Russ Gallen
Private Banker
Norbert Frassa, CFP®, CPM®
Vice President,
Financial Advisor,
Portfolio Manager
Direct:
(858) 729-5112(858) 729-5112
Toll-Free:
(800) 473-2331(800) 473-2331
My Mission Statement
In today's fast-paced world, I strive to add simplicity and clarity to your financial matters so you can focus on what's important to you.
Welcome
Many people leave their financial advisor confused about what's happening with their money. I want my clients to fully understand what's happening with their money at every stage of their financial journey.
Effective Game Plan
It is our job to understand the complexities of your situation and our financial plans are designed with your personal goals in mind. We can help make sure your plan is on track and updated as your life changes.
Advice in Common Language
We speak your language to ensure you have a clear understanding of what we're going to do with your money. Our on-going communications provide continual transparency so you'll stay informed on the markets and know what's happening with your money.
Helping Make Your Life Easier
We want to help add convenience to your life and many of our services are designed to do just that. Whether working in tandem with your other advisors or providing holistic planning services, we're on your team seeking to offer simplicity and clarity to you.
Experience
Our team that serves you is knowledgeable and we have the education and practical experience to serve your needs. We exist to serve as your guide for life's big tradeoff decision and by working with us, we want you to be confident you made the right decisions.
Ready to Get Started? Let's Go!
Services Include
- Professional Portfolio ManagementFootnote1
- Retirement PlanningFootnote2
- 401(k) Rollovers
- Financial PlanningFootnote3
- Estate Planning StrategiesFootnote4
- Planning for Individuals with Special Needs
- Planning for Education FundingFootnote5
- 529 PlansFootnote6
- LGBT+ Planning ServicesFootnote7
- Business PlanningFootnote8
- Life InsuranceFootnote9
- Wealth ManagementFootnote10
- Cash ManagementFootnote11
- Sustainable InvestingFootnote12
- Wealth Consulting
- Exchange Traded FundsFootnote13
Securities Agent: AZ, WA, OK, ID, GA, NY, MI, CT, CA, NC, NJ, PA, NV, MT, MD, FL, TX, NM, CO, MO, LA, UT, MA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1369354
CA Insurance License #: 0E56208
NMLS#: 1369354
CA Insurance License #: 0E56208
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
- University of Texas - El Paso, Masters of Business Administration
- University of Texas - El Paso, Bachelor of Arts
- The American College - CFP® Certification Curriculum
- Academy of Certified Portfolio Managers - Columbia University in the City of New York
Texas
Like the old Marty Robbins' song, I was born out in the west Texas town of El Paso. My father was a nine-year veteran of the U.S. Army and my mother had the great fortune of not having to work so she was there to pick me up from school when I was a child. My only brother joined the family when I was 9 years old. From my parents, I learned to value hard work, the importance of family and the power of education.
I attended the University of Texas- El Paso with a Presidential Scholarship and I used part-time work at Sears in the business office to help pay for my education. I entered my college studies majoring in Political Science because I wanted to attend law school, but found along my path that it was not the right career for me. Looking back now, that's the best decision that I could have made as I'm in the profession that I love! I double majored and added Communication as my second major with a minor in Psychology.
The day after my college graduation, I began working in the Sears Management Training Program. Within a few months I became the manager for Men's Department, then got promoted as the Brand Central Manager (Appliances). At the age of 24, I was managing a $23 million dollar department, but there was still something missing.
I decided to go back to school and get my Master's Degree and I was accepted at the Business School at the University of Texas – El Paso. I attended classes in the evening and around my work schedule and received my M.B.A. in 2002 with a 3.9 GPA. At that point, I realized that my calling was to combine my two passions: finance and taking care of my clients.
California
When I was 18, my family and I came to San Diego on vacation and I knew in my heart that this city was going to eventually be my future home. After finishing my M.B.A, I accepted a management job at Bed, Bath & Beyond in San Diego as a stepping stone to get to San Diego. I was able to stock up on sheets, towels and other goodies for my new apartment so that was a bonus!
I then saw a television commercial that impacted me. It was a man at a wedding who was talking about how he dreamt about planning for Alex's wedding because he wanted to make sure that the day he sent her off to start her only family was as special as the day that she joined his family. And he was the financial advisor, not the dad. The commercial, which is still on YouTube if you'd like to see it, then said "when you work with a Morgan Stanley financial advisor, your dreams become our dreams." At that point, I knew I found the company that I wanted to call home. I worked diligently to get interviewed and accepted the challenge in May 2004.
Since then, I have met the rigorous certification requirements to become a CERTIFIED FINANCIAL PLANNER™ practitioner, including examination, ethics, continuing education and experience standards. Through the Academy of Certified Portfolio Managers, I attended Columbia University in New York and completed coursework to receive the designation of CERTIFIED PORTFOLIO MANAGER™ in 2016. I have been named as a Five Star Wealth Manager in San Diego Magazine eleven years in a row 2012-2025.
They say that you cannot connect the dots in your life looking forward. You have to look back to do that. As I connect the dots on my life, I thank God for the blessings in my life… to have a loving family and wonderful friends around me, a successful financial practice in a city that I love and amazing clients who drive me to become better every day!
2012-2025 Five Star Wealth Manager Award Source: fivestarprofessional.com (2012-2025) The award was determined based on an evaluation process conducted by Five-Star Professional based on objective criteria. The award was not based on a specific time period.
Education
Let's Learn About You
Ready to schedule some time with me so I can learn about you and your financial goals?
New Client Roadmap
We believe that identifying financial solutions begins with a solid understanding of each client’s situation, goals, objectives and risk tolerance. We follow a disciplined process that enables us to work with you to craft a solution that helps to meet your individual financial needs. Learn more about our process below:
Introductory Meeting
The first step in our process is an introductory meeting to learn more about each other. Our goal of this meeting is to gain a better understanding about your goals, current financial situation, and dig into the questions that brought you to us in the first place. We’ll share a little bit about our process too, and this is where we will decide if we’re a good fit.
Our Analysis
In between our meetings we review and analyze your current situation and use it to develop a customized and dynamic financial plan. Your personalized financial plan will help us put together a strategy to help you meet your individual needs and ensure your goals and investment strategy are aligned.
Second Meeting
During this meeting we will review your financial plan and investment strategy together, and answer any questions you may have. From there, we will decide on clear next steps towards working together.
Get Started
If you would like to get started, please click below to schedule.
Schedule a Meeting Here.Fast. Convenient. Secure. Simple.
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How to Access Your Tax Forms
1. Log into your account via Morgan Stanley Online
2. Click the Accounts tab
3. Select the Documents tab
4. Go to the Statement drop-down tab
5. Select Tax Documents and download them
2. Click the Accounts tab
3. Select the Documents tab
4. Go to the Statement drop-down tab
5. Select Tax Documents and download them
Morgan Stanley Mobile App
Access your account wherever, whenever using the Morgan Stanley Mobile App. It gives you the same capabilities as Morgan Stanley Online from the convenience of your phone or tablet.
eAuthorization (eAuth)
Authorize financial transactions electronically, quickly and securely through the Morgan Stanley Mobile App or MSO. With eAuthorization, you no longer need to sign a paper Letter of Authorization (LOA) to authorize a money movement request.
eSign
eSign is a digital, paperless alternative to the traditional means of obtaining signatures on paperwork. There is no registration process for you to begin using E-Sign. All you need is a valid email address and phone number.
eDelivery
eDelivery allows you to securely save, print, send, and receive documents at any time from both Morgan Stanley Online and the Morgan Stanley Mobile App.
Digital Vault
The Digital Vault on Morgan Stanley Online and the Mobile App allows you to build a central, shared document library where a documents are stored using encryption.
Total Wealth View
The ability to view all of your assets and liabilities together, whether held at Morgan Stanley or elsewhere, enables us to advise with your entire financial picture in mind.
Zelle
Send money with Zelle, is a fast, safe and easy way to send and receive money with almost anyone you know and trust. All you need is their phone number or email address, allowing you to send and receive money within minutes.
Morgan Stanley Online
Allows you to conveniently and securely manage your account online or on your mobile device.
Upcoming Firm Events
The Lessons in Leadership Virtual Event Series will continue throughout 2025.
Check back soon for details on upcoming events.
Location
1111 Prospect Street
La Jolla, CA 92037
US
Direct:
(858) 729-5112(858) 729-5112
Toll-Free:
(800) 473-2331(800) 473-2331
Fax:
(858) 551-5907(858) 551-5907
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
Clint Eddy
Family Office Resource Generalist
About Russ Gallen
Russ Gallen is a Private Banker serving Morgan Stanley Wealth Management offices in California.
Private Bankers partner with 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.
Russ began his career in financial services in 2001, and joined Morgan Stanley in 2019 as a Private Banker. Prior to joining the firm, he was a Wealth Management Banker at Merrill Lynch.
Russ is a graduate of Arizona State University, where he received a Bachelor of Science in Finance. He lives in Solana Beach, California. Outside of the office, Russ enjoys golf, tennis and traveling.
Private Bankers partner with 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.
Russ began his career in financial services in 2001, and joined Morgan Stanley in 2019 as a Private Banker. Prior to joining the firm, he was a Wealth Management Banker at Merrill Lynch.
Russ is a graduate of Arizona State University, where he received a Bachelor of Science in Finance. He lives in Solana Beach, California. Outside of the office, Russ enjoys golf, tennis and traveling.
NMLS#: 684961
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.
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.
Private Bankers, Ultra High Net Worth ("UHNW") Specialists, PBG Market Managers, Lending Advisors, Mortgage Consultants, Regional Mortgage Specialist, Cash Management Specialists, Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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.
Wealth Management
From My Desk
The Power of Financial Planning
Wealth Management
Global Investment Office
Portfolio Insights
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
5 Things You May Not Know About 529s (But Should)
Article Image
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
Why Your Home Can Be a Retirement Asset
Article Image
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
Rational Investing in an Age of Uncertainty
Article Image
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
Ready to start a conversation? Contact Norbert Frassa today.
CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
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.
3Morgan 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.
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 and other legal matters.
5When 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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
6Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
7Morgan 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.
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.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Morgan 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.
11Morgan 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
12Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact 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.
13An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
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.
3Morgan 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.
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 and other legal matters.
5When 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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
6Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
7Morgan 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.
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.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Morgan 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.
11Morgan 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
12Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact 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.
13An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
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CRC 4665150 (8/2025)
