Danny Jacobsen
Phone:
(312) 419-3570(312) 419-3570
Elizabeth J Frattura, CFP®
First Vice President,
Financial Advisor,
Senior Portfolio Manager
Direct:
(312) 419-3409(312) 419-3409
My Mission Statement
I enjoy working with families that are preparing for or have transitioned to retirement.
My goal is for my clients to feel empowered financially and to know that every financial decision fits into a larger plan that is optimized for their personal situation and goals. The investments are the means to an end.
More importantly, I listen to your needs as we navigate through this journey together.
My goal is for my clients to feel empowered financially and to know that every financial decision fits into a larger plan that is optimized for their personal situation and goals. The investments are the means to an end.
More importantly, I listen to your needs as we navigate through this journey together.
My Approach
As a Certified Financial Planner (CFP®), Beth’s clients consider her as their primary financial resource who helps them implement the best actions and strategies available – beyond investments – to prepare for retirement and reach other financial goals. Her attention to detail ensures that all facets of a client’s situation (taxes, estate plan, etc.) are considered when crafting an overall financial strategy that is optimized to achieve as much of their goals as is realistic, with the least amount of risk possible. In many ways, what drives Beth is a utilitarian approach, which means solving for the most practical and efficient use of resources and strategies available. She also believes in empowering her clients through financial education so that they are fully engaged, vested, and more confident in the decisions they make now and in the future.
Beth grew up on a farm in Southern Illinois and credits this rural upbringing with many entrepreneurial and life skills such as honesty, perseverance, remote problem-solving, frugality, and a ‘the early bird catches the worm’ work ethic. Beth’s parents purchased their farm ground in the 70’s and 80’s with loans in the mid-teens. They were adamant about instilling in her 'the value of a dollar' and the concept of slowly building wealth. As a first-generation college graduate, she did not know anyone in the finance industry, but the ever-changing markets and global macroeconomic landscape always interested her. Beth spent her first two years at Wells Fargo in lending. This entry level experience taught her that in order to truly organize and optimize her client’s financial lives, she needed to help them with more than just one side of their balance sheet. So, she joined Smith Barney’s (now Morgan Stanley through acquisition) Financial Advisor Training Program.
After struggling with infertility for years, Beth founded a nonprofit in 2019 - The Stork Foundation for Infertility - whose mission is to provide financial assistance to low resource individuals who require costly medical infertility treatments to conceive a child. As a strong advocate for education, Beth serves on the Board of Directors for the SIUE Foundation and Endowment. She is also a member of the Chicago Estate Planning Council and Daughters of the American Revolution.
Beth holds a Bachelor of Science (B.S.) degree in Business Administration from Southern Illinois University at Edwardsville (SIUE) and an Executive Master of Business Administration (M.B.A.) from Washington University.
Awards:
Forbes Top Women Wealth Advisors Best-In-State, 2023 & 2025
Forbes Best-in-State Teams, 2023-2025
Forbes Top Next-Gen Wealth Advisors Best-In-State, 2023
Washington University Olin Business School 2022 Emerging Leader
St Louis’ Top Wealth Advisor, 2011 – St Louis Business Journal
30 Under 30 Honoree, 2014 - St Louis Business Journal
FIVESTAR Wealth Manager Award, 2022 - Chicago Magazine
Disclosures:
Forbes Best-In-State Teams & Forbes Top Women Wealth Advisors Best-In- State
Source: Forbes.com (Awarded Feb 2025) Data compiled by SHOOK Research LLC based on time period from 9/30/23 - 9/30/24.
Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/22 - 3/31/23.
Five Star Wealth Advisor Award This award was issued in 2022. The award was determined based on an evaluation process conducted by Five-Star Professional based on objective criteria. The award was not based on a specific time period.
St Louis Business Journal NABCAP St Louis' Top Wealth Advisors in 2011 Source: ST LOUIS BUSINESS JOURNAL, Awarded in: 2011 Data compiled by NABCAP. Criteria based on an evaluation of twenty different practice categories such as experience, credentials, assets under management, fee structure and philosophy among other factors in 2011. The designation and/or awards are not indicative of the Financial Advisor's past or future performance. No fee is paid in exchange for any award. For methodology, contact: Ashley Hammond at ashley.h@nabcap.org
“30 Under 30” Award, SOURCE: St Louis Business Journal. Awarded in 2014. Data compiled by St Louis Business Journal. This award does not use qualitative or quantitative criteria relating to the recipient’s performance. The rating is not indicative of the advisor’s future performance nor representative of any client experience. Neither Morgan Stanley nor its Advisors pay a fee in exchange for the rating.
Washington University Emerging Leader Award, 2022. Source: Washington University in St Louis. Awarded in 2022. Data compiled by: Washington University alumni were selected based on their history of exemplifying the business school’s mission to create knowledge, inspire individuals and transform business.
Beth grew up on a farm in Southern Illinois and credits this rural upbringing with many entrepreneurial and life skills such as honesty, perseverance, remote problem-solving, frugality, and a ‘the early bird catches the worm’ work ethic. Beth’s parents purchased their farm ground in the 70’s and 80’s with loans in the mid-teens. They were adamant about instilling in her 'the value of a dollar' and the concept of slowly building wealth. As a first-generation college graduate, she did not know anyone in the finance industry, but the ever-changing markets and global macroeconomic landscape always interested her. Beth spent her first two years at Wells Fargo in lending. This entry level experience taught her that in order to truly organize and optimize her client’s financial lives, she needed to help them with more than just one side of their balance sheet. So, she joined Smith Barney’s (now Morgan Stanley through acquisition) Financial Advisor Training Program.
After struggling with infertility for years, Beth founded a nonprofit in 2019 - The Stork Foundation for Infertility - whose mission is to provide financial assistance to low resource individuals who require costly medical infertility treatments to conceive a child. As a strong advocate for education, Beth serves on the Board of Directors for the SIUE Foundation and Endowment. She is also a member of the Chicago Estate Planning Council and Daughters of the American Revolution.
Beth holds a Bachelor of Science (B.S.) degree in Business Administration from Southern Illinois University at Edwardsville (SIUE) and an Executive Master of Business Administration (M.B.A.) from Washington University.
Awards:
Forbes Top Women Wealth Advisors Best-In-State, 2023 & 2025
Forbes Best-in-State Teams, 2023-2025
Forbes Top Next-Gen Wealth Advisors Best-In-State, 2023
Washington University Olin Business School 2022 Emerging Leader
St Louis’ Top Wealth Advisor, 2011 – St Louis Business Journal
30 Under 30 Honoree, 2014 - St Louis Business Journal
FIVESTAR Wealth Manager Award, 2022 - Chicago Magazine
Disclosures:
Forbes Best-In-State Teams & Forbes Top Women Wealth Advisors Best-In- State
Source: Forbes.com (Awarded Feb 2025) Data compiled by SHOOK Research LLC based on time period from 9/30/23 - 9/30/24.
Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/22 - 3/31/23.
Five Star Wealth Advisor Award This award was issued in 2022. The award was determined based on an evaluation process conducted by Five-Star Professional based on objective criteria. The award was not based on a specific time period.
St Louis Business Journal NABCAP St Louis' Top Wealth Advisors in 2011 Source: ST LOUIS BUSINESS JOURNAL, Awarded in: 2011 Data compiled by NABCAP. Criteria based on an evaluation of twenty different practice categories such as experience, credentials, assets under management, fee structure and philosophy among other factors in 2011. The designation and/or awards are not indicative of the Financial Advisor's past or future performance. No fee is paid in exchange for any award. For methodology, contact: Ashley Hammond at ashley.h@nabcap.org
“30 Under 30” Award, SOURCE: St Louis Business Journal. Awarded in 2014. Data compiled by St Louis Business Journal. This award does not use qualitative or quantitative criteria relating to the recipient’s performance. The rating is not indicative of the advisor’s future performance nor representative of any client experience. Neither Morgan Stanley nor its Advisors pay a fee in exchange for the rating.
Washington University Emerging Leader Award, 2022. Source: Washington University in St Louis. Awarded in 2022. Data compiled by: Washington University alumni were selected based on their history of exemplifying the business school’s mission to create knowledge, inspire individuals and transform business.
Services Include
- Wealth ManagementFootnote1
- 401(k) Rollovers
- 529 PlansFootnote2
- Alternative InvestmentsFootnote3
- Asset Management
- Exchange Traded FundsFootnote4
- Financial PlanningFootnote5
- Long Term Care InsuranceFootnote6
- Municipal BondsFootnote7
- Planning for Education FundingFootnote8
- Professional Portfolio ManagementFootnote9
- Qualified Retirement PlansFootnote10
- Retirement PlanningFootnote11
Securities Agent: NE, NY, TN, NC, KS, ID, FL, AR, TX, NM, LA, IA, OK, NV, MO, GA, ME, SC, NH, CO, AZ, PA, DE, WI, NJ, MT, IN, IL, DC, CA, VT, MS, MN, CT, SD, MI, MA, KY, WA, OR, OH, MD, AK, VA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1395604
NMLS#: 1395604
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Southern Illinois University at Edwardsville (SIUE) Foundation and Endowment
• Vice President
• Board of Directors
• Finance and Investment Committee Member
• Board of Directors
• Finance and Investment Committee Member
The Stork Foundation for Infertility
• Founder, President
Morgan Stanley Women's Business Alliance
Chicago Estate Planning Council
Daughters of the American Revolution
Working in the Schools (WITS)
• Volunteer tutor
Education
Executive Master of Business Administration (M.B.A.),
Washington University in St Louis
Bachelor of Science (B.S.), Business Administration/Marketing,
Southern Illinois University at Edwardsville
Certified Financial Planner Designation (CFP)
Series 7, 63, 65, and 31 Licenses
Life and Annuity Insurance Licensed
Washington University in St Louis
Bachelor of Science (B.S.), Business Administration/Marketing,
Southern Illinois University at Edwardsville
Certified Financial Planner Designation (CFP)
Series 7, 63, 65, and 31 Licenses
Life and Annuity Insurance Licensed
Experience
MORGAN STANLEY
First Vice President, CFP®, Financial Advisor
2007 - Present
WELLS FARGO
Senior Credit Manager
2005 - 2007
First Vice President, CFP®, Financial Advisor
2007 - Present
WELLS FARGO
Senior Credit Manager
2005 - 2007
Helpful Resources for You
Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. Below are a few of the technologies we have to offer our clients. I have also included resources meant to transform complex financial analysis and research into concise and easily digestible content.
GIC Weekly Research Report
The Global Investment Committee's Lisa Shalett headlines this weekly look at markets, asset class performance and fixed income.
Click here for the most recent "GIC Weekly" Report
Planning for Retirement
While saving for a retirement is an important topic, it’s at least as important as what comes next: Your plan of action once you enter retirement.
"Overcoming Your 5 Biggest Retirement Challenges"
Thoughts On The Market Podcast
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.
Check out the latest episode
Portfolio Risk Platform
Morgan Stanley's Portfolio Risk Platform is powered by BlackRock's Aladdin risk engine, a state-of-the-art, innovative risk engine used by several of the world’s largest institutional asset managers, providing you with comprehensive risk analytics and a sophisticated view of the risk/return dichotomy across your financial portfolios. This helpful tool can assist you in making educated investment decisions with increased confidence.
Learn more about the Portfolio Risk PlatformWorking With You
By working with individual investors to help them manage their financial assets, they are able to focus on the areas of their life that bring them joy, meaning and purpose. When you work with me, you can expect:
• Comprehensive Financial Planning
• Unbiased Investment Planning & Monitoring
• Unbiased Investment Planning & Monitoring
• Morgan Stanley's Digital Tools
• Advice on Assets Held Away from Morgan Stanley
Morgan Stanley Online• Advice on Assets Held Away from Morgan Stanley
• Legacy and Estate Planning
• Working With Your Family's Next Generation
• College & Education Planning
Education Planning Center• Working With Your Family's Next Generation
• College & Education Planning
• Retirement Income Distribution Planning
• Insurance Planning (Including Long-Term Care Insurance)
• Social Security Strategies
"Social Security Benefits: It Can Pay To Wait"• Insurance Planning (Including Long-Term Care Insurance)
• Social Security Strategies
• Coordination With Your Tax Advisor
• Tax-Loss Harvesting
"What is Tax-Loss Harvesting?"• Tax-Loss Harvesting
Location
233 S Wacker Dr
Ste 8600
Chicago, IL 60606
US
Direct:
(312) 419-3409(312) 419-3409
Fax:
(312) 419-3515(312) 419-3515
Meet My Team
Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
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
A Simple Six-Step Retirement Checkup
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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
Rational Investing in an Age of Uncertainty
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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
529 Plans: A Powerful Tool to Save for Education
Article Image
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
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
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.
Ready to start a conversation? Contact Elizabeth J Frattura today.
CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
3Alternative 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.
4An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
5Morgan 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.
6Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
7Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
8When 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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
9Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
10When 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.
11When 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.
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.
CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque 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 | Morgan Stanley
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
3Alternative 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.
4An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
5Morgan 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.
6Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
7Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
8When 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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
9Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
10When 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.
11When 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.
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Awards Disclosures | Morgan Stanley
CRC 4665150 (8/2025)
