Operator: Your next question is from the line of Andrew Kligerman with Credit Suisse. Please go ahead.
Andrew Kligerman: Hey, good morning Jim and Walter. Question about the advisors. You added 72 this quarter. Good, but a little light of where you were. I’m kind of curious as to your pipeline and how you see that playing out in terms of adding new experienced advisors.
James Cracchiolo: Yes. So we did add — it’s a little less than the previous quarter, et cetera, but there’s always timing with year-end and activities that occurred, as you would imagine with market conditions, the volatility there with advisors. But I would say the advisors we added actually had very strong productivity. So actually from a production perspective, the amount in total was higher and what we brought in. And the pipeline looks very good. So I think as you see some of the advisors being added, they’re really coming over because we do have a really great integrated technology platform. We give a lot of great support. The types of — they’re even coming because they trust the firm and the quality of the firm. And they really think that that’s really a benefit for them for their practices. So we feel very good about what the opportunity to continue here.
Andrew Kligerman: Got it. And then just thinking about the insurance subs RPS. Equity — in terms of dividending capital to the parent company, the equity markets are sort of a headwind, but then you’re doing this tremendous repositioning on the investment portfolio. Could you talk a little bit about expectations for dividending capital up apparently in ’23?
Walter Berman: Sure. So it’s Walter. We have — and certainly, as we look at it, and I mentioned as related to the earnings that certainly related to ’22, 2023. We will manage and keep our obviously a ratio. And so we feel very good about the dividend capability coming out of RPS, but the thing with the change and certainly enough growth going on in AWM, the bank, the stability of that. We also have an opportunity — and that increase in the flows of dividends to this parent from AWM and still get dividends coming up because even though they’re under pressure for Asset Management, they still are dividending a reasonable amount. So our cash flow coming out of the various segments, including RPS, is really — we are feeling very good about its capabilities in 2023 as a source of funding for us at the parent.
Andrew Kligerman: Awesome. Can I sneak one last one. Just on M&A, last quarter, you seem to think that you were going to kind of maintain the status quo in terms of divesting of blocks. Any change in that?
James Cracchiolo: Yes. So as we looked at the environment, et cetera, in the market, let me put it this way. I mean, you probably saw a thing that was reported out even this week. RiverSource has it’s like the second highest and ozone up by a few basis points, second highest return out there of any insurer — a large insurer. And so I think you got to look at it in a sense as Walter just said the free cash flow, how we de-risk the business, how even what we have on the balance sheet with guarantees is coming down. The products we’re selling are lower risk appropriate for the client. And we have a lot of other alternatives on the shelf for the client. So we feel like this is a good hand that we have. And now that the spreads have gone back up we’re able to invest out a bit more and garner some.
So listen, there may be some opportunities that come along, and we will continue — we’ll look at them as they do. But this is a comfortable hand to have as a complement, particularly with depreciating markets.
Andrew Kligerman: Awesome. Thanks.
