Mindy Diamond on Independence: Ex-Wirehouse Advisor on Taking Over the Reins of the Family Business

Success is often rooted in having strong beliefs.

That is, a belief in a mission or vision. Or even the team that’s driving the ball forward.

For Mike Durso, it was a belief in the business that his father Larry started back in 1978.

Mike joined his father’s team at Morgan Stanley in 2016 coming from a background in asset management with the likes of AllianceBernstein and later BlackRock. His goal was to bring that diverse experience to the family business and leverage his institutional knowledge within wealth management.

Yet it was also Mike’s ability to see things from a perspective that was unlike his dad’s. While he shared Larry’s strong belief in doing everything they could for the clients – people Larry treated like family – Mike also felt that there could be a better way to serve them while creating a lasting legacy.

It was through due diligence that Mike realized they were “captive” in the employee model at Morgan, and to truly do their best for their clients and build for the long-term would mean launching their own independent firm.

And that they did. In 2020, Larry, Mike and their team left Morgan Stanley with some $400mm in managed assets to launch Shorehaven Wealth Partners in Red Bank, NJ with support from Dynasty Financial Partners and Fidelity as custodian.

Just two years later, Larry stepped into the Chairman role, and handed over the reins to Mike naming him CEO of Shorehaven.

In this episode, Mike discusses his journey with Louis Diamond, including:

• The limitations Mike saw in the business at Morgan Stanley—and how he sought to resolve them in independence.
• The expanded capabilities they’re realizing in independence—and how they are now better able to achieve their goals.
• The choice to build their independent firm with Dynasty—and what other options they considered.
• The role of succession planning—and what Larry regarded as some of the most important aspects of Mike’s responsibility as CEO.
• Mike’s leap from employee to breakaway to leader—and how these transitions impacted business and family life.

Mike offers some really solid advice for those considering the leap to independence, but his message is really resounding for senior advisors and next gens. Because, as he shares, while there’s a certain level of excitement around taking those next steps – and ultimately creating a legacy designed to live on for generations – there are some key considerations for each stakeholder, making this a “must listen” episode.

Download a transcript of this episode…

Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change.