Exchange: The ETF Experience February 5th to February 8th is coming up, so Evan Harp is sitting down and talking to some of the consultants who will be there. Today’s edition is dedicated to CIO, Mike Durso ShoreHaven Wealth Partners.
Evan Harp: When and how did your training begin?
Mike Durso: Our practice was founded in 1978 by my father, who has built it from the beginning until today. My career began in asset management in 2006, where I worked for AllianceBernstein and BlackRock in the iShares ETF business. In 2016, I left asset management and joined the Morgan Stanley team. My goal was to bring my diverse experience in asset management to the family business and leverage my institutional experience in wealth management. We fully realized this goal when we launched ShoreHaven Wealth Partners in July 2020.
Evan Harp: What is your investment philosophy?
Mike Durso: Our investment philosophy always starts with understanding our client’s goals and their risk tolerance. Instead of drumming, we aim to conquer singles and doubles. Our approach creates stability to help our clients weather market volatility and invest for the long term.
Every client relationship begins with a SWOT analysis and risk quantification, creating a framework for structuring investments. We have created risk-based ETF models for taxable and retirement accounts in 2 vintages, growth and income. For taxable accounts, we use tax management software to accumulate portfolio losses over time.
Evan Harp: What was the biggest obstacle you had to overcome and how did you do it?
Mike Durso: The biggest hurdle I had to overcome was learning to work in a family business while taking on a leadership role. Working in a multi-generational firm may take time to be patient and understand the right ways to succeed with your father/business partner.
We’ve worked hard to understand each other’s communication styles and create an environment where each employee can thrive. I’m happy to say that the relationship at ShoreHaven has never been better, but it hasn’t been without a lot of introspection and teamwork.
Evan Harp: The exchange is scheduled for February 5-8. What do you think will be the biggest market event at the time?
Mike Durso: We were in a holding pattern where the Fed kept raising rates every meeting. Sentiment is building that a break is coming later this year and it will be interesting to see how the markets react. We’ve been in a period of prolonged volatility, but if we have some simple guidance on what the Fed is going to do with rates, that could ease. I hope we are talking about a healthy market with a growing trend.
Evan Harp: Who is another financial advisor who inspires you and why?
Mike Durso: My father is a financial advisor who inspires me daily. She has dedicated her career to caring for clients and their families with the goal of living a better life. I love hearing stories from our clients about how it has helped them achieve their goals and allowed them to enjoy what is most important to them. I am blessed to learn from him every day and am incredibly focused on building on the foundation and legacy he has created.
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