I think everything is resonating in the market. I would say from a new business perspective, the pipeline is strong. The pipeline in — globally in the UK and EMEA is getting stronger as we speak. So every single day, we have more activity in the market. We’re building our brand and we’re really making a good push, a big, huge push towards that. So I mean, I think we’re in a good place going into 2024, and we look forward to more good things to come. Ryan, anything to add there?
Ryan Hicke: No, I think the only thing I would add, Phil, is I think when you look at the client engagement in IMS, it is exceptional, and it pays dividends based on our service model and our understanding and positioning with the clients. And I think the other units have actually tried to drive the same kind of level of engagement and Sanjay certainly has across banking, Paul has 110 advisors here next week. I know Jay, you’ve been out seeing all the clients. So I think we feel really optimistic that the significant increase that we have put forward in the last couple of years around market activity and client engagement continues and will continue to pay dividends, and it’s something we’re not going to let our foot off the gas.
Mike Brown: Okay. Great. Yeah. Thank you for all the color there. I guess just a quick clarification there. What is the right growth rate for that business, I guess, focusing on the operating income side? Certainly, it sounds like if the margins are kind of close to that 37% level, is that kind of the natural maybe ceiling for the business? And so would the longer-term growth just generally be driven by ongoing growth of the business and therefore, revenue growth?
Phil McCabe: Yeah. Actually, Mike, this is Phil. Dennis wants to answer that, and he’s pointing with his thumb higher up in the air. I’m not sure exactly what that means. But what I would say is — as he said in the past, we’ve been in the 34% to 36% range. We’ll bump around a point or two. I think we also have to continue to invest in that business. So 37% might be a little bit high. I think it’s important for us to kind of capture the market opportunity that’s out there in front of us. So we definitely want to continue to invest in the platform and invest in our people and sort of just drive sales growth throughout 2024.
Ryan Hicke: I agree. Mike, we’re going to continue to invest for growth and invest for scale in that business, but there’s significant opportunities in that business.
Mike Brown: Okay. Great. And then maybe just to change gears to kind of the capital allocation side of the business. You guys closed on two M&A transactions in the quarter. Can you just maybe touch on when you might be back into the market and looking at some other inorganic growth opportunities. Those were I guess a little bit kind of bolt-on size transactions. Would you maybe consider something more transformational? And if that’s the case, any view into strategically what that could look like? Thanks.
Ryan Hicke: So I mean we’re back in the market right now. So we didn’t stop our M&A activity. We didn’t stop our corporate development team that we put together 18 months ago. I never really know how to find transformational. But what I could tell you is when you look at the teams and the areas where we’re going to continue to invest both organically and inorganically, Paul talked about the RIA segment. That’s an area we will continue to look for opportunities. The alternative space, so Altigo is one example, but we would continue to invest or acquire capabilities or assets that we think would accelerate our growth there and some of the things that Sneha is doing in the new business area, whether that’s around automation, AI or data. So we’re pretty focused, Michael, on specific themes or areas that are hopefully really consistent with things we have talked about in the past in the investor presentation, but we didn’t close the door after the two acquisitions.
Mike Brown: Okay. Great. Thank you, Ryan. Thank you for taking my questions.
Ryan Hicke: Any time. Thank you.
Operator: Thank you. And there are no more questions in queue. You may continue.
Ryan Hicke: Thank you. Well, as we’ve mentioned, I’m proud of our achievements in 2023, but we have much more to accomplish ahead. We’ve got to stay laser-focused on innovating our business for the future, delivering for our clients, growing new markets and investing in our talent and capabilities. Thank you for joining today’s call.
Operator: That does conclude our conference for today. Thank you for your participation and for using AT&T conferencing service. You may now disconnect.
