Industry Award WinnerMy Mission Statement
To connect your personal values with the decisions you make about your financial life.
About Me
Helping individuals, families, business owners, and executives navigate complex financial decisions with clarity and strategy.
I work with individuals and families on important decisions involving investments, retirement planning, taxes, and concentrated stock positions. For professionals and executives receiving equity compensation, these decisions often involve additional complexity. I regularly advise on stock options, restricted stock units (RSUs), vesting schedules, and concentrated equity positions, helping integrate these benefits into a broader long-term wealth strategy.
Using the resources of Morgan Stanley, I employ a goal-based approach to wealth management that integrates investment strategy, tax-aware planning, retirement planning, insurance solutions, lending services, and business succession planning.
I joined Morgan Stanley in 2016 with more than 20 years of financial services experience. As a CERTIFIED FINANCIAL PLANNER™ professional, I am dedicated to helping the individuals and families I serve pursue a meaningful lifestyle supported by thoughtful financial planning.
I work with individuals and families on important decisions involving investments, retirement planning, taxes, and concentrated stock positions. For professionals and executives receiving equity compensation, these decisions often involve additional complexity. I regularly advise on stock options, restricted stock units (RSUs), vesting schedules, and concentrated equity positions, helping integrate these benefits into a broader long-term wealth strategy.
Using the resources of Morgan Stanley, I employ a goal-based approach to wealth management that integrates investment strategy, tax-aware planning, retirement planning, insurance solutions, lending services, and business succession planning.
I joined Morgan Stanley in 2016 with more than 20 years of financial services experience. As a CERTIFIED FINANCIAL PLANNER™ professional, I am dedicated to helping the individuals and families I serve pursue a meaningful lifestyle supported by thoughtful financial planning.
Services Include
- AnnuitiesFootnote1
- Alternative InvestmentsFootnote2
- Asset Management
- Certificates of DepositFootnote3
- Corporate BondsFootnote4
- Estate Planning StrategiesFootnote5
- Exchange Traded FundsFootnote6
- Executive Benefit ServicesFootnote7
- Financial PlanningFootnote8
- Fixed IncomeFootnote9
- Cash Management and Lending ProductsFootnote10
- Life InsuranceFootnote11
- Municipal BondsFootnote12
- Retirement PlanningFootnote13
- Stock Option PlansFootnote14
- Stock Plan ServicesFootnote15
- Trust AccountsFootnote16
- Wealth PlanningFootnote17
- Wealth ManagementFootnote18
Securities Agent: KY, CO, IL, TX, MO, MA, IN, VA, OH, NJ, PA, FL, SC, NY, MI, WA, NH, MS, AZ, NE, MT, LA, ID, AR, UT, RI, PR, DC, OR, AK, WV, VI, SD, MN, KS, HI, GA, WY, TN, ND, DE, NM, ME, WI, VT, OK, NV, CT, AL, CA, NC, IA, MD; General Securities Principal; General Securities Representative; Investment Advisor Representative
NMLS#: 431839
NMLS#: 431839
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
The Guidepost Wealth Management Group at Morgan Stanley
The Guidepost Wealth Management Group at Morgan Stanley
Christopher Waltman (Senior Vice President, Financial Advisor, Senior Portfolio Management Director, Alternatives Investments Director, Family Wealth Director, Financial Planning Specialist), Joe Sullivan (Senior Vice President, Financial Advisor, Branch Manager), Salpi Doering, CFP® (Financial Advisor), Vipul Shah (Managing Director, Financial Advisor, Family Wealth Director, International Client Advisor, Senior Portfolio Management Director, Workplace Advisor - Equity Compensation, Financial Planning Specialist, Insurance Planning Director, Lending Specialist), Gilaad Matar (First Vice President, Financial Advisor, Senior Portfolio Manager), Minesh Amin (Senior Vice President, Financial Advisor), Stephen Dziengeleski (Financial Advisor), Melinda Harmon (Wealth Management Analyst, Financial Planning Specialist), Luke Michalik (Consulting Group Analyst), Allison Mead (Business Development Associate), Luke Brougham (Registered Client Service Associate), Linh Ta (Group Director),Zachary Baj (Registered Client Service Associate)
Team WebsiteChristopher Waltman (Senior Vice President, Financial Advisor, Senior Portfolio Management Director, Alternatives Investments Director, Family Wealth Director, Financial Planning Specialist), Joe Sullivan (Senior Vice President, Financial Advisor, Branch Manager), Salpi Doering, CFP® (Financial Advisor), Vipul Shah (Managing Director, Financial Advisor, Family Wealth Director, International Client Advisor, Senior Portfolio Management Director, Workplace Advisor - Equity Compensation, Financial Planning Specialist, Insurance Planning Director, Lending Specialist), Gilaad Matar (First Vice President, Financial Advisor, Senior Portfolio Manager), Minesh Amin (Senior Vice President, Financial Advisor), Stephen Dziengeleski (Financial Advisor), Melinda Harmon (Wealth Management Analyst, Financial Planning Specialist), Luke Michalik (Consulting Group Analyst), Allison Mead (Business Development Associate), Luke Brougham (Registered Client Service Associate), Linh Ta (Group Director),Zachary Baj (Registered Client Service Associate)
EQUITY COMPENSATION: A POWERFUL WEALTH BUILDER – WITH THE RIGHT STRATEGY
When it's managed intentionally, equity can become one of the most meaningful parts of your overall financial plan. But vesting timelines, tax rules, and the risk of building an overly concentrated position in a single company stock can introduce uncertainty—and lead to missed planning opportunities.
We work with professionals who receive equity compensation to help them:
- Understand what they own and how it works
- Evaluate upcoming vesting, exercise, and sale decisions
- Coordinate workplace benefits with the rest of their financial life, so near-term priorities and long-term goals stay aligned
What sets a CFP® professional apart:
A Thoughtful, Integrated ApproachOur team is equipped to support a wide range of company equity plans and to help ensure these benefits fit cohesively within your broader strategy. Equity decisions are often highly personal and time-sensitive, and our role is to bring structure, clarity, and perspective to each step.
If you'd like to gain a clearer understanding of your equity compensation—or want support navigating upcoming vesting, exercise, or sale decisions—we'd welcome the opportunity to connect.
Schedule a conversation to discuss your equity compensation and how it fits into your overall financial plan.
My Process
Our overall theme is our timely response, simple process, and utilizing executive summaries through onboarding process. We will work closely with clients to establish a realistic set of objectives based on their financial goals, time horizon, liquidity needs, and tolerance to volatility & risk. We break things down so that clients are educated and understand the next steps.
Discovery
We begin by getting to know you—your goals, values, financial priorities, and any challenges you may be facing. This foundation allows us to build a plan tailored specifically to you.
Tax & Estate Planning
We collaborate with your tax and legal professionals to help ensure your wealth is protected and passed on according to your wishes, in the most tax-efficient manner possible.
Define Investment Strategy
Based on your risk tolerance, time horizon, and objectives, we develop a personalized investment strategy designed to align with your long-term goals.
Evaluate & Select Investments
Using a disciplined, research-driven process, we carefully evaluate and select investments that fit your strategy and help drive progress toward your financial goals.
Ongoing Review
Financial plans are not set-it-and-forget-it. We regularly review your strategy and portfolio to adapt to life changes, market shifts, and evolving goals—keeping you on track.
What Is a CFP® Professional?
When it comes to choosing a financial advisor, trust and expertise matter. That's why the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation is considered the gold standard in financial planning. A CFP® professional has met rigorous education, examination, experience, and ethics requirements—and is committed to acting as a fiduciary, always putting your best interests first.
What sets a CFP® professional apart:
- Comprehensive Knowledge – Covers a wide range of financial planning topics including retirement, investments, taxes, insurance, and estate planning.
- Fiduciary Duty – CFP® professionals are held to the highest ethical standards and are required to act in your best interest at all times.
- Experience-Based Guidance – To earn the designation, advisors must complete thousands of hours of hands-on financial planning experience.
- Ongoing Commitment – Maintaining the CFP® certification requires continuous education to stay current with financial regulations and strategies. Working with a CFP® professional means you're partnering with someone who has the training, accountability, and integrity to guide you with clarity and confidence—no matter where you are on your financial journey. Click the link below to learn more.
Total Wealth View
View and consolidate your full financial picture across Morgan Stanley and external accounts.
Put Clients First
We succeed when our clients succeed. Your goals, priorities, and best interests are at the center of every relationship and recommendation.
Digital Tools & Mobile Access
Manage your finances anywhere, anytime with our secure online and mobile platforms.
Do the Right Thing
Integrity is essential to everything we do. We hold ourselves accountable to the highest ethical standards and act with transparency and respect.
Portfolio Risk Analysis
Understand and manage investment risk with Aladdin®, a powerful portfolio analytics platform.
Lead with Exceptional Ideas
Innovation drives us forward. We deliver creative, informed strategies and insights that help clients navigate an ever-changing financial landscape.
Online Security Center
Protect your accounts and personal information with advanced security tools and best practices.
Commit to Diversity & Inclusion
We believe a diverse and inclusive workplace leads to better ideas, better decisions, and better outcomes. We value every perspective and strive to create an environment where everyone can thrive.
Financial Literacy Resources
Access educational tools, planning calculators, and goal-setting programs to support smart decisions.
Give Back
Community engagement is part of our DNA. We actively support the places where we live and work through volunteerism, philanthropy, and sustainable practices.
Reserved Living & Giving
Exclusive access to lifestyle, travel, and philanthropic experiences for Morgan Stanley clients.
Research & Market Insights
Stay informed with timely market commentary, expert analysis, and global investment perspectives.
Thoughts On The Market
Daily insights from Morgan Stanley experts on global markets, economic trends, and investment ideas.
Location
50 Fountain Plaza
Suite 400
Buffalo, NY 14202
US
Direct:
(716) 849-4824(716) 849-4824
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2020-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
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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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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Ready to start a conversation? Contact Salpi Doering 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.
1Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
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.
3Investors 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.
4Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
6An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
7When 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.
8Morgan 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.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10Morgan 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
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
13When 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.
14Morgan 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.
15Morgan 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.
16Morgan 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.
17Morgan 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.
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.
18Morgan 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*.
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
1Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
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.
3Investors 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.
4Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
6An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
7When 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.
8Morgan 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.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10Morgan 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
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
13When 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.
14Morgan 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.
15Morgan 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.
16Morgan 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.
17Morgan 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.
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.
18Morgan 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*.
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
CRC 4665150 (8/2025)
