Ronald Kruszewski: Well, certainly, on the Wealth Management side, we see a very strong recruiting pipeline. We’re always looking for accretive acquisitions. I’m not saying that we see that now. I’m just saying that we will do this. But on the Wealth Management side, both our view of the recruiting landscape and the investments that we’ve made to be an attractive destination makes me optimistic about that business. And look, Devin, I get this question a lot, and it’s hard to sit here today and just say, “Oh, we can do that.” But go back over any five-year period and look at our growth over any five-year period over the last 20 years, and you’ll see very similar characteristics. So I’d say past is prologue, we’re a firm that makes investments, accretive investments, and we grow our returns.
And I see as the firm has become more relevant to clients and have a €“ has more product suites, we are better positioned today to grow our Wealth Management, but also our Institutional business. I don’t just want to lose sight of how difficult 2022 was across The Street in the Institutional business. And we’ve built quite a franchise there, and that’s going to rebound. So you take the combination of those two, and I’m optimistic about our growth. And I think we, as a management team, have shown the ability to bring revenue growth to the bottom line.
James Marischen: I would €“ just maybe to add to that just a bit. We have more financial flexibility today than we’ve had historically, just given the excess capital we had, the stability in the revenues and the earnings we’re generating and that excess capital we’re generating. So the ability to support the growth and invest in the growth, whether it’s in people, acquisitions, et cetera, buybacks, you name it, we have a lot more financial flexibility today than we’ve had historically.
Ronald Kruszewski: Yes. And we also €“ we just announced Torreya as a deal. That deal we expect to be accretive in €“ and our recruiting has been strong in the first half or the first part of the year. So again, I’d sort of say past is prologue and let’s just go from there.
Devin Ryan: Okay. Great. I’m sure we’ll get some questions on the excess capital, but I’ll let someone else ask. So I’ll hop back in the queue. Thank you.
Operator: And our next question will come from Steven Chubak with Wolfe Research.
Michael Anagnostakis: Hey, good morning, Ron and Jim. Michael Anagnostakis on for Steven. Just starting off maybe on the topic of comp leverage. The midpoint of your guidance suggests absolute comp dollars will grow roughly $200 million in 2023, while NII is growing $350 million with fees roughly flat. Given much of that revenue growth is coming from NII, why wouldn’t we see better comp leverage in 2023? And just any help understanding the drivers there would be helpful? Thank you.
Ronald Kruszewski: Well, just based on numbers alone, your observation is correct that everything being equal, we could have an improvement in our comp-to-revenue ratio based on that. Look, I think we’re conservative. We always have been as it relates to this and our range is reflective of many possible outcomes that can occur. We always start the year conservative in our compensation assumptions. We’ll adjust as the year goes on. But I won’t dispute the math that you’re doing here, okay, which would imply that we would have further leverage in our comp ratio, all else being equal. That said, we gave you our guidance.
James Marischen: Yes. And I’d also point out that over the last two years, we’ve been able to knock almost 200 basis points off the comp ratio. And so I think the conservative nature of the guidance, we’re intending to basically show that we’re continuing to get comp leverage there. But there is a wide range of scenarios in that forecast, which makes it difficult to exactly pin down.
