Oros bolts TCA to head up RIA sales for Fidelity

Fidelity Institutional Wealth Services has hired industry veteran Bob Oros as executive vice president of RIA sales and relationship management. He will start his new job Monday, according to Fidelity spokesman Steve Austin. As head of RIA sales and relationship management, Mr. Oros will be responsible for six regions, about 100 employees and seven regional senior vice presidents, one of whom handles newer advisers, Mr. Austin said. He will report to Mike Durbin, president of the Fidelity RIA custody unit, which holds $502 billion in assets for more than 3,000 RIA clients. Mr. Oros fills a spot vacated last fall by Scott Dell'Orfano, who took on a newly created position overseeing strategic initiatives. Oversight of third-party administrators and trust banks, which Mr. Dell'Orfano handled in addition to RIA sales, was given to executive vice president Meg Kelleher, Mr. Austin said. Mr. Oros is taking on the RIA piece, the spokesman said. Most recently, Mr. Oros was national sales manager at Trust Co. of America. He joined the firm in October 2010 to build up the sales effort of the relatively small custodian, which holds $10.7 billion in assets and caters to turnkey asset management programs, as well as other money managers who need an integrated trading and reporting platform. He held other sales positions at LPL Financial LLC and Charles Schwab & Co. Inc. For Trust Co. of America, the loss of Mr. Oros comes about two months after Frank Maiorano resigned as chief executive. Mr. Maiorano was replaced by David Barry, a member of TCA's board. Mr. Maiorano's departure was a planned transition, the company and Mr. Maiorano said at the time. "Bob's leaving did not have anything to do with Frank," said Jennifer Nealson, a spokeswoman for Trust Co. of America. "When you get an opportunity like that in your career, it's something you want to move on," she said about Mr. Oros' new position at Fidelity. Mr. Oros leaves behind a seven-person sales staff he recruited into Trust Co. of America, Ms. Nealson said. "They're all extremely strong [and] all are very knowledgeable in the marketplace," she said. The RIABiz website first reported the story.