Last year — in last year’s market, accounts per adviser were up 9% year-over-year. So what we set out to do was to introduce more capabilities to advisers to centralize their usage within the Envestnet ecosystem and that is clearly working. We defined the tape pretty significantly with adviser usage and adviser account growth in 2022. And that rolls in with a lot of momentum as we get to 2023.
Michael Falco: And then for my follow-up, I appreciate we’re very early in the journey in the custody. But can you give any perspective on how you’re thinking about the economics there and then the addressable market for Envestnet relative the broader custody market as a whole?
Bill Crager: I think first off, from a service standpoint, let’s just kind of set the stage for everyone. What this is, is an integrated, fully digital environment from the Envestnet ecosystem. So the account opening, the account administration, the account servicing becomes really streamlined. Administratively, we’re extracting a lot of the cost that advisers have to open and manage accounts and connecting from the front of the process all the way back through to the execution and storage of the assets. That is differentiated. It’s also real time, Michael. So the data that flows back and forth between the FNZ back end and the Envestnet platform will not happen in a batch process, but it will happen continuously throughout the day, and that is also a differentiated capability that we’re excited about.
And as we’ve introduced this to our clients around certain programs that we’ll roll out, there’s been a really strong feedback and response from our client set. But the one area I would really spotlight that we were outperformed in 2022 is cash. We don’t have a vehicle to monetize cash on our platform. And if you look at the surrounding comps to Envestnet, the growth and the real kind of lift that those businesses experienced in 2022 is right there. It’s in cash. So we believe that given our enhanced service model, the digitization of this administration of accounts, the real time nature of it, the cost effectiveness and embeddedness of it, we believe that we will flow assets beginning here in 2023 and that they will contribute to the top line and then significantly to the bottom line.
And I cited kind of a use case where if you look at our gross flows on an annual basis of $200 billion, we won’t capture 100% of those. We won’t capture the majority of those, but we will capture a percentage of those. And those will contribute significantly to the overall growth rate of the company from a revenue standpoint, but importantly, as well to the bottom line.
Operator: And our next question is from Surinder Thind with Jefferies.
Surinder Thind: A bit of a housekeeping question to start. Can you talk about the breakdown in terms of the growth outlook for next year in terms of the AUM/A segment versus subscription and licensing and maybe even a level deeper than that on subscription licensing, and also the inorganic contribution next year?
