An Entrepreneur’s Story
Trust traces its heritage through our founder, Stephen Finn, whose career has been marked by advancement of several financial services companies built on innovative solutions and technologies. In his current position as chairman of the board, Mr. Finn retains an active role in Trust’s strategic direction.
Our history spans three decades of sustained growth defined by industry-leading technology and solid reliability for financial professionals.
- 1972: The Franklin Trust Company is formed. As a non-depository trust company under the State of Colorado Division of Banking located in Boulder, Colorado, Franklin Trust provides custodial services for Registered Investment Advisors, as well as services to the self-directed IRA market – beginning our legacy in the custody business.
- 1975: Franklin Trust changes its name to Trust Company of America.
- 1981: Mr. Finn joins LCS Investor Services Inc. (LCS), which provides data management services to partnerships, including partnership interests sold to IRA accountholders. LCS began providing IRA administration services with Plaza Bank of Commerce in San Jose, California.
- 1989: LCS acquires back office service provider Gemisys Corporation and takes Gemisys’ name. Gemisys was founded in Colorado in 1965 as a data processor handling investor services including the transfer agent function, tax processing, and investor communications.
- 1992: Gemisys forms a state-chartered non-depository trust company, titled Gemisys Trust Company, under the supervision of the State of Colorado Division of Banking. Gemisys Trust Company offers custody and administrative services to self-directed IRA accounts.
- 1994: Gemisys purchases the assets of Trust Company of America and takes its name.
- 1995: Mr. Finn acquires Transcorp Pension Services (TPS), a self-directed IRA administrator servicing approximately 30,000 accounts with assets of approximately $750 million.
- 1996: TPS and Trust merge, and retain the Trust Company of America name.
- 1997: Trust Company of America applies for and obtains FDIC insurance and changes its charter with the State of Colorado to a Depository Trust.
- 2005: Mr. Finn appointed Terry Reitan as CEO. Mr. Reitan, who previously served as the president and CEO of Fiserv Investment Support Services, cites Trust’s superior technology offerings and tremendous opportunity for growth as determining reasons for coming on-board.
- 2006: Trust gains national recognition for its custody platform with feature articles in Financial Advisor and Investment Advisor – both profiled the company as a revolutionary force in the Registered Investment Advisor industry.
- 2007: Trust more than doubles its assets under custody in less than three years, reaching over $5 billion in Advisor Services assets under custody. To better focus on the investment advisor business, we discontinue our REIT transfer agent business line.
- 2008: Trust signs its first billion-dollar investment advisor, ICON Advisers, Inc. Years of rapid growth helped us top $8 billion in Advisor Services assets under custody.
- 2009: Despite a slow economy and troubled market, Trust continues to sign a steady stream of new advisors. These advisors are seeking back office efficiency as a defensive approach to the current conditions. By May, we doubled our number of accounts over the same time in 2008. Among our growing client list are three advisors with over a billion dollars in assets each.
A History of Innovation
Trust has always been known for its industry-leading technology. Our platform, TCAdvisor, is considered one of the most sophisticated in the industry. Throughout our history, we have been an innovator in providing advisors the technology they need to better serve their clients and more effectively manage their business.
- 1972-1993: Investment advisors utilize the legacy overnight batch processing system for trade calculations originally developed by the Franklin Trust Company and later maintained by Trust Company of America.
- 1994-1995: After the purchase of Trust Company of America, Mr. Finn initiates a redesign of the batch processing system for trade calculations. His vision is to provide advisors with a faster, more effective trading engine that is built from the ground up to meet their needs. His team begins development work on a new platform.
- 1996: In response to the trading needs of our advisors, we begin transitioning advisors to the new relational database platform, called TCTrust. TCTrust is the first advisor custody platform to introduce real-time positions and modeled portfolio technology which allows advisors to rebalance an entire account base in minutes, as opposed to using overnight batch processing. From day one, the platform includes the ability to have multiple investment models in a single account.
- 1997: Remaining advisors are transitioned to the TCTrust platform and the legacy NCS system is retired. The same year, the original TCAdvisor application is launched. A Visual Basic application installed on a desktop, the application provides an interface to TCTrust and features new account opening and modeled portfolio trading.
- 1999: The first mass account conversion is conducted for a new client, Portfolio Strategies, Inc. The process introduced a new conversion program to bulk load all of their account information, transfer a bulk cash position, and then automatically record the cash back to each account. This lays the foundation for future development efforts to streamline large client conversions.
- 2000: TCAdvisor 4.0 is released and features TCAccelerator. Advisors identified data downloads as the critical bottleneck in their back office operations, and TCAccelerator responds to this by cutting the download process from hours to minutes. We also unveil the original TCAccess, an online account inquiry application. It quickly gains traction as a resource for representatives and investor support. The program provides a wide variety of account information as of the previous night’s close.
- 2001: An early adopter of Internet-based technology, we announce TCAdvisor Online which utilizes a Citrix server. The new online version allows advisors to access the application directly over the Internet – eliminating the need for mailing out CDs for new releases. With TCAdvisor Online, our dedication to frequent system enhancements begins.
- 2004: We unveil TCAdvisor II and TCAccess II. Built on a new enterprise JAVA platform, the two applications offer a modern, easy-to-use, Internet interface with direct access to the TCTrust database. This is a proactive platform change that provides unparalleled trading scalability and facilitates a leading-edge set of features, including real-time position data for all account information.
- 2005: Comprehensive modeled portfolio trading functionality is added to TCAdvisor II. All advisors transition from the Citrix platform to the company’s state-of-the-art platform.
- 2006: We complete a major system enhancement which includes a FIX engine. The fix engine provides superior equity trading capabilities in response to many clients increasing their use of equity trading strategies. Also to support accelerated business growth, the enhancement greatly increases our system capacity and redundancy.
- 2007: We pushed the industry forward with the release of several revolutionary solutions for advisors including cutting-edge technologies in modeled portfolios, sales analytics reporting, a multi-manager unified account program, and TCRepresentative, a service program for advisors who sell through representatives.
- 2008: In response to clients’ performance tracking needs, we introduce Model Tactics. An innovative modeled portfolio management tool, Tactics allows advisors to manage tactical variations within a given investment model.
- 2009: Again revolutionizing how advisors trade, we begin a series of enhancements that introduces consequence-based trading to our advisors. By presenting critical information to an advisor at various points during the trading process, we facilitate better decision making to help manage a client’s exposure to short-term redemption fees and tax penalties.