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Kerner Smith

Research Analyst at Morgan Stanley

Kerner Smith is a Certified Private Wealth Advisor and Partner in the Forbes-ranked Altera Wealth Management Group within Morgan Stanley's Private Wealth Management division, specializing in serving founders, private companies, and professional investors with expertise in alternatives, private investments, business succession planning, and startup financial strategies. He advises on complex needs including equity administration, IPO readiness, tax optimization, and hedging for high-net-worth entrepreneurial clients, drawing from nearly two decades of financial and startup experience without publicly available performance metrics on stock picks or analyst rankings. Smith spent ten years at KeyBanc Capital Markets advising institutional clients and rising to Managing Director at age 33, co-founded FinTech startup DISCERN in 2010 as Chief Revenue Officer securing Series A funding, and joined Morgan Stanley in 2017. His credentials include a B.S. in Applied Economics, Management & Marketing from Cornell University, attendance at Yale School of Management, and Certified Private Wealth Advisor certification.

Kerner Smith's questions to SEI INVESTMENTS (SEIC) leadership

Question · Q4 2025

Kerner Smith from Morgan Stanley asked for insights into the expected run-rate financial impact of the Stratos acquisition on the Investment Advisor segment once fully consolidated, noting that Q4 only reflected a partial quarter. He also inquired about the updated timeline for the planned resegmentation discussed at Investor Day. Additionally, Smith questioned whether Stratos would continue pursuing acquisitions during its integration phase or if those activities would be paused.

Answer

CEO Ryan Hicke provided Q4 color for Stratos, noting approximately $5 million in revenue for the advisory segment and just under $1 million in operating income (including nearly $2 million in amortization expense), with $300,000 of NCI. He stated that more information would be available in Q1 after a full quarter of consolidation. Hicke confirmed that Stratos's strategy of pursuing additional acquisitions and rolling up entities remains unchanged, with several planned acquisitions completed in early January.

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