There is a huge opportunity across the interest rate curve in prime for things like that. So, the cash management solutions are getting extended, but we are not just reliant on USFR. That has been the best place to be for the last 18 months, but we have a very robust fixed income lineup. We have a lot of new users to WisdomTree from USFR. There is something like 40% of USFR clients have been new users. And so, we can now help them to talk about where they are going next. And we have a very robust set of opportunities in our fixed income lineup to position them, and we are going to keep working on more. So you hear more from us on the product set, but we think we are well positioned today, but we will further develop some new things both in prime and in ETF world to keep those assets in our lineup.
Jarrett Lilien: And let me double down on some of those messages as well. Big picture — and again, already mentioned, we are growing. We have got three years of — three consecutive years, 12 consecutive quarters of organic growth. We are doing that because we are adding more adviser clients, growing at a double-digit rate. But within that, we are also adding more products per adviser, more AUM per adviser. And that puts, hopefully in context, how great USFR has been for us, 40% of the advisors buying USFR first time users. And that sets them down that development path for us where what we’re seeing is the next most purchased product of ours after USFR ends up being, DTRW and/or models. And so, it’s this great sort of entryway product for new customers and existing customers.
When you look at the customers that own it, some view it as fixed income. But others view it as cash and a typical advisor at any time is 10% to 20% in cash. I’d also add again, how this all fits really well with WisdomTree Prime, we have digital USFR and a retail customer is typically 15% to 30% in cash. So, there’s a long life for this product. It’s a great product. It’s a great relationship product. It’s a core holding, and so, we couldn’t be more happy with the product.
Mike Brown: And then, if I change gear to the WisdomTree Prime, it’s great to see the launch in 12 additional states, but I guess it sounds like you won’t reach a full national rollout by year-end. So, what states are really the toughest ones to get done? Can you just give us a view into that process? What’s needed to get them over the pump here? And when you get to 50, I guess, what’s maybe the updated timeframe on when you might get to 50? And then just to give us a view as to maybe when that marketing will start to kind of pick up more in earnest, which I think was one of the guidepost that you mentioned?
Jonathan Steinberg: Why don’t you start?
Jarrett Lilien: Yes, happy to. So different states have different rules, I mean, some operate under exemption, some you need to get licenses for. And then certainly in New York, they’ve got stricter regime around crypto assets and kind of a very forward and I think mature approach towards regulation for the asset. But some of these things just take time, right? So I think our guidance around, being in substantially all states or substantially all population by the end of the year. Like, we’re on track for that and that will position us for a broader national rollout in Q1.
Jonathan Steinberg: Yes, Mike, I just wanted to make sure that you heard me in the prepared remarks. We expect to be virtually 100% of the country or 100% of the population by the end of the year.
