Jim Macfarlane, CFA, CIMA
First Vice President, Financial Advisor
Phone:
(801) 578-8068(801) 578-8068
Paul Cox, Alternative Investments, Single Family Office Services, CIMA®
Executive Director,
Institutional Consultant,
Family Wealth Director,
Alternative Investments Director,
Founders Specialist
Direct:
(214) 468-7234(214) 468-7234
Toll-Free:
(866) 289-3159(866) 289-3159
Industry Award WinnerMy Mission Statement
We are dedicated to protecting your prosperity and helping you use it to enhance your life, your community and your world.
My Story
Paul Cox is an Executive Director and Institutional Consultant with Morgan Stanley based in Dallas, Texas. Serving an exclusive group of successful families, business owners and executives around the country. He understands the complexities that come with substantial wealth and the importance of providing bespoke solutions through a vast network of global resources.
Before rejoining Morgan Stanley in 2015, Paul was an Executive Director and Banker in the ultra-high-net-worth group of J.P. Morgan's Private Bank. His focus was on endowments, foundations, family office and other institutional relationships. While there, he served clients in West Texas, New Mexico, Oklahoma and Dallas/Fort Worth.
He previously worked in the investment bank at Morgan Stanley in New York, Moscow, and London, where he was a Vice President on the Leveraged Finance team and Head of Emerging Market Loan Syndicate. His primary focus was Central and Eastern Europe, Russia CIS, the Middle East and Africa. From 2007-2010, Paul was General Director for the Mortgage Bank Morgan Stanley owned in Russia. He was tasked with selling the bank in 2010. He also served as Lead Director on the board of the bank's holding company.
Paul holds a Master of Business Administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill, a Master of Science with Merit in international political economy from the London School of Economics, and a Bachelor of Arts with Honors in international politics and Russian from Brigham Young University.
He is active in his community and is involved with several charitable organizations, including the Circle Ten Council of the Boy Scouts of America and Seacology, a non-profit organization focused on preserving island habitats around the world that his family founded in 1991. Away from the office, Paul enjoys family time with his wife and their four boys. He is an avid reader, skier, and bodyboarder.
Awards and Certifications:
- "Alternative Investments Director" - Paul holds the Alternative Investments Director designation, reflecting his experience and focus in helping clients evaluate and incorporate alternative investment strategies where appropriate. This designation recognizes Paul's knowledge of a broad range of alternative investment solutions and his ability to help clients understand how these strategies may fit within a comprehensive wealth management plan.
- "Founders Specialist" - Paul is a Founders Specialist, working with entrepreneurs and business founders as they navigate the unique financial complexities that can accompany building, growing, monetizing, or transitioning a business. This designation reflects Paul's focus on helping founders address personal wealth planning, liquidity events, concentrated positions, and long-term financial goals.
- "Family Wealth Director" - Paul holds the Family Wealth Director designation, a recognition for Financial Advisors who have demonstrated experience in working with high-net-worth and ultra-high-net-worth families. This designation reflects Paul's ability to help clients address sophisticated wealth planning needs, including family governance, estate planning strategies, philanthropy, wealth transfer, and multigenerational planning.
- "Government Entities Specialist" - Paul is a Government Entities Specialist, reflecting his experience working with government-related organizations and entities. This designation recognizes Paul's knowledge of the distinct investment, policy, operational, and fiduciary considerations that may be relevant when serving public-sector clients.
- "Graystone" - Paul is part of Graystone, Morgan Stanley's institutional consulting business, which provides investment consulting and advisory services to sophisticated clients. Through Graystone, Paul works with clients to deliver thoughtful investment guidance, portfolio construction, and customized wealth management solutions.
- "Lending Specialist" - Paul holds the Lending Specialist designation, reflecting his knowledge of lending and liability management strategies. This designation recognizes Paul's ability to help clients evaluate customized lending solutions as part of a broader wealth management plan, including strategies designed to support liquidity, cash flow, and financial flexibility.
- "Senior Institutional Consultant" - Paul holds the Senior Institutional Consultant designation, recognizing his experience advising institutional clients and delivering investment consulting services. This designation reflects Paul's ability to help clients address complex investment objectives, governance considerations, risk management needs, and long-term portfolio strategy.
- "Workplace Advisor - Equity Compensation" - Paul is a Workplace Advisor - Equity Compensation, reflecting his focus on helping clients understand and manage the financial opportunities and complexities associated with equity compensation. This includes helping clients evaluate stock options, restricted stock units, concentrated stock positions, liquidity events, and the role of equity awards within a broader financial plan.
- "2026 Barron's Top 1,500 Financial Advisors: State-by-State" - Paul has been included in Barron's ranking of the Top 1,500 Financial Advisors: State-by-State. Selection for this list is based on a host of criteria, including assets under management, revenue produced for the firm, regulatory record, quality of practice, and philanthropic work. Source: Barrons.com. Data compiled by Barron's based on the applicable 12-month period preceding the issuance of the award.
- "2019 - 2024 Five Star Wealth Advisors" - Paul has been named a Five Star Wealth Advisor. This recognition is awarded to wealth managers who meet objective eligibility and evaluation criteria associated with client retention, industry experience, review of regulatory history, and firm review. Source: Five Star Professional. Awarded 2019 - 2024.
- "2020 - 2025 Barron's Top 100 Institutional Consulting Teams" - We are proud to have been recognized on Barron's Top 100 Institutional Consulting Teams ranking. This recognition highlights our team's experience serving institutional clients and our commitment to delivering disciplined investment consulting, portfolio guidance, and strategic advisory services. Source: Barrons.com. Data compiled by Barron's based on the applicable evaluation period for each award year.
Services Include
- Comprehensive Wealth Planning
- Retirement PlanningFootnote1
- Estate Planning StrategiesFootnote2
- Trust ServicesFootnote3
- Family Governance & Wealth Education
- Philanthropy Management
- Endowments and FoundationsFootnote4
- Risk Management
- Pre-Liquidity Planning
- Proprietary Investment Opportunities
- Institutional ServicesFootnote5
- Alternative InvestmentsFootnote6
- Corporate Stock Plans
- Sustainable & Responsible InvestingFootnote7
Securities Agent: NY, NE, TX, PA, OH, ME, MD, LA, CO, UT, SC, NC, MS, MI, IL, CA, MT, KS, AZ, AL, WA, MO, MN, IA, GA, FL, DE, CT, AK, SD, NM, OR, NJ, MA, HI, WI, NV, AR, TN, PR, OK, KY, IN, DC, ND, VT, VA, NH; General Securities Representative; Investment Advisor Representative
NMLS#: 1067364
NMLS#: 1067364
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Approach
Discovery Process
Investing the time to learn about you and your family; your assets and liabilities and the risk exposures, enables us to formulate strategies and customize the relationship to your needs.
Formulation of Tax, Trust and Estate Strategy
Working with your tax and legal advisors, we help analyze your income and estate tax circumstances to identify and tailor planning techniques that may be used to address your objectives.
Creation of Customized Strategic Asset Allocation
Your customized asset allocation reflects risk, opportunities and taxation across multiple entities, while integrating your investing and estate plans.
Integration of Tactical Asset Allocation
Short-term adjustments seek to capitalize on temporary market distortions. Before making adjustments, we analyze the impact of taxes and trading costs on potential returns.
Implementation of a Customized Wealth Strategy
After comprehensive due diligence and analysis of expected results across multiple market scenarios, strategies are chosen from our expansive investment platform.
Ongoing Assessment
In coordination with your other advisors, we can conduct ongoing reviews and comprehensive reporting to ensure that your strategy adapts to changing financial and family needs.
Graystone Consulting, A business of Morgan Stanley
Graystone Consulting began in 1973. It is the combination of two premier consulting firms who had been industry leaders dating back more than forty years. Previously known as Citi Institutional Consulting, we rebranded the consulting group in 2009 after the merger of Smith Barney and Morgan Stanley. We created Graystone Consulting with a simple mission: to set the industry standard in institutional investment consulting services for sophisticated investors.
A central staff of more than 270 professionals supports Graystone out of offices in Purchase, NY, Wilmington, DE and New York City. Although our organization is global, seasoned Consulting Directors provide services locally. Our Consulting Directors have relevant industry experience and understand the unique needs of institutional investors. Over 200 Graystone professionals across the United States are responsible for their individual client relationships, and their practices are anchored by Graystone Institutional Consulting Directors.
Graystone Consulting is one of the only independent consulting firms of its kind to be associated with a large financial services provider. We address the complexities that face trustees, directors and investment committees. The strength of Morgan Stanley backs up our resources. As of December 31, 2020, Graystone Consulting consulted on over $336 billion of clients’ assets.
A central staff of more than 270 professionals supports Graystone out of offices in Purchase, NY, Wilmington, DE and New York City. Although our organization is global, seasoned Consulting Directors provide services locally. Our Consulting Directors have relevant industry experience and understand the unique needs of institutional investors. Over 200 Graystone professionals across the United States are responsible for their individual client relationships, and their practices are anchored by Graystone Institutional Consulting Directors.
Graystone Consulting is one of the only independent consulting firms of its kind to be associated with a large financial services provider. We address the complexities that face trustees, directors and investment committees. The strength of Morgan Stanley backs up our resources. As of December 31, 2020, Graystone Consulting consulted on over $336 billion of clients’ assets.
Valuable Tools and Resources
Paul believes financial education leads to better insights into investment strategies and discipline, and ultimately, better long-term decisions. As a result he is committed to providing you with important information about managing your wealth more effectively in today’s global markets.
Paul has assembled the following resources that reinforce the fundamental investment strategies and concepts of his practice. He's provided links to these materials, where available, and hopes you’ll return often to learn more about the topics that impact your overall wealth.
Paul has assembled the following resources that reinforce the fundamental investment strategies and concepts of his practice. He's provided links to these materials, where available, and hopes you’ll return often to learn more about the topics that impact your overall wealth.
Will Mortgage Rates Go Down in 2025?
Mortgage rates are forecast to drop over time, but affordability likely won’t return to pre-pandemic levels. Here’s what to expect.
Read More
GIC: On The Markets Research Reports
Detailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy and more.
Read This Month's Edition Here
Thoughts On The Market Podcast
With perspectives on the forces shaping the market, join Mike Wilson, Chief Investment Officer and Chief US Equity Strategist for Morgan Stanley, as he and his colleagues discuss a variety of viewpoints regarding the latest trends in the financial marketplace.
Listen Here
Wealth Management Insight Audiocasts
Wealth Management Insights brings you the latest investment advice from thought leaders within Wealth Management Investment Resources (WMIR). They provide their latest thinking on various market topics in 3-5 minute audiocasts.
Listen Here
GIC Weekly
The Global Investment Committee's Lisa Shalett headlines this weekly look at markets, asset class performance, and fixed income.
Read More
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
2121 North Pearl St
Ste 500
Dallas, TX 75201
US
Direct:
(214) 468-7234(214) 468-7234
Toll-Free:
(866) 289-3159(866) 289-3159
Fax:
(214) 468-7250(214) 468-7250
60 East South Temple
20th Floor
Salt Lake City, UT 84111
US
Direct:
(801) 935-8096(801) 935-8096
3800 Glenwood Ave
Raleigh, NC 27612
US
Meet My Team
Joan Mason, CRPC
Associate Vice President, Financial Advisor
Phone:
(214) 661-7057(214) 661-7057
Matt Millard
Vice President, Group Director
Phone:
(214) 720-5085(214) 720-5085
Michael Beste, CFP®
Registered Client Service Associate
Phone:
(214) 468-7265(214) 468-7265
Steven Leach
Client Service Associate
Phone:
(214) 907-8484(214) 907-8484
Harry Crouch
Client Service Associate
Phone:
(214) 661-7015(214) 661-7015
About Jim Macfarlane
Jim Macfarlane is a financial advisor with Morgan Stanley in Salt Lake City, Utah. Serving an exclusive group of successful families, business owners and executives, he understands the complexities that come with substantial wealth and the importance of providing bespoke solutions through a vast network of global resources.
Prior to joining Morgan Stanley in 2022, Jim was CEO & Co-Portfolio Manager for Certeza Asset Management, a boutique asset management firm located in Utah. Before Certeza, Jim spent 12 years with Goldman Sachs in both the US and Europe working with institutions and ultra-high-net-worth families where he was most recently Vice President in Goldman Sachs Private Wealth Management.
Jim holds a Bachelor of Science in Finance and a Minor in Personal Financial Planning from Utah State University – Huntsman School of Business. He also holds a Masters in Finance from the London Business School and is a Chartered Financial Analyst (CFA) holder. Jim has passed the Series 7, Series 66, and Series 3 exams as well as the Investment Management Certificate Exam in the UK.
Outside of the office, Jim enjoys spending time with his wife and their four boys and actively coaches basketball, football and lacrosse. Jim likes to stay active in sports with functional strength training, ice hockey and snow skiing. He is an enthusiastic consumer of audio books routinely averaging three to four books a month.
Prior to joining Morgan Stanley in 2022, Jim was CEO & Co-Portfolio Manager for Certeza Asset Management, a boutique asset management firm located in Utah. Before Certeza, Jim spent 12 years with Goldman Sachs in both the US and Europe working with institutions and ultra-high-net-worth families where he was most recently Vice President in Goldman Sachs Private Wealth Management.
Jim holds a Bachelor of Science in Finance and a Minor in Personal Financial Planning from Utah State University – Huntsman School of Business. He also holds a Masters in Finance from the London Business School and is a Chartered Financial Analyst (CFA) holder. Jim has passed the Series 7, Series 66, and Series 3 exams as well as the Investment Management Certificate Exam in the UK.
Outside of the office, Jim enjoys spending time with his wife and their four boys and actively coaches basketball, football and lacrosse. Jim likes to stay active in sports with functional strength training, ice hockey and snow skiing. He is an enthusiastic consumer of audio books routinely averaging three to four books a month.
Securities Agent: MS, MO, GA, CT, AK, IL, CA, TN, NJ, NC, FL, DC, VA, SD, MT, MD, LA, KS, IA, AL, NE, MI, MA, VT, PR, PA, OR, NM, MN, KY, CO, ND, WI, TX, OH, NY, ME, HI, WA, SC, NH, IN, AZ, DE, OK, NV, AR, UT; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
About Joan Mason
With 37 years of professional experience in Financial Services, Joan serves as a Relationship Manager designing and implementing wealth management strategies for Multi-Generational Family-Owned Businesses, Corporate Board Members and Executives and Private Foundations.
Having begun her career with E. F. Hutton & Company in 1986, Joan returned to the firm in 2008 bringing extensive experience in Wealth Management, as well as Branch and Regional Administrative Management. Prior to joining Morgan Stanley, she spent six years in the Private Wealth Management Division of Deutsche Banc Alex Brown, where she was responsible for the firm’s largest Corporate Stock Plan. In this role she served as liaison to CFOs, Corporate HR, Plan Administrators and other key corporate officers tasked with managing Corporate Executive Compensation Plans. The previous eight years she served in various management capacities at RBC Wealth Management and Kemper Securities. She holds the Chartered Retirement Planning Counselor® professional designation.
Outside of the office, Joan enjoys spending time with her husband Chris & their daughter Taylor. She enjoys travel, hiking and golf. She is also active in the community, volunteering for organizations that focus on research & caregiver resources for families impacted by Alzheimer’ disease and other Dementias.to that end, Joan has served on the Advisory Council for the Center for Vital Longevity at the University of Texas – Dallas and an on officer and long-standing member of AWARE Dallas.
Having begun her career with E. F. Hutton & Company in 1986, Joan returned to the firm in 2008 bringing extensive experience in Wealth Management, as well as Branch and Regional Administrative Management. Prior to joining Morgan Stanley, she spent six years in the Private Wealth Management Division of Deutsche Banc Alex Brown, where she was responsible for the firm’s largest Corporate Stock Plan. In this role she served as liaison to CFOs, Corporate HR, Plan Administrators and other key corporate officers tasked with managing Corporate Executive Compensation Plans. The previous eight years she served in various management capacities at RBC Wealth Management and Kemper Securities. She holds the Chartered Retirement Planning Counselor® professional designation.
Outside of the office, Joan enjoys spending time with her husband Chris & their daughter Taylor. She enjoys travel, hiking and golf. She is also active in the community, volunteering for organizations that focus on research & caregiver resources for families impacted by Alzheimer’ disease and other Dementias.to that end, Joan has served on the Advisory Council for the Center for Vital Longevity at the University of Texas – Dallas and an on officer and long-standing member of AWARE Dallas.
Securities Agent: TX, NY, CA, WA, DC, MI, IL; BM/Supervisor; General Securities Principal; General Securities Representative; Investment Advisor Representative; Managed Futures
About Matt Millard
Matt Millard is the Group Director for Paul Cox, Jim Macfarlane, & Joan Mason. Matt joins the team with over 17 years of experience in the finance industry. He was a Risk Officer for the Morgan Stanley Dallas Market where he oversaw 3 branches and over 20 advisors’ practices. As a Risk Officer Matt was responsible for the education and training of firm policies, supervision of advisor activities, and adherence to financial industry regulations for the firm’s core Dallas market offices. He has also served Morgan Stanley clients as a Business Service Officer with responsibility for 4 branches at a high-watermark and over 25 advisors. As BSO one of Matt’s responsibilities was mentoring new Client Service Associates across the market to obtain their FINRA securities licenses as well as furthering development of tenured service personnel. He also assisted in the training of new managers that are involved in protecting the firm, its employees, and clients. Prior to joining Morgan Stanley, Matt held various positions at Merrill Lynch from client service to management. While working at Merrill Lynch, Matt was named as one of the top 100 Client Associates for the firm. He was also successful in having the overall firm update/change a policy that helped improve supervision and redundancies in how Merrill Lynch oversaw High-Yield bond purchases – protecting both clients and the firm. He was also the regional administrative assistant coach, which involved mentoring/training administrative assistants across several states. Matt was born in Illinois but later moved to Texas with his parents (despite his dislike of the heat). He and his partner currently live in Southeast Dallas. In his free time, Matt enjoys reading fiction, staying up to date with technology (currently trying to teach himself the Linux operating system), and traveling to experience new cultures. His favorite place currently is Washington (state).
About Michael Beste
Michael Beste is a Registered Associate at Morgan Stanley. Based in the Dallas office, Michael works closely with clients to deliver a very high level of service. His responsibilities include working to address client needs, analyzing portfolios and assisting with portfolio reviews. He is excited to grow the team client service model with the firm and understands the multifaceted challenges of managing significant wealth. Michael grew up in El Paso, TX and attended The University of Texas at El Paso where he received his Bachelor of Business Administration degree in Finance and a concentration in Financial Analysis. During his time there, he served as President of the University’s Delta Sigma Pi professional fraternity chapter and worked as a Peer Leader.
Michael began his career in the Financial Services industry in 2020 as a broker and client service professional in Scottsdale, AZ. He moved on to a Financial Advisor role with Morgan Stanley in Gilbert, AZ before moving to Dallas to join Paul Cox’s group.
Michael began his career in the Financial Services industry in 2020 as a broker and client service professional in Scottsdale, AZ. He moved on to a Financial Advisor role with Morgan Stanley in Gilbert, AZ before moving to Dallas to join Paul Cox’s group.
About Steven Leach
Steven is a Client Service Associate at Morgan Stanley and plays a critical role in supporting the team’s Financial Advisors and delivering exceptional service to individual and institutional clients. Steven brings several years of experience in analyzing procedural risk and operational efficiency. Before joining Morgan Stanley, Steven worked for Goldman Sachs in its Risk and Regulatory Control team. Originally from Dallas, Steven dual majored in History and Japanese at Brigham Young University in Provo, Utah.
Outside of work he enjoys clay shooting, cycling, and film photography.
Outside of work he enjoys clay shooting, cycling, and film photography.
About Harry Crouch
Harry is a Client Service Associate and has been a valuable member of our team since September 2024, initially serving as a team administrator. Harry is a graduate of Texas Christian University, where he earned a Bachelor of Science in Economics with a minor in Finance. Harry has also completed four internships with Morgan Stanley, further enhancing his understanding and skills within our organization.
Originally from Cherry Hills, Colorado, Harry spent part of his formative years living in London, UK. Outside of work, he enjoys skiing, golfing, soccer, fishing, and basketball, which speaks to his active and well-rounded lifestyle.
Originally from Cherry Hills, Colorado, Harry spent part of his formative years living in London, UK. Outside of work, he enjoys skiing, golfing, soccer, fishing, and basketball, which speaks to his active and well-rounded lifestyle.
Awards and Recognition
Barron's Top 100 Institutional Consulting Teams
2020-2025 Barron's Top 100 Institutional Consulting Teams (formerly referred to as Barron's Top 50 Institutional Consulting Teams, Barron's Top 50 Institutional Consultants, Barron's Top 30 Institutional Consultants)) Source: Barrons.com (Awarded April 2020-2025). Data compiled by Barron's based on 12-month period concluding in Dec of the year prior to the issuance of the award.
Barron's Top 1,500 Financial Advisors: State-by-State
Barron's Top 1,500 Financial Advisors: State-by-State Source: barrons.com (Awarded Mar 2026) Data compiled by Barron's for the period October 2024 - September 2025.
Five Star Wealth Advisor
The Five Star Wealth Manager/Advisor award is issued by Five Star Professional (a third-party rating/award provider) and is based on criteria and research conducted during the applicable evaluation period. The award is not indicative of the advisor's future performance and may not be representative of any one client's experience. Neither Morgan Stanley nor its Financial Advisors pay a fee to be considered for the award; however, a fee may be paid to Five Star Professional for marketing materials and/or licensing of the award name/logo (if applicable). For more information on the award methodology and criteria, visit www.fivestarprofessional.com.
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Wealth Management
From My Desk
6 Financially Smart Ways to Start 2025
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
- Signature Access
- Business Services
PWM Leadership Insights & Outcomes
Article Image
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
Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact Paul Cox today.
1When 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.
2Morgan 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.
3Morgan 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.
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 and other legal matters.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
5Morgan 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.
6Alternative 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.
7Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
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The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
2Morgan 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.
3Morgan 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.
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 and other legal matters.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
5Morgan 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.
6Alternative 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.
7Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.
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The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 5378280 (5/2026)
