Former UBS Private Wealth Regional Manager Joins Independent Firm
FallLine Securities, an independent broker-dealer founded three years ago by former UBS private wealth executive John Straus, has once again leveraged its ties to his old firm in an effort to jump-start its business.
The Darien, Conn.-based firm on Wednesday hired Raymond DiNunzio, a 17-year UBS veteran who had been its private wealth southwest regional manager in Houston until his departure in June 2016.
In June, FallLine announced that a UBS team in Dallas led by Douglas John that was managing around $1 billion had become its first “office of supervisory jurisdiction” affiliate. John had been with UBS for 14 of his 20 years as a broker.
At FallLine, DiNunzio will seek to recruit new advisors as a business development manager, said Peter Ruhlin, who co-founded FallLine and its predecessor firm Samoset Wealth Management Co. and who hired Straus in 2010.
Neither Straus nor DiNunzio, who had not registered with another firm after leaving UBS in June 2016, returned calls for comment. Straus worked at UBS from 2006 through 2010, running its private wealth group for U.S. brokers targeting very wealthy clients for most of his stint there.
DiNunzio’s departure from UBS coincided with a sales management reorganization imposed by UBS Wealth Americas President Tom Naratil, who had taken the reins of the Swiss bank’s Americas businesses in January 2016.
FallLine, which clears and custodies through Raymond James & Associates, has been promoting itself as a home for advisors with ultra-wealthy clients but building a platform and recruiting have proved challenging. “It’s taken a couple years and a lot of money,” Straus told AdvisorHub last summer when asked about its sluggish growth.
Convincing even the most restless wirehouse brokers to pull the trigger on going independent is a multi-year process, he said.