Tag: Firm

Categories
Business

CORRECTING and REPLACING Summit Financial supports launch of new Pennsylvania-based wealth advisory firm

MRK Wealth Advisors aligns with Summit for its scale, depth of resources and fully integrated technology platform

PARSIPPANY, N.J.–(BUSINESS WIRE)–Please replace the release dated Oct. 20, 2020, with the following corrected version due to multiple revisions.

The updated release reads:

SUMMIT FINANCIAL SUPPORTS LAUNCH OF NEW PENNSYLVANIA-BASED WEALTH ADVISORY FIRM

MRK Wealth Advisors aligns with Summit for its scale, depth of resources and fully integrated technology platform

Summit Financial (“Summit”), a prominent financial services firm for top independent and breakaway advisors, is expanding its reach to Pennsylvania with the launch of MRK Wealth Advisors (“MRK Wealth”). MRK Wealth is aligning with Summit through its industry-leading affiliate partnership model and will gain access to a fully integrated suite of services and technology solutions, known as SummitVantage™, which will support the launch, operation and growth of the new business.

Based in Doylestown, Pennsylvania, MRK Wealth is founded by industry veteran Mike Halvorsen and his son Joseph Bates. Halvorsen has spent more than 20 years in the financial services industry. During this time, he has developed a unique planning-focused approach as well as a deep understanding of the pharmaceutical industry and how executives can amplify their wealth by focusing on maximizing compensation stock options, employer 401(k)s and pension plans. Bates has worked in financial services for several years and earned the CERTIFIED FINANCIAL PLANNER™ certification last year.

“We are thrilled to partner with Mike and Joe and to deliver the support they need to establish MRK Wealth Advisors and serve pharmaceutical executives at an elevated level,” said Ed Friedman, Summit’s Director of Business Development and Growth. “At Summit, we are constantly looking for growth-oriented advisors who embrace planning and will effectively represent the brand and reputation that we have spent 38 years building. Mike and Joe exemplify that philosophy.”

“Aligning with a robust firm like Summit was an extremely attractive option for many reasons,” remarked Halvorsen. “I wanted the opportunity to grow my business and thrive on my own, and I knew I needed a partner with the resources to help me deliver excellent service for my clients. Summit stood out as the answer by providing me with solutions that go well beyond what a typical wealth management firm would be able to offer, while also granting me the freedom to run my business independently.”

Summit and its affiliates offer top independent and breakaway advisors an opportunity to align with the firm through distinct partnership options that provide unmatched flexibility and access to technology, financial planning, investment management, insurance and operational support. Affiliates maintain full ownership of their businesses and participate in an industry-leading revenue option. Alternatively, advisors who qualify can become partners in Summit Growth Partners, a unique option providing monetization to advisors seeking to sell a minority interest in their firm.

“We built SummitVantage™ so that advisors and their clients could thrive no matter the challenges they face,” stated Summit’s Chief Executive Officer Stan Gregor. “We have forever focused on the spirit of long-term partnership, and not the short-term transactional relationships that we so often see with other firms. SummitVantage™ and the Summit Growth Partners model empower advisors to eliminate operational burdens and to refocus on what matters most: Building a business that can create a legacy and that best supports client needs.”

In August 2018, Summit Financial announced its partnership with Merchant Investment Management, which has supported the firm’s recent growth trajectory and forward-looking development. Advisors interested in aligning with Summit should visit www.SummitFinancial.com.

About Summit Financial

As an independent wealth management firm for almost 40 years, Summit Financial and its affiliates are proud to continue their legacy of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. With customized, holistic and hands-on advice, we turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms. To learn more about our firm, please visit our website at www.SummitFinancial.com.

Summit Financial, LLC, a SEC registered investment advisor established November 2018, is the successor firm to Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983) for all of their investment advisory and financial planning business.

Investment advisory, financial planning services and products are provided through Summit Financial LLC, an SEC registered investment advisor. Insurance products and services are provided through Summit Risk Management. Summit Services IT and Summit Growth Partners LLC are affiliates of Summit Financial Holdings LLC and do not provide any financial products or services.

SummitVantage™ is a branding slogan only used to identify the services offered by Summit Financial Holdings, LLC’s affiliated firms.

Contacts

Media:

Tara Berardi

Gregory FCA for Summit Financial

Summit@GregoryFCA.com
215-337-4195

Categories
Business

KODAK ALERT: Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed against Eastman Kodak Company and encourages investors with losses in excess of $150,000 to contact the firm

NEW YORK–(BUSINESS WIRE)–#EastmanKodakCompany–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased Eastman Kodak Company (NYSE: KODK) common stock between July 27, 2020 and August 7, 2020 (the “Class Period”). Investors have until October 13, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

The securities class action concerns several matters, including the suspicious timing of insider trading activity in connection with Kodak’s July 28, 2020 announcement that it had reached an agreement with the U.S. government to receive a $765 million loan to produce pharmaceutical ingredients.

As news of the deal broke, Kodak, which had been trading under $2 per share, skyrocketed, and within two days, the stock was trading around $60 per share, with 284 million shares changing hands. Just prior to the announcement of the loan, insiders purchased or were granted over 2 million shares of Kodak stock.

More specifically, the day before the deal was announced, the company granted CEO James Continenza options for 1.75 million shares, just under 29% of which vested immediately. As a result of the suspicious timing of the announcement, lawmakers have asked federal regulators to investigate securities transactions made by the company and its executives around the time Kodak learned it could receive the government loan, and the SEC has announced an investigation. On August 7, 2020, the U.S. International Development Finance Corporation said it was holding up the payout of the loan as regulators look into insider trading activity.

On this News the Company’s stock price declined $4.15, or 28%, from $14.88 per share on August 7, 2020, to $10.73 per share on August 10, 2020.

The complaint, filed on August 13, 2020, alleges that during the Class Period defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated the prices of Kodak’s securities and operated as a fraud or deceit on Class Period purchasers of Kodak’s securities by failing to disclose to investors that the company’s financial results were materially misleading and misrepresented material information. When defendants’ misrepresentations and fraudulent conduct were disclosed and became apparent to the market, the prices of Kodak’s securities fell precipitously as the prior inflation came out of the Company’s stock price.

If you purchased Kodak common stock during the Class Period and suffered a loss in excess of $150,000, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bragar Eagel & Squire, P.C.

Melissa Fortunato, Esq.

Marion Passmore, Esq.

(212) 355-4648

investigations@bespc.com
www.bespc.com

Categories
Business

A boss idea: New Jersey-based team launches ShoreHaven Wealth Partners with Dynasty Financial Partners

Team Previously Managed $420 Million in Client Assets

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–Leading wealth advisor Lawrence Durso, his son Michael Durso and advisor Michael Lombardi today announced the launch of their new firm, ShoreHaven Wealth Partners, an independent wealth management firm based in Red Bank, New Jersey. The team had previously worked together at Durso Wealth Management Group at Morgan Stanley where they managed $420 million in client assets.

ShoreHaven Wealth Partners is an independent wealth management firm working with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Joining ShoreHaven Wealth from Morgan Stanley are the following professionals:

  • Lawrence Durso, a veteran wealth advisor. Mr. Durso has worked in the financial services industry since 1978;
  • his son, Michael Durso, CFA, an investment specialist. He has worked in financial services since 2006;
  • Michael Lombardi, CFP, also has experience working in financial services since 2006, and
  • Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

ShoreHaven Wealth Partners has joined the Dynasty Financial Partners network. Through Dynasty, the firm has access, on their clients’ behalf, to a full array of capital markets and investment banking capabilities, as well as a vast range of investment research and consulting, advanced technology, proprietary analytical tools, and an online research center. They have also selected Fidelity Institutional as the custodian for their clients’ assets. ShoreHaven Wealth has chosen Black Diamond for performance reporting.

“We are excited to launch ShoreHaven Wealth Partners as an independent firm. We believe there are great opportunities to create a customized planning process for our clients as well as create our own brand. And, in the future, we anticipate adding like-minded advisors to our firm,” said Mr. Larry Durso.

“The ShoreHaven team is a group of seasoned financial advisors and experts and they are well-positioned to flourish in the independent space. Because of the relationship between Larry and his son Mike, the team brings a particularly insightful perspective to their clients in understanding the impact of family dynamics on the management of wealth across generations,” said Shirl Penney, CEO of Dynasty Financial Partners. “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. We are thrilled to welcome ShoreHaven Wealth to the Dynasty Network!”

BIOS

Lawrence Durso, Founding Partner, CEO

Larry Durso founded ShoreHaven Wealth Partners in 2020 with his son Michael and Michael Lombardi. Most recently he had led the Durso Wealth Management Group at Morgan Stanley, where he was a Managing Director- Wealth Management.

Lawrence Durso has worked in the financial services industry since 1978. He has primarily focused on creating solutions for unique problems typically associated with high net worth clients and their families. Additionally, he holds multiple securities registrations and life and health insurance licenses.

He holds a Bachelor’s Degree (summa cum laude) from St. John’s University and a Master’s Degree from Columbia University.

Mr. Durso is active in several charitable organizations, including St. John’s University (past President of the SJU Staten Island Alumni Association) and the Daughters of Saint Paul. He is currently Chairman of the Board of Directors for the Lt. Dennis W. Zilinski II Memorial Fund, also a member of the Algonquin Arts Theatre Board of Trustees and an active Supporter of the Society for the Prevention of Teen Suicide.

Michael Durso, CFA®, Founding Partner, Chief Investment Officer

Michael Durso is a co-founder and Chief Investment Office (CIO) of ShoreHaven Wealth Partners. As CIO, he is responsible for oversight of ShoreHaven’s asset allocation, manager selection, and investment strategy.

He has over a decade of experience in the financial services industry and has worked with clientele ranging from pensions, foundations, endowments, home offices and financial advisors to successful professionals and their families.

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 Morgan Stanley in 2016, he worked at SKY Harbor Capital Management, where he was responsible for relationship management in the Americas.

He earned his BBA degree in Finance with a minor in Marketing from James Madison University in 2006. While at James Madison, he was a varsity member of the Track and Cross Country program and 2003 IC4A Men’s Cross Country Championship team. He was also a member of Phi Sigma Pi National Honors Fraternity.

Michael a CFA® Charter Holder and member of the New York Society of Securities Analysts (NYSSA).

Michael Lombardi, CFP®, Founding Partner, Chief Planning Officer

Prior to co-founding ShoreHaven Wealth Partners, he worked with Lawrence Durso in the Durso Wealth Management Group at Morgan Stanley since 2012. Mr. Lombardi began his career as a financial advisor at Wachovia Securities in 2006, shortly after earning his B.S. in finance from The College of New Jersey. He completed the Certified Financial Planning Program at Boston University and, in 2013, was awarded the CFP® certification.

Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

Sheryl Iannuzzelli runs the day-to-day operations of the team. She joined the Durso Wealth Management Group at Morgan Stanley in 1995. Ms. Iannuzzelli holds a bachelor’s degree from Seton Hall University.

About ShoreHaven Wealth Partners

ShoreHaven Wealth Partners is an independent wealth management firm based in Red Bank, New Jersey that works with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Their objective is to help clients enjoy what’s important in their lives, through the benefit of financial prosperity. For more information, please visit: www.ShoreHavenWealth.com and on Twitter: @ShoreHavenWP

About Dynasty Financial Partners

Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open architecture platform, enabling advisors to address their clients’ needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business. Dynasty’s core principle is “objectivity without compromise,” and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients. ​

For more information, please visit www.dynastyfinancialpartners.com.

Also visit Dynasty on social media:

LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners
Twitter: @DynastyFP
Youtube: http://bit.ly/1MKXhC8

Contacts

Media
Sally Cates

sallycates@dynastyfinancialpartners.com
212-373-1000