David's Story

As a Financial Advisor and Senior Portfolio Management Director, I have had the privilege to provide portfolio management and financial advisory services to a wonderful group of individuals and companies for over 27 years.

While every client is different, all are seeking a secure future for themselves and their families. My investment philosophy takes a holistic approach. I carefully listen to a client’s unique objectives in order to tailor a comprehensive financial strategy and suitable portfolio. My team and I place a high premium on client service and can adapt quickly to our rapidly changing world.
Services Include
Securities Agent: AZ, WA, MO, NC, MA, MN, CA, NV, FL, PA, NY, IL, CT, VT, TX, OH, NJ, MD; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1398697
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

Customized Solutions

As your wealth grows, so does its complexities and the resources needed to manage it effectively. We leverage our experience and relationships to deliver innovative strategies that are tailored to your needs. We look forward to speaking with you to understand your challenges, so we may map out a strategy to help achieve your particular priorities and goals.
    Icon Image
    Wealth Management
    Wealth management brings virtually all the dimensions of your life together. We listen carefully to understand the connections across your personal life, your family, your career, and your legacy goals to develop an integrated strategy that is uniquely yours.
    Icon Image
    Financial Planning
    The cornerstone of an effective wealth management plan is comprehensive financial planning, which captures your goals, resources and expectations for the future. Effective planning can potentially lead to successful education and retirement income funding. It helps eliminate blind spot and helps ensure legacy goals are met.
    Icon Image
    Professional Portfolio Management
    We study investment trends and leverage global resources of the firm to develop a personalized investment strategy. Well develop a personalized portfolio to help you meet your requirements for growth, income or wealth conversation within your risk constraints.
    Icon Image
    Estate Planning Strategies
    Estate planning is the process of making arrangements to pass down wealth and assets after a person's death. Proper estate planning gives careful consideration to the estate owners future plans, preferences and goals. The tax implications of the plan should also be thoroughly documented.

Monthly Outlooks & Updates

Here at Morgan Stanley, we strive to simplify complex financial ideas so that our clients understand what is being done on behalf to plan for their financial future. I am a firm believer of giving my clients as many resources as possible so they can stay informed about the latest market trends, outlooks, and breakdowns. Morgan Stanley seeks to make complex financial ideas more digestible so that our clients understand what is being done on their behalf to plan for their financial future, and why. The links below provide detailed analysis on interesting topics that are affecting the finance and business worlds.
    Icon Image
    GIC: Investment Perspectives
    With perspectives on the forces shaping the market, join Mike Wilson, Chief Investment Officer and Chief US Equity Strategist for Morgan Stanley, as he and his colleagues discuss a variety of viewpoints regarding the latest trends in the financial marketplace.
    Listen Here
    Icon Image
    GIC: On The Markets
    A monthly publication that summarizes the Global Investment Committee's market outlook and contains thought-provoking essays that examine the forces shaping the investment landscape. Check out this months edition below.
    Read More
    Icon Image
    Digital Vault
    Digital Vault lets you easily and conveniently manage and share life's most important documents, such as wills, deeds and estate plans as well as financial and tax filings.
    Learn More
    Icon Image
    Morgan Stanley "Ideas" Podcast
    The Morgan Stanley Ideas Podcast brings you revealing stories about the world of business, finance, technology and beyond.
    Listen Here

Our Process

Our wealth management approach focuses on you, your family and your career - where you are today and where you want to go. Working together, we develop the strategies to help get you there, navigating life's challenges and helping you make more informed decisions about your wealth.
    Icon Image
    Step 1: Introductory Call
    We begin with an informal conversation to understand your financial concerns and determine how we can add value. If we all agree to move forward, well schedule our next meeting and request important financial information.
    Icon Image
    Step 2: Getting To Know You
    We continue the dialogue by fostering an in-depth conversation where we learn about the values that shape your decisions and identify any unique circumstances. We also review the documents you've prepared and define your priorities.
    Icon Image
    Step 3: Analysis & Plan Development
    Here, we utilize proprietary financial planning tools to develop a personalized and detailed plan with recommendations to help you grow, preserve and transfer your wealth.
    Icon Image
    Step 4: Implementation
    In this step, we present appropriate strategies that are designed to work together to achieve your goals. Upon your approval, we open new accounts for you at Morgan Stanley and initiate our investment recommendations. We'll also begin to implement other strategies we've discussed. These often encompass tax minimization strategies, as well as risk management and estate planning techniques.

Tax Management and Alternatives Resources

Alternative Investment Resources
I utilize the Morgan Stanley Investment Management platform to help my clients best achieve their goals. As a leading provider of alternative investment strategies with expertise that spans across private equity, private credit, hedge funds, real estate, infrastructure and managed futures markets there is an individually tailored solution for each client’s unique needs. I am dedicated to serving the needs of my clients by delivering exceptional portfolios and custom alternative investment programs.
Custom Multi-Asset Solutions
My expertise lies in managing custom alternative investment solutions that enable financial advisors to address the unique risk, return and liquidity objectives of their clients.
Click here to learn more
Hedge Funds
My hedge fund solutions include custom portfolios; broadly-diversified, opportunistic and strategy-specific funds; and advisory services.
Click here to learn more
Real Estate
We specialize in global opportunistic and regional core real estate investment strategies.
Click here to learn more

Client Service Team

    Carousel Associate Image
    Patrick J. Cefalu, CFP® - Business Development Director
    Phone:
    (212) 883-7756(212) 883-7756
    Email:patrick.cefalu@morganstanley.com
    As a CERTIFIED FINANCIAL PLANNER TM (CFP®) I have a deep commitment to planning and client service. I lead our team’s financial planning process in developing holistic solutions tailored for a client’s unique set of goals. My role also includes the creation and implementation of customized trading strategies.

    I bring over a decade of experience in global markets and wealth management. Prior to joining Morgan Stanley (2017), I began my year career in finance at UBS and worked on the interest rate derivative trading desk at Nomura Securities International.

    I have a B.S. in Marketing and Finance from University of Scranton and reside in Garwood, New Jersey with my wife Minnel and our son, Ronan.

Location

55 East 52nd Street 10th
28 Fl
New York, NY 10055
US
Direct:
(212) 883-7750(212) 883-7750
Fax:
(212) 883-8133(212) 883-8133
Wealth Management
From My Desk

The GIC Weekly


Wealth Management
Global Investment Office

Portfolio Insights

Retirement

Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
  • 401(k) Rollovers
  • IRA Plans
  • Retirement income strategies
  • Retirement plan participants
  • Annuities
4 Financially Smart Ways to Take Money Out of Retirement Accounts
Article Image

4 Financially Smart Ways to Take Money Out of Retirement Accounts

Discover how planning for required minimum distributions from retirement accounts can help you fund future needs and support loved ones.

Investing

Working closely with you to guide your wealth and investments through the most challenging market cycles.
  • Asset Management
  • Wealth Planning
  • Traditional Investments
  • Alternative Investments
  • Impact Investing
2025 Global Economic Outlook: U.S. Policies May Temper Global Growth
Article Image

2025 Global Economic Outlook: U.S. Policies May Temper Global Growth

Global growth is likely to be around 3% in 2025 and 2026, as tariff and immigration policies begin to slow the U.S. economy late next year, and China's underperformance restrains emerging markets.

Family

Creating customized financial strategies for the challenges that today’s families face.
  • Estate Planning Strategies
  • 529 Plans / Education Savings Planning
  • Long Term Care Insurance
  • Special Needs Planning
  • Trust Services
Taking Control of Your Finances After Death of a Spouse
Article Image

Taking Control of Your Finances After Death of a Spouse

Financial planning after a divorce or death can be trying, but with the right approach and the right advice you can turn a difficult situation into empowerment.

Business Planning

Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
  • Succession Planning
  • Business Planning
  • Qualified Retirement Plans
Financial Planning for Life After Selling a Business
Article Image

Financial Planning for Life After Selling a Business

Selling your business can mean big changes for your life, both personally and financially. Know how to make the most of your windfall.

Philanthropy

Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
  • Endowments
  • Foundations
  • Donor Advised Funds
  • Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving 
Article Image

Donor Advised Funds: A Smart Way to Manage Your Giving 

There’s more to charitable giving than you may realize. Here’s one method that may be a tax-efficient way to give and can help maximize your impact.
Ready to start a conversation? Contact David L. Sherman today.
Market Information Delayed 20 Minutes
1Investing in futures and options on futures contracts entails significant risks. Prices of futures and options on futures contracts may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in the underlying assets or commodities and related contracts, (vi) pestilence, technological change and weather and (vii) the price volatility of a commodity or asset. In addition, the futures markets may be subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.

Back to top



2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.

Back to top



3Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.

Back to top



4When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

Back to top



5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

Back to top



6Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.

Back to top



7Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

Back to top



Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.

The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.

Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.

The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.

The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.

*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney.  The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.

Awards Disclosures
CRC 6491812 (04/2024)