And I think it — logic would have it, that’s what would occur, and that’s what we’ve seen over last three years. I think, look, for us, we don’t see any changes in the opportunity set. I think the — as we think about it, the ongoing evolution of our capabilities, the expansion of our market opportunity set with our expanded affiliation models, introduction of our services group, advocacy of existing advisers from good experiences, are really the key drivers of that opportunity set and our ability to drive win rates regardless of what the churn or opportunity set is in the marketplace. We did see the — sorry, the market stabilizing more in the third and fourth quarter and more advisers now getting past that volatility and reengaging and exploring their strategic options.
And I think to the extent that there’s not some big shift in the macro, we continue to expect to see that trend occurring. And you’ll continue to see folks explore that movement from an employee-based model to independent model. We continue to see with more and more capabilities, folks in the independent model, looking for something that can serve and support them better and taking care of their clients. And finally, even with being able to help with their own succession planning creates another catalyst of opportunities. So I think we think those things are much more important and bigger drivers of the ultimate sort of size of the movement, but certainly in the short run, there’s been some noise or in immediate term, pretty extreme scenarios, right, of the macro, given the pandemic and the first equity markets last year since 2008.
I hope that helps give you some color on at least what we’re seeing over the recruiting landscape.
Jeff Schmitt: Yes, absolutely. Thank you. And then a question on the brokerage assets organic growth rate up 7% in the quarter. How much of that was driven by bank outsourcing? And I guess, like what deals specifically, any breakdown of that would be helpful.
Matthew Audette: Yes. So the large financial institutions, that’s what you’re asking about, on the brokerage assets?
Jeff Schmitt : Yes, right.
Matthew Audette: Yes, it’s relatively minor. I mean the growth rate was 7% for the quarter. Prior to that, it’d be 6.5%. So a relatively minor part of it in the quarter.
Dan Arnold: Maybe to add to that, if you’re curious around why the trend or better growth in brokerage over the past three to four quarters, I think that’s the evolving interest rate environment and advisers using solutions that may be more brokerage-oriented solutions, whether that be fixed income or whether that be annuities of which to help clients seeking higher yield or higher rates. And so that’s where you’re seeing some of that growth come from that wasn’t necessarily the trend prior to last year.
Jeff Schmitt: Okay, that’s what I have looking for. Thank you.
Operator: And our next question comes from the line of Gerry O’Hara from Jefferies. Your question please.
Gerry O’Hara : Thanks. Maybe one for Matt. The leverage ratio of 1.4 coming down from 1.7, I think you said it kind of continue to grow in a higher interest rate environment. What do you feel is maybe sort of an optimal sort of long-term leverage ratio? I think some peers, both public and private, tend to run at a bit of a higher number. And just sort of want to get a little bit more color as to how you think this might be best set up to optimize the business, I think, kind of in a long-term environment? Thank you.
