Ana Munro | Naples, FL | Marco Island, FL | Morgan Stanley Wealth Management

My Story and Services

I’m often asked why I chose this work.

The answer is personal.

I was born in Brazil and raised by a single mother in a home where financial stability was uncertain. At thirteen, I was managing a household and caring for my younger brother while my mother moved to the United States in pursuit of opportunity. During that time, I came to understand something that would shape my life: the absence of financial knowledge can limit even the most determined individuals.

Out of necessity, I began teaching myself how money works. That was how my calling began by understanding how financial decisions shape outcomes, opportunities, and futures.

When I later joined my mother in Southwest Florida, I arrived with limited English, no network, and no financial resources. What I did have was clarity of direction. I pursued finance with discipline and intention, applying what I was learning in real time and building the foundation for the work I do today. I earned a bachelor’s degree in finance, summa cum laude, and an MBA from Florida Gulf Coast University, along with the CFP^® and CPWA^® designations.

Over the past two decades, I have developed an integrated approach to advising, grounded in investment strategy, tax planning, estate structures, and multigenerational wealth design.

Today, I co-lead a practice advising highly accomplished individuals and families, including founders, executives, private investors, and family offices. My clients often come to me at moments of complexity or transition, when their financial lives require more than investment management and demand coordination, structure, and perspective.

I work across the full landscape of wealth, including concentrated positions, liquidity events, private markets, governance frameworks, and philanthropic strategy. My role is to bring alignment across these moving pieces and help families make decisions with clarity, intention, and discipline.

I am also a keynote speaker and advisor to executive communities including Chief, Athena Alliance, Vistage, and Tiger 21, and I serve on the boards of organizations focused on advancing women and expanding access to opportunity.

At its core, my work is about more than wealth. It is about what wealth makes possible.

The Calleja Group

Services Include

Wealth Planning^Footnote1
Wealth Management^Footnote2
Business Planning^Footnote3
Endowments and Foundations^Footnote4
Alternative Investments^Footnote5
Estate Planning Strategies^Footnote6
Trust Services^Footnote7
Philanthropic Management^Footnote8
Art Advisory^Footnote9
Syndicate^Footnote10
Cash Management and Lending Products^Footnote11
Corporate Retirement Plans^Footnote12
Stock Plan Services^Footnote13
Donor Advised Funds

Securities Agent: OK, HI, PA, ME, AR, WI, VA, UT, TN, SC, OR, ND, CT, AL, NY, NV, NM, MO, FL, AK, WV, SD, MT, ID, IA, DC, RI, NE, NC, KY, TX, PR, OH, MS, MI, MA, KS, CA, WY, NH, CO, AZ, VT, NJ, MN, MD, GA, WA, IN, DE, VI, LA, IL; General Securities Representative; Investment Advisor Representative
NMLS#: 434224
CA Insurance License #: 0K05620
AR Insurance License #: 15661642

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

Who We Serve

Individuals and families turn to me for my track record of precision, discretion, care, and thoughtful attention to detail.

Together with my team, we act as partners co-creating a plan for your financial wellbeing and connecting you with a trusted network of professionals to support your goals across generations.

Typically, clients are corporate executives, entrepreneurs, private markets professionals, family offices, and multigenerational families. While their stories are unique, they often come to us at inflection points.
Here is what they tend to have in common:

• They understand that time, not money, is their most precious asset.

• They may already work with a good financial professional, but the complexity of their wealth has outgrown the current scope of advice.

• They are not seeking the status quo; rather they want perspective, insight, and a fresh lens.

• They want access: to ideas, to opportunities, and to coordination.

• They value an integrated approach alongside their legal and tax professionals, especially in areas where those professionals may not always collaborate.

• They are looking to delegate the day-to-day complexity of managing wealth so they can focus on their personal life.

• They seek to maximize their family office using Morgan Stanley’s advanced capabilities in private market access, research, estate planning resources, family governance tools, next-gen education, and integrated technology.

• They are navigating concentrated equity or liquidity events and need a coordinated plan to optimize after-tax outcomes.

• They are preparing to scale, grow, or exit a business.

• They want their children and grandchildren to be prepared, empowered, and aligned.

• They want to protect their legacy and live it today.

• They have heirs or family in multiple jurisdictions and need support navigating international estate, tax and reporting considerations.

• They are building or managing a family foundation or donor-advised fund and want to align charitable giving with family values.

• They are managing multiple trusts, family partnerships, or special-purpose entities and need clarity across generations.

• They are navigating significant life transitions, such as divorce, widowhood, and seek a trusted partner that can provide clarity and a steady hand in times of change.

• They are managing complex stock compensation packages and require strategic guidance to optimize for tax, timing, and long-term planning.

If this sounds like you or your family, I would be honored to be a part of your journey.

Your Experience With Me

When we work together, you can expect more than investment advice. My role is to anticipate your needs, simplify complexity, and protect what matters most to you: your family, your wealth, your legacy, and your peace of mind.

Personalized Attention

I take the time to understand every nuance of your financial life, including your vision for the future, your family dynamics, your goals and your priorities. You will always have direct access to me, and I will ensure that the decisions we make together are tailored to what is most important to you.

Your Best Interests, Always

I only take on relationships where I know I can add exceptional value. My advice is comprehensive, independent, transparent, and free from external incentives. Your priorities are my only focus.

Guidance That Goes Beyond

Your wealth and legacy touches every corner of your life. I provide holistic planning that may include tax strategies, estate planning, philanthropy, legacy structures, equity compensation, alternative investments, and access to unique opportunities in private markets. Every conversation is designed to help you make confident and informed decisions.

Authentic Relationships

I view our relationship as a partnership built on trust, transparency, and results. You can count on me to communicate openly, follow through on commitments, and provide clear well-reasoned recommendations backed by data and experience.

Collaborative Advantage

I bring together my own experience with the perspectives of my trusted network of family office specialists and strategic partners so you will have access to innovative and effective strategies and opportunities aligned with your goals.

Unified Approach

I believe that results improve when there is a complete alignment across every aspect of your financial life. I remain in regular contact with your attorney and CPA, or when needed, I connect you with the ideal professionals for your situation. This helps ensure that my guidance is holistic and coordinated across investment, tax, and estate planning. You can expect that the decisions we make are part of a unified multidisciplinary strategy designed to help advance your goals.

Women Enabled Enterprises

WEE is a non-profit organization helping low income, high potential women in Africa start or grow a micro business for self-sufficiency. Ana Munro is on the Board of Directors and provides ongoing support to WEE's mission.

Compassion

Through a holistic approach to child development, Compassion reaches children nationally and internationally to help release them from poverty.

The organization has a holistic approach as it blends physical, social, economic and spiritual care together.

Ana Munro has been a sponsor for several years.

Girls Who Invest

This organization's primary mission is to bring more women into portfolio management and leadership roles. Their approach is inclusive: education, mentoring, internships and a supportive community.

GFWC - General Federation of Women's Clubs

The GFWC's local chapter is the Naples Woman’s Club, a non-profit organization working to enhance the lives of others through philanthropic activities and volunteer service. Ana Munro serves as Sponsorship Chair and is a member of the Empowering Women Committee. Notable members of the GFWC include Sandra Day O'Connor (first woman Supreme Court Justice), Ellen Ochoa (first Hispanic woman astronaut to orbit space), Michelle Wie West (youngest woman to qualify for the LPGA), and Grace Brewster Murray Hopper (Naval Admiral who developed the Cobol programming language).

Parkinson’s Association of Southwest Florida

Parkinson’s disease affects some of our team members’ families as well as a number of our clients and their loved ones. The Parkinson’s Association of SWFL is a vital organization to improve the quality of life of those affected by Parkinson’s and other neurodegenerative diseases. They offer a variety of programs to educate, enrich and empower those affected. We are proud supporters of their important mission.

Charity Navigator

Charity Navigator is a growing database of nonprofits who are unbiasedly rated based on a research tool that includes data from the IRA, other partners and the charities themselves. Donors who are looking to make a difference can look up their non-profit to learn more in a transparent way. Ana Munro and The Calleja Group are partners who volunteer to educate about giving with impact, teaching kids to give, as well a variety of charitable giving strategies to maximize the benefits of giving.

American Heart Association

Ana Munro and The Calleja Group are proud supporters of Go Red for Women, an initiative whose mission is to bring awareness about prevention and warning signs of cardiovascular disease, the number 1 killer of women - causing 1 in 3 deaths each year.

Youth Haven

Youth Haven was established to fulfill an immediate need for emergency shelter for children who have been removed suddenly from a traumatic home situation. A group of caring local individuals worked together with law enforcement and community partners to create a safe space for each of these children in need.

Naples Players

The Naples Players continually seeks to enrich, educate, and entertain the community through a superior theatre experience. TNP is a premier community theatre, seeking to inspire passion for the performing arts through unparalleled access to the process, experience, and conversations surrounding the arts and the community.

Golisano Children's Museum of Naples

A 501(c)(3) not-for-profit charitable organization founded in 2002, the Golisano Children’s Museum of Naples (CMON) is a brain-building powerhouse and Southwest Florida’s first museum devoted to children and families. This safe and wonderful place inspires children and families to have fun while learning together.

American Cancer Society

The American Cancer Society is a leading cancer-fighting organization with a vision to end cancer as we know it, for everyone. They strive to improve the lives of people with cancer and their families as the only organization combating cancer through advocacy, research, and patient support, to ensure that everyone has an opportunity to prevent, detect, treat, and survive cancer.

Shelter for Abused Women & Children

The Shelter's mission is to lead and collaborate with the community to prevent, protect and prevail over domestic violence and human trafficking. Based in Naples, Collier County, FL, USA, The Shelter operates a 24-hour Crisis Line, two 60-bed emergency shelters (Naples and Immokalee, FL) and nine Transitional Living cottages in Collier County, FL. All in-house and outreach programs and services, training and education are provided free of charge.

Opera Naples

Their mission is to be a professional opera company known for excellence and innovation by presenting quality opera, musical performances, education, and community engagement programs.

Gulfshore Playhouse

Gulfshore Playhouse is passionately committed to enriching the cultural landscape of the region by producing professional theatre to the highest artistic standards and providing unique educational opportunities to diverse groups of people in a spirit of service, adventure, and excitement. Their work is inspired by a belief in the magic of theatre to expand the imagination, challenge the senses, provoke discussion, and revitalize in the audience an understanding of our common humanity. This belief drives the care with which they treat artists, audiences, students, staff, and members of the greater community.

Guadalupe Center

The Guadalupe Center is a purpose driven non-profit organization that exists to create possibilities through education for the students of Immokalee fostering personal and academic success leading to economic independence.

Multiple Sclerosis Center of Southwest Florida

The MS Center is a community center that provides valuable resources to individuals, and their families, who are affected by multiple sclerosis. The center’s goals are to reduce isolation, improve mobility, and reduce the risk of poor outcomes related to daily living.

Naples Ballet

Naples Ballet and Company is a 501(c), nonprofit organization dedicated to setting new standards for artistic excellence and promoting cultural enrichment by creating awareness of the art of dance within the Naples community. Their mission is to provide dancers of all ages with professional dance instruction and performance opportunities.

Naples Botanical Gardens

Naples Botanical Garden conserves the plants and habitats of the tropics, cultivates beauty, offers knowledge, and inspires the protection of nature.

PACE Center for Girls

Pace is one of the only multi-state gender-responsive, trauma-informed, and strength-based models for girls in the country, with a proven evidence base. Dedicated to changing the lives of girls through the development of critical life, health and mental health, and academic skills, Pace has a successful and proven program model that has changed the life trajectory of more than 40,000 girls and is recognized as one of the nation’s leading advocates for girls.

Humane Society Naples

Humane Society Naples is an independent nonprofit serving the public by providing care, shelter and placement into loving homes for orphaned animals in the Collier County area through pet adoptions. They never place a time limit on how long dogs, cats and other pets stay at their shelter.

Jingled Elves

Jingled Elves, Inc. is a 501(c)(3) organization providing funds to charitable organizations focused on improving the lives of women and children in Collier County, Florida.

Planning For Your Family's Financial Needs

Beyond investments and financial planning, my group and I provide coordinated family office services that address the comprehensive scope of wealth and legacy.

Working in alignment with your trusted advisors, or introducing the ideal professionals when needed, I help ensure that every decision is strategically integrated across legal, tax, governance, and legacy considerations.

My goal is to simplify complexity, create clarity, and help you make confident decisions that service your family’s long-term wellbeing.

Philanthropic Planning

Many of us prefer to combine our support for the causes and people we care about with a desire to save on taxes. Fortunately, there are strategies that may help us accomplish both. Whether you want to donate to charity or invest in a loved-one’s future, consider these tax‐smart ways to help make your giving go further.

Charitable Giving Overview

Trust, Tax, & Estate Planning

With you every step of the way. The Calleja Group analyzes a client's tax and estate structures so that their tax characteristics are accurately incorporated in the asset allocation analysis performed for the client.

Our Overview Video

Alternative Assets

Alternative assets are becoming increasingly important for individuals and companies to grow and generate profits.

Watch Our Video

Family Governance

Particularly in the case of an ultra high net worth family engaged in a common enterprise, such as running a family business, operating a family office, or simply investing together as a family, it's extremely important to have a sound framework within which to make decisions - in other words, a family governance system.

Watch Our Video

Wealth Education

Achieving your investment goals isn’t just about maximizing returns. Reducing tax liabilities in your portfolio can also play a key role in helping you build wealth over the long run. As you review your income and portfolio, consider these steps to help reduce taxes on your investments.

Learn More

Concentrated Stock Management

Concentrated positions can increase investment risk. The simplest way to reduce that risk is to diversify your portfolio. However, many investors may be unable or unwilling to sell their concentrated position. The Calleja Group works to develop hedging and monetization strategies on high net worth individual's concentrated stock positions, that allow these investors to generate additional income on these concentrated positions.

Concentrated Stock Solutions Video

Commodity Management

When a passion for collecting evolves into something of considerable value, a new set of considerations comes in to play. Hear what our panel has to say about collections as an investment class, including best practices and common pitfalls among collectors of fine art, antiques, classic cars, vintage wines and other stores of value that stir the passions.

Learn More

Insurance Solutions

A sound wealth plan involves more than just seeking returns. It also involves mitigating and managing risks, helping to cushion you when the unexpected occurs. An insurance product can help you plan for and guard against life’s hidden curves – to help protect your assets and your family.

Watch Our Video

Private Credit and Equity

Private Credit investing is an essential component of Morgan Stanley Investment Management’s alternative investments platform. The Calleja Group manages a well-defined group of strategies and seek to deliver attractive returns to their investors by forging successful partnerships with their portfolio companies.

Capital Seekers

Banking Solutions

Morgan Stanley provides a full range of banking, lending, and cash management services for individuals and small businesses.

Banking at the Speed of Light

Exchange Funds

An exchange fund is a special-purpose vehicle that offers holders the ability to diversify their investments by exchanging stock positions, oftentimes in highly appreciated or restricted stock, for shares of a diversified portfolio. Contributions of appreciated stock to a properly structured exchange fund are not taxable under current federal tax law.

Our Family of ETFs

Tax Smart Investing

Tax-efficient investing and withdrawal strategies can help minimize your tax liabilities.

Watch Our Video

WORKPLACE FINANCIAL BENEFITS WITH MORGAN STANLEY AT WORK

Our mission is to help your company elevate your workplace financial benefits—helping you to attract and retain top talent. Our end-to-end solutions support your company and employees at any stage of growth through a powerful combination of modern technology, insightful guidance, and dedicated service.

Equity Solutions

Equity ownership is a powerful motivator. Streamline equity management through our leading-edge technology and provide global audit-ready reporting and insights, alongside customizable participant experiences to engage and educate your employees on how to make the most of their benefits. Our global solutions support private and public companies at any stage of growth.

• Equity Administration and Financial Reporting
• Liquidity Events
• 409A Valuation Services and Cap Table Management

Learn more

Retirement

For your employees, retirement is more than a date in the future—it's a milestone that takes time, hard work, and the right tools. Through our consultative process, we strive to assist with the management of your fiduciary responsibilities and risk, simplify plan management, and help you improve retirement readiness for your employees.

• Defined Contribution Consulting
• Solutions-Oriented Plans
• Fiduciary Investment Oversight

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Deferred Compensation

Access a range of Nonqualified Deferred Compensation plan services or pick the ones that best fit your needs. We provide recordkeeping and plan design, portfolio construction services, and plan education for your executive talent. We help you determine the appropriate plan design and inform a funding strategy through a needs-based assessment and consultative approach.

Services include:

Recordkeeping and Plan Design
Portfolio Construction
Wealth Management Services

Learn more

Executive Services

Our dedicated team provides concierge-level support for your executives' equity compensation plans, from 10b5-1 trading plans to form filing related to Rule 144 transactions, to access to wealth management and tax-optimization strategies, so helping them navigate their complex financial needs with greater confidence and certainty:

Equity Compensation Services
Equity Award Analysis
Specialized Solutions

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Saving and Giving

Saving and Giving benefits can make a real difference in your employees' lives as they can support the things that matter most to them—like saving for education and repaying student loans. Show that you are committed to your employees' priorities with leading-edge solutions that help them chart a path toward financial well-being.

College Savings
Student Loan Repayment and Refinancing
Charitable Giving

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Financial Wellness

We offer Financial Wellness with every solution we provide. Through a powerful combination of education, digital tools and guidance, Financial Wellness is designed to address the unique needs of your employees and empower their financial journey at every stage. Give your employees the confidence to take charge of their finances.

• Financial Education
• Digital Tools
• Financial Guidance

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Location

8889 Pelican Bay Blvd

Ste 300

Naples

FL 34108

Direct:

(239) 359-4872(239) 359-4872

928 N Collier Blvd N

3rd floor

Marco Island

FL 34145

Hear From My Clients

Ana Munro made our retirement goals feel achievable. Her investment guidance, long-term care insight, and estate planning support opened our eyes to better strategies. She led us step by step and helped us take action. We now have confidence and a clear path forward. Working with her has been one of the best decisions we’ve made.

Bob & Chris

Verified Client

December 7, 2025

Ana is a first-rate Financial Adviser who has guided us through different programs and opportunities to strengthen our wealth plan. She explains market place issues and responds immediately to questions we have about wealth diversification, and has helped us with future planning for aging considerations, coordinating opportunities with other insurers and so on. We deeply appreciate her reaching out and meeting with us on a regular basis. She is knowledgeable, careful, and is deeply ethical.

Jon & Beth

Verified Client

December 7, 2025

Ana is extremely kind and an excellent professional. She is very responsive to my needs in order to help me achieve my personal goals. I feel blessed to have Ana as my Financial Advisor and I want to congratulate Morgan Stanley for having professionals like her. My experience with Ana and her team has brought me a feeling of gratitude, peace and security. My thanks to Ana and her great team for everything!

Maria

Verified Client

February 2, 2026

Once I met Ana and her team, I understood why: her care, experience and strategized planning. Together, we have executed goals for my future so I will have what I need in the years ahead. Meanwhile, she continues to coach me in financial growth and management along the way and is promptly available whenever I need advice or help.

Ann

Verified Client

January 12, 2026

Ana Munro is an exceptional financial advisor who consistently goes above and beyond. Her ability to communicate complex financial strategies in clear, understandable terms is remarkable. She always keeps me informed about new opportunities & strategies, proactively seeks creative solutions to my financial goals, and provides insights that feel both personalized and strategic. Working with Ana is incredibly comfortable has given me confidence that my portfolio is in the best hands.

Elaine

Verified Client

September 8, 2025

Ana helped me shift from financial autopilot to intentional wealth strategy. She listens with heart, clarifies what matters, and created a plan that feels strategic and soul-aligned. Ana is incredibly responsive and has a gift for turning complex decisions into clear, confident steps forward. I finally feel empowered and secure about my financial future.

Susan

Verified Client

December 7, 2025

Testimonial(s) solicited by Morgan Stanley and provided by current client(s) at the time of publication. No compensation of any kind was provided in exchange for the client testimonial(s) presented. Client testimonials may not be representative of the experience of other clients and are not a guarantee of future performance or success.

5285589 3/2026

Awards and Recognition

Forbes Top Women Wealth Advisors Best-In-State

2025-2026 Forbes Top Women Wealth Advisors Best-In-State Source: Forbes.com (Awarded 2025-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in September of year prior to the issuance of the award.

Forbes America's Top Next-Gen Wealth Advisors

2024-2026 Forbes America's Top Next-Gen Wealth Advisors (formerly referred to as Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors) Source: Forbes.com (Awarded 2024-2026). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.

Five Star Wealth Advisor

Five Star Wealth Advisor Award This award was issued in 2016-2025. The award was determined based on an evaluation process conducted by Five Star Professional based on objective criteria from 05/15/2016 through 12/13/2025.

Wealth Management

Global Investment Office

Portfolio Insights

Read "On the Markets"

Equity Compensation

Helping you make the most of your equity awards and better understand how it may fit into your larger financial picture – today and tomorrow.

Vesting events
Option expirations
Restricted stock units
Tax implications

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

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A Simple Six-Step Retirement Checkup

Checking in on your retirement plan may make a lot of sense, especially when market volatility arises.

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

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Iran Conflict: Seven Takeaways for Investors

Prolonged conflict with Iran could lead to higher oil prices, hotter inflation and greater market uncertainty.

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

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529 Plans: A Powerful Tool to Save for Education

Though education costs continue to climb, starting to save and invest early can make a difference.

Business Planning

Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.

Succession Planning
Business Planning
Qualified Retirement Plans

Learn More

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

Learn More

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.

Financial Wellness

Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:

Reduce employee stress,
Improve retention and engagement, and
Set themselves apart by offering comprehensive financial wellness benefits.

Learn More

The Business Case for a Financially Resilient Workforce

In the face of turbulent markets, the word “resilience” may be top of mind. Broadly speaking, resilience is the ability to “bounce back” when encountering life’s inevitable challenges.

Ready to start a conversation? Contact Ana Munro today.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

¹Morgan 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.
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.

For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.

²Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.

³Morgan 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.

⁴Morgan 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.

⁵Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.

⁶Morgan 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.

⁷Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
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 and other legal matters.

⁸Products 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.

⁹Products 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 does not assist with buying or selling art in any way and merely provides information to clients interested learning more about the different types of art markets at a high level. Any client interested in buying or selling art should consult with their own independent art advisor.

¹⁰Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.

¹¹Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.

Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

¹²When 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.

¹³Morgan 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.

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Ana Munro, CPWA®, CFP®

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