So whatever we can do that we think is optimal to help our advisers differentiate and win in the places that matters most of them is what we’re trying to solve for. Those are a couple. I hope that helps.
Michael Cho : Yes, it does. I appreciate the color. And then just one quick follow-up. Dan, I think you kind of referenced this just on the expenses. Just looking at the third bucket of expenses where we’re talking about the accelerated portion. I guess, are there areas you’d call out that’s going to receive those accelerated investments?
Matthew Audette : Yes, this is Matt. I’ll take that one. I think there’s — when you think about that third bucket, it’s more about the timing of the investments. So there’s no specific category. I think you go back to the investments that we’re making in technology and capabilities that help improve our value proposition or help support and open up our expanded markets. And when you think about those plans, we’ve got multiyear plans on the things that we think are quite important. And that third bucket is really about, given the environment that we’re in, accelerating some of those plans. So that’s the headline there. I don’t know, Dan, if there’s anything you want to add.
Dan Arnold: I would just give you an additional way to frame that. If you remember back at the Investor and Analyst Day that we did, we shared the framework around vertical integration and a lot of those investments are showing off that spectrum of opportunities that we have. So as we drive more and more solutions into sort of that lower in the ecosystem where it really helps the adviser operate at a local level, but you’ll find it also coming all the way back to things that enhance our advisory platform. And so I think you’re seeing an accelerated investment across that entire spectrum as opposed to any one specific play. So I hope that helps to keep your framework to think about how we think about the spectrum of investments and perhaps how that’s been .
Michael Cho: Great. Thanks so much, guys. Appreciate all the color.
Operator: And our next question comes from the line of Kyle Voigt from KBW. Your question, please.
Kyle Voigt : Hi, good evening. Maybe just another question on centrally managed platforms. You mentioned that, in a response on pricing, the organic net new asset growth there is still strong but it’s been decelerating over the past couple of quarters. Just wondering if you could provide a little bit more color on the recent trends and then kind of where you see the opportunity to take that penetration rate to over time for the centrally managed business? Thank you.
Dan Arnold : Yes. So obviously, with respect to our advisory platforms, that fits inside that overall spectrum of offering. And as we think about enriching that entire platform, one of the places we’ve been focused on is centrally managed solutions. And we continue to add more capabilities and more value there. We think about the investment content that’s available, the ability for advisers to use that in different ways, really turning that into a UMA and expanding the SMAs that are available on it. There’s really cool enhancements and functionality that is materially improving the appeal and how one would apply it in more scenarios and cases. So we’re excited about the potential opportunity and for it to continue to sort of grow share, if you will, in that overall mix of business, both with respect to advisory but we even think about it across a full spectrum of brokerage, because the more appealing we make this even at smaller accounts, where it’s appropriate, and people feel that the plan is better served from that movement of brokerage to advisory, a lot of that would tend to move over to centrally managed solution.
