shares were issued, calculated on the basis of Canaccord's volume-weighted average trading price on the Toronto Stock Exchange for a period of 20 consecutive trading days ending on the third trading day before closing.  Using this method of valuation, the shares were valued at AUD$5.3 million.
⁶ Source: FP Infomart and Company Information
⁷ Advisory Teams are normally comprised of one or more Investment Advisors (IAs) and their assistants and associates, who together manage a shared set of client accounts.  Advisory Teams that are led by, or only include, an IA who has been licensed for less than three years are not included in our Advisory Team count, as it typically takes a new IA approximately three years to build an average-sized book of business. 

SOURCE Canaccord Financial Inc.