The former CEO of Royal Alliance came out of retirement on Friday to launch an independent, New Jersey-based firm that will act as a super-OSJ in partnership with First Allied Securities.
Art Tambaro—who served as CEO for AIG Advisor Group’s Royal Alliance for 23 years—announced his retirement in June 2013 and Dmitry Goldin, head of business development, stepped into the role. But on Friday, the 74-year-old proved he wasn’t done, forming Tambaro Financial Services with his son, Louis Tambaro—a commercial and securities litigation attorney.
“I realized I never left the business, even though I retired,” Art Tambaro says, adding he missed the interaction with the advisors during his 13-month retirement. “The germ of this idea started a number of years ago with my son. We talked about this and we decided we should really do something that I’ve always thought was very needed in the industry.”
As a “super” office of supervisory jurisdiction, Red Bank, N.J.-based Tambaro Financial Services plans to recruit and supervise independent practices and teams from all over the country with “significant” annual revenue. Additionally, the newly launched firm plans to offer turnkey transition, advisor marketing, strategic coaching and back-office assistance to independent advisors for a fee.
Art Tambaro said he and his son do not plan to have their own clients or directly manage client assets, but rather take care of the ministerial functions for advisors. Under the terms of this new strategic partnership, Tambaro Financial Services and the advisory teams recruited to this new firm will utilize the commission and fee-based services and solutions of First Allied’s broker-dealer and registered investment advisor (RIA) platforms.
Louis Tambano—who most recently served as a partner with Marks & Klein— says the transition into financial services is fairly easy. “My dad being in the business as long as he has, by way of osmosis and over time being involved in various areas of my practice, I just started to gravitate more and more to the broker/dealer business,” Louis Tambano says.
“Art’s industry leadership and proven ability to support successful practices will be an important component to our partnership with his firm, and we are enthusiastic about all that we plan to achieve together,” says Kevin Keefe, president and CEO of First Allied, a member firm of the Cetera Financial Group network of independent broker-dealers.
“This is really a way to scale and accelerate getting what we offer to business owners in this space faster and more efficiently,” Keefe added.