

Pappas Willcutts Group at Morgan Stanley
Direct:
(413) 736-1135(413) 736-1135

Our Mission Statement
Experienced financial advisory team dedicated to helping you achieve your financial goals while getting to know what is important to you and your family on a personal level
Our Story
The Pappas Willcutts Group was officially formed in 2017. We are committed to having a positive impact on our client’s lives. We are a multi-generational family financial advising practice that focuses on simplifying the financial picture for the families we serve. We strive to achieve this by taking you through a comprehensive wealth planning process to gather the details of what is most important to you and your family. As you and your family define what is important to you, we will then be able to customize an investment strategy centered around your family's goals and values.
It is our commitment to deliver our customers an exceptional client experience. We believe in consistently reviewing your needs, goals, and concerns. It is our pleasure to help families navigate life events from both a personal and financial standpoint.
We look forward to meeting new families and listening to their goals and aspirations, as well as working with them to make their goals a reality.
Please feel free to reach out to us. We look forward to hearing from you!
It is our commitment to deliver our customers an exceptional client experience. We believe in consistently reviewing your needs, goals, and concerns. It is our pleasure to help families navigate life events from both a personal and financial standpoint.
We look forward to meeting new families and listening to their goals and aspirations, as well as working with them to make their goals a reality.
Please feel free to reach out to us. We look forward to hearing from you!
A Financial Roadmap For Women
- Women in the United States control more than $10 Trillion in Assets and that is expected to triple in the next decade. Let's go over some steps that you can take to invest, plan, and prepare for whatever the future may hold.
Services Include
- Wealth ManagementFootnote1
- 401(k) Rollovers
- 529 PlansFootnote2
- Alternative InvestmentsFootnote3
- Asset Management
- Business Succession PlanningFootnote4
- Financial PlanningFootnote5
- Municipal BondsFootnote6
- Professional Portfolio ManagementFootnote7
- Retirement PlanningFootnote8
- Sustainable InvestingFootnote9
- Trust AccountsFootnote10
- Trust Services*
- Planning for Individuals with Special Needs and their Families
- Corporate Pension Plans
- Donor Advised Funds
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Awards and Recognitions
Professional Accomplishments, Titles & Designations
John Pappas has been recognized as a Forbes Best-In-State Wealth Advisor from 2021-2023.
John Pappas has been recognized as a Forbes Top Next-Gen Wealth Advisor from 2021-2024.
John Pappas is a Family Wealth Advisor, Senior Vice President, Portfolio Management Director, Dedicated Equity Plan Specialist, and Financial Advisor.
John Pappas has the CFP® designation.
Pat Willcutts has the CFP®, CIMA®, CPWA®, CRPS® designations.
Pat Willcutts is a Corporate Retirement Director, Senior Portfolio Manager, Senior Vice President, Dedicated Equity Plan Specialist, and Financial Advisor.
Disclosures:
2021-2023 Forbes Best-In- State Wealth Advisors
Source: Forbes.com (Awarded 2021-2023). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
2021-2024 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2021-2024). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
John Pappas has been recognized as a Forbes Top Next-Gen Wealth Advisor from 2021-2024.
John Pappas is a Family Wealth Advisor, Senior Vice President, Portfolio Management Director, Dedicated Equity Plan Specialist, and Financial Advisor.
John Pappas has the CFP® designation.
Pat Willcutts has the CFP®, CIMA®, CPWA®, CRPS® designations.
Pat Willcutts is a Corporate Retirement Director, Senior Portfolio Manager, Senior Vice President, Dedicated Equity Plan Specialist, and Financial Advisor.
Disclosures:
2021-2023 Forbes Best-In- State Wealth Advisors
Source: Forbes.com (Awarded 2021-2023). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
2021-2024 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2021-2024). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Location
1500 Main St 19th
Fl
Springfield, MA 01115
US
Direct:
(413) 736-1135(413) 736-1135
Fax:
(413) 736-0361(413) 736-0361
Meet Pappas Willcutts Group
About John Pappas
John Pappas started at Morgan Stanley and in the Financial Services Industry in 2015. Working with families is John’s passion. Family is very important to him, as evidenced in the fact that he is part of a multi-generational family practice. His grandfather and father were both in the business and have been working with some of the same families for many decades. John wants to continue the legacy his family has started.
John got into this business because he likes being around people and it's what keeps him energized. He enjoys numbers, finance, and investments and is a meticulous planner. John also really enjoys building and growing relationships. He has a large network through the many activities he is involved in, which helps make the connections he needs to succeed in this business. His goal is to always help people connect with those that may help them in any way.
John’s approach is holistic in nature. Before a relationship is pursued, John wants to first make sure the client is comfortable with him and he is comfortable with them on a personal level. John is described as laid-back and thoughtful and is not an aggressive salesman. This process lends itself well to long-term business. Humility is a very important quality that John possesses and appears to be a quality that people tend to like. He has the ability to get along with people from all walks of life.
John’s favorite part of this business is helping take the stress of money out of people's lives so they can focus on what it is they like to do. He really enjoys the conversations and lifelong relationships that are forged. It is not uncommon for people to start as clients and become very close friends. Getting someone to always know where they stand financially is a big reason why John enjoys what he does. He enjoys guiding people and being realistic about spending and about market returns. Learning about all the details of a clients financial picture in order to provide sound advice is how John helps his clients holistically. His goal is to make sure that clients don't make any mistakes that can affect their long-term success.
John’s team is built with tremendous Advisors, excellent Client Service Associates, and a terrific Practice Management Analyst. He feels that they are all genuine people who are very warm and inviting.
John received his B.A. in Managerial Economics from Allegheny College in Meadville, PA and received his M.B.A. in Finance from the Isenberg School of Management - UMass Amherst in Amherst, MA.
John is involved in the philanthropic efforts of two organizations: Big Brothers Big Sisters of Hampden County and The Children's Study Home. He is the VP of the Board of Directors at Children's Study Home and the Treasurer of Big Brothers Big Sisters of Hampden County. He is passionate about youth mentoring because there is so much potential in the young generation in the Springfield area. A lot of times, from what he sees, all a kid needs is for someone to provide a positive influence. Letting them know that he cares and wants to help goes a long way to solving many potential issues down the road.
Outside of work, John enjoys playing golf at Springfield Country Club, platform tennis at the Field Club of Longmeadow, and Racquetball at any Club with a court.
John has a young daughter named Serena. He loves being a father and husband. His wife does a ton of things at home to make sure he can focus on his career and relationships outside of the house. John’s wife, Danielle, along with his parents, Peter and Kate, provide him with a top-notch support system. He is eternally grateful for his family.
John got into this business because he likes being around people and it's what keeps him energized. He enjoys numbers, finance, and investments and is a meticulous planner. John also really enjoys building and growing relationships. He has a large network through the many activities he is involved in, which helps make the connections he needs to succeed in this business. His goal is to always help people connect with those that may help them in any way.
John’s approach is holistic in nature. Before a relationship is pursued, John wants to first make sure the client is comfortable with him and he is comfortable with them on a personal level. John is described as laid-back and thoughtful and is not an aggressive salesman. This process lends itself well to long-term business. Humility is a very important quality that John possesses and appears to be a quality that people tend to like. He has the ability to get along with people from all walks of life.
John’s favorite part of this business is helping take the stress of money out of people's lives so they can focus on what it is they like to do. He really enjoys the conversations and lifelong relationships that are forged. It is not uncommon for people to start as clients and become very close friends. Getting someone to always know where they stand financially is a big reason why John enjoys what he does. He enjoys guiding people and being realistic about spending and about market returns. Learning about all the details of a clients financial picture in order to provide sound advice is how John helps his clients holistically. His goal is to make sure that clients don't make any mistakes that can affect their long-term success.
John’s team is built with tremendous Advisors, excellent Client Service Associates, and a terrific Practice Management Analyst. He feels that they are all genuine people who are very warm and inviting.
John received his B.A. in Managerial Economics from Allegheny College in Meadville, PA and received his M.B.A. in Finance from the Isenberg School of Management - UMass Amherst in Amherst, MA.
John is involved in the philanthropic efforts of two organizations: Big Brothers Big Sisters of Hampden County and The Children's Study Home. He is the VP of the Board of Directors at Children's Study Home and the Treasurer of Big Brothers Big Sisters of Hampden County. He is passionate about youth mentoring because there is so much potential in the young generation in the Springfield area. A lot of times, from what he sees, all a kid needs is for someone to provide a positive influence. Letting them know that he cares and wants to help goes a long way to solving many potential issues down the road.
Outside of work, John enjoys playing golf at Springfield Country Club, platform tennis at the Field Club of Longmeadow, and Racquetball at any Club with a court.
John has a young daughter named Serena. He loves being a father and husband. His wife does a ton of things at home to make sure he can focus on his career and relationships outside of the house. John’s wife, Danielle, along with his parents, Peter and Kate, provide him with a top-notch support system. He is eternally grateful for his family.
Securities Agent: WY, NV, GA, UT, WA, OH, NJ, MD, CA, KS, NY, MA, IL, DE, CT, MN, WI, VT, TX, SC, RI, PA, NC, MI, NH, FL, DC, AZ, VA, ME, CO; General Securities Representative; Investment Advisor Representative
NMLS#: 2051484
NMLS#: 2051484
About Patrick J. Willcutts
Patrick Willcutts joined Morgan Stanley as a Financial Advisor in 2008, and has been in the finance industry for over 33 years. He is a Senior Portfolio Manager at Morgan Stanley, while also being in a select group of advisors within the firm with the title of Corporate Retirement Director.
Patrick earned a B.A. in Economics from Syracuse University’s Maxwell School, and is a graduate of the distinguished Investment Management Analyst program from the Wharton School of Business. He also holds the CFP® certification, in addition to having attained the Certified Private Wealth Advisor® designation from the University of Chicago Booth School of Business.
Patrick is a former President of the Rotary Club of West Springfield, and also enjoys his volunteer work with children and adults with disabilities in Adaptive Sports programs throughout New England.
A native of West Springfield, Massachusetts, he currently resides in West Hartford, Connecticut with his wife Ellen and teenage son.
Patrick earned a B.A. in Economics from Syracuse University’s Maxwell School, and is a graduate of the distinguished Investment Management Analyst program from the Wharton School of Business. He also holds the CFP® certification, in addition to having attained the Certified Private Wealth Advisor® designation from the University of Chicago Booth School of Business.
Patrick is a former President of the Rotary Club of West Springfield, and also enjoys his volunteer work with children and adults with disabilities in Adaptive Sports programs throughout New England.
A native of West Springfield, Massachusetts, he currently resides in West Hartford, Connecticut with his wife Ellen and teenage son.
Securities Agent: SC, PA, WY, NY, NH, NC, MN, MD, OH, DC, CT, VT, NV, NJ, VA, MI, MA, GA, UT, TX, ME, KS, FL, WA, RI, IL, DE, CO, WI, CA, AZ; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1390882
NMLS#: 1390882
About Denise Koran-Klisiewicz
Denise Koran-Klisiewicz joined Morgan Stanley in December of 2018 after having been with Merrill Lynch for over 33 years, most recently in the Analyst Relationship Management position. Well-known in the marketplace as a consummate professional, Denise’s career accomplishments have also been recognized nationally, in which she was featured in the October 2005 Edition of Registered Rep® Magazine.
With Merrill Lynch, Denise was responsible for the daily functionality of a large wealth management team. At Morgan Stanley, Denise oversees the team’s daily business operations. Denise's focus is on relationship management, in which she has worked with the team to develop a customized service model for clients and to help with the execution of this formal process. By having a formal process in place that is used by both the Financial Advisors and Administrative Partners on the team, it helps to provide clients with a high level of service and in developing long-term relationships.
Denise holds an A.S. from Bay Path University, as well as hold the Chartered Retirement Planning Counselor® designation from the College for Financial Planning.
NMLS#: 1431702
With Merrill Lynch, Denise was responsible for the daily functionality of a large wealth management team. At Morgan Stanley, Denise oversees the team’s daily business operations. Denise's focus is on relationship management, in which she has worked with the team to develop a customized service model for clients and to help with the execution of this formal process. By having a formal process in place that is used by both the Financial Advisors and Administrative Partners on the team, it helps to provide clients with a high level of service and in developing long-term relationships.
Denise holds an A.S. from Bay Path University, as well as hold the Chartered Retirement Planning Counselor® designation from the College for Financial Planning.
NMLS#: 1431702
Securities Agent: NH, DE, CO, WA, PA, ME, IL, NY, CA, OH, RI, MI, AZ, NC, GA, WI, NJ, MN, FL, TX, SC, NV, WY, CT, UT, MD, MA, DC, VT, VA; General Securities Representative; Investment Advisor Representative
About Ellen Giampaolo
Ellen Giampaolo started her career in the Financial Services Industry in 1990 and joined Morgan Stanley Smith Barney in 1996. In her current role, one of Ellen’s functions is acting as the Relationship Manager for The Pappas Willcutts Group at Morgan Stanley. Ellen is committed to providing clients with excellent service. By doing so, Ellen has developed long-term relationships that have spanned over 25 years. Ellen is passionate about helping others and takes a proactive approach in improving the overall client experience. With her extensive experience, Ellen is known for her ability to work with clients and their tax and legal professionals in helping to resolve complex administrative matters.
About Kathy Perez
Kathy Perez started her career in the Financial Services Industry in 1995 and joined Morgan Stanley in 2007. As a Senior Registered Client Associate, Kathy is committed to providing clients with excellent service and has developed long-term relationships that have spanned for more than 20 years. Kathy is passionate about taking a proactive approach in reaching out to clients to let them know about Morgan Stanley’s Digital capabilities. Kathy is known for her ability to handle complex administrative matters for clients while working with their tax and legal professionals.

Contact John Pappas

Contact Patrick J. Willcutts
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
About Richard Land
Richard D. Land is a Private Banker serving Morgan Stanley Wealth Management offices in Massachusetts.
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.
Richard began his career in financial services in 2004 and joined Morgan Stanley in 2019 as an Associate Private Banker. He was promoted to Private Banker in 2022. Prior to joining Morgan Stanley, Richard was a Managing Director at Fieldpoint Private Bank and Trust. He also served as an Ultra High Net Worth Associate Private Banker at Citi Private Bank. Richard was a Business Banking Officer, and Personal Banker at Citibank N.A.
Richard is a graduate of Saint Michael’s College, where he received a Bachelor of Arts in Political Science with a concentration in Economics. He lives in Windham, New Hampshire with his family. Outside the office, Richard enjoys staying active outdoors, fishing, snowboarding, camping, hunting, 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.
Richard began his career in financial services in 2004 and joined Morgan Stanley in 2019 as an Associate Private Banker. He was promoted to Private Banker in 2022. Prior to joining Morgan Stanley, Richard was a Managing Director at Fieldpoint Private Bank and Trust. He also served as an Ultra High Net Worth Associate Private Banker at Citi Private Bank. Richard was a Business Banking Officer, and Personal Banker at Citibank N.A.
Richard is a graduate of Saint Michael’s College, where he received a Bachelor of Arts in Political Science with a concentration in Economics. He lives in Windham, New Hampshire with his family. Outside the office, Richard enjoys staying active outdoors, fishing, snowboarding, camping, hunting, and traveling.
NMLS#: 722158
About Angelo Loumbas
Angelo is the Family Office Resources Generalist for Family Office Resources in the New York Metro and New England regions. Angelo provides specialized knowledge to ultra-high net worth clients and their Morgan Stanley Financial Advisors across a broad range of family wealth management issues, including family governance/dynamics, wealth education, strategic estate and financial planning, philanthropy management, lifestyle advisory and customized asset allocation and portfolio construction. Angelo has over twenty-five years experience advising wealthy families, business owners, and philanthropic organizations.
Originally from Chicago, Angelo practiced law for 15 years and represented ultra-high net worth clients and the businesses they owned, as well as major philanthropic organizations. Angelo is admitted to the Society of Trust and Estate Practitioners. He has spoken on topics such as “Conditions Suggesting a Management Buyout” before the Chicago Bar Association Corporation and Business Law Committee, “Tax Consequences of Intra-Family Loans,” before the Chicago Bar Association Trust Law Committee, and “Conversations about Wealth and Philanthropy with Prospective Donors” before the Chicago Council on Planned Giving.
Prior to rejoining Morgan Stanley in his current position in 2018, Angelo advised wealthy clients in the financial services industry for 10 years, first as a Wealth Strategist with US Trust in Chicago, then a Wealth and Estate Planning Specialist within Family Office Resources in Chicago, and finally as a Senior Wealth Planning Strategist for the Wells Fargo Private Bank in Greenwich, Connecticut. Angelo earned his B.A. from DePauw University, his M.B.A. from the University of Notre Dame, and his law degree from Indiana University at Bloomington. He is Series 7, 66 and 24 licensed. Angelo served as President of the Rotary Club of Chicago (“ROTARY/One”), the world’s first Rotary club, in 2009-2010, and now lives in Armonk, New York with his wife, a native New Yorker, and their two children.
Originally from Chicago, Angelo practiced law for 15 years and represented ultra-high net worth clients and the businesses they owned, as well as major philanthropic organizations. Angelo is admitted to the Society of Trust and Estate Practitioners. He has spoken on topics such as “Conditions Suggesting a Management Buyout” before the Chicago Bar Association Corporation and Business Law Committee, “Tax Consequences of Intra-Family Loans,” before the Chicago Bar Association Trust Law Committee, and “Conversations about Wealth and Philanthropy with Prospective Donors” before the Chicago Council on Planned Giving.
Prior to rejoining Morgan Stanley in his current position in 2018, Angelo advised wealthy clients in the financial services industry for 10 years, first as a Wealth Strategist with US Trust in Chicago, then a Wealth and Estate Planning Specialist within Family Office Resources in Chicago, and finally as a Senior Wealth Planning Strategist for the Wells Fargo Private Bank in Greenwich, Connecticut. Angelo earned his B.A. from DePauw University, his M.B.A. from the University of Notre Dame, and his law degree from Indiana University at Bloomington. He is Series 7, 66 and 24 licensed. Angelo served as President of the Rotary Club of Chicago (“ROTARY/One”), the world’s first Rotary club, in 2009-2010, and now lives in Armonk, New York with his wife, a native New Yorker, and their two children.
Morgan Stanley Wealth Management Financial Advisers 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.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
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 consult with your Financial Advisor to understand these differences.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
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 consult with your Financial Advisor to understand these differences.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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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
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
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Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
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Financial Planning for Life After Selling a Business
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Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
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Donor Advised Funds: A Smart Way to Manage Your Giving
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We can provide the tools and guidance to help you manage a retirement plan.
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State of the Workplace Study 2023
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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:
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Ready to start a conversation? Contact Pappas Willcutts Group today.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Investors 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.
3Alternative 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5Morgan Stanley 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.
6Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
7Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
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 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.
9The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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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 Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame 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.
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1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Investors 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.
3Alternative 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5Morgan Stanley 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.
6Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
7Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
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 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.
9The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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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 Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame 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
CRC 6491812 (04/2024), 3582895 (6/2024)