Wealth advisors Lawrence Durso, his son Michael Durso and Michael Lombardi have launched Red Banks, N.J.-based ShoreHaven Wealth Partners, according to a press release from Dynasty. The trio previously worked together at Durso Wealth Management Group at Morgan Stanley, overseeing $420 million, Dynasty says.
Lawrence Durso has been in the financial services industry since 1978, while his son Michael Durso, as well as Lombardi, joined the industry in 2006, according to the press release. The team is also joined by director of relationship management and chief compliance officer Sheryl Iannuzzelli, Dynasty says.
ShoreHaven, which caters to affluent multi-generational families and family-owned businesses in particular, has chosen Fidelity Institutional as their custodian and Black Diamond for performance reporting, according to the press release.
“We are excited to launch ShoreHaven Wealth Partners as an independent firm. We believe there are great opportunities to create a customized planning process for our clients as well as create our own brand. And, in the future, we anticipate adding like-minded advisors to our firm,” Lawrence Durso says in the press release.
And in April, Dynasty also hired a UBS investment banker to head the unit that providers financing for RIA expansions.