Welcome

As Financial Advisors, we help our clients think through financial challenges and opportunities and develop comprehensive strategies designed to achieve their business, personal and philanthropic goals. Our first obligation is to help them preserve, and then grow, their wealth, providing the experienced counsel and extensive capabilities they need to fulfill their goals for decades - or generations - to come. Our Team, led by senior partner Brett Clifford, has been advising senior executives, entrepreneurs, family office CIOs, and individuals for over 35 years.

We are professionals with CFA®, CFP® and CIMA® designations, who work together with our clients and their tax and legal advisors to deliver personalized, integrated solutions. We provide highly sophisticated investment management capabilities and access to Morgan Stanley’s expertise in philanthropic management; balance sheet management; asset preservation; family dynamics, and a host of other areas.

By taking on the multi-faceted challenges of managing their wealth, we help clients focus on what is important to them - their families, causes and ventures they support.
Capabilities
  • Comprehensive Wealth Planning
  • Investment Management
  • Consolidated Reporting
  • Open-Architecture Platform
  • Pre-Liquidity Planning
  • Risk Management
  • Manager Selection
  • Hedging Strategies
  • Proprietary Investment Opportunities
  • Philanthropy Management
  • Sustainable & Responsible Investing
  • Family Governance & Wealth Education
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

About PWM

Founded in 1977, Private Wealth Management is the division of Morgan Stanley Wealth Management that is dedicated to serving the firm’s most affluent clients, including some of the world’s most accomplished entrepreneurs, executives and stewards of multigenerational wealth. Functioning as an exclusive investment boutique within a global financial firm, we deliver sophisticated solutions that leverage the intellectual capital and insight of Morgan Stanley’s substantial global resources. Drawing on a deep understanding of your financial life, our goal is to help you:
  • Manage investments with an unwavering focus on your financial strategy and personal goals
  • Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
  • Simplify financial complexity to help you achieve clarity and control
Private Wealth Management Highlights
  • Approximately 250 teams1  specialized in assisting individuals and families with $20MM+ in investable assets
  • Over $330 billion in AUM2
  • Comprising 26% of the Barron’s Top 100 Financial Advisors list for 20173
  • Direct access to ultra high net worth experts in philanthropy, family dynamics, wealth transfer, lifestyle advisory and other areas of interest to ultra high net worth families
1 Morgan Stanley Wealth Management, December 31, 2017
2 Morgan Stanley Internal Compensable Revenue Report, December 31, 2017
3 Barron’s Top 100 Financial Advisors, April 2017

Approach

Discovery Process
Investing the time to learn about you and your family; your assets and liabilities and the risk exposures, enables us to formulate strategies and customize the relationship to your needs.
Formulation of Tax, Trust and Estate Strategy
Working with your tax and legal advisors, we help analyze your income and estate tax circumstances to identify and tailor planning techniques that may be used to address your objectives.
Creation of Customized Strategic Asset Allocation
Your customized asset allocation reflects risk, opportunities and taxation across multiple entities, while integrating your investing and estate plans.
Integration of Tactical Asset Allocation
Short-term adjustments seek to capitalize on temporary market distortions. Before making adjustments, we analyze the impact of taxes and trading costs on potential returns.
Implementation of a Customized Wealth Strategy
After comprehensive due diligence and analysis of expected results across multiple market scenarios, strategies are chosen from our expansive investment platform.
Ongoing Assessment
In coordination with your other advisors, we can conduct ongoing reviews and comprehensive reporting to ensure that your strategy adapts to changing financial and family needs.

How We Can Help

We can help you address the challenges and complexities of wealth so you can accomplish the things in life that are essential to you. We couple more than 120 years of combined team experience- with Morgan Stanley's strength, stature and resources in the global financial industry.

Drawing on a deep understanding of your financial life and guided by our team, we can help you:
Manage investments with an unwavering focus on your financial strategy and personal goals
Structure your wealth and personalize solutions based on an objective view of your needs
Simplify financial complexity to help you achieve clarity and control
Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
Our Commitment to Clients

Insight
With a distinct perspective into the complex financial world, we offer strategies designed to help meet your family's needs

Focus
Our services are designed exclusively for wealthy individuals, families and their foundations

Experience
A firm that has navigated over 75 years of market cycles

Access
Morgan Stanley Private Wealth Management offers world-class intellectual capital, specialized ultra-high net worth services, and investment solutions

Personal Service
The highest level of attention is always provided to the limited number of families we serve

Our Capabilities

Comprehensive Wealth Planning
Investment Management
Consolidated Reporting
Open-Architecture Platform
Pre-Liquidity Planning
Risk Management
Manager Selection
Hedging Strategies
Proprietary Investment Opportunities
Philanthropy Management
Sustainable & Responsible Investing
Family Governance & Wealth Education

    Global Franchise

    Morgan Stanley serves a global clientele of individuals, families, corporations, endowments, foundations, governments and others through three core businesses:
    • Morgan Stanley Wealth Management
    • Institutional Securities Group
    • Investment Management
    Our strength and synergies across each of these businesses not only contributes to the economic vitality and stability of the firm, but also expands the vast resources, expertise and global insight that we can offer you.
    Morgan Stanley Franchise Power
    • $2.4tn in client assets under management1
    • Morgan Stanley reported revenues of $11.9Bn1
    • More than 55,000 global employees1
    • Global footprint includes 1,200 offices in 31 countries on six continents1
    • Tier 1 risk-based capital Ratio under U.S. Basel III was approximately 17.8%1
    • $206Bn in liquidity reserve1
    • Long-term credit rating A3, BBB+ and A, by Moody’s, S&P and Fitch, respectively2
    1Unaudited. As of March 31, 2018, Morgan Stanley Quarterly Financial Supplement
    2MorganStanley.com/InvestorRelations

    Location

    650 South Exeter St.
    Suite 1100
    Baltimore, MD 21202
    US
    Direct:
    (410) 736-5532(410) 736-5532
    Fax:
    (443) 552-3720(443) 552-3720

    Meet Clifford / Waters Group

    About Me

    Brett Clifford built and leads a specialized team designed to provide highly customized financial solutions for a select group of successful families. Brett is a CERTIFIED FINANCIAL PLANNERTM who brings 37 years of experience as a Private Wealth Advisor for his clients. Brett graduated from Virginia Tech in 1978 with a BSEE and began his career as an electrical engineer designing controls systems. He then transitioned to his passion 1982 as an advisor at the oldest investment bank in the United States, Alex Brown & Sons. Brett steadily built his practice and team over the years by placing the needs of his client families first and developing investment portfolios and estate plan strategies designed to meet their goals. He and his team moved their practice to Morgan Stanley Private Wealth Management in 2014.

    Brett’s philanthropic interests include workforce development in Baltimore and K-12 education. He served on the board of St. Paul’s School for Girls for eight years, including a term as Board President. Having played on the tennis team for VT, he continues to enjoy racket sports, golf, and spending time with his family at their home on Maryland’s eastern shore.

    Brett.Clifford@morganstanleypwm.com
    Securities Agent: TX, MD, WY, WI, WA, VT, VA, UT, SC, RI, PA, OR, OH, NY, NV, NM, NJ, NH, NE, NC, MN, ME, MA, LA, KY, KS, IN, IL, ID, IA, GA, FL, DE, DC, CT, CO, CA, AZ, AL; General Securities Representative; Investment Advisor Representative
    NMLS#: 1279531

    About Me

    Ted Waters works with a select group of highly affluent families and individuals, providing comprehensive financial advice. A Certified Investment Management AnalystSM with 26 years of investment management experience, Ted also focuses on the creation of fixed income portfolios.

    Ted is a graduate of Washington & Lee University who is actively involved in the community. He served on the board of the Gilman School in Baltimore for eight years and currently sits on the Board of Governors of the Elkridge Club, where he is a member. Ted is also on the Finance and Investment Committee of the St. Thomas Episcopal Church in Garrison. Ted spends his free time playing golf, watching the Ravens, and traveling to the Jersey Shore with his wife, Rebecca, and their two children, Hudson and Ashby.

    Ted.Waters@morganstanleypwm.com
    Securities Agent: TX, MD, WY, WI, WA, VT, VA, UT, SC, RI, PA, OR, OH, NY, NV, NM, NJ, NH, NE, NC, MN, ME, MA, LA, KY, KS, IN, IL, ID, IA, GA, FL, DE, DC, CT, CO, CA, AZ, AL; General Securities Representative; Investment Advisor Representative
    NMLS#: 1275688

    About Me

    Drawing on 20 years of diverse financial services industry experience and training as a Chartered Financial Analyst®, Tim Schere provides highly customized advice and investment services to private clients, retirement plans and corporate plans. Prior to teaming up with his current partners, Tim led the Asset Allocation and Quantitative Analysis Group for Deutsche Bank Alex Brown, where he provided advice and analysis on asset allocation and portfolio structure to the firm’s clients around the country.

    Tim graduated from The University of Chicago and currently serves as Treasurer of St. Elizabeth’s School Foundation. An avid baseball fan, he lives in Baltimore City with his wife, Val Perez-Schere, and their three children.

    Tim.Schere@morganstanleypwm.com
    Securities Agent: TX, MD, WY, WI, WA, VT, VA, UT, SC, RI, PA, OR, OH, NY, NV, NM, NJ, NH, NE, NC, MN, ME, MA, LA, KY, KS, IN, IL, ID, IA, GA, FL, DE, DC, CT, CO, CA, AZ, AL; General Securities Representative; Investment Advisor Representative
    NMLS#: 1279123

    About Me

    Trevor Ferrill focuses on working with affluent individuals and their families providing customized investment advice and solutions. With 23 years of industry experience, Trevor advises clients on portfolio construction, asset allocation, retirement planning, liquidity events, and insurance.
    Trevor is a graduate of Towson University and serves on the finance committee of both The School of the Cathedral of Mary Our Queen and the Church. Trevor lives in Towson with his wife, Jessica and their three children. Trevor spends his free time coaching basketball, playing racket sports, collecting guitars and is an avid motorsports enthusiast.

    Trevor.Ferrill@morganstanley.com
    Securities Agent: TX, MD, WY, WI, WA, VT, VA, UT, SC, RI, PA, OR, OH, NY, NV, NM, NJ, NH, NE, NC, MN, ME, MA, LA, KY, KS, IN, IL, ID, IA, GA, FL, DE, DC, CT, CO, CA, AZ, AL; General Securities Representative; Investment Advisor Representative
    NMLS#: 1279122

    About Me

    Paul Gladkowski joined Morgan Stanley’s Private Wealth Management Group in February 2014, along with the other members of the Clifford/Waters team. Paul’s 19 years of financial experience include 15 years with the Clifford/Waters group with the primary responsibilities of performance analysis and reporting for clients. Prior to the Clifford/Waters Group, Paul held positions as a margin analyst and performance reporting analyst.
    Paul’s current responsibilities include asset allocation modeling, performance reporting, and risk analysis. He is also responsible for creating custom reporting and financial planning to further improve client/advisor interaction.
    Paul earned a BS Business Management, Finance from Towson University, and a Master’s of Science, Finance at Loyola University Maryland. Paul lives in Towson, MD with his wife, Kristin, and their son, Owen.

    Paul.Gladkowski@morganstanleypwm.com

    About Me

    Lindsay Eikenberg joined the Clifford/Waters Group in August 2017 as a PWM Registered Client Associate with 7 years of industry experience. Prior to Morgan Stanley, Lindsay held positions with PNC Bank as a Financial Sales Consultant and Merrill Edge, where she obtained her series 7 and 66 licenses and worked as a Trust Case Manager. Lindsay earned a BS in Business Administration, Marketing from Towson University.

    Lindsay grew up in Timonium, Maryland and currently resides in Hampden (Baltimore). Lindsay is responsible for all administrative matters for the Clifford/Waters Group, as well as assisting with account openings, asset movements, account transfers and servicing client’s needs.

    Lindsay.Eikenberg@morganstanleypwm.com
    Professional Insights

    Meet Our Team!


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    Market Information Delayed 20 Minutes
    The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.

    Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.

    Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.

    See the Financial Advisors Biographies for Registration and Licensing information.

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

    Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .

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