Broker-dealer Sorrento Pacific Financial has signed Nova Bank as a client. Nova, a community bank in Pennsylvania, had been providing investment services through a wholly owned subsidiary. Sorrento Pacific will now be providing broker dealer services to the bank's investment program in 11 branches in the Philadelphia area and parts of New Jersey.
Technology was one of the main reasons Nova chose Sorrento Pacific, according to press release. "We're really excited about SPF's technology solutions, something we have been looking for," said Dave Dietrich, senior vice president of community banking at Nova, in the press release. He spearheaded the selection. "SPF provides the ability to link bank and brokerage relationships, providing the client a complete financial picture quickly and easily."
Program manager Steve Franke was brought on board to manage the program and will be hiring two new advisors later this year.
"Nova was looking for specific strengths," said SPF CEO Valorie Seyfert, "and winning their business is a testament to our technology solutions and focus on financial institutions."