Ryan Krueger: Understood. Thank you. I guess somewhat related to this, it also seems like the redemption rate in ISP has been increasing in recent quarters. Are you seeing — is that — do you believe that’s a similar dynamic? And I guess if so, do you think you’ll continue to see somewhat higher redemptions in 2024 there?
Glenn Williams: Yes, Ryan, I’ll take that one, because we have monitored those redemption rates as we come through the pandemic. And you’re right, they varied from a fairly stable historical trend over the years. Sometimes during the pandemic, people hold their money a little closer, redemption rates went down and then when money has gotten tight, redemption rates have gone up. However, if we try to sort through the pandemic and get all of that unusual noise out of it, what we’re seeing right now are redemption rates that are pretty similar to pre-pandemic rates. They might be just a little bit higher, but certainly within our normal range of fluctuations prior to the pandemic. So you’re right, there are probably people that are drawing down on their accounts a little bit more because of the cost of living, but it’s still within the range that we would call normal to pre-pandemic levels. It hasn’t exceeded that range yet.
Ryan Krueger: Okay. Great. Thank you. And then since it’s your last call, I just wanted to take best wishes and retirement to Alison. Thanks.
Glenn Williams: Sure. Thank you.
Operator: Our next question is from the line of Wilma Burdis with Raymond James. Please proceed with your question.
Glenn Williams: Good morning, Wilma.
Wilma Burdis: Hi. Good morning, Glenn and Tracy. I guess, is there a way to quantify the Senior Health loss you expect in the next couple of quarters? I know you mentioned it should improve year-over-year, but if there’s any way you could provide a little bit more of a fine point on it?
Tracy Tan: Yes. On Senior Health, because of the renewal season and we still have a lot of cash flow coming through, it will take some time to really analyze and for us to have an accurate read on it. So we really would be able to provide more information next quarter.
Wilma Burdis: Okay. Thank you. And then with the convention coming up, how should we think about the trajectory of sales and recruiting throughout the year? I know that’s usually a boost, but I know that there’s a kind of interesting way it can flow through the quarter. So if you can give us an update there?
Glenn Williams: Certainly, that’s a great question and get that on every convention is how does the event that takes place almost right in the middle of the year impact the entire year. And as I said in my remarks, we work hard to try to get benefit from the event for the entire year. And right now, we’re working and seeing results from people striving to accomplish great things by the event and be recognized for it there. And then, of course, post event, we want to use the momentum that’s created by the event and stretch it as long as we can. So that’s the theory is to try to level it out throughout the year. The reality is there’s so much excitement that’s created. And generally, we have some incentives that we launch at the convention that do create a spike in activity around the event itself as hard as we work to try to make it — to level it out over the full year.
So I would expect right now that you would see kind of reasonable growth running up to the event and in the months, maybe September, October and beyond after the event, in the month of the event in July and in August as we have some short-term incentives and the excitement immediately coming out of event, you’ll probably see a spike in recruiting. And then, of course, the pull-through of that, of the licensing and impact on the sales force is much long after that, because it is a fairly long process in some states and provinces to get recruits licensed. So I would say that we would expect an impact throughout the year, but you will see the recruiting activity around the event. And then you would see licensing. And theoretically, at least, of course, if productivity stays the same, you would see some sales impact in the last half of the year and working into 2025.
Was that helpful?
Wilma Burdis: Yes. It sounds great. Thank you, guys.
Glenn Williams: Certainly.
Operator: Our next question is from the line of Ian Ryave with Jefferies. Please proceed with your question.
Glenn Williams: Hey, good morning, Ian.
