Cetera Financial Group and Cetera Financial Institutions Welcome Bank of Hope to Cetera's Investment Services Platform
Largest Korean-American Bank Taps Cetera Financial Institutions to Expand its Wealth Management Program and Advance Advisor Recruitment Efforts
Los Angeles, CA and St. Cloud, MN –Cetera Financial Group® ("Cetera")*, a leading network of independent broker-dealer firms, and Cetera® Financial Institutions today announced that Bank of Hope has joined Cetera Financial Institutions, which is specifically focused on serving the wealth management programs of banks and credit unions. The new relationship will enable Bank of Hope to expand and enhance its wealth management program, and to advance its efforts to recruit new financial advisors capable of serving the bank’s large Korean-American clientele.
Headquartered in Los Angeles, Bank of Hope is the largest Korean-American bank in the United States. With more than 80 branches across the country, primarily located on the East and West Coasts, Bank of Hope was formed in July 2016 through the merger of BBCN Bank and Wilshire Bank, both of which had a major presence in the Korean-American community.With more than $13 billion in assets, Bank of Hope is the seventh largest publicly traded bank headquartered in California. Its wealth management program has a total of almost $55 million in investment assets under management, including approximately $30 million of client advisory assets, as of September 30, 2016. Its wealth management program includes comprehensive investment and wealth management services for affluent and high-net-worth clients, as well as retirement, estate and business succession planning services for individuals and institutions.
Catherine Bonneau, Chief Executive Officer of Cetera Financial Institutions, said, “We are very pleased to welcome Bank of Hope to our family of bank and credit union clients, and we look forward to helping it achieve its strategic goals over the coming years. We are especially eager to introduce its clients to our outstanding platform of wealth management products and solutions, and to help the bank meaningfully increase its in-house corps of financial advisors and bring aboard talented individuals who understand the wealth management needs of the Korean-American community. The addition of such a prestigious institution, with its highly loyal clientele, to the Cetera Financial Institutions platform is an exciting development, and we are confident that both Bank of Hope and its clients will be pleased with the exceptional services and capabilities accompanied by our relationship.”
Clem J. Shin, Senior Vice President, Head of Hope Wealth Management, said, “Bank of Hope is focused on significantly building up its wealth management program, to become a truly open-architecture provider of comprehensive investment services to our community. We look to Cetera and its broad platform of investment solutions to help Bank of Hope become a superior provider of wealth management services and we look forward to their close attention and support in helping us succeed. We are also enthusiastic about their partnership in helping us to identify appropriate new advisor candidates for our regions of greatest concentration, including the West Coast, Washington, New York, New Jersey, and the Chicago area.”
From its current base of two advisors, Bank of Hope seeks to grow to as many as six advisors over the near term and to as many as 15 to 20 advisors over the next five years.
About Bank of Hope
Based in Los Angeles, California, Bank of Hope was formed in July 2016 through the merger of two established banks, BBCN and Wilshire Bank. Bank of Hope is the largest Korean-American bank in the United States, with over 80 branches, primarily on the East and West Coasts. Its comprehensive wealth management products and services include financial planning and investments, insurance, retirement planning, education planning and estate planning. For more information, visit www.bankofhope.com.
About Cetera® Financial Institutions
Cetera Financial Institutions is a marketing name of Cetera Investment Services LLC, a self-clearing registered broker-dealer that delivers customized investment and insurance solutions to financial institutions nationwide. Cetera Investment Services helps institutions expand their financial offerings, which allows clients to pursue their financial goals through a holistic approach while delivering sound and strong financial solutions. Advisory services are offered through Cetera Investment Advisers LLC, an SEC registered investment adviser firm, where financial advisors receive a wide array of solutions and back-office support, so that they can focus on their clients.
Cetera Investment Services and Cetera Investment Advisers LLC are members of Cetera Financial Group, which provides leading wealth management and advisory platforms and innovative technology to financial advisors and financial institutions nationwide. Cetera Investment Services is a member of the Depository Trust and Clearing Corporation (DTCC), the Securities Investor Protection Corporation (SIPC), and the Financial Industry Regulatory Authority (FINRA). For more information, see www.ceterafinancialinstitutions.com.
About Cetera Financial Group®
Cetera Financial Group ("Cetera") is a leading network of independent retail broker-dealers empowering the delivery of objective financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.
Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations.Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology.For more information, visit www.ceterafinancialgroup.com.
* "Cetera Financial Group" refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services.
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