Erik Bass : Got it. Make sense. And then maybe building on your comments about organic growth. I mean, it has accelerated. It been running at over 6% annualized the past couple of quarters and wealth management. Can you talk a little bit about what’s driven that acceleration in inflows and given the pipeline that you have and clients and advisors coming in. Do you see that as a sustainable run rate.
Walter Berman: We think so, because we are – our advisors are engaged. We’ve help them with a lot of tools and capabilities and support. Even in this climate, we get them a lot of information and appropriate of communications for their clients. Our market volatility, we help them really help our clients stick with their goals and what they need to achieve overtime balancing out of volatility. We are engaging and bringing in a lot good new client flows and deepening. And we are also adding highly productive advisors. So we added another 83 in the quarter would have very good of business. We have a good pipeline. So yes, we see it. Continuing, we are adding news capabilities like our e-meeting things that’s going to help our advisors actually conduct even more meetings very efficiently. So we feel good about how we are situated in this climate.
Operator: Thank you. We go next now to Craig Siegenthaler at Bank of America
Craig Siegenthaler: Thanks. Good morning, everyone. So on the back on Comerica win, can you update us on your pipeline for additional financial institutions or wins and how should we think about the frequency of these wins going forward and also the .
Walter Berman: Yeah. So we’ve added a number of financial institutions over the last year. Now I’ll comment was a bit larger so we — it was a little bit longer to orchestrate and more comprehensive based on the nature that they had their own broker deal et cetera., but we’ve been winning business for other banks out there in that financial institutions. I think now we’re opening it, so that we can work with a bit larger institutions like Comerica. And I think we are in a good situation. We bring a lot of good capability. They like our service. They like the ability of what we can do to support their advisors. They like the gold-based solution we provide to their clients. So this is something we think we can build upon as we move forward. So again, I can’t sit here to tell you exactly when deals get orchestrated but we have a good pipeline and we think we’ll be adding more business there as we move forward.
Craig Siegenthaler: Great. And I just had a follow-up on recruiting. So advisor count was down very modestly on the franchise side and up a hair on the employee side, but down on a total basis from last quarter. So I’m just wondering, if you could provide us any perspective on this downward trend including reminding us of any first quarter seasonality and then I wanted to hear how the bank failures in March impacted both your ability to recruit new advisors, but also retain existing advisors in March, and now April because persistently we are pretty robust.
Walter Berman: Yeah. So no, our numbers in franchisee is very strong and stable. Retention is very strong. As with anything I mean we have 7,000, so it doesn’t advisors there. So you have some turnover in some of their — assistant advisors you also have some retirements that occur in the first quarter, but there’s nothing different than what we’ve seen in the retention rate is quite strong and the assets are here. So we’re not concerned about that as we go through succession planning, et cetera. As far as the pipeline, we feel is very good. One of the things that people have told us is they value very much what we do and what we provide, but they also value the strength and the integrity of the firm and how we’re positioned.
I’ve mentioned a few accolades about how clients trust us. But when you have a very stable institution like Ameriprise, that is able to really navigate these market circumstances when I would stand-by their clients that’s what advisors are looking for as well.
Craig Siegenthaler: Thank you.
Operator: Thank you. We’ll go next now to Ryan Krueger of KBW.
Ryan Krueger: Thanks. Good morning. My first question was on the Comerica partnership. Can you give — what type of assets those of the $18 billion that are coming over into your platform.
Walter Berman: So it’s a mix of handsets as an example, advisors hold various assets that invested in the market, there is a combination of wrap type of assets, those funds, other things like that. There is insurance contracts. So it’s — and what we’ve been able to do is show of what we can do to help those advisors and that client deepening and expand that base and add more clients to their base for the bank. So we feel very good that the $18 billion will transfer with that. There is an opportunity for us to help them grow that and that’s what they’re looking to do.
Ryan Krueger: Got it. Thanks. And then on your initiative to introduce new savings products within the bank. Do you see the earnings characteristics of that as similar to the certificate balances or do you have a preference from a profitability standpoint within the banker significant (ph).
Walter Berman: We believe, actually, it will be higher based on the investment strategy and the other elements within it. So we were actually pick up the yield on that.
Ryan Krueger: Thanks. And then just one last quick one. The $66 billion of total client cash you mentioned, does that include CDs from outside of Ameriprise as well as money market funds or was that predominantly CDs?
James Cracchiolo: Yeah. So it would include our clients, advisors putting their clients in brokered CDs we have on the platform from financial institutions.
Ryan Krueger: Okay. Great. Thank you.
Operator: We’ll go next now to Alex Blostein of Goldman Sachs.
