Brooke’s Note: I interviewed Frank Maiorano yesterday, and I’m working on an article for Monday that reflects our conversation. This article is here to let you know the news of his hiring. Monday’s article will look more closely at his career at Schwab and Nuveen and how he hopes to use that experience — and his thick Rolodex — to bring Trust Company of America stomping out of the bulrushes.
Frank Maiorano has been named president and CEO of Trust Company of America, one of the 10 largest asset custodians for RIAs. He replaces Terry Reitan, who is retiring. Read: CEO Terry Reitan retires from Trust Company of America
Maiorano, a former Nuveen Investments and Schwab Institutional [now Advisor Services] executive, came aboard on Jan. 17. Trust informed its clients of the executive change on Friday.
“I’m very fortunate to be taking over a very well-run company,” Maiorano says.
Maiorano has a tough act to follow because Reitan quadrupled the custodian’s assets from $2.3 billion to $9 billion in four years.
Mr. Maiorano, 50, most recently was managing director of the RIA and institutional consulting services group at Nuveen Investments. He joined Nuveen in 2001. He left in 2008, taking a year off from his career before joining Trust this year.
Prior to his stint at Nuveen, he was with Charles Schwab & Co. from 1989 to 2001. During his 12-year career there, he held a variety of positions, including divisional vice president at Schwab Institutional.
“His career has been marked by consistent success as a leader in the RIA services industry,” says Stephen Finn, Trust Company of America’s board chairman. “This leadership will help us continue our remarkable growth and success.”
Maiorano was selected by Trust Company of America because of his broad industry experience, says Sara Nelson, vice president of marketing.
“What Frank brings is his knowledge,” she says. “He’ll bring excellent customer service into every aspect of the company, including how technology is developed.”