want to create recurring trigger email on membership anniversary date

Okay, so I have this set up to run but it says that it is "Set to affect [our entire member base size]". 

Is that expected because every member will at some point get the email? 

I have the smart list defined as all members, and here's the flow: 

Thanks so much for your help here, Josh. Unfortunately I'm still stuck.

What I want to do is send an email to users on the anniversary of the date they registered for our website.

Our RegistrationDate field is definitely a date field.

I've included a screen shot of the Flow tab below.

What should I put for the trigger (or just generally what should I put in the Smart List area)? I tried RegistrationDate "in past 1 day", but that's only people that registered yesterday, not people who have yesterday as their annivesary.

Thanks in advance for any additional guidance you can offer.

Well there might be a couple of things going on.
First, this has to be a trigger campaign with the orange trigger.
This only applies to Trigger campaigns. You cannot use this feature in Batch campaigns. 

Second, make sure your token is actually a Date field.

Third, if you set a trigger, then you just need to activate it, not schedule a recurrance.

To clarify, I get that message when I go to schedule a recurrecnce. Which is what I would expect to have to be done.

Okay, so I created a Smart List for the segment of people I want to recieve a membership anniversary email.

Then for Flow, I have "Wait" as the first step (wait until anniversary of Registration Date) and then Send Email next (with the anniversary email as the email to send).

I'm getting the following error. In addition, the campaign is set to go to the entire segment, which doesn't seem right.

Pelase advise. Thanks!

Sweet, thanks. I was typing in "{{lead.Reg..." but nothing was coming up in the auto-complete. Once I spelled out the entire field name it came up. Thanks again!!