Our Story and Services

For over 40 years, our team has served as a trusted partner to families, institutions, and individuals to secure their ideal financial futures. At the Nabhan-Smith Group, we are focused on providing you with holistic, objective investment advice and delivering the best of two worlds to you: the personalized service of a boutique firm backed by the resources of a global leader in financial services. With offices in Houston, TX, and Wilmington, DE, we provide a complete range of investment consulting services to clients across the country.

Ultimately, we measure our success by the impact we have on our clients’ lives and the organizations we serve. Our perspectives have been shaped by experience in all market environments and we emphasize a true client-centered approach to service.

Thank you for taking the time to learn more about our team. We are privileged to have the opportunity to partner with you.
Services Include
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Over the past four decades, our team has served as an experienced advisor to various non-profits, foundations, endowments, and corporations.
Our disciplined consulting approach is shaped by our experience advising clients through multiple market cycles and to different types of institutional investors of all sizes, including:

  • Endowments
  • Foundations
  • Family Offices
  • Professional Associations
  • Educational Institutions
  • Healthcare Organizations
  • Land & Wildlife Conservation Organizations
  • Arts, Culture, & Community Organizations
  • Corporate Retirement Plans
Institutional Services
  • Non-discretionary and Discretionary Investment Consulting
  • Outsourced Chief Investment Officer (OCIO)
  • Retirement Plan Design and Management
  • Retirement Plan Participant Education
  • Defined Benefit Plans
  • Endowments & Foundations
  • Investment & Spending Policy Management
  • Alternative Investments
  • Asset Allocation Advice
  • Return & Risk Forecasting
  • Investment Cost Analysis
  • Manager Due Diligence & Research
  • Capital Markets Expertise

While all wealthy families face complex financial issues, each has its own challenges, opportunities, and aspirations. Based on a deep understanding of these factors, we can help you create a customized, comprehensive plan to help you achieve your goals and realize your distinct vision.

All of our clients receive a tailored investment plan based on their unique set of circumstances.

Our goal is to preserve and grow your financial, family and social capital so that it can have the greatest positive impact today and for generations to come.

Common goals of our clients over the years include:

  • Reduce investment costs and access leading asset-managers at negotiated rates
  • Develop estate planning strategies to effectively transfer wealth to the next generation and/or charitable causes in a tax-efficient manner
  • Design comprehensive financial plan with ideal retirement (or other goals) in mind
  • Construct values-aligned investment portfolios, incorporating social and/or environmental impact objectives
  • Plan for family members' education funds
  • Define philanthropic goals, evaluate appropriate charitable giving mechanisms (e.g., charitable remainder trusts, donor advised funds, etc.) and assist in the selection of appropriate charitable organizations.
  • Streamline Alternative Investments fund reporting and establish clear allocation strategy

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 matters involving trusts, estate planning, charitable giving, philanthropic planning or other legal matters.

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.

FAMILY OFFICE

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    Redefining Family Office
    Your family is unlike any other we have ever served. You may, however, share many of the same questions, challenges and opportunities. We look forward to learning more about you and your family, and discussing how we can help you safeguard what you have earned and pursue your most important life goals. We deliver an exceptionally attentive level of service and dedicate ourselves to finding solutions to the challenges our clients face, even those challenges that fall well outside the traditional role of wealth managers.
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    Family Governance & Education
    Too often. members of rising generations spend decades in silence. Having a mechanism in place such as a family mission statement, a family Constitution or an investment policy statement can offer critical parameters and guidelines to make decisions as a collective. We work with you to find your way to becoming your own generation, with your own voice.
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    Trust & Estate Planning & Business Succession
    The key to determining which trust, tax and estate strategies to execute is to understand the interplay of personal and exogenous factors. Liquidity events such an initial public offering or a merger or acquisition may provide income and estate planning opportunities. Liquidity events also magnify the need to put in place or update certain essential estate planning documents
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    Lifestyle Services
    The enjoyment of wealth means the most powerful benefits of a family office is the potential to help family members simplify their personal lives. We provide bespoke solutions and access to knowledgeable, highly personal specialists to help meet your exceptional needs, from the everyday to the extraordinary, such as: travel and concierge services, health and security advisory, tangible asset management. personal enrichment, and financial administration.

WORKPLACE FINANCIAL BENEFITS WITH MORGAN STANLEY AT WORK

Our mission is to help your company elevate your workplace financial benefits—helping you to attract and retain top talent. Our end-to-end solutions support your company and employees at any stage of growth through a powerful combination of modern technology, insightful guidance, and dedicated service.

    Equity Solutions

    Equity ownership is a powerful motivator. Streamline equity management through our leading-edge technology and provide global audit-ready reporting and insights, alongside customizable participant experiences to engage and educate your employees on how to make the most of their benefits. Our global solutions support private and public companies at any stage of growth.

    • Equity Administration and Financial Reporting
    • Liquidity Events
    • 409A Valuation Services and Cap Table Management

    Learn more
    Retirement

    For your employees, retirement is more than a date in the future—it's a milestone that takes time, hard work, and the right tools. Through our consultative process, we strive to assist with the management of your fiduciary responsibilities and risk, simplify plan management, and help you improve retirement readiness for your employees.

    • Defined Contribution Consulting
    • Solutions-Oriented Plans
    • Fiduciary Investment Oversight

    Learn more
    Deferred Compensation

    Access a range of Nonqualified Deferred Compensation plan services or pick the ones that best fit your needs. We provide recordkeeping and plan design, portfolio construction services, and plan education for your executive talent. We help you determine the appropriate plan design and inform a funding strategy through a needs-based assessment and consultative approach.

    Services include:

    • Recordkeeping and Plan Design
    • Portfolio Construction
    • Wealth Management Services
    Learn more
    Executive Services

    Our dedicated team provides concierge-level support for your executives' equity compensation plans, from 10b5-1 trading plans to form filing related to Rule 144 transactions, to access to wealth management and tax-optimization strategies, so helping them navigate their complex financial needs with greater confidence and certainty:

    • Equity Compensation Services
    • Equity Award Analysis
    • Specialized Solutions
    Learn more
    Saving and Giving

    Saving and Giving benefits can make a real difference in your employees' lives as they can support the things that matter most to them—like saving for education and repaying student loans. Show that you are committed to your employees' priorities with leading-edge solutions that help them chart a path toward financial well-being.

    • College Savings
    • Student Loan Repayment and Refinancing
    • Charitable Giving
    Learn more
    Financial Wellness

    We offer Financial Wellness with every solution we provide. Through a powerful combination of education, digital tools and guidance, Financial Wellness is designed to address the unique needs of your employees and empower their financial journey at every stage. Give your employees the confidence to take charge of their finances.

    • Financial Education
    • Digital Tools
    • Financial Guidance

    Learn more

Location

2800 Post Oak Blvd
Ste 3200
Houston, TX 77056
US
Direct:
(512) 480-8833(512) 480-8833
500 DuPont Field Blvd
Greenville, DE 19807
US

Meet Nabhan-Smith

About Norman E Nabhan

Mr. Nabhan is a Managing Director at Morgan Stanley. He has more than forty years of experience helping institutional investors design spending and investment policy, asset allocation strategies, select appropriate investment management firms and conduct regular rebalancing and portfolio reviews. He has served in numerous roles as a Board Member, Treasurer, Investment Committee Chairman and as President of three national nonprofits, giving him a unique insight into the needs of nonprofit organizations.

Mr. Nabhan began his career in financial services as an Account Executive in 1973. He has both, served clients directly and has had numerous management positions with Smith Barney’s Consulting Group. In 2004 he was made National Director of the Investment Consulting Division, and was made a Managing Director of Smith Barney/Citigroup. He served as President of Citigroup Investment Advisory Services (CIAS) which managed $6 Billion in assets in a discretionary manager of managers program and $10 Billion in assets in series of registered mutual funds managed by independent managers. He has completed the course of study at the Wharton School of Business offered in conjunction with the Investment Management Consultants Association that has resulted in certification as a Certified Investment Management Analyst (CIMA®).

Mr. Nabhan is a graduate of Purdue University with a B. A. His Professional associations include the Investment Management Consultants Association, where he served on the Board of Directors for 8 years, and served two years as President. He has been conferred the title of Director Emeritus by the organization. He also served as Chairman of the Certification committee. He is the Past President of the Association of Professional Investment Consultants (APIC). He has served as a Director and National Treasurer, and National President of Sigma Phi Epsilon Fraternity. He served on the Alternative Investment Advisory Board for the Purdue University Endowment and was on the Advisory Board of the Center for Wealth and Philanthropy at Boston College. He currently sits on the Board of the Dyslexia School of Houston.

He has been a speaker at numerous industry and Philanthropic conferences at the Indiana University Center of Philanthropy, Boston College, Philanthropy Southwest, as well as Exponent Philanthropy and NACUBO. He serves on the planning committee and as a faculty member for the University of Texas Law School Nonprofit Institute. He is one of a select group of Advisors at Morgan Stanley designated a “Director of Impact Investing”. He has been named by “Forbes Magazine” as one of America’s Best in State Wealth Advisors in Texas 2020, 2023, and 2024. His group is one of “Barron's” Top 100 Institutional Consulting Teams in 2021 and is a 2024-2025 Forbes Best-In-State Wealth management Team. He has also appeared on CNBC.



2024-2025 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (2024-2025) Forbes Best-In-State Wealth Management Teams ranking awarded in 2024-2025. Each ranking was based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher). This evaluation process concluded in March of the previous year the award was issued, having commenced in March of the year before that.

Source: Forbes.com (2020, 2023, 2024). Forbes Best-In-State Wealth Advisors ranking awarded in 2020, 2023, 2024. Each ranking was based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher). This evaluation process concluded in June of the previous year the award was issued having commenced in June of the year before that.

Source: Barron's.com (April 2021) 2021 Barron's Top 100 Institutional Consulting Teams ranking awarded in 2021. This ranking was determined based on an evaluation process conducted by Barron's during the period from Dec 2019 - Dec 2020.
Securities Agent: HI, NC, OR, NV, WI, TX, MD, WA, VA, UT, SD, RI, PA, OK, OH, NY, NM, NJ, NH, MT, MN, MI, LA, KY, IN, IL, IA, GA, FL, DE, DC, CO, CA, AZ, AR; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1279572

About Victoria Polinski Smith

Vicki Smith has been with Morgan Stanley and its predecessor firms since 2002 and has over 25 years of institutional consulting experience. Her focus includes helping institutional investors design spending and investment policies, asset allocation strategy, asset liability and pension risk transfer strategies, selecting appropriate investment management firms and conducting regular portfolio reviews.

She began her financial services career after graduating from the University of Memphis with a BBA in Finance. After joining the firm, Vicki was recognized on a national level for her outstanding achievements and contributions to the firm by receiving the Consulting Group “Analyst of the Year” award¹. She attended the Barron’s Top 100 Women Advisors Summitt² in 2009 where she was a featured speaker.

Vicki earned her professional designation of Certified Investment Management Analyst (CIMA®) through Wharton School at the University of Pennsylvania, and is an active member of the Investments and Wealth Institute (formerly IMCA). She is a member of and formerly served on the Board of Directors of the Association of Professional Investment Consultants (APIC), originally founded by a group of Morgan Stanley Smith Barney consultants, and chaired their annual conference in 2010. APIC is a society of Morgan Stanley Smith Barney investment management consultants dedicated to the highest ethical and greatest commitment to client service. Vicki also serves on the Retirement Advisor Council whose mission is to advocate for successful retirement outcomes through collaboration of a small group of plan advisors, service providers and investment managers.

In recognition of her commitment and service to her clients, Vicki was named to Forbes Top Women Wealth Advisors Best-In-State in 2022-2025. She was also named to the 2024 Forbes Best-In-State Wealth Advisors list. Her team was selected as a 2024-2025 Forbes Best in State Wealth Management Team and Barron’s Top Institutional Team in 2021.

Vicki currently serves on the Board of the Kelsey Research Foundation where she is a member of the Executive committee and Chair of the Finance committee.



1 The FA Analyst of the Year award is awarded annually in each Division to a branch Analyst who has gone above and beyond in support of their team and has contributed to the analyst community as a whole. Analysts are nominated by their FA Sponsor, Branch Manager, or CG Staff member.

2 Although not a recipient of the 2009 Barron's "Top 100 Financial Advisors" award, Victoria Smith was selected by my firm to attend the 2010 "Barron's Winners Circle Top Advisors Summit”. The Summit is hosted by Barron's magazine to promote best practices in the industry and the value of advice to the investing public. A group of 500 advisors, selected by their firms, participate in workshops that explore current issues ranging from business development ideas through managing high-net-worth accounts and families to portfolio management and retirement planning.



2024 Forbes Best-In-State Wealth Advisors Source: Forbes.com (Awarded April 2024) Data compiled by SHOOK Research LLC for the period 6/30/22 - 6/30/23.

2024-2025 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2024-2025). Data compiled by SHOOK Research LLC based 12-month time period concluding in March of year prior to the issuance of the award.

2022-2025 Forbes Top Women Wealth Advisors Best-In-State (formerly referred to as Forbes Top Women Wealth Advisors, Forbes America's Top Women Wealth Advisors) Source: Forbes.com (Awarded 2022-2025). Data compiled by SHOOK Research LLC based on 12-month time period concluding in Sept of year prior to the issuance of the award.

2021 Barron's Top 100 Institutional Consulting Teams
Source: Barron's.com (Awarded Apr 2021) This ranking was determined based on an evaluation process conducted by Barron's during the period from Dec 2019 - Dec 2020.
Securities Agent: KY, MN, NJ, OK, WA, SD, WI, VA, UT, TX, RI, PA, OR, OH, NY, NM, NH, NC, MT, MI, MD, LA, IN, IL, IA, HI, GA, FL, DE, DC, CO, CA, AZ, AR, AL, NV; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1282579

About Matthew Nabhan

Matthew is an Associate Vice President and Financial Advisor at Morgan Stanley. He works closely with our institutional and private clients on a range of investment issues including portfolio construction, plan design, asset allocation strategy, manager selection, and values-aligned investing. Matthew joined Morgan Stanley in 2019. Matthew employs a collaborative approach to working with clients to help them on their journey to be effective stewards of an organization’s - or family's - resources. Through ongoing education and diligent research, his goal is to deliver to all clients a comprehensive investment strategy that aligns with their objectives.

He is a member of the Association of Professional Investment Consultants (APIC). Matthew holds the Qualified Plan Financial Consultant, QPFC, designation awarded by the National Association of Plan Advisors. He also serves on APIC’s Young Advisors Advisory Board and as a mentor for the Kellogg-Morgan Stanley Sustainable Investing Challenge at Northwestern University. Matthew earned dual degrees in Business and Environmental Studies from the University of Colorado Boulder. He is an alumnus of the CU Leeds School of Business, Center for Ethics and Social Responsibility.

Matthew’s early career started in the non-profit sector, where he led a global team responsible for impact measurement and standards development for the B Corp certification. Because of this experience, Matthew has a unique perspective on mission-driven organizations, having consulted with hundreds of non-profit leaders, entrepreneurs, corporate executives, and fund managers who are addressing society’s most critical challenges in their own respective ways. This distinct background helps inform the team’s mission-aligned and impact investing work.

Matthew grew up in Texas before moving to the Brandywine Valley. He now resides in Kennett Square, PA, with his wife and three young sons. Outside of work, he volunteers with several non-profit organizations focused on wildlife conservation and promoting access for outdoor recreation.

Disclosures:
Asset allocation and diversification do not guarantee a profit or protect against a loss in a declining financial market.

Environmental, Social and Governance (“ESG”) investments in a portfolio may experience performance that is lower or higher than a portfolio not employing such practices. Portfolios with ESG restrictions and strategies as well as ESG investments may not be able to take advantage of the same opportunities or market trends as portfolios where ESG criteria is not applied. There are inconsistent ESG definitions and criteria within the industry, as well as multiple ESG ratings providers that provide ESG ratings of the same subject companies and/or securities that vary among the providers. Certain issuers of investments may have differing and inconsistent views concerning ESG criteria where the ESG claims made in offering documents or other literature may overstate ESG impact. ESG designations are as of the date of this material, and no assurance is provided that the underlying assets have maintained or will maintain and such designation or any stated ESG compliance. As a result, it is difficult to compare ESG investment products or to evaluate an ESG investment product in comparison to one that does not focus on ESG. Investors should also independently consider whether the ESG investment product meets their own ESG objectives or criteria.

There is no assurance that an ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or a dependable measure of future results.
Securities Agent: ID, NJ, MS, RI, VA, OH, DE, WI, WA, UT, TX, SD, PA, OR, OK, NY, NV, NM, NH, NC, MT, MN, MI, MD, MA, LA, IN, IL, IA, GA, FL, DC, CT, CO, CA, AZ, AR, KY, HI; General Securities Representative; Investment Advisor Representative
NMLS#: 1920551

About Jennifer Davies

Jennifer is a Portfolio Associate with Nabhan-Smith at Morgan Stanley. She joined Morgan Stanley in September 2019 and is responsible for servicing clients and providing administrative support. She assists with the development and growth of our business through engaging and utilizing the full capabilities of the firm. She has almost 30 years of financial services experience.

Prior to joining Morgan Stanley, Jennifer spent 25 years working at Invesco, having started her career at AIM. In her last role as Sales Strategy Manager, she was an integral part of the sales leadership team with accountability for developing and executing sales strategies within the defined contribution and insurance sales channel. She enhanced territory management by providing sales data analysis, market research and client engagement metrics, which contributed to meeting multi-billion dollar annual sales goals.

Jennifer received her Bachelor’s degree in French from the University of Texas at Austin. She holds the FINRA Series 7, 65, 63 and 26 licenses. She is married and lives in Houston with her dog Brewtus and cat Ruby.

About Haris Saeed

Haris has a triple major in Finance, Accounting & Management at the University of Nottingham, graduating in 2013 with his Bachelor of Arts (Hons). Prior to joining Morgan Stanley in 2022, Haris worked at variety of firms in the financial industry including a stock exchange and a banking institution. He has acquired his Series 7 and Series 66 licenses.

With technical and educational experience from the UAE, Malaysia and Pakistan, Haris brings a comprehensive and vital set of skills to our Team. As our Institutional and HNW Investment Analyst, he is responsible for the structure, performance reporting and ongoing supervision of our portfolios.

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

About Frank Vatuna

Frank Vatuna is an Associate Private Banker serving Morgan Stanley Wealth Management offices in Texas.

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.

Frank began his career in financial services in 1988, and joined Morgan Stanley in 2019 as an Associate Private Banker. Prior to joining the firm, he was a Wealth Management Banker at Merrill Lynch. He also served as a Lending Officer at Bank of America.

Frank is a graduate of the University of Houston, where he received a Bachelor of Business Administration in Finance. He lives in Magnolia, TX with his family. Outside of the office, Frank enjoys traveling and spending time with family and friends. He also volunteers for March of Dimes and Houston Food Bank.
NMLS#: 620249

About Logan Mitchell

Logan Mitchell, CFP® is an Associate Vice President and Financial Planning Director serving Morgan Stanley’s Wealth Management offices in Houston-Post Oak. She is responsible for helping Financial Advisors with their clients' and prospects' financial planning needs.

Logan began her career in financial services as a Wealth Advisor Associate, at Morgan Stanley in 2019. She matriculated from that role to a Financial Advisor, and joined a team managing a book of business north of $200 million. In order to focus on more complex financial planning strategies, she switched to her current role in 2022.

Logan graduated from Howard University School of Business with honors, in 2018 and holds her Certified Financial Planner® designation. She lives in Memorial City, Houston with her family. When she is not playing with her 6-month-old daughter, she can be found working out, watching basketball, or spending time with her parents in Oklahoma.

About Clint Eddy

Clint Eddy is an Executive Director with the Family Office Resources (FOR) team at Morgan Stanley. As a Generalist with FOR he helps clients and Advisors curate and navigate an expansive suite of highly specialized resources to address the complex, multifaceted challenges of managing significant wealth so clients may make complicated decisions confidently.

Prior to joining Morgan Stanley in 2022, Clint was a Wealth Strategist at Merrill Lynch for over 15 years. Clint also practiced tax and business law at the law firm of Fox Rothschild for over six years. He was a member of the firm’s Estate Planning and Tax and Corporate Transactions groups. Clint is a member of Washington State Bar Association (WSBA) and is actively involved in the WSBA’s Real Property, Probate and Trust section. He is the co-author of the Washington Partnership and Limited Liability Company Deskbook and was named a “Rising Star” by Washington Law and Politics magazine.

Clint received his Master of Laws in Taxation from the University of Washington School of Law, his Juris Doctor from the University of Oregon School of Law, and his Bachelor of Arts from the University of Washington. He is Series 7 and 66 licensed.

Outside of work Clint is an avid, but admittedly, pretty awful skier. He and his fiancé live in Seattle with their 10 year old Boston Terrier named Annie.
Wealth Management
Global Investment Office

Portfolio Insights

Retirement

Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
  • 401(k) Rollovers
  • IRA Plans
  • Retirement income strategies
  • Retirement plan participants
  • Annuities
A Simple Six-Step Retirement Checkup
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A Simple Six-Step Retirement Checkup

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Investing

Working closely with you to guide your wealth and investments through the most challenging market cycles.
  • Asset Management
  • Wealth Planning
  • Traditional Investments
  • Alternative Investments
  • Impact Investing
2025 Midyear Economic Outlook: A Widespread Deceleration
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2025 Midyear Economic Outlook: A Widespread Deceleration

Global growth is likely to slow in 2025 and 2026 as the shock of higher U.S. tariffs crimps demand around the world.

Family

Creating customized financial strategies for the challenges that today’s families face.
  • Estate Planning Strategies
  • 529 Plans / Education Savings Planning
  • Long Term Care Insurance
  • Special Needs Planning
  • Trust Services
529 Plans: A Powerful Tool to Save for Education
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529 Plans: A Powerful Tool to Save for Education

Though education costs continue to climb, starting to save and invest early can make a difference.

Business Planning

Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
  • Succession Planning
  • Business Planning
  • Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Financial Planning for Life After Selling a Business

Selling your business can mean big changes for your life, both personally and financially. Know how to make the most of your windfall.

Philanthropy

Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
  • Endowments
  • Foundations
  • Donor Advised Funds
  • Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving
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Donor Advised Funds: A Smart Way to Manage Your Giving

There's more to charitable giving than you may realize. Here's one method that may be a tax-efficient way to give and can help maximize your impact.
Ready to start a conversation? Contact Nabhan-Smith today.
1Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.

For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.

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2When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

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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.

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4Morgan 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.

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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.

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6Morgan 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.

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7Morgan 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.

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8Morgan 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.

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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

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10Products 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.

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11When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

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12The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.

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13Morgan 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.

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Awards Disclosures
CRC 6491812 (04/2024)