Success is often rooted in strong beliefs.
That is, a belief in a mission or vision. Even the team that pushes the ball forward.
For Mike Durso, his father, Larry, started the business back in 1978, and it’s a belief.
Mike joined his father’s team at Morgan Stanley in 2016, having worked in asset management at firms such as AllianceBernstein and later BlackRock. His goal is to bring this diverse experience to the family business and leverage his institutional knowledge of wealth management.
However, it’s also Mike’s ability to see things from a different perspective than his father. While he shares Larry’s belief in doing his best for his clients—Larry treats them like family—Mike also believes there can be a better way to serve them while creating a lasting legacy.
It was through due diligence that Mike realized they were being “captured” by Morgan’s employee model and that truly doing their best for their clients and building for the long term would mean starting their own independent company.
They did it. In 2020, Larry, Mike and their team left Morgan Stanley with about $400 in assets under management to launch Shorehaven Wealth Partners in Red Bank, NJ, with the backing of Dynasty Financial Partners and Fidelity as custodians.
Just two years later, Larry took the chairman role and handed over the reins to Mike, who named him CEO of Shorehaven.
In this episode, Mike discusses his journey with Louis Diamond, including:
- The limitations Mike sees in Morgan Stanley’s business — and how he seeks to address them independently.
- The ability to scale they achieved in Independence – and how they can better achieve their goals now.
- Options for an independent company with Dynasty — and other options they considered.
- The role of succession planning—and what Larry thinks is the most important aspect of Mike’s role as CEO.
- Mike’s leap from employee to breakthrough to leader — and how these transitions impact business and family life.
Mike has some pretty solid advice for those considering independence, but his message is really resounding for senior advisors and the next generation. Because, as he shares, while there is a certain level of excitement in taking these next steps — and ultimately creating a legacy that’s designed to be passed down from generation to generation — there are some key considerations for every stakeholder that make this a “Must Listen” episode.
Download the transcript of this episode…
Listen to more about the indie Mindy Diamond episode: Financial Advisors Thinking About Change Podcast.