Solaria Perez-Stepanov
Senior Vice President, Financial Advisor, Senior Portfolio Management Director, International Client Advisor
Phone:
(650) 926-7683(650) 926-7683
Philip Horowitz, CFP®
First Vice President, Wealth Management,
Financial Advisor,
CERTIFIED FINANCIAL PLANNER®
Direct:
(650) 358-1823(650) 358-1823
My Mission Statement
Through a personal and caring experience,
I provide the knowledge, insights and tailored solutions needed
to serve as your single point of contact for all your financial needs,
helping achieve the goals you’ve set for you and your family.
I provide the knowledge, insights and tailored solutions needed
to serve as your single point of contact for all your financial needs,
helping achieve the goals you’ve set for you and your family.
About Us
A results-driven professional with more than 20 years of experience, I work with busy professionals and business leaders who seek an integrated approach to managing their finances. I share their vision in bringing simplicity to their lives by gathering all aspects of their wealth together into one comprehensive plan.
The work I do is customized for you and your family. I look at your wealth today and utilize various planning and risk assessment tools to forecast your expected income and spending needs, so we can develop a set of strategies to help achieve your goals.
Above all, I access the global resources and intellectual capital of Morgan Stanley to deliver appropriate recommendations to strengthen the financial independence you've worked your whole life to achieve.
I am proud of the high level of service I provide my clients and welcome the opportunity to deliver this same level of excellence to you and your family.
Please visit our team website below:
The work I do is customized for you and your family. I look at your wealth today and utilize various planning and risk assessment tools to forecast your expected income and spending needs, so we can develop a set of strategies to help achieve your goals.
Above all, I access the global resources and intellectual capital of Morgan Stanley to deliver appropriate recommendations to strengthen the financial independence you've worked your whole life to achieve.
I am proud of the high level of service I provide my clients and welcome the opportunity to deliver this same level of excellence to you and your family.
Please visit our team website below:
Securities Agent: IL, ME, OR, ID, NJ, NE, LA, CA, WA, UT, TX, HI, CO, AZ, AL, VT, MT, NV, NM, OH, NY, MA, PA, FL, VA, DC, MI, GA, NC, KS; General Securities Representative; Investment Advisor Representative
NMLS#: 1312672
CA Insurance License #: 0I02471
NMLS#: 1312672
CA Insurance License #: 0I02471
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
The Solaria Group Process
Executive Financial Services
As your life and career evolve, your finances often become more complex. Many successful individuals find their overall wealth becomes heavily concentrated in one type of investment. This is very common for corporate executives who accumulate large amounts of company stock.
While the potential for long-term growth of these positions is great, so too are the potential risks to your overall financial health and well-being if they are not managed carefully.
Often, these positions are restricted and highly illiquid, making it difficult to diversify your portfolio and access its value. What’s more, there can be significant tax consequences associated with managing highly complicated positions of wealth.
If you find your overall wealth is highly concentrated and the associated restrictions limit your ability to diversify, I offer the strategic guidance and sophisticated strategies necessary to help gain flexible access to your wealth. In addition, my comprehensive approach focuses on finding tax-efficient ways to overcome the obstacles you face.
Services Include:
While the potential for long-term growth of these positions is great, so too are the potential risks to your overall financial health and well-being if they are not managed carefully.
Often, these positions are restricted and highly illiquid, making it difficult to diversify your portfolio and access its value. What’s more, there can be significant tax consequences associated with managing highly complicated positions of wealth.
If you find your overall wealth is highly concentrated and the associated restrictions limit your ability to diversify, I offer the strategic guidance and sophisticated strategies necessary to help gain flexible access to your wealth. In addition, my comprehensive approach focuses on finding tax-efficient ways to overcome the obstacles you face.
Services Include:
The sale of restricted, control and concentrated stocks under SEC Rule 144
Assistance in the exercise of corporate stock options and the sale of restricted share units (RSU) during company-approved open trading windows
Access to Morgan Stanley’s exclusive 10b5-1 Preset Diversification Program®
The purchase of company stock under Rule 10b-18
Wealth transfer and gifting strategies
Family Wealth Planning for Today—and the Next Generation
We help high net worth individuals and families simplify complexity by aligning investments, cash flow, protection planning, and legacy goals into one coordinated strategy. Working with Phil and the team, you gain a planning-led approach backed by Morgan Stanley resources—designed to support major life events, family decision-making, and multigenerational continuity. Explore the sections below to see how each area can help strengthen, protect, and steward your family’s wealth over time.
Estate Planning & Legacy Coordination
Estate planning is most effective when trusts, account titling, and beneficiary designations align with how you hold and manage assets. We can coordinate with you and your outside legal and tax professionals to help ensure your financial strategy is consistent with your estate planning objectives. Our focus is helping you keep key items organized and reviewed over time, particularly as circumstances change.
Learn More
Family Balance Sheet & Wealth Architecture
High net worth planning often involves multiple accounts, real estate, business interests, and ownership structures that can make the overall picture harder to evaluate. We help you organize your family balance sheet—assets, liabilities, liquidity, and ownership—so you can view key information in one place. This structure can support more informed decisions when priorities shift or significant life events occur.
Learn More
Risk Management & Insurance Strategy
Insurance may be an important tool for managing risks that could affect long-term family goals. We help you review coverage, ownership, and beneficiary considerations in the context of your broader strategy. When appropriate, we can coordinate with specialists to support an integrated approach to protection planning.
Learn More
Portfolio Construction
For qualified investors, alternative investments may provide additional diversification or exposures beyond traditional stocks and bonds. We help you evaluate potential fit by considering liquidity, time horizon, complexity, fees and expenses, and the role within your overall allocation. Our approach emphasizes alignment with your objectives and risk tolerance, including consideration of cash needs and flexibility.
Learn More
Philanthropy & Family Giving Strategy
Giving can be more meaningful when it reflects your family’s values and is coordinated with your overall plan. We help you clarify charitable priorities, evaluate giving approaches, and consider how philanthropy may fit within your broader wealth strategy. If desired, we can also help facilitate thoughtful ways to involve family members over time.
Learn More
Generational Planning & Family Governance
Multigenerational planning is about more than transferring assets—it also involves communication, roles, and continuity. We help you consider beneficiary alignment, account structures, and decision-making responsibilities to support smoother transitions. The goal is a plan that reflects your family’s priorities and can be revisited as needs evolve.
Learn MoreOnline Tools and Features Available To You
Morgan Stanley is committed to delivering technology platforms that are resilient, secure, efficient, and intelligent to help serve our clients. These tools and features are available to all clients as part of our services. Explore each option to see how it can support you in managing your finances and protecting your financial journey.
Morgan Stanley Online
In addition to viewing your account balances and activity, Morgan Stanley Online (MSO) offers features to help manage day-to-day finances, including bill payments, money transfers, fund transfers, and transaction authorizations through eAuthorizations.
Learn More
Total Wealth View
Get the full picture of your finances. Link your outside accounts to Morgan Stanley Online or the mobile app to track your total net worth in one place.
Learn More
eDelivery
Your financial documents, organized and secure. With eDelivery, Morgan Stanley clients can skip the mail and manage their statements electronically for faster access and better security.
Learn More
Online Security Center
Stay one step ahead of cyber threats. Morgan Stanley is committed to safeguarding your accounts, but you can also use our expert resources and tips to bolster your own online defense.
Learn More
Morgan Stanley Mobile App
Get the power of Morgan Stanley Online on your phone. Just download the app and log in with your existing username and password for secure, mobile access to your finances.
Learn More
Portfolio Risk Platform
Leverage the industry-leading analytics of Aladdin to safeguard your wealth. Our Portfolio Risk Platform delivers comprehensive reporting and risk estimation across every security type, ensuring your strategy stays on track in any market.
Learn More
Goals Planning System
Your retirement goals are now always in view. As a GPS user, you can track your plan's progress and real-time status directly through Morgan Stanley Online or our mobile app.
Learn More
Digital Vault
Keep your most important records in one place. With Digital Vault, you can easily organize and manage everything from wills and estate plans to tax filings and financial statements.
Learn MoreAWARD-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
411 Borel Ave
Suite 220
San Mateo, CA 94402
US
Direct:
(650) 358-1823(650) 358-1823
Fax:
(650) 358-1859(650) 358-1859
Meet My Team
Ross D. Pearlman
First Vice President, Financial Advisor, Portfolio Management Director
Phone:
(480) 345-4756(480) 345-4756
Hashini Jayaskara
Senior Client Service Associate
Phone:
(650) 926-7218(650) 926-7218
Martina Pereyra Iraola
Client Service Associate
Phone:
(650) 358-1832(650) 358-1832
About Solaria Perez-Stepanov
Solaria is the leader of The Solaria Group – a multi-generational team providing highly customized global wealth management to successful individuals and families from around the world.
Solaria believes in doing well by doing good. Through a mindful process of listening carefully, employing empathy, understanding a client’s financial needs and values, she creates financial roadmaps and provides forthright advice. By putting her client’s vision of a fulfilling life at the front and center, she and her team work hard to help clients achieve their financial goals and build legacies for their families. Integrity and transparency are key tenets of her team’s philosophy.
At Morgan Stanley Solaria is a designated International Client Advisor, enabling her to work with clients living outside of the United States. She understands multi-jurisdictional challenges and helps clients navigate cross-border intricacies. As a European Economic Area Specialist, she helps U.S. citizens relocate to Europe.
As a Senior Portfolio Management Director, she manages diversified portfolios including a Women in Leadership Portfolio, and a Green Portfolio.
Solaria serves on the Morgan Stanley National Diversity and Inclusion Council. She gives back to her community by promoting financial literacy, including teaching a class to high school seniors on the basics of saving and investing. She volunteers with Summer Search, a non-profit for disadvantaged at-risk youth, the very same organization that she is deeply grateful for helping to change the course of her life when she was a teenager.
Prior to joining Morgan Stanley in 2010, Solaria worked in the Investment Banking divisions at JPMorgan and BNP Paribas. She speaks English, Spanish, Portuguese and French. Born and raised in Mexico City, she lives in the Bay Area with her family. In her downtime she enjoys yoga and spending time with her baby Maximus and husband Alexander. She holds a B.A. in Economics and a B.A in Political Science from Brown University and an MBA from Harvard Business School.
Solaria believes in doing well by doing good. Through a mindful process of listening carefully, employing empathy, understanding a client’s financial needs and values, she creates financial roadmaps and provides forthright advice. By putting her client’s vision of a fulfilling life at the front and center, she and her team work hard to help clients achieve their financial goals and build legacies for their families. Integrity and transparency are key tenets of her team’s philosophy.
At Morgan Stanley Solaria is a designated International Client Advisor, enabling her to work with clients living outside of the United States. She understands multi-jurisdictional challenges and helps clients navigate cross-border intricacies. As a European Economic Area Specialist, she helps U.S. citizens relocate to Europe.
As a Senior Portfolio Management Director, she manages diversified portfolios including a Women in Leadership Portfolio, and a Green Portfolio.
Solaria serves on the Morgan Stanley National Diversity and Inclusion Council. She gives back to her community by promoting financial literacy, including teaching a class to high school seniors on the basics of saving and investing. She volunteers with Summer Search, a non-profit for disadvantaged at-risk youth, the very same organization that she is deeply grateful for helping to change the course of her life when she was a teenager.
Prior to joining Morgan Stanley in 2010, Solaria worked in the Investment Banking divisions at JPMorgan and BNP Paribas. She speaks English, Spanish, Portuguese and French. Born and raised in Mexico City, she lives in the Bay Area with her family. In her downtime she enjoys yoga and spending time with her baby Maximus and husband Alexander. She holds a B.A. in Economics and a B.A in Political Science from Brown University and an MBA from Harvard Business School.
Securities Agent: CO, GA, UT, NJ, CA, DE, CT, VA, PA, NY, OH, NE, MI, WA, MA, IL, ID, OR, NC, HI, AZ, TX, FL, LA, MN, DC, WY, NV, NM, MT; General Securities Representative; Investment Advisor Representative
About Ross D. Pearlman
Ross Pearlman is a Portfolio Management Director and founding partner of The Solaria Group. For more than 30 years Ross has built trusting multi-generational relationships by focusing on what matters most to his clients. Through extensive initial conversations and by listening carefully, Ross learns about their personal goals, financial priorities, risk tolerance and aspirations for charitable and family legacies. Based on this analysis and his experience navigating through multiple market cycles, he crafts financial roadmaps for his clients. His team’s holistic approach includes investment strategy, lending solutions, and comprehensive financial and estate planning.
Ross helps clients make smart investment and financial decisions based on uncompromising integrity, trust, and personalized service. He arranges their financial affairs in an efficient and effective way; to preserve their capital and obtain risk-adjusted returns consistent with their financial objectives; and, most importantly, to help them achieve their financial goals.
Ross has a loyal client following due to his acumen and ability to manage money in dynamic economic environments. Ross has managed portfolios and guided clients through some of the best times in market history, as well as some of the more difficult, including the Dot-Com bubble in 2000 and the 2008 Financial Crisis.
Born and raised in Chicago, Ross earned a Bachelor of Arts in Finance from Arizona State University. Upon graduating, Arizona had captured his heart and decided to move there to start his career in the financial services industry. After spending 12 years as Financial Advisor, Ross joined Morgan Stanley in 2007.
He currently resides in Scottsdale where he is an avid cyclist and snowboarder. In his downtime Ross enjoys spending time with his miniature Dachshund and his 92-pound Rhodesian Ridgeback, exploring food, and traveling the world. While he no longer cycles competitively, Ross remains a frequent participant in charitable cycling events as a way to give back.
Ross helps clients make smart investment and financial decisions based on uncompromising integrity, trust, and personalized service. He arranges their financial affairs in an efficient and effective way; to preserve their capital and obtain risk-adjusted returns consistent with their financial objectives; and, most importantly, to help them achieve their financial goals.
Ross has a loyal client following due to his acumen and ability to manage money in dynamic economic environments. Ross has managed portfolios and guided clients through some of the best times in market history, as well as some of the more difficult, including the Dot-Com bubble in 2000 and the 2008 Financial Crisis.
Born and raised in Chicago, Ross earned a Bachelor of Arts in Finance from Arizona State University. Upon graduating, Arizona had captured his heart and decided to move there to start his career in the financial services industry. After spending 12 years as Financial Advisor, Ross joined Morgan Stanley in 2007.
He currently resides in Scottsdale where he is an avid cyclist and snowboarder. In his downtime Ross enjoys spending time with his miniature Dachshund and his 92-pound Rhodesian Ridgeback, exploring food, and traveling the world. While he no longer cycles competitively, Ross remains a frequent participant in charitable cycling events as a way to give back.
Securities Agent: ID, GA, CO, NV, MT, NM, NC, MA, WA, HI, PA, NE, IL, TX, NY, UT, NJ, MI, DC, CA, VA, IA, MN, ME, OR, OH, FL, AZ, LA; General Securities Representative; Investment Advisor Representative
About Hashini Jayaskara
Hashini joins The Solaria Group in our client-focused approach to deliver unbiased advice and thoughtful financial strategies. She recognizes that exceptional client service is the backbone of our practice and works with our clients to ensure their needs are fulfilled in a timely and diligent manner.
Her international perspective, industry knowledge, and dedication to exceptional client service make her a valuable member of our team.
She provides ongoing administrative and operational client support such as new client orientation and onboarding, account maintenance and client requests with a high level of accuracy and care. She also plays a key role in the team’s operational workflow, contributing to portfolio reporting, assisting with trades, and maintaining comprehensive client profiles to ensure that investment strategies are aligned with clients’ evolving financial goals.
Originally from Sri Lanka, Hashini has lived and worked in several international cities. Her global background has shaped her strong sense of responsibility and commitment to service. She now resides in the Bay Area, where she has spent over 10 years building her career in financial services and contributing to her local community.
Hashini holds an undergraduate degree in Business Management and a postgraduate degree in International Business. She is licensed with the Series 7, Series 63, and 65. Outside the office, she enjoys traveling, exploring new cultures, hiking the Bay Area’s scenic trails, and trying new recipes with her family.
Her international perspective, industry knowledge, and dedication to exceptional client service make her a valuable member of our team.
She provides ongoing administrative and operational client support such as new client orientation and onboarding, account maintenance and client requests with a high level of accuracy and care. She also plays a key role in the team’s operational workflow, contributing to portfolio reporting, assisting with trades, and maintaining comprehensive client profiles to ensure that investment strategies are aligned with clients’ evolving financial goals.
Originally from Sri Lanka, Hashini has lived and worked in several international cities. Her global background has shaped her strong sense of responsibility and commitment to service. She now resides in the Bay Area, where she has spent over 10 years building her career in financial services and contributing to her local community.
Hashini holds an undergraduate degree in Business Management and a postgraduate degree in International Business. She is licensed with the Series 7, Series 63, and 65. Outside the office, she enjoys traveling, exploring new cultures, hiking the Bay Area’s scenic trails, and trying new recipes with her family.
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Will Galvin
Planning Associate
About Will Galvin
Will Galvin is a Planning Associate at Morgan Stanley providing dedicated financial planning support to Financial Advisors and their teams. Operating as an extension of the FA/Team, he collaborates with clients to discover and define the goals that matter most to them. Leveraging state of the art technology, he will evaluate various options and their potential outcomes to help clients confidently choose the appropriate course of action. Will provides expertise across a wide suite of Morgan Stanley planning tools designed to assist in the areas of investment accumulation, retirement, education, major purchase, cash flow, risk management, tax efficiency, and wealth transfer planning.
He earned his undergraduate degree from James Madison University and received the Financial Planning Specialist® designation from the College for Financial Planning. Will is originally from Atlanta, Georgia and currently resides in Atlanta, Georgia.
He earned his undergraduate degree from James Madison University and received the Financial Planning Specialist® designation from the College for Financial Planning. Will is originally from Atlanta, Georgia and currently resides in Atlanta, Georgia.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
When 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.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
When 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.
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Iran Conflict: Seven Takeaways for Investors
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
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 Philip Horowitz today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
1Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
2Alternative 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.
3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
6Morgan 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
7Morgan 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.
8Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards 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.
1Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
2Alternative 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.
3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
6Morgan 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
7Morgan 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.
8Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
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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), 4763067 (9/2025), 5378280 (5/2026)
