Cetera Financial Institutions Adds $2.5 Billion Bank of Hawai’i Broker-Dealer

Bank of Hawai’i has entered into a networking agreement with Cetera Financial Institutions to provide broker-dealer services for its investment services and insurance provider: Bankoh Investment Services Inc., or BISI. The transaction is expected to be finalized later this year, at which time BISI will rebrand as Bankoh Advisors.

The bank said that its wealth management clients will gain enhanced technology and additional resources through the partnership. The bank’s investment services business will continue providing financial advice locally in Hawaii.

BISI, with approximately $2.5 billion in assets under administration, has operated as its own broker-dealer since its inception in the early 1990s. The company said its decision to partner with Cetera was driven by its commitment to be at the forefront of a rapidly evolving wealth management industry and to continue providing exceptional investment services to BISI clients.

“Cetera Financial Institutions is a natural fit for us as a broker-dealer partner,” said Christopher Otto, president of Bankoh Investment Services. “Not only do they have a unique channel structure catering to the specialized needs of a wealth management program, but we also have a shared mission of putting people first.”

Cetera credits Bank of Hawai’i leaders for their commitment to choosing it as a long-term partner.

“Bank of Hawai’i is known for its personalized client support, and we’re proud to welcome this people-first bank to Cetera,” said LeAnn Rummel, president and chief executive officer of Cetera Investment Services. “We are committed to providing the tools, technology and growth-driven expertise that makes Cetera such a desirable destination for banks and credit unions because we share their dedication to delivering comprehensive and client-centric financial planning, advice and wealth management services.”

Cetera Financial Institutions is a community within Cetera Investment Services that supports the investment programs of over 450 banks and credit unions. Cetera Investment Services celebrated its 40-year anniversary in 2024, and with nearly 70 renewals signed through Oct. 31, 2024, Cetera Financial Institutions’ current retention rate is over 99%.

Last month, Cetera Financial Group similarly announced that Mainstreet Credit Union had entered into a networking agreement with Cetera Financial Institutions to advance the delivery of its member-focused investment program, Mainstreet Retirement and Investment Center. Mainstreet Credit Union was originally established as the Northeast Johnson County Teachers’ Credit Union in 1953 – founded and operated by a group of teachers. Now it has more than $691 million in assets that serve more than 56,000 members out of 11 branches across the Kansas City, Kan., metro area.

As of Sept. 30, 2024, Cetera Financial Group oversaw more than $545 billion in AUA and $235 billion in AUM.

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