Managing Director, Wealth Management, Financial Advisor, Senior Investment Management Consultant
Phone:
(312) 419-3419(312) 419-3419
The North Central Group at Morgan Stanley
Our Mission Statement
“While you’re taking care of your company’s future, who is taking care of yours?”
Our Story
Over seven decades of combined investment experience has taught us that every solid investment portfolio begins with an understanding of a client’s investment objective and a tailored plan to attain those goals. The North Central Group at Morgan Stanley has earned a reputation for offering highly customized portfolio solutions. We are dedicated to working exclusively with corporate executives and their families. From the initial discovery meeting, where we help develop and define specific objectives, to the implementation and management of a personalized investment solution, we guide clients from the Workplace to Retirement.
Together with Morgan Stanley’s technology and resources, we have created a team that is well suited for today’s corporate executive and their demands. We understand how difficult it is in an ever-complex corporate world to manage both the affairs of your company and the retirement goals of you and your family. Our motto, “While you are busy managing your Company’s future, who is taking care of yours,” appropriately defines most of our clients struggle with that balance.
Together with Morgan Stanley’s technology and resources, we have created a team that is well suited for today’s corporate executive and their demands. We understand how difficult it is in an ever-complex corporate world to manage both the affairs of your company and the retirement goals of you and your family. Our motto, “While you are busy managing your Company’s future, who is taking care of yours,” appropriately defines most of our clients struggle with that balance.
Services Include
- Executive Financial ServicesFootnote1
- Financial PlanningFootnote2
- Stock Option PlansFootnote3
- 401(k) Rollovers
- Retirement PlanningFootnote4
- Asset Management
- Estate Planning StrategiesFootnote5
- Life InsuranceFootnote6
- Long Term Care InsuranceFootnote7
- Planning for Education FundingFootnote8
- Wealth ManagementFootnote9
- Alternative InvestmentsFootnote10
- Lending Products
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
INDUSTRY STANDING & AWARDS
Presidents Club
Morgan Stanley's President's Club is an elite group composed of the firm's top Financial Advisors, recognizing those who consistently excel in wealth management and investment products, demonstrating leadership and best practices.
2025 - William C. Menke
2025 - William C. Menke
Century Club
Morgan's Stanley Century Club is an internal recognition program that honors top-advisors in the top 100 or top percentile based on production, client assets, or growth metrics.
2025 - Michael Wojkowski
2025 - Michael Wojkowski
Master's Club
The Morgan Stanley's Master's Club is an elite group composed of the firm's top Financial Advisors, recognizing their consistent creativity and excellence in providing investment products and wealth management services.
Chad J. Essington
Michael Wojkowski
Chad J. Essington
Michael Wojkowski
Pacesetter's Club
Morgan Stanley's Pacesetters Club is a global recognition program for Financial Advisors who demonstrate the highest professional standards and first-class client service, recognizing outstanding performance.
2025 - Conor J. Smith
2025 - Conor J. Smith
Financial Planning Questionnaire
The Morgan Stanley wealth management process begins with you, your investment objectives and your financial goals. Holistic in its approach, it may encompass all the elements of your financial life — your investments and your cash management needs — making sure they align with your goals and wealth management plan.
Your Financial Advisor has access to a sophisticated suite of tools to help you implement the Morgan Stanley wealth management process and translate your goals into reality.
To Begin your complementary Financial Planning Analysis, please click the link below to complete our Financial Planning Questionnaire.
Your Financial Advisor has access to a sophisticated suite of tools to help you implement the Morgan Stanley wealth management process and translate your goals into reality.
To Begin your complementary Financial Planning Analysis, please click the link below to complete our Financial Planning Questionnaire.
Our clients understand that decisions they make around company stock and options are some of the most consequential they’ll face in their financial life.
You may be asking yourself:
• How well do I understand my equity compensation and the strategies that exist to maximize its value?
• Am I being as smart as my managers and coworkers with my equity compensation? Should I be making different choices based on my specific situation?
• How do I incorporate my company equity into my financial plan?
• Can I afford to leave my company, and how should I plan for that?
• What the heck is the Alternative Minimum Tax?
• How well do I understand my equity compensation and the strategies that exist to maximize its value?
• Am I being as smart as my managers and coworkers with my equity compensation? Should I be making different choices based on my specific situation?
• How do I incorporate my company equity into my financial plan?
• Can I afford to leave my company, and how should I plan for that?
• What the heck is the Alternative Minimum Tax?
How we can help
Understanding how your stock or option plan works is only the first step. We work with you articulate specific goals such as diversification, tax management, charitable gifting, or simply having enough cash to live on while you wait for an exit. Projecting a variety of multi-year scenarios, we help you make the best decisions you can to maximize this valuable asset.
Sample Employee Stock and Option Report Morgan Stanley 2021Why Us?
We are part of a small group of Morgan Stanley advisors trained and experienced in these complex issues and have tools and resources that stand out among your choices in selecting a financial advisor.
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
233 S Wacker Dr
Ste 8600
Chicago, IL 60606
US
Meet The North Central Group
Executive Director, Wealth Management, Financial Advisor, Senior Portfolio Management Director
Phone:
(312) 419-3320(312) 419-3320
Phone:
(312) 419-3549(312) 419-3549
Financial Advisor, Financial Planning Specialist, Workplace Advisor - Equity Compensation
Phone:
(312) 419-3330(312) 419-3330
Michael Haefliger
Portfolio Associate
Phone:
(312) 419-3492(312) 419-3492
Dezzarae Gedy
Wealth Management Associate, Assistant Vice President
Phone:
(312) 419-3640(312) 419-3640
Anthony Lallo
Registered Client Service Associate
Phone:
(312) 419-3588(312) 419-3588
Giovanni Armocida
Registered Client Relationship Analyst
Phone:
(312) 419-3397(312) 419-3397
About William C Menke
William C. Menke is a Managing Director and Senior Investment Management Consultant in Morgan Stanley’s Chicago Flagship Complex with more than 20 years of financial industry experience. Bill has earned a reputation for offering highly customized advice, investment solutions, and providing a top-notch service team to high-net-worth clients. As a senior member of The North Central Group, Bill and his team are highly skilled and dedicated to working exclusively with corporate executives and their families. His team’s motto, “While you are busy managing your company’s future, who is taking care of yours?” rings true with many of his clients.
Through the discovery process, Bill and his team will help you develop and define specific goals and objectives. Using Morgan Stanley’s technology, Bill analyzes those goals to help create a customized implementation strategy to achieve financial freedom in retirement. Bill has extensive knowledge of concentrated stock positions, hedging and monetization, estate and retirement planning, lending and insurance. He also has access to some of the world’s most seasoned and respected investment professionals, a premier trading and execution platform and a full spectrum of investment choices and solutions at his disposal.
In addition to serving as a Managing Director, Bill was named to the prestigious President’s Club, an elite group composed of the Firm’s top Financial Advisors. These recognitions reflect Bill’s consistent creativity and excellence in providing a wide range of investment products and wealth management services to his clients. Bill has also been awarded the Firm’s designation as Senior Investment Management Consultant as a result of his investment management consulting experience.
Bill graduated from Denison University in Granville, Ohio, and earned a Bachelor of Arts degree in History and Communications. Bill is an avid outdoorsman and supports many wetlands and conservation organizations. He is happily married with three daughters who can all attest to his passion and love for anything he does. In his leisure time, Bill spends time watching or coaching his daughters’ sports or staying active outdoors with a rod and reel in his hand.
CA Insurance License #: 0E61502
AR Insurance License #: 2261544
Through the discovery process, Bill and his team will help you develop and define specific goals and objectives. Using Morgan Stanley’s technology, Bill analyzes those goals to help create a customized implementation strategy to achieve financial freedom in retirement. Bill has extensive knowledge of concentrated stock positions, hedging and monetization, estate and retirement planning, lending and insurance. He also has access to some of the world’s most seasoned and respected investment professionals, a premier trading and execution platform and a full spectrum of investment choices and solutions at his disposal.
In addition to serving as a Managing Director, Bill was named to the prestigious President’s Club, an elite group composed of the Firm’s top Financial Advisors. These recognitions reflect Bill’s consistent creativity and excellence in providing a wide range of investment products and wealth management services to his clients. Bill has also been awarded the Firm’s designation as Senior Investment Management Consultant as a result of his investment management consulting experience.
Bill graduated from Denison University in Granville, Ohio, and earned a Bachelor of Arts degree in History and Communications. Bill is an avid outdoorsman and supports many wetlands and conservation organizations. He is happily married with three daughters who can all attest to his passion and love for anything he does. In his leisure time, Bill spends time watching or coaching his daughters’ sports or staying active outdoors with a rod and reel in his hand.
CA Insurance License #: 0E61502
AR Insurance License #: 2261544
Securities Agent: LA, CA, TN, PA, NY, IL, IA, DC, AZ, AR, WV, UT, MA, WI, OK, CO, WA, TX, OR, OH, MN, ME, MD, IN, GA, AL, RI, NV, NH, KY, HI, FL, SC, NE, MI, KS, VA, NJ, ND, NC, MO, ID, DE, WY, NM, CT, VT, MT, MS; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1451589
NMLS#: 1451589
About Chad J Essington
Chad J. Essington is an Executive Director, Financial Advisor and CERTIFIED FINANCIAL PLANNER™ at Morgan Stanley in the Chicago flagship complex. As a senior member of the North Central Group at Morgan Stanley, Chad and his team are dedicated to working exclusively with corporate executives and their families.
Chad and his team will help you define your goals by delivering a vast array of resources in the way that is most appropriate for what you want to achieve. Working together we can help you preserve and grow your wealth. You will have access to some of the world’s most seasoned and respected investment professionals, a premier trading and execution platform, and a full spectrum of investment choices.
As a CFP® practitioner, Chad engages executives in a comprehensive wealth management process. The CFP® designation identifies those individuals who have met the experience and ethical requirements, have successfully completed financial planning coursework, and have passed the CFP® Certification Examination covering the following areas: financial planning, risk management, investments, tax planning and management, retirement and employee benefits, and estate planning strategies.
Through the discovery process, Chad and his team will help you develop and define very specific goals and objectives. He has extensive knowledge on concentrated stock positions, hedging and monetization, estate and retirement planning strategies, lending, and insurance.
In addition to being a Senior Vice President, Chad has been named to the Firm’s prestigious Masters Club since 2018. This is a group composed of some of the firm’s top Financial Advisors. The appointment recognizes Chad’s excellence in providing wealth management solutions and high level of ethical standards to his clients. Chad has also been awarded the firm’s designation of Senior Portfolio Management Director as a result of his investment management consulting experience.
Chad moved to Chicago in 1996 after graduating from the University of Illinois at Urbana-Champaign with a degree in Finance. He and his team currently raise and contribute money to many organizations including The V Foundation, Alzheimer’s Association, and the Morton Community Foundation. He still lives in downtown Chicago where he is an avid sports fan and enjoys social activities with friends and family.
AR Insurance License #: 1346468
Chad and his team will help you define your goals by delivering a vast array of resources in the way that is most appropriate for what you want to achieve. Working together we can help you preserve and grow your wealth. You will have access to some of the world’s most seasoned and respected investment professionals, a premier trading and execution platform, and a full spectrum of investment choices.
As a CFP® practitioner, Chad engages executives in a comprehensive wealth management process. The CFP® designation identifies those individuals who have met the experience and ethical requirements, have successfully completed financial planning coursework, and have passed the CFP® Certification Examination covering the following areas: financial planning, risk management, investments, tax planning and management, retirement and employee benefits, and estate planning strategies.
Through the discovery process, Chad and his team will help you develop and define very specific goals and objectives. He has extensive knowledge on concentrated stock positions, hedging and monetization, estate and retirement planning strategies, lending, and insurance.
In addition to being a Senior Vice President, Chad has been named to the Firm’s prestigious Masters Club since 2018. This is a group composed of some of the firm’s top Financial Advisors. The appointment recognizes Chad’s excellence in providing wealth management solutions and high level of ethical standards to his clients. Chad has also been awarded the firm’s designation of Senior Portfolio Management Director as a result of his investment management consulting experience.
Chad moved to Chicago in 1996 after graduating from the University of Illinois at Urbana-Champaign with a degree in Finance. He and his team currently raise and contribute money to many organizations including The V Foundation, Alzheimer’s Association, and the Morton Community Foundation. He still lives in downtown Chicago where he is an avid sports fan and enjoys social activities with friends and family.
AR Insurance License #: 1346468
Securities Agent: ND, MI, DE, NV, NJ, MN, LA, KS, AZ, VT, UT, SC, NH, ME, ID, IA, CO, TN, RI, NY, MT, DC, IN, TX, MD, CT, MA, OR, OK, MS, VA, NC, IL, WA, MO, KY, FL, CA, AR, WI, PA, NE, GA, AL, OH, NM; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1293011
NMLS#: 1293011
About Michael Wojkowski
Mike Wojkowski is a Financial Advisor and Senior Portfolio Manager at Morgan Stanley in the Chicago Tower complex and a team member of the North Central Group. He has been with Morgan Stanley since 2010 and is Series 7 and 66 licensed. Mike builds and secures client relationships through executing financial and estate planning recommendations. His main objective is to help clients achieve their wealth management, life, and retirement goals.
Mike currently resides in St. Charles, Illinois with his wife Michelle. Mike has lived in Chicago and the Chicagoland area for 30 years. He graduated from Indiana University with Bachelor degrees in Finance and Economics. In his free time, Mike enjoys playing basketball, softball and golf to keep up with his competitive nature. He also is the proud owner of his two dogs Watford and Lola.
Mike currently resides in St. Charles, Illinois with his wife Michelle. Mike has lived in Chicago and the Chicagoland area for 30 years. He graduated from Indiana University with Bachelor degrees in Finance and Economics. In his free time, Mike enjoys playing basketball, softball and golf to keep up with his competitive nature. He also is the proud owner of his two dogs Watford and Lola.
Securities Agent: NJ, NY, WY, WV, SC, MT, VT, VA, RI, PR, PA, TN, SD, VI, UT, TX, WA, MS, WI, OR, LA, NV, NM, NH, ND, NE, OK, KY, OH, ME, MO, CT, IA, MA, MI, IL, ID, HI, GA, IN, MD, NC, FL, MN, DE, CO, AZ, AR, KS, AK, CA, DC, AL; General Securities Representative; Investment Advisor Representative
NMLS#: 1500589
NMLS#: 1500589
About Conor J Smith
Conor J. Smith is a Financial Advisor and Partner of the North Central Group in Morgan Stanley’s Chicago Flagship Complex. With expertise in equity compensation, Conor helps corporate executives maximize the value of their company benefits and navigate complex compensation strategies. Through comprehensive financial planning, he develops a holistic view of each client’s financial situation, delivering strategies tailored to their unique goals and circumstances.
Originally from Pittsburgh, Pennsylvania, Conor is a graduate of Miami University of Ohio. He is deeply committed to financial literacy. Conor volunteers with the Big Shoulders Fund, where he teaches an introductory finance course and coaches middle school students participating in the Stock Market Competition—guiding them as they research, build, and manage investment portfolios to compete against other schools .
In his free time, Conor enjoys playing golf, the guitar, and fishing. He also remains a passionate supporter of Pittsburgh sports teams.
NMLS#: 2479522
Originally from Pittsburgh, Pennsylvania, Conor is a graduate of Miami University of Ohio. He is deeply committed to financial literacy. Conor volunteers with the Big Shoulders Fund, where he teaches an introductory finance course and coaches middle school students participating in the Stock Market Competition—guiding them as they research, build, and manage investment portfolios to compete against other schools .
In his free time, Conor enjoys playing golf, the guitar, and fishing. He also remains a passionate supporter of Pittsburgh sports teams.
NMLS#: 2479522
Securities Agent: MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY, AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI; General Securities Representative; Investment Advisor Representative
NMLS#: 2479522
NMLS#: 2479522
About Michael Haefliger
Mike is a Portfolio Associate for the North Central Group at Morgan Stanley. Prior to joining the firm more than 20 years ago, he attended DePaul University in Chicago, where he earned a degree in Finance.
After living in Chicago for more than 20 years, Mike now resides in Arlington Heights, Illinois, with his wife, Jenny, and their two sons, Finn and Emmett. In his free time, he enjoys spending time with his family, playing basketball, fishing, and playing the violin with his kids.
After living in Chicago for more than 20 years, Mike now resides in Arlington Heights, Illinois, with his wife, Jenny, and their two sons, Finn and Emmett. In his free time, he enjoys spending time with his family, playing basketball, fishing, and playing the violin with his kids.
About Dezzarae Gedy
Dezzarae is a Wealth Management Associate for the North Central Group at Morgan Stanley in Chicago. Prior to joining Morgan Stanley in 2019, Dezzarae worked as a mathematics teacher and earned a degree in mathematics from Valparaiso University.
Today, Dezzarae lives in the city of Chicago with her husband, Jake, and their dog, Lizzie. The three of them enjoy fitness and stay active by cycling and participating in triathlons. Dezzarae enjoys reading, learning new languages, traveling with Lizzie and Jake, and volunteers with young women in higher education.
Today, Dezzarae lives in the city of Chicago with her husband, Jake, and their dog, Lizzie. The three of them enjoy fitness and stay active by cycling and participating in triathlons. Dezzarae enjoys reading, learning new languages, traveling with Lizzie and Jake, and volunteers with young women in higher education.
About Anthony Lallo
Anthony is a Client Service Associate with the North Central Group at Morgan Stanley. He joined the firm in 2019 in Global Stock Plan Services and then transitioned to the NCG team in 2024. As an Ohio native, he attended the University of Cincinnati and earned a bachelor’s degree in finance.
In his free time, Anthony enjoys being a soccer coach and player. He spends time working on his physical media collection of DVDs, old video games, and CDs, and is a new volunteer with the WITS program (Working in the Schools). He looks forward to weekends traveling home to visit family.
In his free time, Anthony enjoys being a soccer coach and player. He spends time working on his physical media collection of DVDs, old video games, and CDs, and is a new volunteer with the WITS program (Working in the Schools). He looks forward to weekends traveling home to visit family.
About Giovanni Armocida
Giovanni is a Registered Client Relationship Analyst at Morgan Stanley in Chicago, Illinois. He brings a client-first mindset to supporting individuals and families as they work toward their financial goals. Through a planning-oriented approach, Giovanni helps ensure clients receive attentive service and thoughtful, personalized support aligned to their unique circumstances.
Prior to joining Morgan Stanley, Giovanni spent two years at Fidelity Investments, where he earned his SIE, Series 7 and Series 66 registrations, along with his Life and Health Insurance licenses. He graduated from Wagner College in New York with a bachelor’s degree in finance.
In his free time, Giovanni enjoys staying active outdoors, playing a variety of sports, and coaching lacrosse.
Prior to joining Morgan Stanley, Giovanni spent two years at Fidelity Investments, where he earned his SIE, Series 7 and Series 66 registrations, along with his Life and Health Insurance licenses. He graduated from Wagner College in New York with a bachelor’s degree in finance.
In his free time, Giovanni enjoys staying active outdoors, playing a variety of sports, and coaching lacrosse.
Contact William C Menke
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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
Michael Gallagher
Managing Director, Wealth Management, Financial Advisor, Stock Plan Director, Workplace Advisor - Equity Compensation
James R Fucigna
Managing Director, Wealth Management, Financial Advisor, Corporate Client Group Director, Executive Financial Services Director, Family Wealth Director, Financial Wellness Director
Mark T Curtis
Managing Director, Stock Plan Director, Financial Planning Specialist, Family Wealth Director, International Client Advisor, Investing with Impact Director
James J Detterick, CRPS®
Managing Director, Corporate Client Group Director, Institutional Consulting Director, Stock Plan Director
Managing Director, Private Wealth Management, Private Wealth Advisor, Stock Plan Director
Morgan Stanley Wealth Management Financial Advisors can conduct their business in several ways: individually, as a member of a team of Financial Advisors, or through the formation of a Strategic Partnership with another Financial Advisor or team of Financial Advisors. A Strategic Partnership is an arrangement between a Financial Advisor or a team of Financial Advisors with another Financial Advisor or team of Financial Advisors that has a unique focus or knowledge regarding a specific business concentration, product area, and/or client type. If your account is with an individual Financial Advisor, that Financial Advisor services all facets of your account. If your account is with a Financial Advisor who is a member of a team, any Financial Advisor on the team can service your account. If your Financial Advisor is part of a Strategic Partnership, his or her role in that Strategic Partnership may be limited to a specific business and/or product area and may not cover all facets of your account. The use of the terms “Partner” or “Strategic Partner” and/or “Partnership” or “Strategic Partnership” are used as terms of art and not used to imply or connote any legal relationship.
Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
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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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
Iran Conflict: Seven Takeaways for Investors
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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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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 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 The North Central Group today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
1Morgan 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.
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.
3Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
4When 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.
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.
6Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8When 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.
9Morgan 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.
10Alternative 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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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 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.
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.
3Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
4When 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.
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.
6Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8When 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.
9Morgan 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.
10Alternative 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.
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), 4763067 (9/2025), 5378280 (5/2026)
