Nicholas Karbon, CEPA®
Executive Director, Financial Advisor, Lending Specialist
Phone:
(651) 472-8098(651) 472-8098
Karbon Koch Group at Morgan Stanley
Direct:
(651) 472-8098(651) 472-8098
Toll-Free:
(877) 527-2661(877) 527-2661
Industry Award WinnerOur Mission Statement
Form lasting relationships that provide financial confidence.
Simple, Thorough, Thoughtful.
Simple, Thorough, Thoughtful.
Our Story and Services
Our Group is built upon a rich tradition, starting with Steve Karbon who founded the team in 1990. As a esteemed professional in his field, Steve insisted on building a well-rounded service orientated team that would be more like a dedicated friend or family member, rather than just a stockbroker. Steve believed in people coming first, which continues to be the framework of our team today.
Over the years Nick Karbon, Brad Koch, and Melissa Korman have believed in the foundation Steve had established, and together have become a leading team at Morgan Stanley. They pride themselves on always finding a way to assist clients with their most complicated financial situations and simply being there, when they were needed most.
In 2012 Suzen O'Brien and Jenny Nelson joined the team. This took quality and service to a whole new level. We considered Suzen (a financial advisor for over 30 years) and Jenny a powerhouse group in their own right. By integrating our two teams, it forced us to re-evaluate our infrastructure and reconstruct several key areas. As a result, we believe we are now more robust and efficient than ever before.
Steve and Suzen have both retired, nevertheless their legacies live on and act as our core foundation. Today, we believe our refined four person team is at a level many in the industry strive to emulate.
Recently, we have been honored by Forbes for our advisory service in back to back years.
Forbes Best-In-State Wealth Management Team: 2023, 2024, & 2025
www.forbes.com/lists/wealth-management-teams-best-in-state
Source: Forbes.com (Awarded 2023-2025) Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to issuance of the award.
Awards Disclosures: www.morganstanley.com/disclosures/awards-disclosure
Services Include
- Retirement PlanningFootnote1
- Business PlanningFootnote2
- Business Succession PlanningFootnote3
- Financial PlanningFootnote4
- Trust AccountsFootnote5
- Estate Planning StrategiesFootnote6
- Professional Portfolio ManagementFootnote7
- Wealth ManagementFootnote8
- 401(k) Rollovers
- Cash Management and Lending ProductsFootnote9
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Investing
Our investment objective is to provide clients with solid performance, while focusing on long-term preservation.
We have a disciplined three-step approach:
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First, we set a risk/reward baseline using four different investment styles. To aid with this we've developed four hypothetical thematic portfolios to help gauge your risk tolerance: Conservative, All-Weather, Growth, and Sizzle. Conservative is designed to be a defensive portfolio, All- Weather is designed to be moderate, Growth is designed to be moderately aggressive, and Sizzle is designed to be aggressive. Each portfolio seeks to take incrementally more risk, with Conservative taking the least and Sizzle the most. We have found that using thematic names like these allows for quick reference, and facilitates more productive risk/reward conversations.
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Second, we widen or narrow our investing guide rails within each portfolio based on the current economic cycle. For this, we have broken the economic cycle into three phases: 1- Normal, 2- One year prior to recession, and 3- Recession. In other words, we proportionately adjust the risk/reward characteristics within each of the four portfolios based on the cycle we are in. More risk in phase 1, less risk in phase 2, and the least in phase three.
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Third, we follow four indicators to help us decide when to shift gears within each phase of the economic cycle. They are: 1- Dow Theory, 2- Yield Curve, 3- Unemployment, and 4- a Macro Indicator. Collectively these will help guide the moves we make, so adjustments are made in a timely and prudent fashion.
Perhaps most importantly we are continuously observing what's going on in the world. This helps give us perspective on all the moving pieces. We then share our perspective in a brief one page monthly overview called Macro View. This piece is written using basic, conversational style language and is designed to proactively share our thoughts on popular headlines and world events. You can find a copy below in the "From Our Team" section, or you can send us an email to be added to our monthly distribution list.
All combined our investment style is simple, thorough, and thoughtful.
Planning
When you combine red, green, and blue light in equal parts - you end up with white light.
We believe this is a great visual representation of the three key areas in financial planning: 1- Family, 2- Career (or Retirement), and 3- Lifestyle. Typically, it's not until you look at all of them simultaneously, that your financial picture becomes clear. Attempting to accomplish this without the help of an impartial third party can be challenging. This is why some households, with multiple decisions makers, have a hard time seeing eye to eye. It's easy to overlook something or unintentionally apply more weight to one area over another.
Together we can help make sure your financial picture is clear and everyone involved is on the same page.
Financial Planning can help you:
- Prepare for retirement
- Transition your business
- With estate planning strategies
- Adjust your standard of living
- Be intentional with inheritance
- Support parents/children/grandchildren
- Decide on major purchase(s)
- Plan for life events
…the list is endless.
Our planning approach is simple, thorough, and thoughtful.
Areas of Focus
Over the years we have dealt with many unique financial situations. That said, we have become proficient in helping with "One-time Life Events" . By this we mean, any situation where a single financial event can have a meaningful impact on life moving forward.
Sometimes these are unexpected life events. Other times, they are events that have been expected for years, but have been difficult to deal with. In either case, it is helpful to have someone in your corner who understands the nuances, and knows what to expect, and can help you every step of the way.
Many times, you are only given one chance to get it right.
For example:
- Selling a business or establishing a succession plan
- Unwinding or selling various real estate assets
- Estate Planning Strategies
- Creating a cash flow plan for a financial windfall
- Managing settlements from an accident or injury by working directly with you and your attorney
- A buyout or unplanned career change
- Etc.
In the News
Hand picked topics where all things related to finance, lifestyle, and events can be found. I look forward to provide my clients with not only market and finance resources, but also with other helpful resources that can have a huge impact on you and your loved ones. Enjoy!
MACRO VIEW - September 30, 2025
There seems to be many varying opinions about the future of the stock market lately, leading to some confusion for investors. On one hand, Artificial Intelligence (AI) enthusiasts are calling for robust growth fueled by continued spending from the mega-sized tech related companies. On the other hand, there is clamoring about the economy slowing and job losses on the rise. In our opinion, the reason for this confusion is because these two topics are often morphed into one. Despite some obvious overlap, these areas are unique and have distinct characteristics that should be viewed separately when it comes to investing. In this edition of our Macro View, we will untangle these two concepts and attempt to provide some clarity for investors.
BOTTOM LINE: Investors appear tepid about the future of the stock market, as we are receiving mixed signals from high valuations and signs of an apparent economic slowdown.
Wealth Education for the Next Generation Series
Catch up on the an exciting journey into the world of finance and wealth education. At Morgan Stanley, we believe that knowledge is the key to unlocking future success, and we're excited to share our thought leadership and experience with you! Hosted by Caroline Gundeck, Head of UHNW Client and Field Engagement and Charline Burgess, Senior Wealth Education Specialist, you will learn about financial concepts, investing, and money management in a fun and interactive way.
PODCAST: What Should I Do With My Money?
On this award-winning podcast, we match real people, asking real questions about their money, with experienced Financial Advisors. From prenups to passing a legacy to their children, from affording a dream home to literally wanting to save the planet, our guests discuss what matters the most to them and you get answers to some of the questions you might have yourself.
The GIC Weekly
The Global Investment Committee (GIC) is a group of seasoned investment professionals who meet regularly to discuss the global economy and markets. The committee determines the investment outlook that guides our advice to clients.
Reserved Living & Giving
Reserved Living & Giving is a complimentary loyalty program, with over 50 offers and discounts from premier brands, designed to enhance your lifestyle beyond traditional wealth management services. The program provides access to exclusive partner offers, insights from Morgan Stanley thought leaders and inspiring philanthropic stories.
2025 Tax Tables
This helpful resource outlines the 2025 tax rate schedule, education and health savings account limits, retirement contribution and deduction limits, among other information. With tax season seemingly always right around the corner, it's best to be as informed as possible.
What to Do if You Think You’ve Been Hacked
While you can't eliminate the risk of being a victim of a cybercrime, you can control how you react if your identity, accounts, devices or information is compromised. Responding quickly and comprehensively limits the damage from being hacked, facilitates a rapid recovery and provides you with some needed peace of mind.
So, let's look at common compromise scenarios and the steps you should take immediately afterward.
Helping a Loved One Buy a Home
High home prices and mortgage rates are putting the dream of homeownership out of reach for many would-be buyers. Learn how you can help a loved one break into a tough market. Family members can play a key role in helping to put a loved one's dream of homeownership back within reach. You can leverage your portfolio to help with a home purchase, without triggering capital gains, gifting taxes or interfering with your estate planning. Whether it's to help fund a down payment or make a cash offer, borrowing against your portfolio may be mutually beneficial for you and the home buyer.
Location
270 Main Street North
Ste 100
Stillwater, MN 55082
US
Direct:
(651) 472-8098(651) 472-8098
Toll-Free:
(877) 527-2661(877) 527-2661
Meet Karbon Koch Group
Bradley Koch, CFP®
Senior Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Insurance Planning Director, Lending Specialist
Phone:
(651) 472-8099(651) 472-8099
Jenny Nelson
Financial Planning Specialist, Registered Client Relationship Analyst
Phone:
(651) 472-8084(651) 472-8084
Melissa Korman
Financial Planning Specialist, Assistant Vice President, Wealth Management Associate
Phone:
(651) 472-8090(651) 472-8090
About Nicholas Karbon
Nick has been in the financial industry since 2009, working closely with his father, Steve Karbon, who was a Financial Advisor on the team. Prior to joining his father, Nick was a successful business owner and entrepreneur. He has invaluable knowledge, not only in the financial industry, but in business in general. Nick has a remarkable ability to take complex topics and present them in a palatable way using a refreshing and reassuring approach. As the primary investment strategist on the team, Nick brings his diverse experience and strong communication skills to the table, and adds a calm and pragmatic tone to any conversation.
Securities Agent: DE, TN, WA, MO, PA, NE, ND, MI, KS, SD, NV, ME, IL, IA, MN, TX, OK, CO, VA, UT, OH, OR, NH, FL, CA, AZ, AL, WI, NM, NC, IN, GA, DC, NY; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1262172
CA Insurance License #: 0100237
NMLS#: 1262172
CA Insurance License #: 0100237
About Bradley Koch
Brad is a Certified Financial Planner™ (CFP®) and has been in the industry since 2002. He brings crucial knowledge to the team and our clients. Brad genuinely enjoys getting to know people and understanding the world from their unique perspective. His ability to help guide people through challenging and sometimes emotional situations is one of his greatest skills. As the primary Financial Planner on the team, he is naturally gifted at helping people find clarity in their financial lives.
Securities Agent: IL, PA, ME, IN, TX, SD, GA, UT, NM, NE, DE, TN, MI, AL, WI, VA, CA, OR, ND, DC, WA, OK, NV, NH, MN, FL, CO, IA, OH, NY, NC, MO, AZ, KS; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1742533
NMLS#: 1742533
About Jenny Nelson
Jenny has been in the financial services industry since 1994 and has accumulated a wealth of knowledge that benefits the individuals and families she works with every day. Despite her extensive experience, Jenny is a perpetual learner always looking for ways to expand her base of knowledge. This likely stems from her core desire to help people – the more she knows, the more she can help. Jenny is a tremendous listener and truly cares for people; as the primary person responsible for operations on the team, her skills are invaluable.
*Disclaimer: This role cannot solicit or provide investment advice
*Disclaimer: This role cannot solicit or provide investment advice
About Melissa Korman
Melissa has been in various roles in the industry since 1994. Her vast experience and education are vital resources to both clients and members of our team. Melissa is the primary financial specialist on the team, which means she helps in areas such as lending, tax, estate, trust, and insurance. She is well versed in helping individuals, families, real estate professionals, business owners, and trustees. Melissa is a detail orientated person and is relentless when it comes to finding solutions. In a complex industry, with an ever changing landscape, these skills are essential for situations requiring holistic advice.
*Disclaimer: This role cannot solicit or provide investment advice
*Disclaimer: This role cannot solicit or provide investment advice
Contact Nicholas Karbon
Contact Bradley Koch
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2023-2025 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2023-2025). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Taylor Streiff
Associate Private Banker
About Taylor Streiff
Taylor Streiff is an Associate Private Banker serving Morgan Stanley Wealth Management offices in Minnesota, North Dakota, and South Dakota.
Associate Private Bankers partner with Private Bankers and Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Taylor began his career in financial services in 2020 and joined Morgan Stanley in 2024 as an Associate Private Banker. Prior to joining the firm, he was a Commercial Lender at Pan American Bank and Trust in Chicago, Illinois.
Taylor is a graduate of the University of Minnesota - Duluth, where he received a Bachelor of Business Administration in Finance. He lives in Minneapolis, Minnesota with his family. Outside of the office, Taylor enjoys all things outdoors. He enjoys spending time with his friends and family.
Associate Private Bankers partner with Private Bankers and Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Taylor began his career in financial services in 2020 and joined Morgan Stanley in 2024 as an Associate Private Banker. Prior to joining the firm, he was a Commercial Lender at Pan American Bank and Trust in Chicago, Illinois.
Taylor is a graduate of the University of Minnesota - Duluth, where he received a Bachelor of Business Administration in Finance. He lives in Minneapolis, Minnesota with his family. Outside of the office, Taylor enjoys all things outdoors. He enjoys spending time with his friends and family.
NMLS#: 2539965
Private Bankers, Ultra High Net Worth ("UHNW") Specialists, PBG Market Managers, Lending Advisors, Mortgage Consultants, Regional Mortgage Specialist, Cash Management Specialists, Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan 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
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan 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
Wealth Management
From Our Team
MACRO VIEW - SEPTEMBER 30, 2025
Wealth Management
Global Investment Office
Portfolio Insights
Ready to start a conversation? Contact Karbon Koch Group 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.
1When 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
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 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.
5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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’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.
8Morgan 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.
9Morgan 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
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
1When 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
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 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.
5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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’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.
8Morgan 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.
9Morgan 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
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
CRC 4665150 (8/2025)