FOR IMMEDIATE RELEASE
Iowa State Bank Transitions Investment Program to Sorrento Pacific Financial
Broker-dealer helps community retail bank expand investment offerings, bring in over $8 million in assets under administration in six months with high-touch service, innovative technology
SAN DIEGO – January 16, 2019 – Broker-dealer Sorrento Pacific Financial, LLC is working with Iowa State Bank (ISB) to provide an investment program for its customers. ISB chose Sorrento Pacific Financial (SPF) in late 2017 for its long history of high-touch service to financial institutions, excellent compliance record, innovative technology and remote delivery offerings. Since then, SPF’s transition department helped the bank to repaper its entire book in just two months using SPF technology resources and helped ISB financial advisors bring in over $8 million in new assets.
With $375 million in assets and the tagline “It’s Nice to be Home,” ISB executives wanted to expand the investment program it had been offering for the past 25 years to a full-service one. Its management chose Sorrento Pacific after in-depth reviews of four broker-dealers.
“As a financially stable, family-owned bank, Iowa State Bank is focused on meeting the financial needs of our community,” said Program Manager Karen Serangeli. “We wanted to work with a broker-dealer that offered high quality service, diverse products, and a commitment to innovation for the future. SPF meets all the needs of both our bank and our customers, and we have been extremely happy with the move.”
In addition to its high-touch, full-service and remote delivery capabilities, the community bank also selected SPF for its robust, award-winning and forward-looking technology. SPF applications the bank currently uses include:
- dataVISION®, web-based, paperless account management, simplifying administration, client communication, sales, reporting.
- Financial Management Center, interactive online investment assessment to provide a snapshot of where customers stand with investment goals, helping to drive online referrals to advisors.
- MyPortfolioView (MPV), online and mobile access to real-time portfolio data for clients to manage investments.
“With the right support, banks can address their customers’ unique investing needs and help them plan for the next phase of their lives,” said Valorie Seyfert, president and CEO of SPF. “At SPF, we believe in giving banks the tools, training, and technology, to not only offer a full spectrum of investment services, but also to address specific levels of wealth management complexity, and preferred delivery channels and service bundles. We’re happy we’ve been able to help ISB improve its program so quickly and look forward to helping it continue to grow.”
ISB operates a dual-employee program, where both the program managers and advisors are employed by the bank, while they are licensed and supervised by SPF. ISB’s program is fully staffed to serve the investment needs of all its customers.
About Sorrento Pacific Financial, LLC
Sorrento Pacific Financial, LLC (SPF) and its sister company, CUSO Financial Services, L.P. (CFS) (Members FINRA/SIPC) are full-service broker-dealers and subsidiaries of Atria Wealth Solutions, offering customized investment and insurance solutions, training and program development support to the banking industry. Headquartered in San Diego, with branch offices nationwide, SPF and CFS work with banks and credit unions respectively, providing expertise in key areas including retirement services, wealth management, and fee-based and insurance products for both individuals and business customers, and provide a fully-electronic account management system for advisors. Both broker-dealers are SEC Registered Investment Advisers. For more information, see www.cusonet.com or visit their LinkedIn pages: SPF and CFS.