Atria’s SPF Partners With Bank Of Hawai‘i’s Bankoh Investment Services

Chris Latham, Managing Editor, Wealth Solutions Report

Sorrento Pacific Financial Strikes ‘Pass Through’ Arrangement With $23.5 Billion Financial Institution, Providing Access To Atria’s Clear1 Portal And Unio Platform

Sorrento Pacific Financial (SPF), a broker-dealer subsidiary of Atria Wealth Solutions focused on the credit union wealth management space, announced a multiyear secondary clearing arrangement, commonly known as a “pass through,” with Bankoh Investment Services (BISI), the broker-dealer subsidiary of Bank of Hawai‘i, that will leverage SPF’s wealth management operating platform on behalf of the $23.5 billion financial institution.

“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,” said BISI CEO and President Christopher Otto. “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.”

Christopher Otto, CEO and President, BISI

Bank of Hawai‘i will maintain its broker-dealer, brand, control and the BISI management team as it outsources the operating platform to SPF. BISI clients will gain access to SPF’s Clear1 client-facing portal and mobile application, which is bank-branded and integrates with Bank of Hawai‘i’s website. As a result, clients will be able to view consolidated, real-time snapshots of their bank accounts as well as a household view of their investment accounts.

In addition, BISI financial professionals will have access to Atria’s Unio platform to integrate their wealth management ecosystem, streamline processes and tasks such as account opening and financial planning, while reducing administrative functions with the goal of increasing the time financial professionals spend on client relationships.

Eugene Elias, Jr., COO and Founding Partner, Atria Wealth Solutions

“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,” said Eugene Elias, Jr., COO and a Founding Partner at Atria. “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.”

Atria’s subsidiaries include SPF and its sibling in the financial institutions space, CUSO Financial Services (CFS), both founded in 1997, which serve more than 200 banks and credit unions with over $40 billion in assets under administration (AUA).

CFS also announced several major credit union deals this year. These include Capital Credit Union, with more than 120,000 members and $2.3 billion in total credit union deposits; Allegent Community Federal Credit Union, with more than 20,000 members and over $278 million in assets; Clearview Federal Credit Union, with more than 117,000 members and over $1.8 billion; Harvard University Employees Credit Union, with more than 52,000 members and over $1 billion; and Mobiloil Credit Union, with almost 75,000 members and over $1 billion.

Brian Bichler, Co-Head of Financial Institution channel, Atria Wealth Solutions

Atria’s other subsidiaries include Cadaret Grant, NEXT Financial Group, Western International Securities, SCF Securities, and Grove Point Financial, which the firm recently acquired from Kestra. With the addition of Grove Point, Atria’s subsidiaries serve almost 2,700 financial professionals with nearly $120 billion in AUA.

“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,” said Brian Bichler, Co-Head of Atria’s Financial Institution channel. “We are grateful for the opportunity to work alongside such an exceptional organization and look forward to our future partnership.”

Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com

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