Operator: Your next question comes from the line of Michael Cyprys from Morgan Stanley.
Unidentified Analyst: This is [indiscernible] stepping in for Mike Cyprys of Morgan Stanley. Just wanted to ask a big picture question about the opportunity set for broadening out to affiliation options. We’ve clearly seen a lot of growth coming through the channel, in particular. I’m just curious how you guys are thinking about the opportunity to capture some of that growth.
James Cracchiolo: Yes. The team is focused on the RIA channel as well in developing our distribution platform capabilities there. And we will put some emphasis there as we move forward as part of our intermediary distribution capabilities.
Unidentified Analyst: Excellent. And as a follow-up, somewhat related, can you tell us a little bit more about what tech initiatives you have in place at the moment for advisers in terms of what you’re doing to help the Ameriprise platform stand out and differentiate itself in the marketplace, and particularly what you have coming over the next, say, 12 to 24 months in terms of the tech pipeline?
James Cracchiolo: Yes. We feel unbelievably good about our total platform for the advisers, from our combination of CRM platform, which is the latest and the greatest of all the capabilities with all the integrated technology and data that they can use on their client portfolios and engagement, to our e-meeting capabilities that actually help them actually put together their actual proposals for clients and the engagement of meeting with them regarding their needs. Two, even our AI capabilities, helping them identify opportunities in their book. So we feel really good about the suite of capabilities that we have, but those capabilities are all integrated, which makes the adviser much easier with their dashboards to engage their clients to manage their books and to have that deeper engagement with them through the advice planning models.
So we feel really good and we’re continuing to invest heavily. And that’s complemented by all the mobile and the web capabilities that we have for them to do business. So we feel that we have a state-of-the-art type of system our availability is very strong. And so we feel it is a differentiating point for us.
Operator: Your next question comes from the line of Jeff Schmitt from William Blair.
Jeffrey Schmitt: The gross fee yield on client cash looks to be around 5% or maybe 5.25%, but what are new money yields at right now, I guess, on that $3 billion that will roll over and what type of maturities are you investing in there?
Walter Berman: Well, we’re still staying in the maturity range of the 3.5 range. And it’s right now, it’s a tad under 6%.
Jeffrey Schmitt: Under 6%, okay. And then any sense on why that Comerica Bank cash was kind of so high as a percentage of assets? And I guess, will your advisers be advising them to put more of that to work so we could see that come down?
Walter Berman: Yes, there is an opportunity, it is high as a percentage. It’s certainly a [indiscernible] and I think that’s one of the reasons and certainly with the engaged arrangement, we give them the opportunity. But it’s — we do see it coming down.
Operator: Your final question comes from the line of Brennan Hawken from UBS. Brennan, your line is open.
Brennan Hawken: I just wanted to double click on the NII expectation and confirm when you said that you expect NII to be up 2024 versus ’23 and then ’25 versus ’24. Is that for all cash economics both on and off the balance sheet, or is that just a part of it?
Walter Berman: That was for all.
Brennan Hawken: All, okay. Excellent. And can you speak to cash trends you’ve seen in January? And what expectations for balances or betas underpin that growth because it’s better than we were expecting.
Walter Berman: Hold on, let me go back. That was actually for the bank. I was giving you the bank on that one. I apologize.
Brennan Hawken: It’s for the bank. Okay, got it.
Walter Berman: Second question was?
Brennan Hawken: It was about the — no, never mind. Because if it was about the bank, then that makes more sense because I could…
Walter Berman: It’s definitely — it’s the bank.
Operator: We have no further questions in our queue at this time. This does conclude today’s conference call. Thank you for your participation, and you may now disconnect.
