60 Seconds: Frank Maiorano
President and chief executive officer, Trust Company of America.
Frank Maiorano
Registered Rep. talked with Maiorano about his new position at Trust Company, an RIA custodian with $9.1 billion in assets based in Centennial, Colo.
Registered Rep.: You joined Trust Company in January as CEO after a year off, and previous roles working with RIA units at Nuveen Investments and Schwab Institutional. Why did you choose Trust Company?
Frank Maiorano: A lot of the bigger companies offered me some opportunities. I really wanted to stay in the RIA world. I've been in financial services for 25 years but completely dedicated to RIAs for 20. It's just really been where my passion lies. This is a company that has quadrupled its assets in the last four years, and has a strong presence with large RIAs.
RR: What's job number one for you?
FM: Steve [Finn, chairman of the board] doesn't really need us to revolutionize the company or the business, but we absolutely need to evolve. Client service is a watchword. Technology is the other really big thing we offer. We're not going to change the business where we're going to come out with something so amazing that no one else has it. We do have some trading nuances, some technology nuances, that are unique to our business. One thing Steve has asked me to do is be the face of the company. I really like to be out in the field and meet with advisors, find out what they want from us, and evolve from there. You can't build a business without knowing what clients need.
RR: What will be on advisors' minds this year?
FM: Some of the little things like ticket charges. We've had the hardest market since the Great Depression over the last 12 to 24 months. People want to be in and out of the market. They want to be nimble, and that's one of the things that our technology offers. We don't necessarily cause an advisor to think, “If I trade, what is it going to cost in ticket charges?” That's something that all advisors need to be aware of as they build their practices.
