Surinder Thind: Thank you. I’d like to start with a question about just the data insights engine and the 20 million insights that you’re generating daily. Any color on what you’re seeing in terms of, from an advisor perspective in change of behavior, interactions, how we should interpret that metric and how that’s kind of been helping the business so far?
Jim Fox: Yeah. Surinder, I would say a couple things. So we’re generating about 80 different use cases across those 20 million insights and there’s a handful that are really taking hold. So a couple examples would be tax opportunities, accounts or positions that we’re serving up to the advisor where they would benefit from a tax overlay capability or accounts that the advisor is managing and there may be ways to manage it more efficiently and we’re serving that up both to the home office and to the advisor. And then annuities that may be out of the surrender time period and maybe at a higher fee and there are replacement products that are more suitable for the client. So when you dive in, there’s probably five to 10 use cases that are resonating and advisors are using more and more.
And then another important aspect is delivering these insights where the advisor does business. So it’s one thing to develop the insight and then send them an email. We’re actually delivering the insights within their core user experience and operating platform and that will make a big difference over time around the advisor’s ability to see an action against that insight. And then we’ve done a lot of work to deliver those analytics within our financial planning engine. So create a financial plan, come up with a recommendation and then connect planning to our wealth ecosystem where you can then transact and deliver more fiduciary solutions. So the combination of the insight, driving the — teeing up the advisor to deliver against the financial plan but then making it easy to follow that financial plan and for us, the benefit is more AUM over time.
So we’re seeing traction. It’s still a lot of opportunity, a lot of green field and we think there’s a lot of interest in the insights as we continue to deliver them throughout the platform.
Surinder Thind: Thank you. And then in terms of just when I think about a follow-up on some of the pricing questions here or just on the AUMA side of the business, the fee rate’s been relatively stable when we look over the last few years. But one of the things is that the AUM percentage has gone up kind of materially from roughly 40% a few years ago to 50% today. But the fee rate hasn’t really moved. Any color there? Are there — is there a certain mix shift underneath in the product set that you’re selling where it’s just slightly lower fee AUM type products that are in that mix now or what should I help understand that?
Josh Warren: No. Surinder, I would think of it as even though the mix is moving, as you correctly surmised, between AUM and AUA, AUA and in particular some of our big blocks of assets that are reporting only are really low fee. And then when you look at it all together on a blended basis, you start to see that phenomenon. The reporting assets, those are essential. They’re — they enable successful client relationships. They enable a foundation in many respects for clients to do more business with us. But you should think of that as to a certain extent dragging down the blended fee rate as when you sort of lump everything together in terms of AUMA into a mix.
Surinder Thind: Thank you.
Operator: Thank you. We have reached the end of our question-and-answer session. And with that, this will conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
