Industry Moves

Morgan Stanley $420M Team Goes Indie with Help from Dynasty

Dynasty Financial Partners says it has helped another team of financial advisors leave their wirehouse for independence, this time from Morgan Stanley.

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.

In June, Dynasty helped at least two UBS wealth management practices go independent, including a $400 million team in Pittsburgh and a $1.2 billion practice in Florida. 

And in April, Dynasty also hired a UBS investment banker to head the unit that providers financing for RIA expansions. 

Later that month, Dynasty partnered with Mariner Wealth Advisors for a new wealth management platform for independent RIAs.

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UBS FA in California Bolts for Raymond James’s Employee Channel

Raymond James says it has poached an experienced financial advisor from UBS.

Craig Weis has joined Raymond James & Associates, the firm’s employee advisor channel, in Roseville, Calif., according to a press release from the company. Weis, who’s joined by senior client associate Jennifer Goldsby, will serve as the branch manager of Raymond James’ new Roseville office, which will be part of the firm’s Northern California complex, the company says. 

Weis, who previously managed $130 million at UBS as was the firm’s branch manager in Roseville, had been in the industry since 1994, according to the press release. Prior to UBS, he had also managed Morgan Stanley’s Roseville office, Raymond James says.

Raymond James, despite opting to defer many advisor transitions in March in light of the Covid-19 pandemic, has nonetheless continued aggressively luring advisors from rivals. Over the past three months, Raymond James and its affiliated firms have picked up advisors from Wells Fargo, Merrill LynchWaddell & ReedEdward JonesUBSMorgan Stanley and LPL Financial

In May, Raymond James’ client assets grew 4%, to $858.2 billion, which the company attributed both to stock market appreciation and to the net addition of private client group financial advisors.

And in June, CEO Paul Reilly said that “advisor recruiting activity has improved over the past month and the pipeline remains solid.”

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Elk River Nabs FAs from Mutual of Omaha Bank

Elk River Wealth Management says it has poached a pair of financial advisors from Mutual of Omaha Bank.

David Carroll and Jon Springer, who joined Elk River as partners in Omaha, Neb., previously oversaw $230 million at Mutual of Omaha, offering financial planning, investment management, insurance solutions, corporate stock options, business succession planning, retirement and estate planning and trust services, according to a press release from Elk River. 

Carroll has been in the financial services industry for 26 years, having also worked at First National Capital Markets and Norwest Investment Services, which is now Wells Fargo, Elk River says.

Springer has been in the industry for 27 years and, prior to Mutual of Omaha, had stints at U.S. Bank, First National Bank and Piper Jaffray, according to the press release. 

The addition of Carroll and Springer marks Elk River’s expansion into Nebraska, the company says. They’re also the third team to join the company since its launch in March, according to the press release. 

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