Timothy Gokey: Puneet, it’s Tim, and I’ll let Edmund add on this. It is, what we have is very specific testing where we’re able to measure right now, how many physicians are there in these funds, which allows us to say when we and how does that compare to where it was last year, and that’s where we get the growth numbers for. We don’t have specific data on macro versus tailwinds. What we do know is things like the positions in managed accounts. We’re growing at double-digit rate the positions on non-managed accounts. We’re growing more mid-single digits. So we can see that differentiation, you could do some math on that. So that’s where — when we talk about the tailwind, we can incrementally measure that, and that’s may be a point or 2. And then broadly, it’s driven by the macro with these additions, but I’m going to see if Edmund can €“ cover on that.
Edmund Reese: So the host (ph) is just going to hit on the — one thing I do first, Puneet, is just to be clear, we were saying mid to high-single digit growth. So that 5% would be sort of at the low end of what we expect here. So I just want to be clear on what’s been in our guidance and continues to be what we’re reaffirming here. And as Tim said, it’s very hard to desegregate between macro and other, but we’ve talked previously about broad-based growth in online and full brokers and large accounts in mid-size and small accounts as well and managed accounts and self-directed accounts. And we continue to see solid growth across each of those areas. And that, I think, seeing that broad-based growth is what continues to give us the confidence in the guidance here.
Puneet Jain: Got it. And it was good to know that the pipeline is strong, but are you seeing any changes in client behavior over the last few quarters in terms of maybe delays in decision making or flow deals through the pipeline? And any changes in client preferences for outsourcing versus in sourcing, given some macro pressures that they might be facing right now?
Timothy Gokey: Yeah. I would say clients are definitely busy. They are banking clients do have money. And it’s an interesting one for us which is, we do best when they have money and sort of just enough money. So if they have too much money, then they like to build it in-house, and you don’t have any money that it’s hard for them to fund the project. So you have to be sort of just right as a sweet spot for our sales. So I do think that the conversations, there’s a lot of thought before people go forward. There’s a lot of work to get these over the goal line. And we certainly feel like that feel that, I’m sure you’re hearing that from others. At the same time, we’re moving in. We got a lot of stuff done in the month of December.
As for the preferences for in-house versus third party, I think if I go back 12 months ago, people had a lot of money and you could sort of feel some of the conversations slowing a little bit more toward, well, maybe I should build this, maybe I should build that. And I think when you look at where things are now, I don’t know if it’s money. I think it’s as much all the regulatory change that is coming. There are so many things that people are having to address coming in from the SEC and others that they have a lot on their plate and getting help is very useful. So it’s — and you have to segment that a little bit by size of institution. Certainly, all the Tier 2 institutions are strongly looking for help.
