Fremont Bank Moves to Sorrento Pacific Financial, LLC for Broker Dealer Services 9.7.11
FOR IMMEDIATE RELEASE
Regional bank's financial services department to serve more than 2300 investment clients in Northern California
SAN DIEGO – Sept. 7, 2011 – Sorrento Pacific Financial, LLC, (SPF), a full-service broker dealer and Registered Investment Adviser providing customized investment, wealth management and insurance solutions to the financial industry, announces its newest investment program client, Fremont Bank. SPF will provide a full range of broker dealer support for the regional bank's thriving investment program and 19 branches across Northern California.
Founded in 1964, Fremont bank is one of the oldest independently owned and managed banks in the Bay Area. Its investment program, established in 1996, has seen impressive growth under Fremont Director of Financial Services Ron Flaiani. The program serves more than 2300 investment clients and holds approximately $310 Million in assets under management. Flaiani, who has nine different securities licenses, will serve as the Office of Supervisory Jurisdiction (OSJ).
"We appreciate the review undertaken by Ron and his team to find the best broker dealer option for the bank's program and are honored to be selected as Fremont's new broker dealer," said SPF Chief Executive Officer Valorie Seyfert. "We look forward to helping their investment program reach the next level of success."
Fremont switched to SPF after its previous broker dealer was acquired by a larger entity, creating multiple changes for the bank program. "Moving broker dealers is not something anyone wants to do," explains Flaiani. "But since we were going through some adjustments anyway, we saw it as a good opportunity to see what other options were out there. We did our due diligence and were very impressed with SPF. It was neither too big nor too small, and we were truly impressed with the company's technology and the professionalism of its staff."
Working with Flaiani are three investment advisors, several platform representatives, one junior advisor, and an experienced team of back office support associates. Flaiani describes the SPF conversion team as "very responsive," and credits SPF's web-based account management system dataVISION® for making his team more efficient. The team has already taken advantage of SPF's flexibility to design customized reports.
"As program manager, I want reports that track branch activity, referrals and things like that, but our operations supervisor and our advisors want quick access to different information. SPF was able to customize specific reports for each of us. We appreciate their flexibility, and it helps us work faster," he says.
"We are planning on adding another full time advisor and growing our platform operation next year, and we can already tell the support from SPF will help us get there. We're very pleased to be working with them," Flaiani concluded.
About Sorrento Pacific Financial Services, LLC
Established in 2005, Sorrento Pacific Financial, LLC (Member FINRA/SIPC) is a full-service broker dealer offering customized investment and insurance solutions, training and program development support to the banking industry and the independent channel. Headquartered in San Diego, SPF works with banks and independent advisors throughout the country, providing expertise in key areas including retirement services, wealth management, and fee-based and insurance products for both individuals and business customers, and provides a fully-electronic account management system for advisors. For more information, call toll-free 888.805.5585, extension 7910 or 4410, or visit www.sorrentopacific.com.