Axos Advisor Services on Thursday announced the appointment of Eugene “Gino” DeRango as its new senior vice president and national sales manager.
Coming from his most recent position as vice president for Goldman Sachs' RIA Custody group, DeRango brings with him more than 25 years of experience in financial advisement, including almost 17 years with TD Ameritrade Institutional.
DeRango will be responsible for developing and leading the firm’s sales strategies and client acquisition efforts.
“Gino is a seasoned senior executive with an outstanding sales leadership track record throughout his career,” said Mike Watson, senior vice president and head of RIA at Axos. “His hiring demonstrates our commitment to growing our RIA custody platform and continuing to deliver an unparalleled service experience to RIA clients.”
Axos Advisor Services is a hybrid custodian and financial services company providing custody, banking and technology solutions to registered investment advisors, including customized modeling, trading, rebalancing and reporting technology designed specifically for RIAs through its Liberty Platform. Currently, more than 200 RIA firms and over 8,000 financial advisors use Axos Advisor Services’ custody platform and clearing services.
Watson said Axos provides a viable custody and banking option for RIAs with less than $500 million in assets under management, which comprise 87% of the more than 17,600 firms nationwide but have seen those options dwindle as a result of industry consolidation. He pointed out that TD Ameritrade, where he worked with DeRango, used to serve that segment of the industry until it merged with Charles Schwab and shifted focus to larger and rapidly growing firms.
“No one is really focused on this important segment," Watson said. "Gino is a really great example of our commitment there. We’re also in the process of hiring a handful of additional, really seasoned sales folks that have experience and relationships with many of those RIA firms that are in that cohort group under $500 million of assets under management.”
Axos Financial Services became part of Axos Clearing, its broker/dealer platform, last summer after the business was acquired from E-Trade, bringing with it around $25 billion in assets, 200 RIA firms and 150 employees. The original company, Trust Company of America, was established in 1972 and focused, even then, on independent financial advisors.
"So it's now on a broker-dealer platform," said Watson, adding that the distinction was merely regulatory, "but it's not a new business. We have a rich history and institutional knowledge."
“I am excited to be a part of a team that understands the evolving landscape of the advisor marketplace and is truly dedicated to assisting advisors solve their business needs,” said DeRango, who is leaving Goldman Sachs after little more than a year overseeing RIA custody and global markets. “I am eager to further the team’s continued focus on supporting RIAs and enabling them to deliver an exceptional client experience.”