That will level off and begin to come down as we reach the back half or the back end of our investment cycle. And then you look at the consolidation costs or the restructure costs that the company, we’ve gone through a very substantial integration of the company. And with that comes transitions for individuals that we brought the organization more tightly together. And we’ve also separated from individuals as we’ve gone through that. And so those are all kind of part of the process as you go through an investment program. So yes, we’re very aware of it. It’s a very important priority as we manage our way through the back end of this investment cycle, and you’ll see improvement in those costs as well as we get through the year and into ’24 and ’25.
Operator: Our next question is from Michael Cho with JPMorgan.
Unidentified Analyst: This is Madeline on for Mike. Can you share some trends you’re seeing in the data and analytics business in terms of new user growth trends, utilization and yield per user? And maybe also discuss the sales cycle and renewal time lines you’re seeing in that business today as well.
Bill Crager: Overall, the data business, what we saw last year was we have signed a significant number of new logos. We have increased our users on the data platform, lowered yield per user as we saw higher components of usage in areas that just have lower yield per user versus things like account verification in other areas, our larger fintech clients have kind of slowed in that area. So we saw really good momentum, I would say, overall in new client — new client sign-ups, user growth. And I think that kind of bodes well for our future in that business. I’m also — I also pay quite a bit of attention to how we exit the year. And we exited the year in our data business with a far, far stronger pipeline of institutional opportunities and also fintech opportunities than we started the year.
And as we look at our business, we see the pipeline kind of growing anywhere from 2 times to 10 times depending on the capability within the data business. Most interested or most kind of where we’re really seeing the queue deepen and our onboarding accelerate is in something that we call the wealth data platform. We’ve been talking quite a bit about that, that is assembling all the data for our enterprise and RIA clients, helping to normalize that, helping to reconcile and enrich that and then publish it out into the adviser’s ecosystem. Into that, we provide insights or recommendations, if you will, on how that adviser can better manage or engage their clients, and we’re seeing pretty significant uptick in the clients that we’re onboarding as well as the pipeline.
I would say that between 4Q of ’22 and 1Q here where we sit in February, we’ve seen a doubling of that opportunity set for us. So there’s lots of interest and lots of very good traction as we get to the introduction and rollout of our wealth data platform with our customers. From there, Madeline, what’s important to realize is that as we offer the wealth data platform, it connects back to our entire ecosystem of technology and solutions. So it will drive faster adoption of those high value asset based solutions that I spoke about earlier. And really, the data is looking across today, 91 different opportunity sets for advisers that range from — we talked about in the prepared remarks, moving brokerage assets to managed assets, but can go to how can I consolidate a loan portfolio for a client, how can I help a client optimize their insurance portfolio?
