One of Hawaii’s largest financial institutions has signed with Cetera in an effort to improve its wealth management business, which currently manages about $1 billion in investment assets.
American Savings Bank (ASB) announced this week that it would move its wealth management business onto Cetera Financial Institutions' platform. The transition is expected to be completed in April, according to a statement from Cetera.
LeAnn Rummel, the president of Cetera Financial Institutions, said in a statement that ASB has a “tremendous opportunity to better serve its clients” and establish better client relationships using the platform and engaging a more “holistic model.” Financial planning, life insurance and fee-based advice will be emphasized, she said.
ASB Executive Vice President of Marketing and Business Tab Bowers said Cetera’s understanding of and preparation for any regulatory changes, should they come, will help the bank improve client offerings and relationships.
"We look forward to taking advantage of Cetera’s many technological tools and resources, which will enable us to better analyze and optimize client information, thus providing our customers with a more fully integrated online banking experience," Browers said, in a joint statement. "We also look forward to utilizing the multiple tiers of advisor engagement enabled by Cetera’s platform.”
ABS is headquartered in Honolulu and has 51 branches across the state, where it was founded in 1925. Overall, the bank has approximately $6.1 billion in assets. The bank is a subsidiary of Hawaiian Electric Industries, Inc. (HEI), which also owns Hawaiian Electric.