Morgan Stanley Private Wealth Management
Theodore Waters III, CIMA®
Executive Director, Private Wealth Management,
Private Wealth Advisor,
Workplace Advisor - Equity Compensation,
Lending Specialist
Direct:
(410) 736-5413(410) 736-5413
My Mission Statement
Serving as close family advisors, we offer experienced perspective and extensive resources to help you address the complexities of managing generational wealth.
WELCOME
A highly experienced team of investing, wealth planning and client service professionals, we serve a select clientele of affluent families, their family offices and foundations. Combining our own talents with the vast resources of our firm, we work to tailor highly customized solutions that touch every aspect of their financial lives: investing, liabilities, risk management, trusts and estate structures, and even family dynamics and lifestyle management issues. Our goal is to provide the skilled guidance needed to help our clients navigate the transitions in their lives, and to deliver whatever resources are required to put their plans into action.
Should you choose to work with us, we will invest the time to understand what is important to you, and work to help you make your vision of a successful life a reality. We’re here to help you protect what you have earned, support the pursuit of your goals and create a legacy that will support your family for generations to come. We look forward to learning more about you and your family, and to discussing the resources we can place at your disposal. To begin that conversation, please reach out to a member of our team.
Should you choose to work with us, we will invest the time to understand what is important to you, and work to help you make your vision of a successful life a reality. We’re here to help you protect what you have earned, support the pursuit of your goals and create a legacy that will support your family for generations to come. We look forward to learning more about you and your family, and to discussing the resources we can place at your disposal. To begin that conversation, please reach out to a member of our team.
Capabilities
- Comprehensive Wealth Planning
- Investment Management
- Consolidated Reporting
- Open-Architecture Platform
- Pre-Liquidity Planning
- Risk Management
- Manager Selection
- Hedging Strategies
- Proprietary Investment Opportunities
- Philanthropy Management
- Sustainable & Responsible InvestingFootnote1
- Family Governance & Wealth Education
Securities Agent: UT, NM, GA, VT, VA, PA, DE, CT, WV, NY, CO, OR, FL, NE, WA, TN, NH, MD, LA, NV, NJ, NC, ME, MA, KS, IL, TX, MT, MN, DC, CA, AZ, AL, SC, OK, OH, WI; General Securities Representative; Investment Advisor Representative
NMLS#: 1275688
NMLS#: 1275688
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
About PWM
Founded in 1977, Private Wealth Management is the division of Morgan Stanley Wealth Management that is dedicated to serving the firm’s most affluent clients, including some of the world’s most accomplished entrepreneurs, executives and stewards of multigenerational wealth. Functioning as an exclusive investment boutique within a global financial firm, we deliver sophisticated solutions that leverage the intellectual capital and insight of Morgan Stanley’s substantial global resources. Drawing on a deep understanding of your financial life, our goal is to help you:
- Manage investments with an unwavering focus on your financial strategy and personal goals
- Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
- Simplify financial complexity to help you achieve clarity and control
Private Wealth Management Highlights
- Approximately 300 teams specialized in assisting individuals and families with $20MM+ in investable assets
- Over $1.2 trillion in AUM
- Comprising 26% of the Barron’s Top 100 Financial Advisors list for 2025
- Direct access to ultra high net worth experts in philanthropy, family dynamics, wealth transfer, lifestyle advisory and other areas of interest to ultra high net worth families
1 Morgan Stanley Wealth Management, September 2025
Source: Barron's (Awarded March 2025) This ranking was determined based on an evaluation process conducted by Barron's for the period Oct 2023-Sept 2024. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to Barron's to obtain or use the ranking. This ranking is based on an algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the assessment of Barron's and may not be representative of any one client’s experience. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with Barron's. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.
Approach
Discovery Process
Investing the time to learn about you and your family; your assets and liabilities and the risk exposures, enables us to formulate strategies and customize the relationship to your needs.
Formulation of Tax, Trust and Estate Strategy
Working with your tax and legal advisors, we help analyze your income and estate tax circumstances to identify and tailor planning techniques that may be used to address your objectives.
Creation of Customized Strategic Asset Allocation
Your customized asset allocation reflects risk, opportunities and taxation across multiple entities, while integrating your investing and estate plans.
Integration of Tactical Asset Allocation
Short-term adjustments seek to capitalize on temporary market distortions. Before making adjustments, we analyze the impact of taxes and trading costs on potential returns.
Implementation of a Customized Wealth Strategy
After comprehensive due diligence and analysis of expected results across multiple market scenarios, strategies are chosen from our expansive investment platform.
Ongoing Assessment
In coordination with your other advisors, we can conduct ongoing reviews and comprehensive reporting to ensure that your strategy adapts to changing financial and family needs.
Upcoming Firm Events
The Lessons in Leadership Virtual Event Series will continue throughout 2025 . Check back soon for details on upcoming events.
Morgan Stanley Private Wealth Management Virtual Client Conversation Series
Series of exclusive experiences for PWM clients providing an opportunity to interact with prominent thought leaders from the worlds of finance, government, media, the arts and academia.
Online
Exclusive Insights & Perspectives from Women Thought Leaders
Opportunity for PWM clients to hear powerful insights and diverse perspectives from women thought leaders on timely topics such as the economy, philanthropy and leadership.
Online
Disruption, Reinvention and Leadership, Featuring Rich Barton
The founder of Expedia, Glassdoor and Zillow offered a first-hand account of his adventures in disrupting the most tradition bound industries, as well as his take on leadership in times of turmoil.
Online
Building a Winning Culture, Featuring Joe Lacob
A prominent authority on the intersection of sports and business discussed how he built a winning culture on the basketball court and as a business. Hear his thoughts on how COVID-19 reshaped the sports world.
Online
THE SHIFTING WORKFORCE: HOW A CAREER BREAK CAN MEAN MORE THAN JUST TIME OFF
Did you know that almost 25% of caregivers are under the age of 35?1 As Millennials near the age of 40 and Gen Z’ers find themselves a couple years post-college, many are navigating the demands of both careers and caregiving. And in the process, they’re challenging career norms and redefining the rules on their own terms.
The behaviors and choices of Millennials are profoundly disrupting business and society alike. In Deloitte’s 2019 Millennials survey, they found that 49% would, if they had a choice, quit their current jobs in the next two years.2 This constitutes a major challenge for companies seeking a stable workforce, and a total shift in workforce mindset.
So, if almost half of all Millennials are willing to quit their full-time jobs, what are they considering instead?
According to the study, 84% of Millennials wouldn’t hesitate to jump into freelance or contract work. Those who would consider joining the gig economy cite the chance to earn more money (58%), work the hours they want (41%) or achieve a better work/life balance (37%).3
Many Millennials are taking things a step further, scrapping the idea of a traditional career altogether. Instead, they’re creating careers on their own terms. Examples include deferring a future in civil engineering for a life on the Alaskan frontier as a sled dog musher or retiring at age 38 because of extreme savings. This is part of a new trend called “Millennial burn-out,” a generational shift that has many people making life choices that prioritize fulfilling experiences and relationships over careers.4
With 40% of women taking a break from full-time employment at some point during their career,5 it looks like Millennial women are redefining what that break could mean. The long-term impact of this attitude shift is still unknown but will certainly be seen for decades to come, especially as the percentage of millennial caregivers continues to rise.
If you’re a caregiver, experiencing millennial burn-out and think an alternative career path might be for you, it’s important that you start thinking through your goals and priorities. And then talk with people you trust – like your spouse, family members and even a financial professional. Having a clear plan in place – that balances life, career and financial goals – can make all the difference. Just ask the woman that retired at 38 because of her frugal savings strategies.6
The behaviors and choices of Millennials are profoundly disrupting business and society alike. In Deloitte’s 2019 Millennials survey, they found that 49% would, if they had a choice, quit their current jobs in the next two years.2 This constitutes a major challenge for companies seeking a stable workforce, and a total shift in workforce mindset.
So, if almost half of all Millennials are willing to quit their full-time jobs, what are they considering instead?
According to the study, 84% of Millennials wouldn’t hesitate to jump into freelance or contract work. Those who would consider joining the gig economy cite the chance to earn more money (58%), work the hours they want (41%) or achieve a better work/life balance (37%).3
Many Millennials are taking things a step further, scrapping the idea of a traditional career altogether. Instead, they’re creating careers on their own terms. Examples include deferring a future in civil engineering for a life on the Alaskan frontier as a sled dog musher or retiring at age 38 because of extreme savings. This is part of a new trend called “Millennial burn-out,” a generational shift that has many people making life choices that prioritize fulfilling experiences and relationships over careers.4
With 40% of women taking a break from full-time employment at some point during their career,5 it looks like Millennial women are redefining what that break could mean. The long-term impact of this attitude shift is still unknown but will certainly be seen for decades to come, especially as the percentage of millennial caregivers continues to rise.
If you’re a caregiver, experiencing millennial burn-out and think an alternative career path might be for you, it’s important that you start thinking through your goals and priorities. And then talk with people you trust – like your spouse, family members and even a financial professional. Having a clear plan in place – that balances life, career and financial goals – can make all the difference. Just ask the woman that retired at 38 because of her frugal savings strategies.6
1 The Balance, Financial Planning Tips for the Sandwich Generation, https://www.thebalance.com/financial-planning-sandwich-generation-4150160
2 Deloitte, The Deloitte Global Millennial Survey 2019, https://www2.deloitte.com/us/en/insights/topics/talent/deloitte-millennial-survey.html
3 Deloitte, The Deloitte Global Millennial Survey 2019, https://www2.deloitte.com/us/en/insights/topics/talent/deloitte-millennial-survey.html
4 ABC News,Burned-out millennials are seeking alternative work lifestyles from career changes, living on the road, retiring early, https://abcnews.go.com/US/burned-millennials-seeking-alternative-work-lifestyles-career-living/story?id=61938694
5 Forbes, Are Returnships the Key to Relaunching Your Career? https://www.forbes.com/sites/jasonwingard/2019/02/13/are-returnships-the-key-to-relaunching-your-career/#5a6919253cdf
6 Women Back to Work, https://www.womenbacktowork.org/employers-learn-more
©2020 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 3010712-04/20 Exp. 4/21/21
Location
1201 Wills Street
Ste 700
Baltimore, MD 21231
US
Direct:
(410) 736-5413(410) 736-5413
Fax:
(443) 552-3720(443) 552-3720
Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
Private Wealth Management Podcast
Bringing you engaging stories and key insights surrounding the complexities associated with significant wealth, including:
- Intergenerational Planning
- Philanthropic Giving
- Non-Traditional Assets
- Managing Family Wealth
LISTEN | Passion Assets: Investing in Art
Article Image
Insights and Outcomes
Thought Leadership for our ultra high net worth clients, which contains thought-provoking articles, authored by leading experts from Morgan Stanley Family Office Resources.
Managing Significant Wealth
- Investment Management
- Wealth Transfer & Philanthropy
- Cash Management & Lending
- Family Governance & Wealth Education
- Lifestyle Advisory
- Business Services
We look forward to discussing your needs and goals, and the exceptional resources we can place at your disposal.
1Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.
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.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products 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.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Morgan 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
Awards Disclosures | Morgan Stanley
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.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products 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.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Morgan 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
Awards Disclosures | Morgan Stanley
CRC 4237142 (02/2025)
