Spencer J. Miller, CFP®
Senior Vice President, Branch Manager, Family Wealth Advisor
Phone:
(605) 399-3110(605) 399-3110
Spencer J. Miller, CFP®
Senior Vice President,
Branch Manager,
Family Wealth Advisor,
Financial Advisor
Direct:
(605) 399-3110(605) 399-3110
Toll-Free:
(800) 341-9690(800) 341-9690
My Mission Statement
Our mission is to bring value and trust to every relationship. We listen to you and your values to create a plan which will encompass all elements of your financial and life goals. Your plan will navigate you confidently through life’s evolving circumstances. When working with our team, we are committed to planning for your future together.
Whatever your goals....
Whatever your goals - asset growth, income, borrowing, risk management, asset allocation, retirement planning, charitable giving, just to name a few - designing a holistic wealth management plan is my top priority.
With access to Morgan Stanley's broad global platform we can select from a vast inventory of products and services. This open architecture enables me to deliver personalized investment and wealth management services, coupled with tailored in-depth advice. No matter what your investment needs are, I'm here to help.
With access to Morgan Stanley's broad global platform we can select from a vast inventory of products and services. This open architecture enables me to deliver personalized investment and wealth management services, coupled with tailored in-depth advice. No matter what your investment needs are, I'm here to help.
Services Include
- Financial PlanningFootnote1
- Divorce Financial AnalysisFootnote2
- 401(k) Rollovers
- Life InsuranceFootnote3
- Long Term Care InsuranceFootnote4
- 529 PlansFootnote5
- Alternative InvestmentsFootnote6
- AnnuitiesFootnote7
- Business Succession PlanningFootnote8
- Cash ManagementFootnote9
- Certificates of DepositFootnote10
- Fixed IncomeFootnote11
- Cash Management and Lending ProductsFootnote12
- Philanthropic ManagementFootnote13
- Wealth PlanningFootnote14
- Precious MetalsFootnote15
- Trust AccountsFootnote16
Securities Agent: AZ, GA, OH, RI, AK, CT, KS, NC, WA, CO, HI, LA, ME, PR, VT, VI, OR, NH, MD, AR, ID, MN, SC, WI, VA, TN, PA, MI, KY, IN, FL, DE, CA, ND, MS, MO, MA, UT, TX, SD, MT, OK, NY, NE, IL, DC, AL, IA, NJ, NM, NV, WV, WY; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1261909
NMLS#: 1261909
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Journey Together
We live in a world of information overload and seemingly endless options. It’s easy to become overwhelmed. What is best for you? What is best for your loved ones? As you financial advisor, I guide you through these questions, among many others, to offer and apply the most appropriate solutions for your specific needs.
Choosing the right financial advisor and the right firm takes time. These decisions are built on knowledge, needs and trust. The choice you make today will likely impact your financial decisions for years to come. Time is one asset we cannot get back, so I take the time up front to help ensure you are fully aware of the options accessible to you that align with your personal risk tolerance and wealth planning needs.
Choosing the right financial advisor and the right firm takes time. These decisions are built on knowledge, needs and trust. The choice you make today will likely impact your financial decisions for years to come. Time is one asset we cannot get back, so I take the time up front to help ensure you are fully aware of the options accessible to you that align with your personal risk tolerance and wealth planning needs.
1. Introductory Meeting
Before any commitments can be explored, we must establish trust and a solid understanding of each other's needs and the services offered. In the introductory meeting, I am here to simply learn more about you and answer all of your initial questions about me.
2: Discovery Meeting
During the discovery meeting, we will work together to establish your financial goals by reviewing your current financial situation and developing an appropriate risk tolerance that can help you achieve the financial outcome you envision for yourself.
3: Financial Plan Presentation
Financial plan presentations map out essential factors that play into your financial success such as your employee and employer contributions, liquidity events, and insurance coverage. Examining relevant financial information provides a holistic asset allocation analysis for your current accounts helping ensure a comprehensive financial plan.
4: Action Items / Next Steps
After the financial plan presentation, we will follow up with you regarding our analysis and recommendations, which may include adjustments to your financial plan, investment allocation, company benefits, and insurance coverage.
5: Implementation Meeting
The implementation meeting focuses on creating prospective strategies custom designed for your specific needs. Recommended changes could include logistics, tax impact, asset allocation adjustments, and saving/benefit modifications.
6: Monitoring & Performance Tracking
Finally, we will be constantly monitoring your assets and analyzing your performance tracking data seeking to ensure your financial expectations are being met and adjusted accordingly. We will keep a high degree of communication with you to make sure your concerns and requests are always being addressed.
Financial Planning / Life Navigator
Our financial planning process begins with you, your investment objectives and your financial goals. Our holistic approach encompasses all the elements of your financial life — your investments and your cash management needs — making sure they align with your goals and wealth management plan.
The sophisticated suite of tools and extensive list of resources that Morgan Stanley offers allows us to implement a process and plan that translates your goals into reality.
Our resource center designed to help you engage in meaningful, value-added conversations with your clients. Here you will find a wide range of content and materials covering a variety of life events and milestones that your clients might face. The resources include talking points, questions to ask, materials, resources, and action items.
The sophisticated suite of tools and extensive list of resources that Morgan Stanley offers allows us to implement a process and plan that translates your goals into reality.
Our resource center designed to help you engage in meaningful, value-added conversations with your clients. Here you will find a wide range of content and materials covering a variety of life events and milestones that your clients might face. The resources include talking points, questions to ask, materials, resources, and action items.
Goals Planning System (GPS)
Goals Planning System (GPS) is Morgan Stanley’s own integrated planning tool. Built on the Firm’s intellectual capital and capabilities, GPS is an intuitive and efficient platform used to quickly assess whether a client is “On Track” to achieving their financial goals.
Learn more
Portfolio Risk Platform (Aladdin)
Morgan Stanley's Portfolio Risk Platform is powered by BlackRock's state-of-the-art Aladdin risk engine. It provides you with comprehensive risk analytics and a sophisticated view of the risk/return dichotomy across your financial portfolios. This helpful tool can assist you in making educated investment decisions with increased confidence.
Learn more
Morgan Stanley Online
Morgan Stanley Online (MSO) has a variety of features beyond viewing your account balance and activity. They include:
- eAuthorizations, an enhanced way to authorize transactions with one click on Morgan Stanley Online and the Morgan Stanley Mobile App
- Managing your everyday finances such as paying bills online, sending money or transferring funds
Learn more- eAuthorizations, an enhanced way to authorize transactions with one click on Morgan Stanley Online and the Morgan Stanley Mobile App
- Managing your everyday finances such as paying bills online, sending money or transferring funds
Total Wealth View
We've launched a new tool that allows you to link information from your accounts at other financial institutions directly to your Morgan Stanley Online or Morgan Stanley Mobile App profile.
The ability to view all of your assets together provides the opportunity to advise on your Morgan Stanley accounts with your entire financial picture in mind.
Learn moreThe ability to view all of your assets together provides the opportunity to advise on your Morgan Stanley accounts with your entire financial picture in mind.
When Should I Take Social Security?
Deciding when to claim Social Security can have a significant effect on your retirement income. Learn how to help maximize your benefits in the article below.
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Digital Vault
Keeping important documents and financial records organized and readily available is one of the best gifts you can give those you love. In the event of catastrophe or serious illness, disability or death, your Family Records Organizer can immediately provide vital, timely information to both your family and professional advisors. The Digital Vault on Morgan Stanley Online and the Mobile App allows you and your clients to build a central, shared document library where all documents are stored using encryption.
Learn more
Six Steps to Creating an Emergency Fund
We all know the benefits of having money set aside for emergencies. Here’s how to go about it.
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Maintain Good Cybersecurity Habits
Whether it’s strengthening your passwords or treating emails from unknown senders with more caution, you can take a number of steps to help reduce the threat of identity theft, online scams, malware, fraud and more.
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4 Financial Steps to Consider for Families of Children With Disabilities
Planning for the future of children with disabilities is crucial. Explore four key financial steps to ensure your child has access to the resources they need.
Learn MoreMorgan Stanley Events & Replays
At Morgan Stanley, we believe that knowledge is the key to unlocking future success, and we’re excited to share our thought leadership and experience with you!
Estate Planning 101: Basics including How to Be a Trust Beneficiary
Delve into the essentials of estate planning with our informative webinar replay, "Estate Planning 101: Basics including How to Be a Trust Beneficiary," where you'll learn key concepts and practical steps to secure your financial legacy.
Watch Replay
Entrepreneurship 101: Turning Ideas into Profit
Discover the pathway to transforming innovative ideas into profitable ventures with our webinar replay, "Entrepreneurship 101: Turning Ideas into Profit." Join industry leaders as they share essential strategies and insights to help you navigate the entrepreneurial journey and achieve business success.
Watch Replay
Navigating College & Career Paths
Explore the journey of academic and professional development with our webinar replay, "Navigating College & Career Paths," designed to guide you through making informed decisions for your future.
Watch Video
Cybersecurity
Enhance your understanding of digital security with our professional webinar replay, "Cybersecurity: Protecting Your Digital Assets," where experts provide essential strategies to safeguard your information in an increasingly connected world.
Watch Replay
Exploring Investments: Stocks, Bonds, and Beyond
Gain a comprehensive understanding of various asset classes to make informed decisions and optimize your investment strategy.
Watch the Video
Home Buying: Navigating the Borrowing Landscape
This session provides essential insights into mortgage options, interest rates, and financial planning to help you make informed decisions on your path to homeownership.
Watch Replay
Digital Diversification: Navigating Crypto in Your investment Portfolio
This webinar offers a concise overview of cryptocurrency basics, explores its role in a diversified investment portfolio, and discusses the evolving regulatory landscape, including Washington's increasing acceptance of cryptocurrency.
Watch the ReplayOutlooks & Updates
Here at Morgan Stanley, we strive to simplify complex financial ideas so that our clients understand what is being done on their behalf to plan for their financial future. We are firm believers of giving our clients as many resources as possible so they can stay informed about the latest market trends, outlooks, and breakdowns. The links below provide detailed analysis on interesting topics that are affecting the finance and business worlds.
Digital technology is centered on how people communicate, consume, transact and travel. Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. Here are a few of the technologies we have to offer our clients.
Digital technology is centered on how people communicate, consume, transact and travel. Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. Here are a few of the technologies we have to offer our clients.
Global Investment Office
The Morgan Stanley Global Investment Office provides you with world-class thought leadership timely market commentary, and portfolio ideas to help guide your investment decisions.
Morgan Stanley Portfolio Insights
January Newsletter
This January Newsletter offers insights into personal finance strategies for 2026, market outlooks, and lifestyle tips, including travel and gardening advice for the new year.
January Newsletter
Quarterly Theme: Estate Planning
The theme that we are highlighting this quarter is estate planning. In this one pager you will find useful resources to help you get your affairs in order.
View Estate Planning Newsletter
Alternative Investments
Our leading alternatives platform offers 200+ third-party and proprietary funds, including first look and exclusive opportunities, that may help qualified investors enhance returns, reduce volatility, manage taxes and generate income. From simplified vehicles available more broadly to institutional strategies, the platform supports a goals-based approach for asset allocation tailored to investor needs.
Morgan Stanley Alternative Investments
Charitable Giving in 2026
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, making certain provisions of the Tax Cuts and Jobs Act (TCJA) permanent and introducing new rules that may impact charitable giving strategies for high-income individuals.
Read Here
Accessing Tax Forms & Mailing Dates
This document provides detailed information about the 2025 tax form mailing schedule for Morgan Stanley accounts, including instructions on accessing tax forms online and important dates for receiving tax documents. It also outlines the process for accessing Partnership K-1 Schedules and provides guidance on handling accounts with minimal income.
View Document
The Expanding Opportunity Set in Private Markets
Jed Finn, Head of Morgan Stanley Wealth Management, hosts Marc Rowan,
CEO of Apollo Global Management, to discuss the growing demand and versatility of
alternatives, how public and private markets are converging, the private credit landscape and
more.
Watch VideoCEO of Apollo Global Management, to discuss the growing demand and versatility of
alternatives, how public and private markets are converging, the private credit landscape and
more.
Location
909 St Joseph St
6th Fl
Rapid City, SD 57701
US
Direct:
(605) 399-3110(605) 399-3110
Toll-Free:
(800) 341-9690(800) 341-9690
Fax:
(605) 341-9702(605) 341-9702
Meet My Team
Cheryl Haugse
Portfolio Associate
Phone:
(605) 399-3119(605) 399-3119
About Spencer J. Miller, CFP®
Spencer J Miller is a Senior Vice President and Branch Manager. He has over 25 years of wealth management experience and has been with Morgan Stanley for nearly 10 years.
Spencer began his career in wealth management with UBS in 1995 as a Financial Advisor. He later took on the responsibilities of Branch Manager. In 2011, he moved to the firm as a Financial Advisor and producing Branch Manager.
Spencer holds a Bachelor of Business Administration with an emphasis in Finance degree from the University of Nebraska – Lincoln. He is a Certified Financial Planner® and also holds the Morgan Stanley title of Family Wealth Advisor.
In his spare time, he enjoys hiking, mountain biking, and traveling with his family. Over the years Spencer has volunteered with Timberline Little League, Chamber of Commerce, and the YMCA. His family is also a member of South Canyon Lutheran Church. He and his wife, Frances, have been married for more than 15 years and have two children.
Spencer began his career in wealth management with UBS in 1995 as a Financial Advisor. He later took on the responsibilities of Branch Manager. In 2011, he moved to the firm as a Financial Advisor and producing Branch Manager.
Spencer holds a Bachelor of Business Administration with an emphasis in Finance degree from the University of Nebraska – Lincoln. He is a Certified Financial Planner® and also holds the Morgan Stanley title of Family Wealth Advisor.
In his spare time, he enjoys hiking, mountain biking, and traveling with his family. Over the years Spencer has volunteered with Timberline Little League, Chamber of Commerce, and the YMCA. His family is also a member of South Canyon Lutheran Church. He and his wife, Frances, have been married for more than 15 years and have two children.
About Cheryl Haugse
Cheryl joined Morgan Stanley in 2011, coming from a long career at UBS Financial Services, and its predecessor firm, Piper Jaffray. With more than 30 years of industry experience, Cheryl plays a vital role as the team’s portfolio associate. She is responsible for all areas of client service, including statements, account activity, checks, tax information, market quotes, and much more. Her focus is on providing the highest quality client support through in-depth operational and administrative account maintenance on a day-to-day basis. Cheryl holds Series 3, 7, 63 and 66 licenses.
When she is not working, Cheryl and her husband, Jack, enjoy motorcycle riding, attending local sports events, and spending time with family.
When she is not working, Cheryl and her husband, Jack, enjoy motorcycle riding, attending local sports events, and spending time with family.
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
Rational Investing in an Age of Uncertainty
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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
Article Image
Ready to start a conversation? Contact Spencer J. Miller 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.
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
3Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
5Investors 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.
6Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
7Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
9Morgan 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
10Investors 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.
11Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
12Morgan 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
13Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
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.
14Morgan 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.
15Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long-term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions. If sold in a declining market, the price you receive may be less than your original investment. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. The Securities Investor Protection Corporation (“SIPC”) provides certain protection for customers’ cash and securities in the event of a brokerage firm’s bankruptcy, other financial difficulties, or if customers’ assets are missing. SIPC protection does not apply to precious metals or other commodities.
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.
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
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
3Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
5Investors 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.
6Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
7Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
9Morgan 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
10Investors 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.
11Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
12Morgan 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
13Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
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.
14Morgan 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.
15Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long-term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions. If sold in a declining market, the price you receive may be less than your original investment. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. The Securities Investor Protection Corporation (“SIPC”) provides certain protection for customers’ cash and securities in the event of a brokerage firm’s bankruptcy, other financial difficulties, or if customers’ assets are missing. SIPC protection does not apply to precious metals or other commodities.
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CRC 4665150 (8/2025)
