SEI Investments Partners With AI Assistant Zocks After Mixed Q2 Results

Insider Monkey··US·Read original
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Summary · why it matters

SEI Investments announced on August 12 a partnership with Zocks, an AI assistant built for financial advisors, adding the tool to the ecosystem of services it offers wealth management clients. The deal came three weeks after SEI reported second quarter results on July 22, when revenue climbed 15% year over year to $641.6 million and operating income jumped 33% to $197.0 million, lifting the operating margin to 31% from 27%. Adjusted diluted earnings per share rose 38% to $1.66, helped by a 3% reduction in share count from buybacks that included 1.3 million shares repurchased for $112.4 million. Underneath those headline numbers, GAAP diluted earnings per share fell 11% to $1.59 and net income attributable to SEI dropped 14% to $195.7 million, while the Investment Advisors segment grew revenue 30% but saw its operating margin compress to 42% from 45%. Erich Holland, who heads SEI's US wealth and advisor business, said the Zocks tie-up is meant to meet advisors where they already are, past the novelty phase of AI, and the company plans webinars, education programming and thought leadership alongside the software.

Impact on assets 3

Financials▲ · 2 stocks
SEI Investments Company
SEIC
▲ PositiveDemandCapitalrelevance

SEI partners with Zocks to add an AI assistant to its wealth-management client offering, expanding its advisor services

Artificial Intelligence▲ · 1 stocks

Off-coverage companies 1

ZocksPrivate▲ Positive
Demandrelevance

Zocks' AI assistant for financial advisors is being adopted by SEI and added to its wealth-management ecosystem

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