Latest News
Below is a list of our announcements, including new technologies, company milestones, and some of our new clients.
Denver, CO (January 12, 2012) ‐ In a major breakthrough, Interactive Financial Advisors/IFA (Oak Brook, IL) and Portformulas (Ada, MI) – have become one of the industry’s first RIAs with their own apps in the Apple and Android stores, using private‐label versions of Trust Company of America’s innovative Liberty platform to interface with their clients.
“This is a tremendous development for the RIA community,” said Mike Walters, Principal, Portformulas, “since it addresses today’s most critical issues –transparency and mobility. In the ‘new normal’, our clients want information 24/7 at their fingertips and that’s exactly what we can now give them, anytime, anywhere.”
Joanne Woiteshek, Principal, IFA, agreed, adding that “having our brand name on such cutting‐edge technology is an awesome value‐add to client service. Now, we and our clients are looking at the same screen, with the same information at the same time…all of which takes credibility and transparency to a new level.”
“We’re living in a mobile world,” noted Walters, ”and these apps put us in the vanguard of today’s technology, while building our brand at the same time.”
“Even better, this comes to us at no cost and was put in place in less than two weeks,” explained Woiteshek. “The process started with a preliminary session with our Relationship Manager at Trust, after which we sent our graphics and images to Trust’s IT, who then handled everything with the Apple and Android stores.”
Both Walters and Woiteshek affirm this is an absolute necessity in today’s competitive marketplace and although the apps have just been launched, client feedback has been instantaneous and enthusiastic. This technology allows RIAs to work with their clients in a better way –more dynamic, real‐time while having more transparency and less cost.
“Tablets are now a way of life for investors everywhere,” said Walters, “and by aligning our brand to that, Trust has given us the key to even greater growth ahead.”
“When we introduced Liberty last fall,” stated Dennis Noto, Trust’s Chief Information Officer, “our primary aim was to level the playing field for RIAs by giving them an easy‐touse system combining mobility, access, usability, functionality and transparency all in one platform.”
“At the same time,” he concluded, “we wanted the RIAs’ clients to have the equal capability, all with the goal of providing superior client service that ultimately generates growth.”
Based on the initial response, the future has arrived.
Denver, CO (December 14, 2011) An Advisor Engagement Study conducted by a third party on behalf of Trust Company of America reveals the importance of high-tech, high-touch service to advisors. The study shows that while cutting-edge technology is vital for operational efficiencies, the need for a combination of high-tech and high-touch service has emerged as a driving force.
Survey respondents say that they are highly satisfied with Trust’s delivery of technology and service, giving an average rating of 4.5 (5 pt scale) on client satisfaction. Further demonstrating the importance of high-tech, high-touch, Trust received consistently high technology and service ratings, including a 4.8* rating for “strong client service” and 4.7 rating for “trading platform” and “modeling capabilities.”
High-tech, high-touch continues to be an important focus at Trust, which this past October rolled out a new investor/representative platform, Liberty. This platform features industry leading usability and functionality, enabling advisors to give their own clients high-tech, high-touch service.
Joanne Woiteshek, Principal of Oak Brook, IL-headquartered Interactive Financial Advisors adds, “with all of the market’s turbulence these past few years, the need for the right blend of high-tech and high-touch cannot be underestimated, and when such a commitment is shared by advisors and custodians alike, it shows up in client satisfaction and, equally important, our bottom line.”
Mark Massa, Trust’s SVP of Client Services and Operations states, “advisors come to Trust for the Technology and stay for the Service. This is a relationship business, people want to work with people they know and like. We are ‘of service’, and provide tools to grow advisors’ businesses, scale their operations, and help deliver results for their investors.”
Sam Holloway, Jr., President of Gainesville, FL-headquartered Holloway Wealth Management acknowledges, “The ease of use and functionality of Trust’s technology enables us to cut our processing and documenting time down by a huge factor, saving us 80% of the time we used to spend managing portfolios. Now we spend that saved time serving our clients. ”
Denver, CO (8/16/11): RIAs everywhere have responded to the market turmoil of 2008-9 with the realization that the “new normal” must include greater transparency, scalability, flexibility and mobility. Given the imperative challenges of building closer ties with their clients, while reducing operational costs, RIAs now clearly understand the necessity to spend more time ON their business rather than IN their business.This call to action was anticipated by Trust Company of America, whose own hands-on involvement with its clients has always been a top priority. “We long ago recognized that growth always begins with interaction,” said Frank Maiorano, President and CEO, “and that became an urgent issue after the market downturn, and still holds true today.”
Addressing that need, Trust devoted considerable resources to the development of a new technology that would provide RIAs with an innovative investor platform that has superior functionality, world-class usability, and full mobility. Together this mix is expected to be a significant leap forward for the industry and gives advisors the freedom to reshape how and where they service their clients.
This innovation was also driven by the changing demographics of advisors and the clients they serve. Trust Company of America recognized that the behavior and expectations of the market are changing. It is mandatory to build technology that is engaging and provides an intuitive user experience that is available anywhere, at any time, on any device.
The results of this dramatic breakthrough will be formally shown to the press in New York on October 12, 2011. Exclusive invitation only events will begin in September for RIAs in key metropolitan cities where the technology will be unveiled.
“The bottom line in all this,” concluded Maiorano, “is simply improving the RIAs bottom line through technology, while also enabling them to work with their clients with a new spirit of freedom.”
Jacksonville, FL and Denver, CO April 19, 2011 — Black Diamond Performance ReportingTM and Trust Company of America announced today a joint initiative to provide access to performance reporting and asset aggregation to RIAs and their clients.
“By integrating Black Diamond’s technology into Trust’s custodial platform we will provide advisors one complete system with a total view of the portfolio, while also allowing them to provide their clients online access.” said Frank Maiorano, President and CEO of Trust Company of America. “This initiative focuses on creating value for the advisor by providing them and their clients greater transparency while also focusing on the end client experience.”
Adding Black Diamond to Trust’s technology capabilities will provide RIAs with cost savings and efficiency. This partnership will allow Black Diamond’s best-in-breed technology to be embedded into Trust’s highly sophisticated all-in-one platform, with “built-in” performance reporting and aggregation. Aggregation will provide the ability to collect data from multiple custodians to power the information displayed in performance reporting, and ultimately allowing both the advisor and investor to have a full view of the assets and their performance.
Trust offers a unified custody, service and technology platform that is proven to drive economic benefit to advisors – providing them top-line, bottom line and portfolio optimization. Now with the integration of Black Diamond’s portfolio management and reporting engine, advisors and their clients will be able to access actionable, daily portfolio information through a dynamic user interface and customized performance reports right in the custodial platform. The solution is configured to each unique advisory firm and individual allowing advisors to manage portfolios, enhance workflow and communicate their unique performance story to their clients. Additionally, Black Diamond’s BlueSky platform provides extensibility to work on new technologies, such as the iPad, which will be particularly valuable for Trust’s goal of providing technology advisors can use with their clients directly.
“We are excited to partner with Trust, allowing us to contribute to the growth and success of RIAs working with their custodial platform, “ said Reed Colley, CEO and Founder of Black Diamond Performance Reporting. “Trust’s vision to provide advisors the freedom and tools they need to successfully grow and scale their practice is completely aligned with our mission to help advisors to be great and we look forward to a strong partnership.”
According to Dennis Noto, Trust’s Chief Information Officer, “the time is coming when an advisor will sit down with a client and together they will review a dynamic, real-time performance report on mobile devices, such as the iPad, while discussing investment scenarios….and that is certainly a game changer.”
Centennial, CO (February 3, 2011): Trust Company of America today announced its sponsorship of the Moss Adams/InvestmentNews 2011 RIA Technology Study with the intent to bring to market new findings emphasizing the correlation of technology and profitability.
The innovative study will encompass information never directly researched, demonstrating how firms of all sizes and demographics use technology and comparing that to financial results. “We’re stepping up to help our industry realize the value of technology. It’s essential for RIAs to have this roadmap to navigate today’s challenging marketplace and to understand how a custodial relationship is in fact a bottom line lever,” stated Frank Maiorano, CEO & President of Trust Company of America. “Equally important, it will give RIAs the ability to compare their firms’ current technology infrastruture to similar-sized RIAs, as well as top-performing firms, enabling them to identify what technology is being used and how.”
The study examines how the top quartile firms use technology, and shows the often-neglected correlation between the use of technology and its impact on profit & loss. Accordingly, the survey’s findings will also tie financial performance to technology spend and usage, and provide analysis and insight comparing RIAs by size, type of advisers, and service models. In addition, it will identify where and how much time is being spent across 16 core back-office functions, and will further guide and assist RIAs with technology-based decisions around spending, vendor usage and satisfaction, as well as system and tool integration.
“We are pleased to join other top tier technology companies as sponsors in this research, Laserfiche and Black Diamond, as we share a common commitment to learning how technology can impact RIAs. The needs of the industry are changing and technological advancements are key to efficiency and vital to the bottom line of any RIA,” concluded Maiorano.
Centennial, CO (October 6, 2010): Trust Company of America today reported it is “poised for even greater growth ahead” with the addition of Bob Oros as Vice President/National Sales Manager and Jennifer Nealson as Chief Marketing Officer to the management team. Frank Maiorano, President and CEO, also stated that the number of client accounts had doubled from 50,000 to more than 100,000 in less than four years, noting that “our growth is the result of helping our clients to better serve their clients with the industry’s only fully-integrated platform, enabling them to significantly improve their bottom line.”
“With Bob and Jennifer now on board, our leadership group has an unbeatable combination of management discipline, industry experience and passion for perfection to drive our performance,” added Maiorano, ”and this further reflects our ongoing commitment to the success of our Registered Investment Advisor clients.”
Bob Oros, a respected industry veteran, will manage all sales for both current and prospective clients. Oros comes to Trust Company of America from LPL Financial, where he served as Executive Vice President of Custom Clearing Services, with responsibility for the overall performance of the business unit, including leading the sales management and recruiting functions. Prior to joining LPL Financial in 2007, he worked in a variety of management posts at Charles Schwab, including Vice President/Senior Divisional Manager, leading an organization focused on the sales, development and growth of RIA initiatives. His extensive industry credentials also include serving as a member of the Blue Frog Solutions Board of Directors, the Advisory Board of the Central Michigan University Department of Finance and Business Law and, previously, on the Service Provider Advisory Committee of the Profit Sharing/401(k) Council of America.
Jennifer Nealson joins the company in the new post of Chief Marketing Officer, with an extensive background in the financial services industry. Prior to joining Trust Company of America, she was Vice President/Marketing and Communications at Republic Financial Corporation, an international private investment firm, heading a marketing and sales group that provided services to the company’s five divisions and a portfolio of 20 companies. Before that, she was Vice President at Centrix Financial, a financial services firm where, during her tenure, their AUM grew from $2 million to $4 billion. In addition, over the course of her career, she has consulted with such Fortune 500 companies as IBM, Coors, Sylvan Learning, Omni Hotel Corporation and Chase Bank, focusing on corporate growth strategies in organizational development, sales and marketing. She also serves on the Board of Directors for Bye Energy, a renewable energy firm, and was recently named to Colorado’s CMO Advisory Council.
“These are especially exciting, yet challenging times for RIAs,” stated Maiorano, “and it is imperative for the custodial community to meet those challenges with a combination of fully-integrated technology, personalized client service and the know-how to produce optimum results.”
“Our ongoing commitment is to focus, enable and be aligned with our clients,” he concluded, “because when they grow, we grow.”
Trust platforms allow full functionality with Mac programs and operating systems.
DENVER (June 10, 2010) – Trust Company of America, a specialized custodian and technology provider to fee-based Registered Investment Advisors, today announced that its industry-leading technology is fully compliant with Apple products on Mac operating systems.
While many custodians offer an integrated platform, Trust’s seamless, single-application technology allows the company to control accessibility issues without consulting third-party vendors. As a result, all aspects of Trust technology – including portfolio management, trading, rebalancing and performance reporting – are fully functional on the Mac operating system.
“With our vision of being the most technology-rich RIA custodian, we are excited to work with advisors on Mac operating systems,” said Frank Maiorano, Trust president and chief executive officer. “Our dedication to the PC market is unwavering, but we are proving that both markets can be served while maintaining industry-leading technology solutions, allowing advisors to perform some of the most important and scale-producing elements of their business in one central technology.”
“One of the benefits of having a single-application technology platform is that we can provide our clients a seamless set of tools to make their back offices more effective,” said Dennis Noto, Trust chief information officer. “With other custodians, an advisor might find that their trading platform is Apple compatible, but their rebalancing tool is not. Ensuring that our technology is fully compatible with Apple products allows the significant population of advisors on Mac operating systems to enjoy the same benefits as advisors who work on PCs.”
Trust’s applications support Apple’s Mac OS X 10.6 operating system, which powers the company’s Mac Pro/IMac desktops and all Mac laptops. The TCAccess browser application supports Apple’s Safari browser, which runs on the iPad, iPhone, and all desktop and laptop Apple devices.
Trust is actively investigating targeting Web-customizable portal applications to allow advisors to personalize their user experience to drive productivity and enhance user workflows. By achieving higher levels of automation in the process, Trust is continuing its commitment to giving advisors the real-time information they need – when they need it and through powerful solutions that make their lives easier and their firms more profitable.
Denver Business Journal honors Trust executive for exemplary financial stewardship.
DENVER (May 21, 2010) – Trust Company of America, a specialized custodian and technology provider to fee-based Registered Investment Advisors, today announced that chief financial officer David Runberg was named CFO of the Year by the Denver Business Journal. The annual award recognizes excellence in financial stewardship across industries and company size.
“We are very proud that Dave’s achievements were recognized with this prestigious award,” said Frank Maiorano, Trust president and chief executive officer. “Dave has been an unsung hero at our company, but his skills have been integral to our success. Beyond his work ensuring we maintain a strong financial position, Dave has been a critical member of our community.”
Mr. Runberg joined Trust in 2007, and his tenure has largely coincided with Trust’s quadrupling of assets under custody in the last four years. Crucially, this growth was accomplished during the worst financial environment since the Great Depression, a testament to the strong financial leadership provided by Mr. Runberg and others with Trust. Notably, Trust’s momentum has continued in 2010: The number of accounts year-to-date grew 22 percent over 2009, and assets under custody year-to-date have grown 42 percent over last year.
“I’m truly honored and humbled by this recognition,” said Mr. Runberg. “To me, it says a lot about the quality of people we have at Trust – not just in my department, but across the company. Our employees are committed to excellence in everything they do, and this award is a reflection of that commitment.”
