Kevin Kielt, CFP®
Financial Advisor, Executive Director, Wealth Management, Workplace Advisor - Equity Compensation
Phone:
(617) 570-2901(617) 570-2901
Kielt Ullo Schaeffer & Associates at Morgan Stanley
Direct:
(617) 570-2904(617) 570-2904
Our Mission Statement
We are incredibly proud of the relationships we have with our clients and are grateful for the trust they place in each of us. Wealth brings complexity, and we want clients to value the dedication and diligence we provide at each step of the wealth management process.
Welcome
We work closely with accomplished individuals and families often with complex compensation, concentrated wealth, and multi‑generational priorities—to help turn priorities into progress.
Our approach is simple: listen first, plan thoughtfully, and stay engaged. We begin by understanding what matters most to you, then collaborate on a personalized strategy and revisit it through regular reviews as your life, career, and goals evolve.
As a five-person team, we're built to deliver clarity, responsiveness, and continuity—helping you bring structure and transparency to the moving parts of your financial life.
Recognized experience—our team's professional designations and industry recognition reflect a commitment to advanced planning and exceptional client service.
Workplace Advisor – Equity Compensation
We are part of a small group of Morgan Stanley advisors who have earned the Workplace Advisor – Equity Compensation designation. If a meaningful portion of your net worth is tied to company stock or options, the decisions you make can have long-term implications for taxes, diversification, and your overall plan. We help you evaluate tradeoffs and coordinate your equity decisions with the rest of your financial life.
How we support equity-comp planning
- Understanding how your equity awards work and what you own.
- Building a strategy for concentration risk and diversification over time.
- Coordinating equity decisions with tax-aware planning and cash-flow needs.
- Planning for transitions (career changes, liquidity events, retirement timing).
- Supporting 10b5‑1 planning conversations as part of a broader roadmap.
A few questions we often help clients answer:
- "How concentrated am I—and what's a prudent path to reduce risk?"
- "How do my equity decisions affect my taxes and long-term goals?"
- "What should I do differently given my role, timeline, and total balance sheet?"
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Designations & Accolades
Kevin Kielt Named to Forbes Best-In-State Wealth Advisors 2026
Forbes Best-In-State Wealth Advisors 2026
Source: Forbes (Awarded April 2026) Data compiled by SHOOK Research LLC based for the period 6/30/24–6/30/25.
Source: Forbes (Awarded April 2026) Data compiled by SHOOK Research LLC based for the period 6/30/24–6/30/25.
Kielt Ullo Schaeffer & Associates Named to Forbes Best-In-State Wealth Management Teams 2026
2026 Forbes Best-In-State Wealth Management Teams
Source: Forbes (Awarded Jan 2026) Data compiled by SHOOK Research LLC based for the period 3/31/24-3/31/25. Awards Disclosures
Source: Forbes (Awarded Jan 2026) Data compiled by SHOOK Research LLC based for the period 3/31/24-3/31/25. Awards Disclosures
Kevin Kielt Named to Forbes Best-In-State Wealth Advisors 2025
Forbes Best-In-State Wealth Advisors 2025
Source: Forbes.com (Awarded April 2025) Data compiled by SHOOK Research LLC for the period 6/30/23-6/30/24.
Source: Forbes.com (Awarded April 2025) Data compiled by SHOOK Research LLC for the period 6/30/23-6/30/24.
Kielt Ullo Schaeffer & Associates Named to Forbes Best-In-State Wealth Management Teams 2023
Forbes America’s Best-In-State Wealth Management Teams
Source: Forbes.com (Awarded Jan 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/21-3/31/22.
Source: Forbes.com (Awarded Jan 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/21-3/31/22.
Kevin Kielt Named to Forbes Best-In-State Next-Generation Wealth Advisors 2022
Forbes Best-In-State Next-Generation Wealth Advisors 2022
Source: Forbes.com (Awarded Aug 2022) Data compiled by SHOOK Research LLC based on time period from 3/31/21-3/31/22.
Source: Forbes.com (Awarded Aug 2022) Data compiled by SHOOK Research LLC based on time period from 3/31/21-3/31/22.
CERTIFIED FINANCIAL PLANNER® (Kevin Kielt, Anthony Ullo, Kevin Schaeffer)
Individuals certified by the CFP® Board have taken the extra step to demonstrate commitment and professionalism by voluntarily submitting to the rigorous CFP® certification process that includes demanding education, examination, experience, and ethical requirements
Chartered Retirement Planning Counselor® (Anthony Ullo, Justin Dernoga, Anne McLister))
The CRPC® is a professional designation awarded to advisors that successfully demonstrate proficiency on retirement planning for individuals, especially in areas of pre- and post-retirement needs, as well as issues related to asset management and estate planning.
Our Approach
As Certified Financial Planners (CFP) our group focuses on providing comprehensive wealth management and financial planning services to a select group of clients based in both New England and across the country. Our holistic approach to the planning process incorporates all aspects of your financial life to truly understand the best way to make your assets work for you.
Our process begins with you, your investment objectives, and your financial goals. We start by taking the time to ask hard questions and to listen carefully, then to understand exactly where your wealth stands today and where you’d like it to be tomorrow. Holistic in its approach, it may encompass all the elements of your financial life – your investments and your cash management needs – seeking to make sure they align with your goals and financial plan.
As your dedicated wealth management team, our role is to tailor a personalized financial strategy which fits your needs. In our experience, we have developed a step-by-step approach to service.
Our process begins with you, your investment objectives, and your financial goals. We start by taking the time to ask hard questions and to listen carefully, then to understand exactly where your wealth stands today and where you’d like it to be tomorrow. Holistic in its approach, it may encompass all the elements of your financial life – your investments and your cash management needs – seeking to make sure they align with your goals and financial plan.
As your dedicated wealth management team, our role is to tailor a personalized financial strategy which fits your needs. In our experience, we have developed a step-by-step approach to service.
Step 1: Discovery Process
We take the time to fully understand you and your family - whether you're planning for retirement, purchasing a new home, or living out your golden years - we consider all of your challenges, goals, and aspirations when building your financial picture.
Step 2: Forming Your Strategy
Using your life goals as our compass, we create a risk-balanced strategy which maps a clear path to achieving your success.
Step 3: Implementing Your Plan
We apply extensive research and analysis, and utilize Morgan Stanley's full suite of resources, to ensure swift decisive action in various market scenarios.
Step 4: Measuring Your Success
We check in with you to deliver metrics around your portfolio, and ultimately measure trajectory towards or away from your goals. Our ultimate mission is your success and well-being.
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.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
28 State Street
26th Floor
Boston, MA 02109
US
Direct:
(617) 570-2904(617) 570-2904
Meet Kielt Ullo Schaeffer & Associates
Anthony Ullo, CFP®, CRPC®
Financial Advisor, Senior Vice President, Wealth Management, Workplace Advisor - Equity Compensation, Portfolio Management Director
Phone:
(617) 570-2902(617) 570-2902
Kevin Schaeffer, CFP®
Financial Advisor, Vice President, Wealth Management, Workplace Advisor - Equity Compensation
Phone:
(617) 570-2903(617) 570-2903
Anne McLister, CRPC™
Assistant Vice President, Business Development Director, Financial Planning Specialist
Phone:
(617) 570-2904(617) 570-2904
Justin Dernoga, CRPC™
Registered Client Service Associate
Phone:
(617) 570-2905(617) 570-2905
About Me
Kevin is a Financial Advisor, and a founding member of Kielt Ullo Schaeffer & Associates. Drawing on 17 years of experience in the financial service industry, Kevin looks to simplify the complexity in his client's financial lives and remove their stress caused by money.
Kevin began his career as a Client Associate at Merrill Lynch before becoming a Financial Advisor. This path helped lay the foundation for a deeper understanding of the wealth management industry and fueled a passion to engage directly with individuals and families.
Kevin graduated from Boston University with a bachelor’s degree in business administration. During his time at BU, he was a member of the Division 1 men’s ice hockey team. Kevin remains an active participant within the BU community, specifically in the athletic department and alumni relations. He resides in Lynnfield, MA with his wife Angie, sons Landon and Brayden, and daughter Kensie. Outside of the office, Kevin enjoys coaching his children's various sporting events, golfing and spending time with family and friends.
Kevin began his career as a Client Associate at Merrill Lynch before becoming a Financial Advisor. This path helped lay the foundation for a deeper understanding of the wealth management industry and fueled a passion to engage directly with individuals and families.
Kevin graduated from Boston University with a bachelor’s degree in business administration. During his time at BU, he was a member of the Division 1 men’s ice hockey team. Kevin remains an active participant within the BU community, specifically in the athletic department and alumni relations. He resides in Lynnfield, MA with his wife Angie, sons Landon and Brayden, and daughter Kensie. Outside of the office, Kevin enjoys coaching his children's various sporting events, golfing and spending time with family and friends.
Securities Agent: CO, SC, PA, AZ, OR, NE, MN, IN, GA, OH, NY, AL, TN, RI, NJ, WA, MI, MD, IL, MA, CA, VA, TX, NM, NC, MO, HI, DC, WI, NH, VT, MS, CT, ME, IA, FL; General Securities Representative; Investment Advisor Representative
NMLS#: 652377
NMLS#: 652377
About Me
Anthony is a Financial Advisor and a founding member of Kielt Ullo Schaeffer & Associates. With over a decade of experience in the financial services industry, Anthony’s objective is to be the primary source for financial advice and guidance. Anthony began his career at Merrill Lynch before his team joined Morgan Stanley in 2023.
In 2015, Anthony obtained the Certified Financial Planner™ designation, a milestone achievement in his career. During his tenure at Merrill Lynch, he spent 3-years as a Coordinator for the advisor training program, helping to mentor newer advisors.
Anthony is a graduate of the Manning School of Business at the University of Massachusetts Lowell and was also a captain of the Division II Men’s Golf team. Anthony resides in Concord, MA with his wife Erica, sons CJ & Benjamin and dog Samantha. Outside of the office, he enjoys golfing, skiing, spending time with family and friends and volunteering as a certified pet therapy team with Samantha.
In 2015, Anthony obtained the Certified Financial Planner™ designation, a milestone achievement in his career. During his tenure at Merrill Lynch, he spent 3-years as a Coordinator for the advisor training program, helping to mentor newer advisors.
Anthony is a graduate of the Manning School of Business at the University of Massachusetts Lowell and was also a captain of the Division II Men’s Golf team. Anthony resides in Concord, MA with his wife Erica, sons CJ & Benjamin and dog Samantha. Outside of the office, he enjoys golfing, skiing, spending time with family and friends and volunteering as a certified pet therapy team with Samantha.
Securities Agent: WA, CT, AL, TN, SC, OR, OH, MN, VA, PA, NM, NC, HI, GA, FL, CO, NJ, IL, TX, MI, IN, CA, WI, RI, DC, NH, MO, NE, MA, ME, MD, AZ, VT, NY, MS; General Securities Representative; Investment Advisor Representative
NMLS#: 885960
NMLS#: 885960
About Me
Kevin is a Financial Advisor and the third member of Kielt Ullo Schaeffer & Associates. Kevin advises clients in multiple areas of wealth management, including: retirement income planning, investment management, estate planning strategies, as well as Cash Management and Lending Solutions through Morgan Stanley Private Bank.
Kevin began his career in the financial services industry at Putnam Investments. As a part of this role, he worked with top wealth management teams as a consultant positioning investment solutions and building client portfolios. This period kindled a deep desire to engage directly with individuals and families, guiding them toward financial success through personalized, goal-based strategies.
Kevin graduated from Boston University, where he was a member of the Division 1 men’s hockey team. While at BU, he was fortunate enough to be selected by the Nashville Predators in the 2004 NHL Entry Draft. After graduation, Kevin enjoyed a four-year professional hockey career before moving into the financial services industry. Kevin resides in Charlestown, MA with his wife Stephanie and enjoys being active, and spending time with family and friends. He also remains active within the BU Hockey community and various philanthropic efforts.
Kevin began his career in the financial services industry at Putnam Investments. As a part of this role, he worked with top wealth management teams as a consultant positioning investment solutions and building client portfolios. This period kindled a deep desire to engage directly with individuals and families, guiding them toward financial success through personalized, goal-based strategies.
Kevin graduated from Boston University, where he was a member of the Division 1 men’s hockey team. While at BU, he was fortunate enough to be selected by the Nashville Predators in the 2004 NHL Entry Draft. After graduation, Kevin enjoyed a four-year professional hockey career before moving into the financial services industry. Kevin resides in Charlestown, MA with his wife Stephanie and enjoys being active, and spending time with family and friends. He also remains active within the BU Hockey community and various philanthropic efforts.
Securities Agent: IL, FL, CT, IA, CO, TX, OH, ME, IN, PA, NJ, NH, MA, GA, OR, MI, AL, NY, MS, SC, NC, CA, WI, VA, NE, HI, DC, AZ, WA, VT, RI, NM, MD, TN, MO, MN; General Securities Representative; Investment Advisor Representative
NMLS#: 1635888
NMLS#: 1635888
About Anne McLister
Anne is the Business Development Director for Kielt Ullo Schaeffer & Associates. With over 30 years of varied financial industry experience, Anne draws upon a wide range of knowledge allowing her to guide clients through complex issues surrounding the growth and preservation of their wealth. She thoroughly enjoys building relationships and working with clients to make their lives easier. Anne began her career in the operations department at Josephthal & Co. She then spent almost 30 years at Merrill Lynch where she held multiple roles before transitioning with the team to Morgan Stanley. Anne holds her Series 7, Series 66, Series 63, and Financial Planning Specialist Certification.
Anne attended Franklin Pierce University where she studied Psychology. She grew up in Rhode Island and currently resides in Ipswich, MA with her fiancé, Peter, her cat, Gibbs and her dog, Bailey. Outside of work she enjoys spending time with family, traveling, the beach, live music and reading.
Anne attended Franklin Pierce University where she studied Psychology. She grew up in Rhode Island and currently resides in Ipswich, MA with her fiancé, Peter, her cat, Gibbs and her dog, Bailey. Outside of work she enjoys spending time with family, traveling, the beach, live music and reading.
About Justin Dernoga
Justin is a Registered Client Service Associate with Kielt Ullo Schaeffer & Associates. He supports clients in addressing both their day-to-day needs and long-term financial goals. He specializes in insurance solutions for the team and holds his Series 7, Series 66, and Financial Planning Specialist certification. Before joining the team in May 2024, Justin was a Summer Analyst and Financial Solutions Advisor at Merrill Lynch.
Justin graduated from Providence College in 2023 with a bachelor’s degree in finance and a minor in theology. Originally from Taunton, MA, he now lives in South Boston. Outside of work, he enjoys fishing, playing the mandolin, and hiking. He is also an avid supporter of Everton FC, the USMNT, and Friars basketball.
Justin graduated from Providence College in 2023 with a bachelor’s degree in finance and a minor in theology. Originally from Taunton, MA, he now lives in South Boston. Outside of work, he enjoys fishing, playing the mandolin, and hiking. He is also an avid supporter of Everton FC, the USMNT, and Friars basketball.
Contact Kevin Kielt
Contact Anthony Ullo
Contact Kevin Schaeffer
Wealth Management
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Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
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- Retirement plan participants
- Annuities
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Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
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Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact Kielt Ullo Schaeffer & Associates 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.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3When 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.
4Morgan 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.
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 (“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.
7Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
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, charitable giving, philanthropic planning and other legal matters.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
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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.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3When 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.
4Morgan 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.
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 (“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.
7Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
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, charitable giving, philanthropic planning and other legal matters.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
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.
CRC 4665150 (8/2025), 5378280 (5/2026)
