Cetera Financial Group said Friday that one of its broker-dealers will soon offer turnkey transition, marketing, recruiting and other services to advisors through Tambaro Financial Services.
According to Cetera, which is led by former-AIG Advisor Group head Larry Roth, the services venture will be led by Art Tambaro, the ex-CEO of Advisor Group broker-dealer Royal Alliance. Roth moved from the Advisor Group to Cetera’s parent firm, RCS Capital (RCAP) in September 2013.
Tambaro has formed a super office of supervisory jurisdiction (or super-OSJ) that will provide compliance and practice-management support business to independent financial advisors affiliated with First Allied, which includes about 800 independent reps. He has been in the industry for over 40 years and will run the new venture with partner and son Louis Tambaro, an attorney.
“We will have a federation of independent branches,” explained the senior Tambaro in an interview with ThinkAdvisor. “Advisors can use us as a middle office and to take care of the ministerial functions, so they can gain more as group rather than with an individual OSJ.”
“It’s the perfect complement to First Allied’s business model,” said President & CEO Kevin Keefe, in an interview. “The legacy of our firm is its focus on business owners, and Art will help us do this more in an important segment of the market.”
San Diego-based First Allied aims “to help those advisors who want to grow their business… [and this] is an entrée to additional resources for more sophisticated practices,” Keefe explained.