Bankoh Investment Services Inc., the broker-dealer subsidiary of $23.5 billion Bank of Hawaii, has announced a multiyear secondary clearing arrangement with Atria Wealth Solutions subsidiary Sorrento Pacific Financial.
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.”
The deal also means that BISI’s financial professionals will have access to Unio, a proprietary platform that seamlessly integrates the entire wealth management ecosystem to provide everything from account opening to financial planning. SPF also has a suite of tools such as an end-to-end advisory platform which will be available to BISI’s team.
Eugene Elias Jr., chief operating officer of Atria Wealth Solutions, said that the financial services universe is 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,” he said. “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.
He added that this is the ideal partnership and “truly a win for both firms” and the Bank of Hawai'i’s client base.
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