A father-son team, who previously managed $420m in client assets at Morgan Stanley, has launched an independent RIA with the help of Dynasty Financial Partners.
The team comprises wealth adviser Lawrence Durso, his son Michael Durso along with adviser Michael Lombardi.
They have now formed their own RIA ShoreHaven Wealth Partners, previously Durso Wealth Management Group. The business is based in Red Bank, New Jersey.
Larry Durso is ShoreHaven’s CEO. Michael Durso is the CIO with responsibility for the firm’s asset allocation, manager selection, and investment strategy.
Lombardi is the firm’s chief planning officer. The team also includes Sheryl Iannuzzelli, as director of relationship management, chief compliance officer.
ShoreHaven serves affluent multigenerational families and HNWIs and helps them to grow and transition their assets.
Larry Durso said: “We believe there are great opportunities to create a customised planning process for our clients as well as create our own brand. And, in the future, we anticipate adding like-minded advisers to our firm.”
Dynasty will offer ShoreHaven capital markets and investment banking capabilities, along with investment research and consulting, proprietary analytical tools support, and an online research centre.
ShoreHaven tapped Black Diamond for performance reporting and Fidelity Institutional as its custodian for client assets.