After 25 Years, Virginia’s Independent Trust Company Expands and Re-brands.
The Trust Company of Virginia opens office in Tennessee and announces new name—TCV Trust & Wealth Management.
In 1993, the company’s first office opened with seven employees in Richmond. Today more than 40 employees are spread among six offices in two states. Recent expansion into Tennessee prompted the company’s leadership team to consider a name change, but another factor played a role, too.
“We feel the new name more accurately reflects our range of services,” said Dick Gates, a company co-founder who now serves as chairman of the board of TCV Trust & Wealth Management.
Under the original name, the company was widely known for providing trust and estate services. The firm’s second line of business – providing traditional asset management and investment services – wasn’t readily apparent.
“Many people assume they need to have a trust to utilize our investment expertise. That’s simply not the case. A large percentage of our clients have asset management accounts with us. It’s our intention for our new name to convey this service,” said Doug Nunn, a co-founder who now serves as Managing Director—CEO of TCV Trust & Wealth Management.
The name is changing, but the company’s focus isn’t. “We stick to our area of expertise—individuals and families,” said Gates. “We don’t wander into other lines of business, like employee benefits and corporate trust.”
The company also never wavers from its commitment to clients, according to Nunn. TCV Trust & Wealth Management functions in a fiduciary capacity for clients, adhering to the Investment Advisors Act of 1940, which states that investment advisors are bound to act in the best interest of their clients.
“In whatever capacity we serve,” Nunn said, “we must put our clients’ interest before our own.”
Prior to the company’s founding, trust departments at large banks were the only option available to those who wanted to establish a trust with the expertise of a corporate trustee. In 1993, the Virginia General Assembly passed a law permitting the formation of independent trust companies, and The Trust Company of Virginia opened its doors. The small, independent firm offered a welcome alternative to the one-size-fits-all approach of large banks. In the early days, the founders hired experienced professionals who shared the founding partners’ passion for service excellence. The formula worked so well The Trust Company of Virginia won the Rising 25 Award in 2000 as the fastest-growing privately held company in the Richmond area.
Today, TCV Trust & Wealth Management is the only independent trust company in Virginia.
The company remains dedicated to recruiting and hiring top professionals. To retain the best employees and give them a vested interest in helping the company succeed, TCV Trust & Wealth Management is an employee-owned firm.
Co-founders Gates and Nunn value the importance of prompt, personal service. “We have to distinguish ourselves from other firms. We do that through our service, experience and attention to detail,” Nunn said.
TCV Trust & Wealth Management is chartered by the State of Tennessee – Department of Financial Institutions.