Blair Patteson, CFP®
Managing Director, Private Wealth Management, Private Wealth Advisor, Family Wealth Director, Founders Specialist
Phone:
(865) 694-1031(865) 694-1031
Morgan Stanley Private Wealth Management
Patteson Group
Our Mission Statement
We help business owners and multigenerational families navigate pivotal transitions—from building and monetizing a company to preserving wealth, preparing the next generation, and shaping a lasting legacy.
Drawing on deep transaction experience and the resources of Morgan Stanley Private Wealth Management, we coordinate investment, estate, tax-aware, family-governance, and philanthropic planning around the decisions that matter most.
Drawing on deep transaction experience and the resources of Morgan Stanley Private Wealth Management, we coordinate investment, estate, tax-aware, family-governance, and philanthropic planning around the decisions that matter most.
Welcome
For many business owners, the most consequential financial decision of a lifetime is not simply how to invest—it is how to prepare for, execute, and live through an ownership transition.
Whether you are considering a strategic sale, recapitalization, ESOP, management buyout, family succession, or a longer-term liquidity plan, the decisions surrounding your business can shape your family’s wealth, tax exposure, estate plan, philanthropic capacity, and future for generations.
The Patteson Group helps business owners and multigenerational families bring those decisions together. We work alongside your attorneys, accountants, investment bankers, and other professionals to help coordinate the financial, personal, and family implications of a transaction—before, during, and after it occurs.
Our role is to help you move from complexity to clarity: understanding your alternatives, preparing for key decisions, and building a plan for the life and legacy that follows
Whether you are considering a strategic sale, recapitalization, ESOP, management buyout, family succession, or a longer-term liquidity plan, the decisions surrounding your business can shape your family’s wealth, tax exposure, estate plan, philanthropic capacity, and future for generations.
The Patteson Group helps business owners and multigenerational families bring those decisions together. We work alongside your attorneys, accountants, investment bankers, and other professionals to help coordinate the financial, personal, and family implications of a transaction—before, during, and after it occurs.
Our role is to help you move from complexity to clarity: understanding your alternatives, preparing for key decisions, and building a plan for the life and legacy that follows
Our Typical Client
- Minimum Liquid Net Worth of $50M
- Highly Customized Support
- 90% Current or Former Business Owners
- Multi-Generational Ultra High Net Worth Families
- Performance-Focused
- Need Access to Specialized Resources
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
About PWM
Founded in 1977, Private Wealth Management is the division of Morgan Stanley Wealth Management that is dedicated to serving the firm’s most affluent clients, including some of the world’s most accomplished entrepreneurs, executives and stewards of multigenerational wealth. Functioning as an exclusive investment boutique within a global financial firm, we deliver sophisticated solutions that leverage the intellectual capital and insight of Morgan Stanley’s substantial global resources. Drawing on a deep understanding of your financial life, our goal is to help you:
- Manage investments with an unwavering focus on your financial strategy and personal goals
- Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
- Simplify financial complexity to help you achieve clarity and control
Private Wealth Management Highlights
- Approximately 300 teams specialized in assisting individuals and families with $20MM+ in investable assets
- Over $1.2 trillion in AUM
- Comprising 26% of the Barron’s Top 100 Financial Advisors list for 2025
- Direct access to ultra high net worth experts in philanthropy, family dynamics, wealth transfer, lifestyle advisory and other areas of interest to ultra high net worth families
1 Morgan Stanley Wealth Management, September 2025
Source: Barron's (Awarded March 2025) This ranking was determined based on an evaluation process conducted by Barron's for the period Oct 2023-Sept 2024. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to Barron's to obtain or use the ranking. This ranking is based on an algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the assessment of Barron's and may not be representative of any one client’s experience. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with Barron's. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.
Entrepreneur Resources
By engaging our team, you gain access to the intellectual capital and vast resources of our firm to help you manage your personal finances. Private Wealth Management can extend that range into your professional life, delivering the capital markets and institutional investing solutions needed to help pursue the strategic ambitions of your enterprise.
Reach out to us to find out how we can assist with your entrepreneurial endeavors.
Reach out to us to find out how we can assist with your entrepreneurial endeavors.
Insights for Entrepreneurs
Monetization Planning
Monetizing a privately held company requires seamless coordination of your personal wealth management and business monetization strategies. We can assist you at each stage of the process, highlighting key decisions, deadlines and milestones. We will work with your legal, tax and other advisors to help you increase value, reduce tax liabilities and integrate the proceeds of your sale into a comprehensive wealth management strategy.
Reach out to us to find out how we can help address some of the challenges that you are likely to face.
Reach out to us to find out how we can help address some of the challenges that you are likely to face.
Family Wealth Management
As your family grows and your wealth increases, you may face a broader and more complex set of wealth management challenges. As Family Wealth Directors, we have the extensive experience, dedicated training and the resources necessary to help you and your family address these needs.
Private Wealth Management combines the vast resources of a global financial services firm with the individualized services of an investment boutique to address the planning, governance, liability management and investing needs of ultra high net worth families, their businesses and their philanthropic enterprises. Our goal is to help preserve and grow your financial, family and social capital so that it can have a positive impact today and for generations to come.
Private Wealth Management combines the vast resources of a global financial services firm with the individualized services of an investment boutique to address the planning, governance, liability management and investing needs of ultra high net worth families, their businesses and their philanthropic enterprises. Our goal is to help preserve and grow your financial, family and social capital so that it can have a positive impact today and for generations to come.
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
1111 Northshore Dr
Suite N 160
Knoxville, TN 37919
US
Direct:
(865) 694-1031(865) 694-1031
3102 West End Ave
Suite 200
Nashville, TN 37203
US
Direct:
(615) 292-0303(615) 292-0303
3280 Peachtree Rd NE
Suite 2000
Atlanta, GA 30305
US
Direct:
(404) 949-4100(404) 949-4100
Meet Patteson Group
Will Rehnberg
Investment Consultant
Relationship Manager
Relationship Manager
Phone:
(865) 694-1042(865) 694-1042
Payton VeStrand, CFP®
Vice President, Investment Consultant
Portfolio Manager Specialist
Portfolio Manager Specialist
Phone:
(865) 694-1039(865) 694-1039
Alex Kanko, CFP®
First Vice President,
PWM Chief of Staff
PWM Chief of Staff
Phone:
(865) 694-1011(865) 694-1011
Shannon Orban
Assistant Vice President, PWM Wealth Management Associate
Phone:
(865) 694-1043(865) 694-1043
Lizzie Stuhr
Client Service Associate
Phone:
(865) 694-1018(865) 694-1018
Will Smedley
Registered Client Relationship Analyst
Phone:
(865) 694-1008(865) 694-1008
About Blair Patteson
Blair joined Morgan Stanley in 2001 as a Financial Advisor. He then formed the Patteson Wealth Management Group, a team focused on delivering comprehensive advice to closely-held business owners and affluent families. In 2017, the team was inducted into Morgan Stanley’s Private Wealth Management division. Appointed to the PWM Advisory Council in 2021, Blair now serves as the Co-Chair of the council, representing the interests of Private Wealth Advisors and our clients in this national forum.
Leveraging his experience with his own family's businesses, Blair has always emphasized the need for organized and thoughtful advice. Experience and focused training has equipped Blair to extend his advice to encompass more complex aspects of a client’s financial picture including business transactions, tax implications, family wealth, philanthropy, and estate planning strategies.
Blair has dedicated his professional life to helping business owners slow down, focus, and understand the options available for succession. Blair has advised families on over $9 billion of combined transaction value, as of July 2022. These transactions have included strategic sales, ESOP/1042, financial sponsor, management buyouts, succession plans, recapitalization, underwriting, distressed, buy-side, and private placements.
Blair received his B.S. degree in International Economics from Carson Newman University and his M.B.A. with a concentration in Strategy and Finance from Emory University's Goizueta School of Business. He has obtained the industry designation of CERTIFIED FINANCIAL PLANNER (CFP®) as well as Morgan Stanley designations of Senior Portfolio Management Director, Family Wealth Director, and Alternative Investments Director. Additionally, Blair is a member of the ESOP Association, and member and contributor to the Southeastern Venture Capital Association.
Leveraging his experience with his own family's businesses, Blair has always emphasized the need for organized and thoughtful advice. Experience and focused training has equipped Blair to extend his advice to encompass more complex aspects of a client’s financial picture including business transactions, tax implications, family wealth, philanthropy, and estate planning strategies.
Blair has dedicated his professional life to helping business owners slow down, focus, and understand the options available for succession. Blair has advised families on over $9 billion of combined transaction value, as of July 2022. These transactions have included strategic sales, ESOP/1042, financial sponsor, management buyouts, succession plans, recapitalization, underwriting, distressed, buy-side, and private placements.
Blair received his B.S. degree in International Economics from Carson Newman University and his M.B.A. with a concentration in Strategy and Finance from Emory University's Goizueta School of Business. He has obtained the industry designation of CERTIFIED FINANCIAL PLANNER (CFP®) as well as Morgan Stanley designations of Senior Portfolio Management Director, Family Wealth Director, and Alternative Investments Director. Additionally, Blair is a member of the ESOP Association, and member and contributor to the Southeastern Venture Capital Association.
Securities Agent: MO, TX, TN, IN, GA, DE, NC, HI, AZ, NY, MD, MA, DC, SC, NJ, LA, CO, SD, NE, IL, AR, OH, KY, OK, NH, CA, VA, NM, FL, CT, AL, WA, PA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1261877
NMLS#: 1261877
About Will Rehnberg
Will Rehnberg joined The Patteson Group at Morgan Stanley in 2026, bringing nearly a decade of investment banking experience advising business owners, entrepreneurs, and multi-generational families on some of the most important financial decisions of their lives.
Prior to joining Morgan Stanley, Will was an investment banker with Chartwell Financial Advisory, where he specialized in ownership transitions, succession planning, liquidity events, and capital solutions for privately held companies. In addition to traditional mergers and acquisitions and capital markets transactions, he developed extensive expertise in Employee Stock Ownership Plans (ESOPs) and tax-efficient ownership transition strategies.
Today, Will helps business owners and families navigate the complex intersection of wealth, enterprise value, and legacy planning. Drawing on his transaction experience, he provides strategic guidance on liquidity alternatives, business succession, and long-term wealth planning. His approach begins with understanding the goals of all stakeholders and designing customized solutions that balance financial, tax, and legacy objectives.
Having advised clients across a broad range of industries and transaction structures, Will brings a disciplined analytical perspective and deep experience in helping families make confident decisions during pivotal moments of transition.
Will earned a B.A. in Finance from the University of St. Thomas in St. Paul, Minnesota. He holds FINRA Series 63, 65, and 79 licenses.
Prior to joining Morgan Stanley, Will was an investment banker with Chartwell Financial Advisory, where he specialized in ownership transitions, succession planning, liquidity events, and capital solutions for privately held companies. In addition to traditional mergers and acquisitions and capital markets transactions, he developed extensive expertise in Employee Stock Ownership Plans (ESOPs) and tax-efficient ownership transition strategies.
Today, Will helps business owners and families navigate the complex intersection of wealth, enterprise value, and legacy planning. Drawing on his transaction experience, he provides strategic guidance on liquidity alternatives, business succession, and long-term wealth planning. His approach begins with understanding the goals of all stakeholders and designing customized solutions that balance financial, tax, and legacy objectives.
Having advised clients across a broad range of industries and transaction structures, Will brings a disciplined analytical perspective and deep experience in helping families make confident decisions during pivotal moments of transition.
Will earned a B.A. in Finance from the University of St. Thomas in St. Paul, Minnesota. He holds FINRA Series 63, 65, and 79 licenses.
About Payton VeStrand
Payton VeStrand joined The Patteson Group in 2025 and has been in the industry since 2017.
Payton leads and coordinates investment strategy alongside Morgan Stanley's Global Investment Team to develop customized and comprehensive investment strategies for each of our clients. His process focuses on risk management, account structuring, and tax-management strategies, while striving to take advantage of opportunities created by temporary market dislocations. Payton employs the full scope of Morgan Stanley’s industry-leading research division to bring investment strategies to our clients, including access to alternative investment offerings.
Payton received his B.S. in Business Administration – Financial Planning from Liberty University, graduating summa cum laude. He also obtained the industry designation of CERTIFIED FINANCIAL PLANNER® (CFP®). He is FINRA Series 7, 63, and 65 licensed.
Disclosures:
The investments listed may not be appropriate for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment will depend upon an investor's individual circumstances and objectives.
Payton leads and coordinates investment strategy alongside Morgan Stanley's Global Investment Team to develop customized and comprehensive investment strategies for each of our clients. His process focuses on risk management, account structuring, and tax-management strategies, while striving to take advantage of opportunities created by temporary market dislocations. Payton employs the full scope of Morgan Stanley’s industry-leading research division to bring investment strategies to our clients, including access to alternative investment offerings.
Payton received his B.S. in Business Administration – Financial Planning from Liberty University, graduating summa cum laude. He also obtained the industry designation of CERTIFIED FINANCIAL PLANNER® (CFP®). He is FINRA Series 7, 63, and 65 licensed.
Disclosures:
The investments listed may not be appropriate for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment will depend upon an investor's individual circumstances and objectives.
About Alex Kanko
Alex joined The Patteson Group in 2020 and has been in the industry since 2007.
As Chief of Staff, Alex is charged with driving the team’s strategic initiatives, which includes enhancing and promoting our client service offerings. He takes accountability for optimizing business practices and ensuring proper support for day-to-day operations. Alex also spearheads our client reporting and analytics, and has a passion for distilling down complicated information into forms that are easily ingested. Additionally, Alex is our clients’ dedicated concierge for digital tools and ancillary services. He regularly reaches out to clients to explore offerings and facilitate enrollment in desired services.
Alex received his B.B.A. degree in Finance from the University of Texas at San Antonio, graduating summa cum laude. He is FINRA Series 7 & 66 licensed. Alex has obtained the CERTIFIED FINANCIAL PLANNER® (CFP®) designation and is a member of the CFA Institute.
As Chief of Staff, Alex is charged with driving the team’s strategic initiatives, which includes enhancing and promoting our client service offerings. He takes accountability for optimizing business practices and ensuring proper support for day-to-day operations. Alex also spearheads our client reporting and analytics, and has a passion for distilling down complicated information into forms that are easily ingested. Additionally, Alex is our clients’ dedicated concierge for digital tools and ancillary services. He regularly reaches out to clients to explore offerings and facilitate enrollment in desired services.
Alex received his B.B.A. degree in Finance from the University of Texas at San Antonio, graduating summa cum laude. He is FINRA Series 7 & 66 licensed. Alex has obtained the CERTIFIED FINANCIAL PLANNER® (CFP®) designation and is a member of the CFA Institute.
About Shannon Orban
Shannon Orban joined Morgan Stanley in 2005 and has been an integral part of The Patteson Group since 2011.
As our most senior staff member and lead relationship manager, Shannon coordinates and executes all aspects of the client experience. She is enthusiastic about building and cultivating relationships with clients and their families.
Shannon acts as our primary service concierge, working closely with clients to personally manage day-to-day requests. She supervises new client onboarding, money movement, document management, and estate and inheritor services. Shannon has in-depth knowledge of firm operations and frequently collaborates between departments on behalf of our clients. Additionally, she provides access to and facilitates requests for a variety of cash management and lending services offered through Morgan Stanley Private Bank.
Shannon received her B.B.A. degree in Marketing from Old Dominion University. She is FINRA Series 7, 31, & 66 licensed.
Morgan Stanley Private Bank, National Association, and Morgan Stanley Bank, N.A. are affiliates of Morgan Stanley Smith Barney LLC, and are each a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency.
"Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY"
As our most senior staff member and lead relationship manager, Shannon coordinates and executes all aspects of the client experience. She is enthusiastic about building and cultivating relationships with clients and their families.
Shannon acts as our primary service concierge, working closely with clients to personally manage day-to-day requests. She supervises new client onboarding, money movement, document management, and estate and inheritor services. Shannon has in-depth knowledge of firm operations and frequently collaborates between departments on behalf of our clients. Additionally, she provides access to and facilitates requests for a variety of cash management and lending services offered through Morgan Stanley Private Bank.
Shannon received her B.B.A. degree in Marketing from Old Dominion University. She is FINRA Series 7, 31, & 66 licensed.
Morgan Stanley Private Bank, National Association, and Morgan Stanley Bank, N.A. are affiliates of Morgan Stanley Smith Barney LLC, and are each a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency.
"Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY"
About Lizzie Stuhr
Lizzie Stuhr joined The Patteson Group in 2024.
Lizzie works alongside Shannon to support our clients with day-to-day operational requests and assists with a wide variety of tasks and projects. She aids in the scheduling, communication, and daily functions of the firm. She manages calendars and coordinates internal and external events and meetings, including logistics, attendees, materials, and communications. Lizzie is the lead coordinator for clients’ donor-advised funds, striving to ensure efficient, timely processing of grants, and other philanthropic endeavors.
Lizzie received her B.A. in Public Relations, Advertising, and Applied Communication from the University of Tennessee, Knoxville.
Disclosures:
The Morgan Stanley Global Impact Funding Trust, Inc. (MS GIFT) is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. MS Global Impact Funding Trust (MS GIFT) is a donor advised fund. Morgan Stanley Smith Barney LLC provides investment management and administrative services to MS GIFT. Back office administration provided by RenPSG, an unaffiliated charitable gift administrator.
Lizzie works alongside Shannon to support our clients with day-to-day operational requests and assists with a wide variety of tasks and projects. She aids in the scheduling, communication, and daily functions of the firm. She manages calendars and coordinates internal and external events and meetings, including logistics, attendees, materials, and communications. Lizzie is the lead coordinator for clients’ donor-advised funds, striving to ensure efficient, timely processing of grants, and other philanthropic endeavors.
Lizzie received her B.A. in Public Relations, Advertising, and Applied Communication from the University of Tennessee, Knoxville.
Disclosures:
The Morgan Stanley Global Impact Funding Trust, Inc. (MS GIFT) is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. MS Global Impact Funding Trust (MS GIFT) is a donor advised fund. Morgan Stanley Smith Barney LLC provides investment management and administrative services to MS GIFT. Back office administration provided by RenPSG, an unaffiliated charitable gift administrator.
About Will Smedley
Will Smedley joined The Patteson Group in 2026.
Will works alongside Payton to support the development and implementation of customized investment strategies for clients through portfolio analysis, investment research, and due diligence. He draws on the full scope of Morgan Stanley's research division to evaluate opportunities across public and private markets and assist in the construction and monitoring of client portfolios. His work supports the team's investment planning efforts through performance analysis, alternative investment initiatives, trade execution, and specialized research projects.
Will received his BBA in Finance from Belmont University and is also FINRA Series 7 and 66 licensed.
Will works alongside Payton to support the development and implementation of customized investment strategies for clients through portfolio analysis, investment research, and due diligence. He draws on the full scope of Morgan Stanley's research division to evaluate opportunities across public and private markets and assist in the construction and monitoring of client portfolios. His work supports the team's investment planning efforts through performance analysis, alternative investment initiatives, trade execution, and specialized research projects.
Will received his BBA in Finance from Belmont University and is also FINRA Series 7 and 66 licensed.
Contact Blair Patteson
Private Wealth Management
Professional Insights
Part Five: Family-Owned Business Succession Strategies
Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
Managing Significant Wealth
- Investment Management
- Wealth Transfer & Philanthropy
- Cash Management & Lending
- Family Governance & Wealth Education
- Lifestyle Advisory
- Business Services
PWM Leadership Insights & Outcomes
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Insights and Outcomes
Thought Leadership for our ultra high net worth clients, which contains thought-provoking articles, authored by leading experts from Morgan Stanley Family Office Resources.
Private Wealth Management Podcast
Bringing you engaging stories and key insights surrounding the complexities associated with significant wealth, including:
- Intergenerational Planning
- Philanthropic Giving
- Non-Traditional Assets
- Managing Family Wealth
We look forward to discussing your needs and goals, and the exceptional resources we can place at your disposal.
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 Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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 Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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 4677197 (7/2025), 5378280 (5/2026)
