So there’s some protection there. But I will say on the banking side, we did take some margin hit, but it was principally because we use it as an opportunity to re-contract with clients, extend relationships, help them deal with the financial distress they were under. So, it gave them some temporary relief with the trade-off of a more longer term partnership like relationships. So with all that said, we do have some costs that are variable. So we — some advisor expense, that’s a direct expense on our P&L, that certainly would contract our variable part of compensation. We did make some decisions to adjust that, but we were one of the few financial services firms in that period, and I’m not making any future commitments here, but one of the few financial services firms in that period that actually paid incentive compensation through that cycle.
That wasn’t that 100% of our normal, but it was fairly healthy other than the executive team. The executive team made a decision that we would not take that variable comp as part of our — in that period. And then we did use it like most things, probably the first time you ever clean out your attic is when you’re moving. So, we use it as an opportunity to actually clean up some things that needed to be cleaned up anyway and should have been cleaned up kind of a normal course of business, but that gave us, I’d say, a little bit higher incentive to act on it and we did get some cost takeout from that. But we also invested money in client-facing activities and we leaned into our clients a little bit more on the client service side. We did not slow down our R&D initiatives.
And we certainly put them under more scrutiny, but we actually spent more in capital in R&D during that ‘08, ‘09 period, than we had spent kind of the ‘06,’07 period. So, we really felt that we have a really strong financial foundation, we have very effective business models and that we’re very scrutinizing around making sure we don’t sacrifice the long term and what we’re really all about, which is long-term strategic growth and value just because of some short-term pressures. And I would say we would probably operate in a very similar fashion.
Mike Brown: Okay, great. Thanks for all the historical perspectives there, Dennis. And then maybe just kind of quickly lining up some of your sales and pipeline commentary, and it just looks like some of those metrics are just down quarter-over-quarter. And so I know that’s just one data point at one point in time. And you certainly talked about a number of key investments and you sound upbeat about a lot of your initiatives here. So I guess, if we just take a step back, can you just help me synthesize those two trends? And what that ultimately can mean for some of the more near-term trends, including activity into year-end here?
Ryan Hicke: So I think, Mike — hey, it’s Ryan. I mean, if you look at Q3, Q3 was a little bit down relative to Q2 in sales. But Q1 and Q2 were really good sales quarters for us. Q3 was really impacted on the asset management side. We had another really solid quarter, and we expect that to continue. If you look at the pipeline from Q4, Q1 of next year, as Phil mentioned and Sanjay mentioned and even Paul and Jay. So we feel really good about where we are on a pipeline perspective. Q3, sometimes you get a little bit of like the summer and things drag on, things push into Q4 but really, I think Q3 was primarily impacted by what we’ve just talked about and what Jay went through. But Phil already mentioned, we had $19 million quarter.
