Multi-year clearing arrangement described as a win for both firms and clients.
The pass-through arrangement will enable BISI clients to access Clear1, giving them a client-facing portal and mobile app with consolidated, real-time snapshots of their bank accounts alongside a household view of all their investment accounts through a seamless integration with Bank of Hawaii’s banking website.
The BISI brand is retained, and the firm remains in control of its broker-dealer business. BISI CEO and president Christopher Otto said the strategic alliance makes sense in today’s environment.
“As we look at our business today and into the future, it was clear to us that the demands placed on our business and financial professionals will only grow exponentially,” he said. “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.”