A former head of UBS private wealth management is rolling out a new platform targeting high-end advisors and their ultra-wealthy clients. His firm, FallLine Securities, now offers a platform that financial advisors can use to build their own independent RIAs.
FallLine, founded in 2012 by John Straus and Peter Ruhlin, combines a broker-dealer and a technology-and-services platform and offers consulting for transitions as well as access to other “successful private wealth advisors,” according to the company. Straus says in a company press release that the move is in response to the growing standardization of services occurring at the large wealth-management firms, as opposed to the flexibility required by ultra-high-net-worth clients and their advisors.
FallLine began with a focus on consulting to the wealth-management industry on strategic and transaction issues, RIABiz wrote in 2012, something Straus and Ruhlin found was lacking while working together at Samoset Capital Group. When Straus joined Samoset, as reported in 2010 in FA-IQ’s sister publication FundFire, that company was focused on advisors serving clients with at least $10 million in assets. At the time, Straus, a former head of U.S. private wealth at UBS and Morgan Stanley, told Reuters that Samoset would take 50% stakes in hand-picked wealth-management firms and provide technology and compliance applications. Eventually, Straus and Ruhlin, who both consulted to such clients as The Carlyle Group, decided to focus on advice to the wealth-management industry and left Samoset to found FallLine.