Jennifer Hartmann, CIMA®, CPWA®
Industry Award WinnerMy Mission Statement
MY STORY AND SERVICES
Throughout her 30-year career, Jennifer has advised individuals and institutions on asset allocation and investment manager selection, traded fixed income securities, managed a branch office and helped high net worth clients create and implement comprehensive wealth management strategies. She has been named one of Forbes Best-in-State Wealth Advisors and to Forbes List of America's Top Women Wealth Advisors every year since 2019, most recently in 2026.
Jennifer and her team provide the strategies and solutions clients need to prepare for the financial objectives and challenges that occur with each milestone in life. At the core is a commitment to a high level of personalized service founded on responsiveness and efficient complex problem-solving.
As a Strategic Partner at Morgan Stanley, Jennifer works closely with Morgan Stanley Financial Advisors who seek out The Pelican Bay Group for their investment management capabilities and strategic partnerships. She takes pride in the fact that her team maintains strategic relationships with more than 1900 Financial Advisors, as of December 2025.
Jennifer began her financial services career while still in college at the University of Pittsburgh. Several years later, she was managing the Pittsford, NY branch of a Morgan Stanley predecessor firm. Today, she interacts with a wide variety of Pelican Bay Group clients, including executives, institutions and high net worth families.
A frequent speaker at industry conferences, Jennifer served as a member of the Consulting Group Advisory Board, having been a former Co-Chairperson. In 2017, Jennifer was one of 17 women to be named a MAKER at Morgan Stanley for contributions as an innovator, groundbreaker, and advocate within the Wealth Management Division. Jennifer is the current Chair of the Investment Committee for the Stephen Gaynor School as well as a Trustee. She is also a member of the Economic Club of New York.
In addition to the BA in Economics she earned at Pitt. Jennifer has received an MBA from University of Massachusetts, Certified Investment Management Analyst® certification from The Wharton School at The University of Pennsylvania, and is a Certified Private Wealth Advisor®. She is the current Chair She resides in New York City and is the proud mother of a 13-year-old son.
Education and Licensing:
- BA - Economics, 1992 University of Pittsburgh
- CIMA - Certified Investment Management Analyst
- MBA - 2011 UMass Amherst
- Series 3 - National Commodity Futures
- Series 63 - Uniform State Exam
- Series 65 - Investment Advisory Agent
- Series 7 - General Securities Representative
- Series 8 - General Securities Sales Supervisor
Associations:
- Co-Chair - Consulting Group Advisory Counsel at Morgan Stanley
- Member - Investment Management Consultants Association (IMCA)
- Member - Portfolio Management Institute Member - The Economic Club of New York
- Service Member - American Bankers Association
Honors:
- Director's Advisory Group - Smith Barney
- Forbes Best-In-State Wealth Advisors 2026, 2025, 2024, 2023, 2022, 2021, 2020, 2019
- Forbes Top Women Wealth Advisors Best-In-State 2026, 2025, 2024, 2023, 2022
- Fobres Top Women Wealth Advisors 2021, 2020, 2019
- MAKERS Award Recipient 2017
Forbes Best-In-State Wealth Advisors Source: Forbes.com (Awarded 2026, 2025, 2024, 2021). Data compiled by SHOOK Research LLC based on 12-month time period concluding in June of year prior to the issuance of the award.
Forbes Top Women Wealth Advisor Best-In-State Source: Forbes.com (Awarded 2026, 2025, 2024, 2023, 2022). Data compiled by SHOOK Research LLC based on 12-month time period concluding in June of year prior to the issuance of the award.
Forbes Top Women Wealth Advisors Source: Forbes.com (Awarded 2021, 2020, 2019). Data compiled by SHOOK Research LLC based on 12-month time period concluding in June of year prior to the issuance of the award.
NMLS#: 1282404
Recent Insights From The Pelican Bay Group
Each quarter, our portfolio management team releases a market commentary. We discuss a broad range of topics, indicators, & events that are shaping markets.
For individual investors, 2026 is shaping up to be a year where optimism and caution coexist. With a "don't-confuse-me-with-the-facts" kind of tone, equity markets have been resilient. War with Iran? High price of oil? Inflation? Nothing to see here.
Remember the circular lending charts showing AI services companies - lending to AI hardware companies - lending to AI software companies and back again?
- Earnings > Everything
After multiple years of valuation expansion, markets are once again living and dying by earnings growth. Companies that can deliver profits (not just stories) may be rewarded, while margin pressure and guidance misses will matter more than they did in the easy-money era.
- Interest Rates Stay a Swing Factor
Even if rate cuts happen, the path matters more than the first move. Higher for-longer still favors quality balance sheets, strong cash flow, and pricing power. Volatility may spike around every inflation print and Fed meeting.
- Market Breadth Is the Real Tell
Watch whether gains broaden beyond the mega-caps. A healthier market means small- and mid-caps, cyclicals, and value stocks start pulling their weight. Narrow leadership = fragile rallies.
- AI Reality Check
AI remains a massive secular trend, but investors are shifting from hype to monetization. The winners will likely be companies showing real revenue, efficiency gains, or infrastructure demand—not just "AI" in the slide deck.
- Geopolitics & Policy Noise = More Volatility
Elections, fiscal deficits, trade tensions, and global conflicts won't necessarily derail markets—but they will create sharper pullbacks and rotation. Expect more headline-driven swings and fewer straight-line rallies. While the importance of AI may not show up every year, the other four certainly do. This is not by chance. The vast majority of market performance year-in and year-out comes from the interplay between these factors. It is no different in 2026. After several years of explosive earnings growth and multiple rate cuts, both performance and valuations have soared.
As we move swiftly toward the end of the year, two topics are front and center for our team. The first is always, the markets. Every day, we think about the world around us and how to help make money for clients while managing risk and tax efficient investment decisions.
The second topic is the future of the wealth management as a business. What do we need to do today to position ourselves and our clients for the future. No one can accuse us of small thinking!
We believe volatility is likely to continue. Clients know we often discuss diversification and rebalancing as investments approach expected valuations or become an oversized portion of a total portfolio. No sense making money only to give it all back, the cornerstone of building and preserving wealth.
What else is going on that we are guiding clients around? The answer is three things: tariffs, taxes and interest rates.
Dedicated Service. Innovative Ideas.
As 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 you work towards your particular priorities and goals.
As the administrator of your company's equity compensation plan, we are committed to assisting you in managing your awards effectively. We are here to provide easy access to your account, answer questions about your awards, and aim to handle your transactions with accuracy and convenience.
We study investment trends and leverage the global resources of the firm to help you develop a personalized investment strategy. We'll work to develop a customized portfolio that aligns with your requirements for growth, income, and wealth conservation within your risk constraints. Our experience, training, and investment philosophy provide guidance—both in ongoing portfolio management decisions and in understanding investment risk while keeping your long-term goals in view.
We are here to help you develop a comprehensive planning approach for retirement and create an estate planning strategy aimed at preserving, managing, and distributing your assets during and after your lifetime, while seeking to minimize taxation. We assist in managing your employer's retirement plan (e.g., 401(k) plan), identifying your personal goals, tracking your progress toward them, and working together to create a customized plan.
We focus on assisting key corporate insiders effectively navigate the complex landscape of insider trading and reporting requirements.
Morgan Stanley's global network enables us to offer suitable clients a wide array of alternative investments to consider—from private equities and exchange funds to hedge funds and real estate investments. Our recommendations are based on your individual goals and your tolerance for investment risk.
Delivering an estate to the next generation or favorite charity requires more attention than families often realize. We coordinate with your estate and tax professionals to align your legacy goals with the appropriate asset tilting and beneficiary designation requirements, incorporating best practices to potentially enhance results.
Creating adequate cash flow and securing liquidity are essential aspects of implementing a financial strategy. We aim to assist you in meeting your personal cash management and borrowing needs, while considering how specific approaches may affect current and long-term costs and taxes.
Potentially enhance your impact by utilizing Morgan Stanley Philanthropy Management to develop personalized strategies that aim to align charitable giving with your mission and vision.
Efficient Strategies aligned to your goals.
Everyone with investable assets requires the fundamentals of wealth management – financial planning, an investment portfolio, and management of a personal balance sheet.
These are services we can provide to every client, however; individuals and families with $10 million or more in assets (which we define as "ultra-high net worth") have additional considerations, which are an important part of our service. See a handful of resources for these clients below.
Estate planning is often complex. Having all the essential document in order is a recommended step to help ensure your legacy is executed properly.
Estate planning aims to ensure a person's wishes are carried out during life, through incapacity, and after death. It commonly includes foundational documents (e.g., wills and revocable trusts) and can incorporate lifetime gifting to help transfer assets to future generations efficiently.
Gifting to minors can be done outright, through custodial accounts (UGMA/UTMA), or in trust to potentially control how and when assets are used. Under current law, an individual may gift up to $19,000 in 2026 per recipient without incurring federal gift tax or using lifetime exemption (and married couples may "split" gifts to effectively double that amount, subject to gift tax return requirements).
Preparing for a liquidity event often includes reviewing how (and whether) to transition ownership and management, including succession planning and governance considerations. For executives whose companies go public, planning may also involve an orderly, tax-efficient approach to liquidity while considering regulatory, corporate, and contractual sale restrictions.
Coordinating trusts and an overall estate plan can help align how assets are titled and transferred (e.g., wills "pouring over" to revocable trusts) and clarify fiduciary roles such as executors, trustees, and successor decision-makers.
A GRAT is an irrevocable trust where the grantor transfers property in exchange for a fixed annual annuity for a term of years, with any remaining value passing to designated beneficiaries at the end of the term.
Asset protection planning is generally most effective when done proactively—before a claim arises—and must be carefully vetted with legal counsel, given differences across states and the limits imposed by fraudulent conveyance and bankruptcy laws.
New York imposes a separate estate tax with graduated rates and a 2026 exclusion amount of $7,350,000 (for decedents dying on or after 1/1/2026 and before 1/1/2027), subject to phase-out rules above the exclusion. New York also has specific trust income tax rules, including limits on using ING trust strategies in New York and potential "throwback tax" exposure for certain distributions of accumulated income to New York resident beneficiaries.
We help educate clients on general estate and income tax planning issues and integrate investment and estate planning strategies.
A CLAT pays one or more charities a fixed annuity for a term of years (or for one or more lifetimes), with any remaining assets passing to non-charitable beneficiaries afterward.
Advanced Strategies for the most sophisticated investors.
Family Office Resources (FOR) provides specialized technical expertise to ultra-high net worth clients across a broad range of family wealth management issues. Below are pertinent resources that illustrate Morgan Stanley Family Office Resources capabilities.
As wealth advisors, we review balance sheet and existing estate planning document and look at the holistically aimed at aligning them with your goals.
Our portfolio management services are guided by each client's stated objectives and risk tolerance, as well as our team's disciplined process. We seek solutions beyond a traditional mix of stocks and bonds to meet the needs of our specialized clientele.
Many families seek to formalize charitable goals and create a shared philanthropic identity that lasts across generations.
Companies are staying private longer. Morgan Stanley can bring a network of resources and solutions to service their clients.
Morgan Stanley provides a full range of private banking, lending, and cash management services for families, individuals, and small businesses.
Morgan Stanley Private Wealth Management helps business owners plan for what comes next—whether an IPO, merger, private sale, or family succession. We seek to bring clarity to a complex, highly personal process and aim to provide support throughout every stage of your journey.
Our team aims to guide individuals and families through the complexities of estate and legacy planning.
We work to help you understand your often-complex tax situation and implement strategies that aim to mitigate your tax bill.
Corporate executives have unique financial needs that require specialized attention. We understand that equity compensation, restricted stock units (RSUs), and other forms of corporate compensation can be complex to manage. We help guide you through the often overwhelming landscape of reporting requirements, insider-trading considerations, and more—while tailoring our approach to your specific goals.
We work to help you to not only transfer your wealth, but to transfer the legacy and values that helped you create it.
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Location
Awards and Recognition
The Pelican Bay Group Q1 Market Commentary
Portfolio Insights
Retirement
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
Investing
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Family
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
Business Planning
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Philanthropy
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Financial Wellness
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
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.
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.
4Morgan 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.
5Morgan 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.
6Morgan 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
7Morgan 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.
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 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.
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
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan 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.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
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
Morgan 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 visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
