Michael O’Grady: Gerard, it’s Mike. I appreciate the question. And the answer is yes. It does alter the way that we have to look at the business. And just starting with some of your comments there just around low interest rate environment, higher interest rate environment, what aspects of that are cyclical versus maybe permanent changes. Jason mentioned some of the shifts in the way institutional investors invest and the implications on transaction volumes that may come with that. And as a result, beyond looking at the productivity of the business, which I think we’ve emphasized here, we also have to look at the pricing side of the business. to ensure that we are being appropriately compensated for all the high value-added services that we’re providing, I’ll take it to all our clients because it really isn’t specific to just institutional clients or wealth clients.
But if there was an expectation that you were managing a certain level of deposits as a part of an overall relationship, that was a part of the value you were receiving for all the services you’re providing. If that’s going to be different for some time period, then you have to be compensated in different ways. Now you know our model well enough to know it’s not a consumer product or something where you change the pricing daily or even monthly. So it’s something that you have to work through the longer-term way that your services are priced and the way relationships work. I mean we’re always looking to retain relationships, but also very focused on expanding them. And the more we can do with the clients, the better the overall economics. So my point, which I think you’re on to it is we do and have been looking at this holistically, both on the revenue side and on the expense side so that we can continue to look at meeting the financial targets that we have.
Gerard Cassidy : Very good — and then as a follow-up, Jason, talking about, obviously, you’re approaching your budgeting season, and I’m not asking you to obviously tell us what’s going on yet. But can you frame out for us a year ago this time, when you were doing the budgeting for 2023 and you’ve — as you pointed out, you guys have made progress in reducing the expense rate of growth. But can you frame out for us the outside factors that you were dealing with last year at this time, whether it’s wage inflation or just inflation in general versus today, is it a little easier today or not just as tough the outside factors haven’t really changed, and it’s going to be a tough environment to put together a budget?
Jason Tyler: Last year, we were in a heavy, heavy inflationary environment that was hitting us in not just our labor costs, but also we were defending we were defending from others trying to take our talent a lot was one of the talking points that we had at the time. That had implications and we were just spending time on that as well. And then we were seeing inflation come in technology costs in a lot of different ways. So every budget year is really, really difficult. I have to say that the macro headwinds last year, I feel we’re heavier than they are this year.
Operator: It appears there are no further questions at this time. Ms. Childe at this time, I will turn the conference back to you for any additional or closing remarks.
Jennifer Childe : Thanks, Melissa. We’d like to thank everyone for joining us today, and we look forward to speaking with you again soon.
Operator: This concludes today’s call. Thank you for your participation. You may now disconnect.
