Dan Arnold: So, let me take that one, Steven. There’s a lot there, so if I missed something, you give me guidance after I finish. So, Look, I think if we start as a jump-off point, last year, 80% organic growth rate, $96 billion in NNA, which is a pretty solid outcome against a challenging macro backdrop. And I think irrespective of that backdrop, I think making the progress or working through sort of that environment, both in terms of our teams and advisers, you just continue to evolve capabilities, skills and operating in any potential environment. So, I think as we look forward and we think about going forward, we feel good that the sort of the acclamation to an upper macro, if it sustains itself, that we can execute in it better and ultimately contribute improved or better growth.
So that’s how I would sort of think about the environmental. It may influence what I might call short- term progress around our growth ethics. I think, probably more importantly, strategically, as we think about our opportunity those drivers of that strategy, right, those significant structural, big durable trends all remain in place. It’s growing demand for advice. The appeal of receiving that advice through a financial professional, the attractiveness of the independent model versus other models all continue. And I think we sit at the intersection of all of those and believe we’re uniquely positioned to capitalize on that opportunity. And whether that’s through our market leadership, singular focus on what we do, robust platform of which to leverage and use and differentiate or even the capacity and commitment to invest, but that was just speaking of to evolve platform and continue to differentiate it.
So, I think as we think about going forward, that comes up to that 7% to 13% sort of growth rates that we talked about across different macro environments, I think, is still highly relevant, still how we think about it. And I think last year demonstrated the ability to persevere through a tougher macro and still reside within that range. So that’s how we think about the shorter run and the longer run. I think to your click down on the enterprises within that, look, it’s a channel that we’ve talked about is a durable growth contributor. We’ve continued to evolve our capability set with more wins and with good success with those relationships, create better advocacy from our clients and that IP and insight from being on the court for a couple of years working on those large enterprises is certainly IP that’s hard to replicate without that experience itself.
And so, when we look at that going forward, it’s a pretty appealing model that is finding a marketplace that is in need of that type of model, and we’re pretty convicted around our solution. So, we do believe that, again, within those bookends of 7% to 13%, we do get some contribution from large enterprise. So, I hope that gives you a little color.
Steven Chubak: Thanks, for taking my question.
Operator: And our next question comes from the line of Bill Katz from Credit Suisse. Your question please.
William Katz: Okay. Unfortunately, my connection cut out a little bit, Matt, while you’re talking a little bit about the ICA dynamics. I guess my broader question is, as you think about what’s been happening in the forward market and expectations softening up a little bit, how is that informing the opportunity here to potentially accelerate the ratio of fixing out relative to the float? And then you mentioned that demand is very healthy. How should we be thinking about reinvestment rate opportunity?
