William Peck: Sure. I’ll start on marketing. We’re trying to embrace lean marketing principles. So making sure, like I said, that we’ve got a high ROI on the channels that we’re using. So that could be things like digital marketing. Certainly we’ve also had success with TV advertising in the past. And that’s something that hopefully you’ll be seeing a social presence for sure as well. That will allow us to really tap into the users that we’re identifying directed investors, bold bugs is another category of people who are certainly resonating with so far. So that’s in terms of the marketing strategy. And sorry, can you remind me of the second part of the question €“ it was in terms of success, six to 12 months down the road, I mean it’s really just about acquiring this initial phase of users and then really having great product sets and features.
So we’re not disclosing any KPIs or metrics today on that, but it’s certainly confident we can adjust the marketing spend we have today and the product build that we’ve got right now. And last, we want to be getting metrics and attrition as well, and that’s something that we can certainly look to refine our assumptions on, make sure that those are being borne out and give more data on later this year.
Jonathan Steinberg: And Michael, this is Jono. The only other thing I would just add to Will’s answer is, and it ties to your first question about being in beta. When we launch in the App Store, we’ll start getting reviews, and it’s important that it’s a €“ that we could get good reviews so that there’s a potential for sort of a viral campaign that’s possible that €“ from the app store. So and that’s really why we have been testing it and making sure that it works so well when we launch it initially. But those reviews will be an important piece of our story going forward.
Michael Cyprys: Great. Thank you. And just one more, if I could. Just on the model franchise. You guys were alluding to that, supporting some of the strengths in terms of flows. Maybe you could just update us on some of the initiatives. And if you’re able to quantify what the contribution is across the models? Thanks.
Jonathan Steinberg: Sure. Jarrett, why don’t you start there?
Jarrett Lilien: Sure. It’s main €“ well, the initiatives are pretty simple. Again, it’s a two-pronged approach. We’re going after the large platforms such as Merrill and Morgan Stanley, and we’ll look to add other large platforms. And I hope we’ll be able to announce those shortly. With existing platforms, like we’ve seen with Merrill, it’s about further penetration, both in getting to more advisers, which we’ve been successful in doing but also in getting more models on the platform, which we’ve been successful in doing. And then on the RIA and IBD side, there, its models, again, but it’s a slightly different approach there. It’s replicating the wirehouses, click to implement ability or that sort of easy button we’re providing that for RAAs and IBDs and that’s going quite well with a really nice pipeline where we’re adding new groups to that pipeline weekly and bringing on more AUM there.
Definitely, the models business is growing, but so is the rest of the business and the models business is generally keeping that same pace, about 12% of flows are going into the models. And I’d add another really good thing, it makes sense, but I’ve mentioned a couple of times today about the performance in our product suite. It’s also, as you’d imagine, it’s showing up in our model suite as well. And that just adds to the momentum. So at this point, the foundation is there and now it’s just focus, blocking and tackling and execution and continuing the momentum that we’ve got in the business.
Michael Cyprys: Great. Thank you.