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
Our Mission Statement
Form lasting relationships that provide financial confidence.
Simple, Thorough, Thoughtful.
Simple, Thorough, Thoughtful.
Our Story and Services
Our Group is built on a rich tradition that began in 1990, when Steve Karbon founded the team with a clear vision: to create a service-oriented wealth management group that placed people first.
Steve believed clients deserved more than a stockbroker — they deserved a trusted team that understood their goals, anticipated their needs and served as a steady resource through important financial decisions. That client-first philosophy remains the foundation of our team today.
Over the years, Nick Karbon, Brad Koch and Melissa Korman continued to build upon the principles Steve established. Together, they helped grow the team into a respected Morgan Stanley advisory group known for its commitment to thoughtful guidance, responsive service and support through complex financial situations.
In 2012, Suzen O'Brien and Jenny Nelson joined the team, bringing additional depth, experience and perspective. Suzen, a Financial Advisor with more than 30 years of experience, and Jenny had built a strong practice of their own. The integration of the two teams gave us the opportunity to reassess and strengthen our infrastructure, refine our processes and enhance the overall client experience.
Although Steve and Suzen have since retired, their legacies continue to shape the way we serve clients. Today, our refined four-person team remains grounded in the same values that have guided us from the beginning: integrity, service, collaboration and a deep commitment to helping clients navigate their financial lives with confidence.
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 help clients pursue solid long-term performance while maintaining a strong focus on capital preservation.
We follow a disciplined three-step investment approach designed to align portfolio positioning with each client's risk tolerance, the broader economic cycle, and timely market indicators.
1. Establishing a Risk/Reward Baseline
First, we establish a risk/reward baseline using four distinct investment styles. To support this process, we have developed four hypothetical thematic portfolios designed to help frame risk tolerance discussions:
- Conservative – defensive
- All-Weather – moderate
- Growth – moderately aggressive
- Sizzle – aggressive
Each portfolio is intended to take incrementally more risk, with Conservative representing the lowest risk profile and Sizzle representing the highest. We have found that using intuitive thematic names helps simplify the conversation, creates a common reference point, and supports more productive discussions around risk and reward.
2. Adjusting for the Economic Cycle
Second, we widen or narrow the investment guide rails within each portfolio based on the current phase of the economic cycle. We categorize the cycle into three phases:
- Normal Environment
- One Year Prior to Recession
- Recession
In practice, this means we adjust the risk/reward characteristics of each portfolio in proportion to the economic backdrop. We seek to take more risk during Phase 1, reduce risk during Phase 2, and become most defensive during Phase 3.
3. Monitoring Key Indicators
Third, we monitor four indicators that help guide when to shift portfolio positioning within each phase of the economic cycle:
- Dow Theory
- Yield Curve
- Unemployment
- Macro Indicator
Taken together, these indicators help inform portfolio adjustments in a timely and prudent manner.
Ongoing Perspective
Perhaps most importantly, we continuously observe developments across markets, the economy, and the broader world. This ongoing perspective helps us evaluate the many moving pieces that can influence client portfolios.
We share our views through a brief quarterly overview called Macro View. Written in a clear, conversational style, Macro View is designed to proactively address popular headlines, market developments, and world events. A copy is available below in the "From Our Team" section, or you may contact us by email to be added to the quarterly distribution list.
Overall, our investment style is simple, thorough, and thoughtful.
Planning
When red, green and blue light are combined in equal measure, the result is white light — a clearer, more complete picture.
We see financial planning in a similar way. A client's financial life is often shaped by three interconnected areas: Family, Career or Retirement, and Lifestyle. While each area is important on its own, true clarity often comes from viewing them together.
For many families, especially those with multiple decision-makers, it can be difficult to weigh priorities objectively. One area may unintentionally receive more attention than another, or important considerations may be overlooked. A thoughtful planning process can help bring structure, perspective and alignment to those conversations.
Together, we can help you develop a clearer view of your financial picture and ensure that everyone involved is working from the same understanding.
Financial planning can help you:
- Prepare for retirement
- Transition or exit a business
- Coordinate estate planning strategies with your legal and tax advisors
- Evaluate your current and future standard of living
- Be intentional about inheritance and legacy planning
- Support parents, children or grandchildren
- Make informed decisions around major purchases
- Plan for meaningful life events
- Address other financial priorities as they evolve
Our planning approach is simple, thorough and thoughtful — designed to help you make informed decisions with greater confidence.
Areas of Focus
Over the years, we have helped clients navigate a wide range of complex and highly personal financial situations. Through that experience, we have developed a particular focus on what we think of as one-time life events — moments when a single financial decision or transition can have a meaningful impact on the years ahead.
These events may arise unexpectedly, or they may be the result of circumstances that have been anticipated for some time but are difficult to address. In either case, having an experienced team in your corner can help bring clarity, perspective and structure to the decision-making process.
Often, these moments come with significant financial, emotional and practical considerations. In many cases, there may be limited opportunities to get the decision right. Our role is to help you understand your options, evaluate the trade-offs and move forward with greater confidence.
Examples of these life events may include:
- Selling a business or developing a succession plan
- Unwinding, selling or transitioning real estate assets
- Coordinating estate planning strategies with your legal and tax advisors
- Creating a cash flow plan following a financial windfall
- Managing settlement proceeds from an accident or injury in coordination with you and your attorney
- Navigating a buyout, liquidity event or unplanned career change
- Planning for other major financial transitions
Our goal is to help you make thoughtful, informed decisions during important moments — and to provide steady guidance every step of the way.
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 - Q1
A lot has transpired in the first quarter of 2026, however much of the market focus has centered around the conflict in Iran. The military action in Iran has significantly impacted global oil supply, particularly through the Strait of Hormuz, which accounts for about 20% of global oil supply. 1 This disruption has led to a sharp increase in oil prices, contributing to heightened market volatility and inflation concerns worldwide. Historically, geopolitical events have led to short-term market volatility, with the S&P 500 Index typically gaining an average of 8.4% in the 12 months following major geopolitical risk events. 2 However, the current situation is complex, with the potential for prolonged disruptions due to the closure of the Strait and the broader geopolitical tensions of other key players around the world. The situation remains fluid, and while the long-term market implications may be limited, the immediate impact on inflation and economic growth are worth keeping an eye on.
MACRO VIEW - December 31, 2025
As we enter 2026, we believe the market outlook is characterized by a mix of uncertainty and cautious optimism. While we anticipate more upside potential for investors, it's likely to come with increased volatility. Much of the uncertainty seems to be centered around the impact of Artificial Intelligence (AI) on economic productivity and market valuations. There's a debate on whether the benefits of AI will take longer to materialize, and some view the current enthusiasm as a potential bubble that could lead to a market correction if expectations aren't met. On a brighter note, moderate economic growth, bolstered by strong job numbers and healthy consumer spending, provides a solid foundation for optimism. 1 As we navigate the markets this year, adding historical context could be beneficial. Additionally, keeping an eye on interest rates might offer valuable insights as these dynamics play out. We will further explore all these thoughts and more in this edition of our Macro View.
BOTTOM LINE: Our market outlook for 2026 is centered around the expansion of AI, which is expected to lead to higher volatility. However, we believe investors who persevere will ultimately be rewarded.
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.
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, Portfolio Associate
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: NC, KS, TN, SD, SC, NV, ME, IL, IA, OR, NH, FL, CA, AZ, AL, WI, NM, IN, GA, NY, MN, TX, OK, DE, CO, VA, UT, OH, MA, WA, MO, PA, NE, ND, MI; 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: GA, UT, NM, NE, DE, PA, ME, IN, TN, MI, AL, IA, OH, NY, NC, MO, AZ, SC, KS, IL, WI, VA, CA, OR, ND, WA, OK, NV, NH, MN, FL, CO, MA, TX, SD; 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
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 Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and 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 - DECEMBER 31, 2025
Wealth Management
Global Investment Office
Portfolio Insights
Ready to start a conversation? Contact Karbon Koch Group today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
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.
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
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.
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
CRC 4665150 (8/2025), 4763067 (9/2025)