Silvercrest Asset Management Group Inc. (NASDAQ:SAMG) Q1 2024 Earnings Call Transcript

Yes. And which was unusual most years we’re right on top of the 55%. But as we get more aggressive in building the company and growing, we’re going to have to accrue and change that. So, if anything it might go a little more up this year to be honest. We’d like to avoid an adjustment in the fourth quarter. All things being equal, I’d rather just be flat and very predictable throughout a year with very little adjustment, but it doesn’t always work that way. And as I mentioned in my early remarks, I think the firm is at a very important inflection point and tipping point in its progress at its size and the kind of investments we’re making. And so we would rather have a little more variability going forward as we do that and to explain that very clearly to you and other investors about why and how we’re doing it.

Chris Sakai: Okay great. Thanks for the answer.

Operator: [Operator Instructions].

Operator: This will conclude our question-and-answer session. I would like to turn the conference back over to Richard Hough for any closing remarks.

Richard Hough: Great. Thank you very much for joining us this morning. I appreciated the questions as long as my rather — you’re paying attention to my rather prolonged introduction about what makes this firm special strategically and in the marketplace for high net worth and institutional investors alike. I think it’s very important as we engage in more initiatives to grow the business that we keep those first principles in mind about how we build the company. As I also mentioned, I think this is going to be an incredibly formative years given the number of initiatives year — given the number of initiatives that we have and the new professionals that we’re bringing on board to build this company. I look forward to giving you more information about that pipeline and the success we expect those teams to enjoy on our behalf and on your behalf. Thank you very much.

Operator: The conference has now concluded. [Operator Closing Remarks].