Dedham Savings Moves to Sorrento Pacific Financial as Broker Dealer for Investment Program
Sophisticated technology and focus on program growth cited as rationales for the change
SAN DIEGO, Jan. 31, 2013 /PRNewswire/ -- 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, has been chosen by management at Dedham Savings in Massachusetts as its broker dealer for the savings bank's investment program.
A mutual savings bank founded in 1831, Dedham Savings has eight branches in six suburban towns near Boston and serves more than 32,000 thousand consumer and business banking customers. The nearly $1.2 billion dollar savings bank is owned by depositors and has a strong focus on delivering best practices and full service for its upper-middle-class and affluent customers. Although Dedham Savings has had an investment program since 1992, they were looking for a broker dealer that would provide more active involvement, higher service levels and better technology to help grow the program. Management reviewed five broker dealers before choosing SPF for the dual-employee program.
"We have a strong focus on customer service and are looking for that same focus from our broker dealer," says Executive VP and COO Gerard R. Lavoie. "Our clients already trust us with their deposits, mortgages, car loans; we would like them to come to us to help them manage financial investments for major life events, like planning for retirement, helping kids with college, and doing estate planning. With Sorrento Pacific Financial providing active management and best practices, we feel confident we can deliver the kind of support our clients require. We all have their best interests at heart."
The Investment Center at Dedham Savings offers a variety of investment, insurance and financial planning options, including annuities, mutual funds, equities, life insurance products and 401k administration. One financial advisor and five LBEs (licensed bank employees) support the investment and insurance program. Sophisticated technology and a proven contact management system were also requirements fulfilled by the SPF offering, according to Financial Advisor Tom Benson.
"SPF offers an excellent technology platform with a great contact management system and the ability to query for multiple different types of reports," says Benson. "This is an important distinction from the technology that was available to us previously. We feel like we have already improved our services in just the short time we have been working with them."
Bob Spadafora, executive VP for Business Development for Sorrento Pacific, knows how important it is for banking customers to receive excellent service. "Our experience of using best practices in building successful investment programs fits right in with their banking philosophy," says Spadafora. "We are focused on helping Dedham Savings build a profitable and supportive investment program that matches the quality of all the services they offer."
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. 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.
SOURCE Sorrento Pacific Financial, LLC
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