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Frank Maiorano takes the helm at Trust Company of America

Veteran of Schwab and Nuveen will raise visibility of low-profile RIA custodian

Friday, January 29, 2010 – 11:52 PM by Brooke Southall
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Frank Maiorano faces the challenge of taking skyrocketing growth to a higher level

Mentioned in this article:

E*TRADE Advisor Services
Asset Custodian
Top Executive: Joshua Pace

Stephen Winks

Stephen Winks

January 30, 2010 — 12:55 AM

The industry is in great need of principaled leadership in suppoer for advisory services and Frank Maiorano gets it.

The opportunity Terry Reitan saw three years ago is even more compelling today as the industry’s evolution from product sales to advisory services in the consumer’s best interest is no longer in question.

If Frank can be a catalyst for the development of the requisite prudent process, technology, functional division of labor, conflict of interest management and advisory services support necessary to safely bring fiduciary standing within the reach of every advisor, there will be a huge wave of top brokers and advisors with massive assets that would be attracted to the aptly named Trust Company of America. This is advisory services market leadership in an industry geared to commissiion sales.

Just by posing an alternative—when there are no options—the Trust Company of America can make that 35% annual growth rate look very conservative. There are individual advisors with billions that are actively looking for a custodian that actively supports advice to no avail.

Frank Maiorano might be at the right place at the right time, (1) he can think outside of the box when it comes to disruptive innovation necessary to win market share, (2) he can confirm in the market place the demand for these services (he can double his asset base with five or ten advisors) and (3) he has everything to gain by aggressively being responsive to the needs of the industry’s best and brightest advisors who are compelled to act in the consumers best interests and are not well served by today’s support offerings geared to the lowest common denominator.


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