Paul Reilly: So just to be clear and just to be clear, one last comment on this is because I’ve got some questions over the email is, we our guide, the 5% guide that I provided on NII and BDP fees is really based on today’s rate action. So we’re not trying to factor in the forward curve or anything like that, as Paul said, I’m not sure we totally buy the forward curve, but I’m not sure if we, we’re certainly not going to give guidance based on the Fed cutting rates anytime soon.
James Mitchell: Perfectly fair. Thanks, Paul.
Operator: [Operator Instructions] And the next question comes from the line of Michael Cyprys with Morgan Stanley. Please proceed with your question.
Michael Cyprys: Hey, good afternoon. Thanks for taking the question. I was hoping you might be able to provide some color on the marketplace for recruiting advisors today how you see that evolving and how you might characterize the pipeline? Thank you.
Paul Reilly: So I think we I think I’ve gotten this question almost every quarter now for 13 years since I’ve been CEO. It’s competitive. I mean it’s — I think all firms are kind of in the market. The costs have gone up somewhat, certainly over the years. So we have maintained our position not being the highest bidder in these cases and using as its positive selection, but it’s certainly comparative. You have broker, dealer employee channels, you have the independent firms and the aggregators competing especially at the high end of for all their clients, so the good news for us as we continue to compete very well. We continue the pipeline is strong. The biggest change probably over the last two years is the number of just very large teams that we talked to versus years ago. So the pipeline is great, it’s been picking up every quarter very slow start. It’s continued to pick up each quarter and so we’re optimistic, but it is competitive.
Michael Cyprys: Great, thanks. So, just a followup question on the ESP balances, just curious how you’re thinking about the duration of those ESP deposits versus your sweet deposits and other funding sources? And how does that sort of how do you take that into consideration when you think about ultimately reinvesting and putting some of those deposits to work?
Paul Reilly: Yes, well, it’s a relatively new product for us. We launched it in March. So we’ll learn more as we have more experience with it and as rates stabilize, and those sorts of things. So we want there, we always try to have cushions around kind of how we think about funding deployment, and maybe even more so a bigger cushion when you’re dealing with a new deposit product in a volatile and uncertain rate environment and so you look at where we are today. We’ve had a target of third party balances of around $10 billion that we talked about, just six months ago, and now we’re up to $16 billion, or north of $16 billion of third party balances and the banks are still holding very high cash balances more than they need in a normal environment. And so we have a significant funding cushion and opportunity over the next several months to really kind of have better history and understanding of the sort of the reinvestment of the enhanced saving product balances.
