Wealth advisor Lawrence Durso, his son Michael Durso, and advisor Michael Lombardi have partnered with Dynasty Financial Partners in Ft. Lauderdale, Fla., to launch ShoreHaven Wealth Partners, an independent wealth management firm headquartered in Red Bank, N.J., the companies announced today in a news release.

The team had previously worked together as Durso Wealth Management Group at Morgan Stanley, where they managed $420 million in client assets for affluent multigenerational families and high-net-worth individuals, the relese said.

“We believe there are great opportunities to create a customized planning process for our clients as well as [to] create our own brand,” Lawrence Durso said in the news release. “And, in the future, we anticipate adding like-minded advisors to our firm.”

Lawrence Durso, CEO and co-founder of ShoreHaven, has worked in the financial services industry since 1978. He got his start as a senior account executive at Merrill Lynch, where he worked until 1984, when he joined Wells Fargo Advisors as a managing director. In 2011, the senior Durso moved to Morgan Stanley, where he took on the combined roles of managing director, financial advisor and portfolio management director of his practice.

Lawrence Durso graduated summa cum laude from St. John’s University, where he earned a bachelor’s degree. He earned a master’s degree from Columbia University.

Michael Durso, chief investment officer (CIO) and co-founder of ShoreHaven, is responsible for oversight of the firm’s asset allocation, manager selection and investment strategy. 

He began his career at AllianceBernstein in 2006, where he worked with financial advisors as a senior regional consultant. In 2009, he joined BlackRock, where he was a vice president within the iShares ETF business. Prior to joining his father’s practice at Morgan Stanley in 2016, the younger Durso worked at SKY Harbor Capital Management, where he was responsible for relationship management in the Americas.

Michael Durso earned his bachelor's degree in finance with a minor in marketing from James Madison University.

Michael Lombardi, chief planning officer and co-founder of ShoreHaven, has worked with Lawrence Durso at Morgan Stanley since 2012. He began his career as a financial advisor at Wachovia Securities in 2006, shortly after earning his bachelor's degree in finance from The College of New Jersey. He completed the Certified Financial Planning program at Boston University, receiving his CFP certification in 2013.

The ShoreHaven team also includes Sheryl Iannuzzelli, director of relationship management/chief compliance officer. She joined the Durso Wealth Management Group at Morgan Stanley in 1995.

As affiliates of the Dynasty Financial Partners network, ShoreHaven has access to its capital markets and investment banking capabilities; investment research and consulting; advanced technology; proprietary analytical tools; and online research center.

Shirl Penney, CEO of Dynasty Financial Partners, said in the news release that the ShoreHaven team was well-positioned to flourish in the independent space, despite the ongoing pandemic.

“The movement to independence is continuing—even during the lockdown—and we are pleased that an increasing number of RIAs are choosing Dynasty as their platform services partner to help them scale, grow, expand margins, operate more efficiently, and better care for their clients,” he said.

ShoreHaven has selected Fidelity Institutional as the custodian for their clients’ assets, and Black Diamond for performance reporting.

Founded in New York City in 2010, Dynasty Financial Partners, now headquartered in St. Petersburg, Fla., provides wealth management and technology platform services to select independent financial advisory firms.