Dan Arnold: Yes. Devin, it’s Dan. So, look, as we think about the opportunity set in the high net worth space, and I speak now of the end client segment when I refer to high net worth, that’s a function of our advisers’ overall evolving practices. And as they have clients or more clients that they have an opportunity to serve inside that category, that’s really driven the demand for services and capabilities that traditionally may not have sat inside our overall sweet spot. And so, I think that’s been the real catalyst for the driver of our contemplation of building out certain capabilities. And so, examples of that are us building out our own service around complex case design, right? And so that would be an investment that shows up in the core G&A reference that Matt was making, as an example, to your question.
I think you also see that in extended financial planning support. It’s not just the technology, but it’s the Paraplanning services that sit around it, as an example. So those are things that we’re building ourselves or organic capabilities that we’re building ourselves. So, as we’ve gone on the journey, we will — we have built and we’ll continue to build certain things that are in-house. There’s also other things that we think are important to serve high net worth types of clients, maybe that’s tailored insurance offerings that we traditionally haven’t done inside our own insurance agency or services like helping to sell a small or midsized business. And that’s where we’ll — we are developing strategic partnerships of which to provide those integrated solutions and services inside our overall offering rather than building.
And so that’s how we’re putting together what we think is a compelling set of solutions that position our advisers to serve and support their high net worth clients. Now as we built out those capabilities or we’re in the progress of, it also challenges us then to say, well, how do we better deploy those to the marketplace or leverage those, if you will. And I think that’s where we realized with the capability set that we have today, could we utilize that to even target what I might call advisers who specifically operate with only high net worth clients. And I think that would be an example of how we better leverage these capabilities, and that’s something we continue to explore in terms of how we go to market with this capability. But think about it that way, is we’re building some of these capabilities.
We’ve been on a journey, we’re not completely there, but we’ve made some significant progress. And then we’ll look to the outside market strategic partnerships. And I’m doing that, I think we can take the capital-light model to what is a compelling value proposition, use it to support our existing advisers and help us potentially attract new.
Devin Ryan: Okay. Great context, thanks Dan. Just a quick follow-up here on kind of the M&A market and conditions. You sounded reasonably optimistic around what you’re seeing now. There was a big wealth manager or deal in the wealth management space announced today. I guess just what are some of the themes that you’re seeing in the market that is kind of the catalyst for activity? I’m not sure if it’s the same across channels, but any context around maybe what’s making you feel like it’s a reasonable M&A market right now.
