Via a “pass through” arrangement, Bank of Hawai‘i’s $23.5 billion broker/dealer subsidiary will gain access to Atria’s proprietary technology, including Clear1, Unio, and Contour, as well as home office support.
Bankoh Investment Services Inc., the broker/dealer subsidiary of Bank of Hawai‘i, with $23.5 billion in assets, has signed a multi-year secondary clearing arrangement with Sorrento Pacific Financial, an Atria Wealth Solutions firm, allowing Bankoh to use the firm’s wealth management operating platform. This type of arrangement is known as a “pass through.”
BISI will maintain its broker/dealer, brand and control, but it will gain access to Clear1, Atria’s bank-branded client-facing portal and mobile application. That portal will be integrated with Bank of Hawai‘i’s website. The bank’s advisors will also have access to Unio, Atria’s proprietary integrated technology platform that was a finalist at the 2022 Wealth Management Industry Awards for its transition support capabilities. Their advisors can also use SPF’s investment suite, which includes Contour, a fee-based advisory platform that offers everything from processing and rebalancing to research, portfolio construction and billing.
The bank b/d will be supported by SPF’s home office.
“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,” said Christopher Otto, BISI CEO and president, in a statement. “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.”