DENVER, Feb. 1 /PRNewswire/ -- Trust Company of America, a specialized custodian and technology provider to fee-based Registered Investment Advisors, today announced that Frank Maiorano has been named president and CEO. Mr. Maiorano replaces Terry Reitan, who is retiring.
"We are thrilled to introduce Frank as our new president and CEO," said Stephen Finn, Chairman of the Board of Trust Company of America. "His career has been marked by consistent success as a leader in the RIA services industry. This leadership will help us continue our remarkable growth and success."
Mr. Maiorano has spent the bulk of his career dedicated to serving RIAs. As a pioneer in the Registered Investment Advisors service industry, he was at the forefront of the one-time market niche that has now become one of the most meaningful business models for financial advisors. With more than 20 years in leadership positions, Mr. Maiorano most recently built the successful RIA and Institutional Consulting Services Group at Nuveen Investments, serving as the group's managing director. Prior to that, Mr. Maiorano spent 12 years with Charles Schwab, where he held a variety of positions including divisional vice president at Schwab Institutional.
"I am truly honored to join Trust Company of America," Mr. Maiorano said. "For almost 20 years, I have dedicated myself to getting to know the business owners who run the most successful RIA firms in the nation. I've listened to their needs and learned from their best practices. Successful entrepreneurs demand a great deal from their custodians including high-efficiency technology and responsive service – delivered by a company with financial strength and security.
"Trust Company of America delivers this level of service, and I am committed to building upon the tremendous growth and success our company has enjoyed as we solidify our place in the market as the best choice for successful, growing RIAs," Mr. Maiorano said.
Mr. Reitan, who joined Trust Company of America as president and CEO in September 2005, has retired after more than four years of overseeing remarkable growth and technological leadership in the industry. He is looking forward to traveling and spending more time with family, friends and his new grandchild.
Under Mr. Reitan's leadership, Trust Company of America quadrupled its assets under custody – growing from $2.3 billion to more than $9 billion in four years. Their average assets per advisor also increased and now closely parallels the average assets held by advisors at Schwab Institutional and Fidelity Institutional Wealth Services. Mr. Reitan built a strong executive team, an industry-leading, high-efficiency trading platform, and a solid foundation for future growth and prosperity.
"On behalf of everyone at Trust Company of America, I'd like to extend a sincere and warm thanks to Terry for his hard work over the last four-and-a-half years," Mr. Finn said. "Terry has been a big part of our accomplishments, as well as a friend and valued member of our community. Looking ahead, we're very enthusiastic about our future, and we know that we have found the right leader to take us forward in Frank Maiorano."
Mr. Reitan will continue to serve Trust Company of America in an advisory capacity through the end of 2012.
About Trust Company of America
Trust Company of America is an independent RIA custodian providing trading and back office services to fee-only investment advisors. We provide unique benefits to RIAs including state-of-the-art, high-efficiency trading, specialized back office support for advisors who sell through representatives, a flexible, complete fee management program, and one-on-one, personal service. Other services also include self-directed IRA account administration and secure information processing. Trust Company of America is a privately held company headquartered in Centennial, Colorado. For more information, please visit www.trustamerica.com.
SOURCE Trust Company of America