The Reichl, Munao, Jensen, Pavelski Group at Morgan Stanley

Grounded in experience, driven by innovation, and devoted to care. We bring comprehensive experience to our clients, with designations that include CFP®, CIMA® and Senior Portfolio Management Director. These designations carry a high standard of professional responsibility and guide our innovative portfolio strategies. Our group’s mission is to serve clients as their trustworthy and reliable advisors. Our clients become our family, and caring for them becomes our highest priority. The most gratifying aspect of our profession is working with client families through the second and even third generations. We’re passionate about the care we devote to the financial comfort of our clients. You can expect us to be involved in your lives, a relationship for life, family.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

Helping achieve your definition of success

Our clients lead full, fulfilling lives, and they turn to our team for both sophisticated wealth management and clear, practical guidance on financial decisions. We've built our practice to deliver on both, providing comprehensive advice while keeping the process streamlined, so we can adapt alongside our clients as their lives and priorities change.

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    Financial Planning

    We'll help you understand the fundamentals of finance and put your resources to work so you can plan, invest and ultimately transition to retirement with confidence.

    • Retirement "What If" Scenarios
    • College (529) Funding Analysis
    • Unexpected Events
    Complete Questionnaire Here
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    Estate & Legacy Planning Strategies

    Guiding high-net-worth families with legacy planning and collaborating with external tax & legal advisors to execute estate planning strategies and integrate investment solutions.

    • Asset Titling & Estate Distribution
    • Wealth Transfer Strategies: Annual Gifting, Gift & Estate Exemption, Generation Skipping Transfers
    • Trust Planning: ILITs, GRATs, SLATs, IDGTs, Dynasty Trusts, Special Needs Trusts
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    Business Owners

    Helping business owners with key strategic needs such as access to capital, plan administration and a variety of exit strategies.

    • Cash Management & Capital
    • Succession & Exit Planning
    • Tax & Liquidity Strategies
    • Intra-Family Transfer Techniques
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    Debt Management

    A comprehensive wealth management plan often includes prudent borrowing to compliment your investment portfolio. Our lending services can help provide the necessary funding and flexibility as you manage potential opportunities or liquidity needs.

    • Securities-Based Lending
    • Home Loans
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    Charitable Gifting

    No matter what your philanthropic ambitions, a Financial Advisor can help you translate good intentions into an impactful strategy by utilizing a variety of trusts, charitable vehicles and wealth management tools.

    • Donor Advised Funds
    • Charitable Remainder Trusts
    • IRA Qualified Charitable Distribution
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    Insurance Analysis

    A sound wealth plan requires more than seeking returns. It involves mitigating and managing risks to help protect you when the unexpected occurs. Insurance, as part of your overall wealth plan, can help you get closer to achieving your retirement and legacy planning goals.

    • Life Insurance Review
    • Long-Term Care Planning
    • Creditor Protection
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    Divorce Planning

    Separating from a spouse is tough emotionally and financially. We help guide you through this difficult time, coordinating with your attorney to navigate complex financial decisions and help avoid the many pitfalls that can arise.

    • Emotional and Financial Support
    • Coordination with Attorneys
    • Creditor Protection
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    Your Guide to Life & Money

    Your guide to making smart decisions in life and money. Providing clarity, confidence, and strategies for a stronger financial future.

    • Graduating college
    • Saving
    • Buying a home
    Learn More
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    Investment Management

    We manage your investments in accordance with a holistic investment strategy tailored to you, and we review your portfolio with you on a regular basis.

    • Goals
    • Preferences
    • Risk tolerance
    • Tax circumstances
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    Tax Optimization

    Tax-smart investing and withdrawal strategies can help you mitigate exposure to current taxes in your portfolio and keep more of what you've earned.

    • Income
    • Capital gains
    • Estate
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PLANNING YOUR FUTURE

Our team will work with you to understand what your priorities are during these crucial years and implement a customized strategy for you. Whether it is planning for retirement, transitioning into retirement, or already managing your assets in retirement, our team is equipped with the resources and the knowledge to help you accomplish your personal and financial goal.
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    LifeView
    LifeView is a suite of planning tools that includes goal-specific analysis that we can use with clients to create a realistic, holistic strategy that integrates the various aspects of an individual’s financial life, including investments and cash management needs.

    Contact us to learn more!
    LifeView Client Portal
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    LifeView: Financial Overview
    Helping you meet the financial goals that matter most to you is our top priority. With that in mind, we can work together to create a customized, goals based plan to help achieve those goals.
    Complete Questionnaire Here
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    What Is a Financial Plan and Why Do I Need One?
    Here’s how a financial plan can help you stay on track, adapt to uncertainty and make confident decisions.
    Learn more
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    Planning in Volatile Markets
    A study of nearly 120,000 investors reveals the value of having a sound financial plan to help keep you on track.
    Learn more
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As your life evolves and grows more complex, your financial strategy — and the options for implementing that strategy — tends to grow in complexity as well. Frequently, evaluating those options and choosing wisely among them may require more expertise and attention than you have to give. In such circumstances, it makes sense to partner with an experienced professional who understands your financial needs and can dedicate the time and resources necessary to help you meet them.
Learn More about Portfolio Management

Client Resources

Morgan Stanley's comprehensive suite of digital resources has carefully been designed to help enhance each aspect of your financial portfolio. Take some time to learn about some of the many Modern Wealth Management resources that we offer to our clients.
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    Morgan Stanley Online
    Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
    Register Today
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    Digital Vault
    Digital Vault lets you easily and securely manage and share important documents such as account statements, authorizations, tax filings and other relevant documents with your Financial Advisor.
    Get Started Today
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    eDelivery
    Sign up for eDelivery today and start receiving email notifications as soon as your account documents are available on Morgan Stanley Online or the Morgan Stanley Mobile App. It's quick, convenient & secure.
    Enroll Today
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    Total Wealth View
    Complete your financial profile with Total Wealth View. By linking your external account information, you will benefit from more educated and holistic wealth planning, and convenient connectivity.
    Learn more
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    Spending and Budgeting Tool
    Track spending habits, categorize expenses and create budgets across your Morgan Stanley and external financial accounts. Our Spending and Budgeting Tool makes it easy for you and your Financial Advisor to see your complete financial picture.
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    Experian
    Our cash management clients get $1MM identity theft protection through Experian. Complimentary.
    Learn more

Location

760 W Main St
Suite 200
Barrington, IL 60010
US
Direct:
(847) 842-1532(847) 842-1532
Toll-Free:
(877) 894-2279(877) 894-2279

Meet Reichl, Munao, Jensen, Pavelski Group

About George Reichl

George joined Morgan Stanley in 1984 and is the founding partner of the Reichl Munao Jensen Fosteras Pavlovski Group. Along with his required FINRA securities license, George also holds life, annuity, and long-term care insurance licenses. He maintains the designation of Executive Director at Morgan Stanley as well as Senior Portfolio Management Director, CFP® and CIMA® certifications.

George attended DePaul University in Chicago where he earned a Bachelors of Science with Honors as well as a Masters of Business Administration.

George's passions throughout his career have been analyzing the constantly changing investment landscape, identifying opportunities within the global markets, and maintaining strong relationships with clients and their families.

For more than 40 years, he has helped clients create, implement, and execute their plans so that they can enjoy their retirement and their families. Having had the privilege of developing lifelong relationships with many of his clients and their children, George finds working with the next generation of these families especially rewarding.

A Chicago-area native with a strong commitment to his community, George serves on the Board of Trustees at Quest Academy in Palatine and on the school’s finance committee.

George is also active with charities benefiting children. He resides in Palatine with his wife and daughter. George’s hobbies include bowling and tennis. He cherishes time spent with his family and especially with his 99 year old father.
Securities Agent: IN, NH, NC, ID, FL, VT, PR, NV, MN, GA, SD, MI, WV, OR, NY, KY, IL, CO, VA, NE, KS, IA, DE, TN, OH, WA, SC, PA, NM, ME, CT, CA, AR, WY, RI, NJ, MS, LA, MD, AZ, AL, WI, UT, TX, MO, MA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1416415

About Kenneth Munao

Ken joined Morgan Stanley in 2002 and is one of the leading partners of the Reichl Munao Jensen Fosteras Pavlovski Group. As a Senior Portfolio Management Director, he has maintained all FINRA required licenses as well as the Futures license, Life and Health insurance Licenses, and CFP certification. Ken attended Roosevelt University in Chicago where he earned his Bachelor of Science in Finance with Honors and is a member of the prestigious Franklin Honor Society.

By carefully listening to his clients, Ken strives to find the best financial solutions for each client’s needs, whether it is an individual client, an affluent family concerned about legacy planning, or a small to medium sized business owner preparing for an exit strategy. Concentrating on investment wealth management, tax, and retirement planning, Ken follows three simple principles: always place the client’s interest first and foremost, strive to under promise and overdeliver, and keep his clients informed through superb customer service.

Residing in Mount Prospect all his life, Ken believes in strong commitments and family values. His passion is the markets, but his first love is his wife, Jennifer and their children Kayla and Kenny Jr. In his free time, he enjoys rebuilding classic cars, a smooth bourbon or scotch, and cooking over an open fire.
Securities Agent: AR, OH, NC, MS, IN, CT, WA, VT, VA, MI, MA, AL, PA, NH, MD, SC, OR, ME, LA, KS, FL, NY, ID, WV, UT, TX, NJ, NM, MT, IL, DE, WI, PR, NV, MN, CO, NE, MO, KY, CA, WY, TN, SD, RI, IA, GA, AZ; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1398761

About Paul Pavelski

Securities Agent: SD, PR, PA, NJ, MN, IN, IA, AR, MS, MI, VA, NV, MO, GA, AZ, LA, WV, UT, TN, NC, MA, WY, ME, SC, NM, NE, MD, RI, OR, NY, WI, TX, NH, KY, KS, IL, ID, FL, DE, CO, CA, WA, VT, OH, AK, CT, AL; General Securities Principal; General Securities Representative; Investment Advisor Representative
NMLS#: 2588313

About Me

Jeffrey began his career in the financial services industry in 2012 after graduating from Depaul University with a degree in finance. He gained experience in financial sales at firms like Calamos Investments, First Trust Portfolios and JP Morgan. In 2019, Jeffrey became a financial advisor at Corebridge Financial where he began to build a successful practice. To take the next step in growing his advisory practice, Jeffrey joined Morgan Stanley in 2025. Jeffrey’s unique approach to wealth management places a strong emphasis on really getting to know his clients. He takes the time to truly understand his client’s goals and takes pride in empowering them to make some of the most important financial decisions of their lives. Where many advisors focus only on investments, Jeffrey takes a holistic approach- integrating retirement planning, income strategies, insurance protection, and tax-efficient solutions. He stays engaged through consistent follow-ups and reviews, so clients always know where they stand and what's coming next.

Jeffrey lives in Barrington with his wife and two young daughters. Outside of work, Jeffrey lives an active and balanced lifestyle. His weekends are spent training for triathlons, on the golf course, and playing hockey. These interests have not only kept him energized but have impacted how he guides his clients through discipline, planning and precision.
Securities Agent: NY, FL, MN, KS, IL, WA, TN, PR, IA, VA, NJ, MS, MO, PA, NV, DE, AZ, SD, NE, MA, CT, CA, NC, KY, OH, UT, NM, NH, MI, AL, MD, GA, CO, WI, TX, IN, SC, OR; General Securities Representative; Investment Advisor Representative

About Robert Jensen

Throughout Robert’s more than 29 years in the financial services industry, he has helped clients withstand a dot com crisis, major recession and some of the most volatile markets in history. As a Morgan Stanley-credentialed Senior Portfolio Management Director, he assumes responsibility for day-to-day investment decisions that his clients would rather not make on their own. In fact, Robert is an avid student of the markets who has developed 29 proprietary portfolio models for investors with varying risk tolerances and needs for growth, income or a combination of both. Before he makes any investment decisions on behalf of his clients, however, Robert spends considerable time determining what those clients want from their investments and whether they can be comfortable with the risk involved. His methodical, collaborative approach has earned him the trust of literally hundreds of clients who look to him for not only investment management, but guidance in virtually every aspect of their financial lives.

A Chicago area native, Robert graduated from Roosevelt University with a double major in Accounting and Finance. He continued his financial education at Morgan Stanley where he earned the prestigious CERTIFIED FINANCIAL PLANNER(TM) (CFP®) and Certified Investment Management Analyst (CIMA®) designations. The former provides him with the credentials to help clients manage debt, plan their estates and meet goals that go beyond investing. The latter provides him with insights on asset allocation and portfolio construction that have proven instrumental in his asset management efforts. Robert takes pride in the fact that he has been named a Top Wealth Manager in Chicago Magazine every year since 2012.*

Outside the office, Robert spends much of his time rooting for his two children as they play Soccer, Volleyball and other school sports. He and his family reside in South Barrington.



* This award was issued on 2012-2025 based on an evaluation process as described below. This evaluation was not based on a specific time period, but was conducted by Five Star Professional (FSP) that considered, among other factors, the following:
• Favorable regulatory and complaint history review. As defined by FSP, the wealth manager has not: 1.) Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; 2.) Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed, or denied complaints with any regulatory authority or FSP’s consumer complaint process.
• Personal bankruptcy filing within the past 11 years.
• Termination from a financial services firm within the past 11 years.
• Conviction of a felony.
• One-year client retention rate.
• Five-year client retention rate.
Five Star Professional, as a third party research firm, identified pre-qualified award candidates based on industry data and contacted all identified broker dealers, Registered Investment Advisor firms and FINRA-registered representatives to gather wealth manager nominations. Self-nominations are not accepted. Wealth managers and/or their firms do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.
For more information on the Five Star award and the research/selection methodology, go to fivestarprofessional.com.

2012-2022 Five Star Wealth Manager Award
Source: fivestarprofessional.com (Awarded 2012-2022)The award was determined based on an evaluation process conducted by Five-Star Professional based on objective criteria. The award was not based on a specific time period.
Securities Agent: CT, KS, WA, VA, UT, PA, MN, IN, GA, FL, AR, PR, MS, KY, IL, CA, WI, NV, ID, CO, TN, ME, RI, NH, NE, AL, OR, MO, VT, SD, NM, NJ, NC, MD, TX, OH, MA, DE, SC, IA, AZ, WY, NY, MI, LA; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Managed Futures

About Joan Winter

Joan began her career in the Financial Services field in 1982 and began working at Morgan Stanley in 2002. Throughout the years, one thing is certain – the business is ever changing.

Joan enjoys building relationship with clients, while at the same time assisting them with their various financial needs on a daily basis. She is licensed, therefore able to assist in trade requests. Joan has embraced the digital world is looking forward to streamlining the client experience in a more expeditious fashion.

In her free time, Joan is a passionate photographer, always looking for opportunities to capture special moments in time through photographs. She loves rollerblading, a good book, movies, long walks and spending time with her husband, children and grandchildren.

Hear From Our Clients

Paul has been my Financial Advisor for the last 45 years. He has guided my long term plans in building a secure future for me and my family. I could not be more satisfied with Paul as my Financial Advisor over the years!
checkmarkVerified Client

Testimonial(s) solicited by Morgan Stanley and provided by current client(s) at the time of publication. No compensation of any kind was provided in exchange for the client testimonial(s) presented. Client testimonials may not be representative of the experience of other clients and are not a guarantee of future performance or success.

5285589 3/2026

Awards and Recognition

Forbes Best-In-State Wealth Advisors
Forbes Best-In-State Wealth Advisors Source: Forbes.com (Awarded April 2026) Data compiled by SHOOK Research LLC for the period 6/30/24-6/30/25.
Wealth Management
Global Investment Office

Portfolio Insights

This is a video content

Equity Compensation

Helping you make the most of your equity awards and better understand how it may fit into your larger financial picture – today and tomorrow.

  • Vesting events
  • Option expirations
  • Restricted stock units
  • Tax implications

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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A Simple Six-Step Retirement Checkup

Checking in on your retirement plan may make a lot of sense, especially when market volatility arises.

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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Iran Conflict: Seven Takeaways for Investors

Prolonged conflict with Iran could lead to higher oil prices, hotter inflation and greater market uncertainty.

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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529 Plans: A Powerful Tool to Save for Education

Though education costs continue to climb, starting to save and invest early can make a difference.

Business Planning

Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
  • Succession Planning
  • Business Planning
  • Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Financial Planning for Life After Selling a Business

Selling your business can mean big changes for your life, both personally and financially. Know how to make the most of your windfall.

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
Donor Advised Funds: A Smart Way to Manage Your Giving
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Donor Advised Funds: A Smart Way to Manage Your Giving

There's more to charitable giving than you may realize. Here's one method that may be a tax-efficient way to give and can help maximize your impact.

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.
The Business Case for a Financially Resilient Workforce
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The Business Case for a Financially Resilient Workforce

In the face of turbulent markets, the word “resilience” may be top of mind. Broadly speaking, resilience is the ability to “bounce back” when encountering life’s inevitable challenges.
Ready to start a conversation? Contact Reichl, Munao, Jensen, Pavelski Group today.
Market Information Delayed 20 Minutes
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.

For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.

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2Morgan 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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3Morgan 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.

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4When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

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5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

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6Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.

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7Morgan 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

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8Morgan 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.

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9Investors 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.

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Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.

The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.

Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.

The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.

The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.

*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.

The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.

Testimonial(s) solicited by Morgan Stanley and provided by current client(s) at the time of publication.  No compensation of any kind was provided in exchange for the client testimonial(s) presented.  Client testimonials may not be representative of the experience of other clients and are not a guarantee of future performance or success.

Awards Disclosures | Morgan Stanley
CRC 4665150 (8/2025)