Exchange: An ETF Experience?hstc=169852158.3222440548557e95f3db668c474f0cf5.1662752012008.1663090595521.1663183295992.8&hssc=169852158.4.1666728675599&hsfp=1078827124 is coming February 5th – February 8th, so Evan Harp is sitting down and chatting with some of the advisors who will be there. Today’s edition is focused on Mike Durso, CIO of ShoreHaven Wealth Partners.
Evan Harp: When and how did your practice begin?
Mike Durso: Our practice was founded in 1978 by my father, who built it from the ground up to what it is today. My career began in asset management in 2006, where I worked at AllianceBernstein and BlackRock in the iShares ETF business. In 2016, I left asset management and joined the team at Morgan Stanley. My goal was to bring my diverse background in asset management to the family business and leverage my institutional experience in wealth management. We fully realized this goal in July 2020 when we launched ShoreHaven Wealth Partners.
Evan Harp: What is your investment philosophy?
Mike Durso: Our investment philosophy always starts with our client’s goals and understanding of their risk tolerance. We aim to hit singles and doubles instead of home runs. Our approach creates consistency for our clients to help them stomach market volatility and stay invested for the long term.
Each client relationship begins with a SWOT analysis and quantitative risk score, laying a framework for structuring the investments. We built risk-based ETF models for taxable and retirement accounts in 2 vintages, Growth and Income. For taxable accounts, we utilize tax management software to harvest losses in the portfolio where possible over time.
Evan Harp: What is the biggest obstacle you had to overcome, and how did you do it?
Mike Durso: The biggest obstacle I had to overcome was learning to work in a family business while taking on more of a leadership role. Working at a multigenerational firm can take time to find patience and understand the proper ways to succeed with your father/business partner.
We have worked hard to understand each other’s communication styles and how to create an environment for every employee to thrive. I am happy to say that the communication at ShoreHaven has never been better, but it was not without a lot of introspection and teamwork.
Evan Harp: Exchange is slated for February 5th – 8th. What do you think the biggest story in the market will be at that time?
Mike Durso: We have been in a holding pattern with the Fed consistently raising rates each meeting. There is sentiment building that there will be a pause at the end of this year, and it will be interesting to see how markets react. We have been in a prolonged period of volatility, but that may dampen if we have a more straightforward path regarding what the Fed will be doing with rates. I am hopeful that we will be talking about a healthy market that is trending upward.
Evan Harp: Who is another financial advisor that inspires you and why?
Mike Durso: My father is the financial advisor who inspires me daily. He has spent his career caring for clients with the sole focus of creating a better life for them and their families. I love to hear stories from our clients about how he has helped them achieve their goals and allowed them to enjoy what’s most important to them. I am fortunate to learn from him every day and am incredibly focused on building upon the foundation and legacy he created.
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