In a surprise move on Friday, clearing and custodial firm Trust Company of America announced that vice president of national sales Bob Oros is leaving the Colorado-based company to become executive vice president of RIA sales and relationship management at Fidelity Investments.
The announcement came less than two months after the sudden departure of CEO Frank Maiorano in early December. “Spending more time with family” was the reason given for Maiorano’s leaving.
"This is an opportunity for Bob and we have nothing but respect for him and what he did [at TCA]," said David Barry, president and CEO of Trust Company of America. "He had a big challenge, and he’s put a good team in place. So congratulations, and we wish him well on his next step."
Oros joined Trust Company of America in 2010 from LPL Financial, where he served as executive vice president of custom clearing services. Before that, he was a vice president at Charles Schwab. In his new role, he will report to Mike Durbin, president of Fidelity Institutional Wealth Services “in a role similar to that of his past positions,” said Fidelity spokesman Steve Austin.
Oros is in part replacing Scott Dell’Orfano, who was promoted to product development last fall. Oros will share Dell’Orfano’s former duties with Meg Kelleher, senior vice president of sales for TPA and trust bank clients.
“Bob and Meg will provide leadership to our field teams, helping drive engagement through our sales and relationship management teams and delivering our business growth in the years to come,” Austin said.
“The nice thing is that we’re a private company, so we don’t have to divulge everything we’re up to,” Barry said, when asked if TCA is looking for anything different in its search for a replacement for Oros. “Our focus is delivering value to our RIA partners; that’s the niche we’re in. We want a great level of knowledge and intimacy with our customers, and I’m very pleased with the momentum of the sales team that we have in place."