$23.5 billion financial institution to leverage Sorrento Pacific’s wealth management operating platform
San Diego, CA, and Honolulu, HI — Nov. 9, 2023 — Sorrento Pacific Financial, LLC (SPF), a subsidiary of Atria Wealth Solutions, Inc. (Atria), and Bankoh Investment Services, Inc. (BISI), the broker-dealer subsidiary of Bank of Hawai‘i, announced today that they have entered into a multi-year secondary clearing arrangement.
Through this strategic partnership, BISI will maintain control of their broker-dealer and brand while gaining access to an enhanced operating platform. BISI clients will have access to Clear1™, an intuitive and bank-branded client-facing portal and mobile application that seamlessly integrates with Bank of Hawai‘i’s banking website, allowing clients to conveniently view consolidated, real-time snapshots of their bank accounts alongside a household view of all their investment accounts.
BISI financial professionals will also be equipped with Unio™, a proprietary platform that seamlessly integrates the entire wealth management ecosystem. Unio™ streamlines various processes and tasks from account opening to financial planning into one unified user experience, minimizing administrative functions and maximizing the time financial professionals can spend on their client relationships. In addition, SPF’s robust suite of investment solutions and resources will be readily available to meet the unique needs of BISI’s clients, including Contour, SPF’s end-to-end advisory platform. All of this will be supported by SPF’s seasoned team of dedicated home office professionals.
BISI CEO and President Christopher Otto said, “As we look at our business today and into the future, it is clear to us that the demands placed on our business and financial professionals will only grow exponentially. We see this across the entire landscape from what clients expect from their financial services providers to increased regulatory demands to our internal growth goals. We sought a partner able to provide an operating model to meet those ever-increasing demands and to free us up to focus on the relationships between us and our clients. SPF is that solution.”
Eugene Elias, Jr., Atria’s COO and a Founding Partner, added, “The environment we work in is only becoming more complex. Financial institutions and their financial professionals are expected to provide unified wealth management solutions, fast and intuitive technology, personalized service, and so much more, all while meeting ever-changing regulatory requirements. In order to compete and differentiate, firms need to make significant investments in people and infrastructure on an ongoing basis. That has been our commitment at Atria and SPF since day one and that’s what Bank of Hawai’i will leverage to best serve the evolving needs of their clients. From my perspective, this is the ideal partnership — we will focus on providing advanced turn-key solutions and they will focus on building and deepening their client relationships — truly a win for both firms, but more importantly for the Bank of Hawai‘i client base.”
“Working with Chris and the management team at BISI throughout this process has demonstrated the proven, transformative value that SPF brings in helping bank wealth management programs deliver unparalleled service to their clients. We are grateful for the opportunity to work alongside such an exceptional organization and look forward to our future partnership,” said Brian Bichler, Co-Head of Atria’s Financial Institution Channel.
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About Sorrento Pacific Financial, LLC, and CUSO Financial Services, L.P.
Sorrento Pacific Financial, LLC (SPF), a bank-focused broker-dealer, and CUSO Financial Services, L.P. (CFS), a credit union-focused broker-dealer, are subsidiaries of Atria Wealth Solutions. Each broker-dealer is registered with the Securities and Exchange Commission (SEC) as both a broker-dealer and investment advisor and are members of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). Established in 1997, SPF and CFS specialize in placing and supporting wealth management programs within financial institutions. From their headquarters in San Diego, the companies provide customized investment and insurance solutions to over 200 banks and credit unions across the country with over $40 billion in assets under administration and deliver expertise in key areas, including retirement services, financial planning, advisory solutions and insurance products for individuals and business customers. For more information about Atria Wealth Solutions, visit atriawealth.com.
About Bank of Hawai‘i, Inc.
Bank of Hawai‘i Corporation is a regional financial services company serving businesses, consumers and governments in Hawai‘i and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i, was founded in 1897 and offers customers branch, ATM network, convenient phone, online and mobile banking services. Bank of Hawai‘i Corporation and its subsidiaries offer a wide range of financial products and services, including retail and commercial banking, investment services, wealth management, cash management, credit and debit cards, loans and leasing, estate and financial planning and international banking. Bank of Hawai‘i also remains steadfast in its commitment to supporting the communities it serves. Additional information can be found at boh.com.
About Bankoh Investment Services, Inc.
Bankoh Investment Services, Inc., is a nonbank subsidiary of Bank of Hawai‘i and is registered with the Securities and Exchange Commission (SEC) as both a broker-dealer and investment advisor and are members of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
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Haven Tower Group
Director of Communications
Bank of Hawai‘i