Welcome to Morgan Stanley Private Wealth Management and The 173 Group

With offices on Sand Hill Road in Silicon Valley, our team is dedicated to structuring, implementing, and managing customized financial solutions for families and individuals like you.  Our clients are successful, have very high expectations, and as a result of their success have created increased financial complexity for themselves and the need for more sophisticated and comprehensive financial services.   While the majority of our clients are located in the Bay Area, we have a substantial number of clients across the United States.

We collectively represent more than ten decades of experience working with prominent entrepreneurs, executives, professional investors, families and their charitable entities.  We couple that experience with Morgan Stanley’s expansive capabilities in the global financial industry so that you can accomplish the things in life that are important and unique to you.
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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 250 teams1  specialized in assisting individuals and families with $20MM+ in investable assets
  • Over $330 billion in AUM2
  • Comprising 26% of the Barron’s Top 100 Financial Advisors list for 20173
  • 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, December 31, 2017
2 Morgan Stanley Internal Compensable Revenue Report, December 31, 2017
3 Barron’s Top 100 Financial Advisors, April 2017

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.
Core to our philosophy is that a team approach is far better able to respond to clients’ complex financial needs and navigate the intricacies of the investment markets, and with that in mind we have intentionally structured The 173 Group to work as a collaborative and cohesive unit for the benefit of clients. 

We believe it is vitally important to maintain deep expertise across financial topics, as well as to provide clear and measurable service and investment processes and results.  Underpinning this approach are four areas of focus

-Establish and adhere to rigorous processes for communication, administration, and investment review and analysis.  This enables us to provide a consistently high level of service from all team members.
- Pursue deep due diligence of investment opportunities and options, including the application of quantitative and qualitative analysis.  Annually this involves hundreds of meetings and calls with investment, tax and legal professionals on behalf of clients.
- Maintain flexibility while providing clear advice.  Illiquidity can be the source of great risk – and opportunity - in a portfolio.  A dogmatic investment approach can lead to perverse outcomes.  Conversely, there are times that necessitate the acknowledgement of a mistake and the recommendation to make adjustments.
- Engage in learning and evaluation.  Investing, planning, executing and advising are all iterative and evolving.  Behavioral finance is an increasingly important aspect of our approach to wealth management.  By personality and philosophy, we dedicate time to being in the vanguard of wealth advisory practices.

As a result, we take an analytical approach to strategic and tactical recommendations, and at all times we bring the breadth and depth of Morgan Stanley’s expansive resources and capabilities to our clients.
    We work with approximately 120 clients for whom we are able to provide a Family Office experience through the combination of decades of investment experience and broad perspective with a six-person team.   Our clients are diverse but share many attributes:

    - Professionally varied: Entrepreneurs, executives, operators, venture investors, private equity investors, sole proprietors, family office managers
    - Multiple industry sectors: Technology, biotech, medical and retail sectors are the most common sectors
    - Successful: Often through executive action, innovation, leadership or investment acumen, our clients have created significant wealth
    - Geographically diverse:  While the majority of clients reside in the Bay Area, we work with clients across the United States

    As individuals, our clients tend to face many of the same situations and share many of the same needs:

    - Portfolio analysis and long-term portfolio management
    -Day-to-day financial advice and administration
    - Estate, wealth transfer and gifting planning strategies
    - Significant liquidity event or private investment distribution preparation
    - Concentrated equity diversification seeking to achieve liquidity and realize price optimization
    - Satisfaction of complex compliance requirements and limitations involving selling restrictions and illiquidity
    - Cash flow analysis and planning
    - Personal borrowing needs,  access to Banking and Lending Services, and lines of credit and margin
    - Direct access to public markets to purchase specific bonds, stocks and options
    - Tax efficiency and need for tax management strategies
    - Access to alternative investments

    For each client, our goal is to understand their need on every one of these dimensions and to stay informed of changes as they occur over time.

      Location

      2882 Sand Hill Rd
      Ste 200
      Menlo Park, CA 94025
      US
      Direct:
      (650) 234-5128(650) 234-5128

      Meet The 173 Group

      About Me

      Ned joined Morgan Stanley Private Wealth Management in 2011. Previously Ned was a wealth advisor at Credit Suisse Wealth Management and UBS Private Wealth Management. Ned has provided investment management and wealth planning advice to successful entrepreneurs, executives and professional investors across the United States since 2008.

       

      For nearly two decades Ned applied his analytical skills and client orientation in operating and technology companies where he specialized in developing key client relationships with direct sales, management and strategy responsibility. His roles included working with a few of the largest media and direct retailers in the western U.S. He began his career as a political consultant for the Governor in his home state of Maine.

       

      Ned earned his A.B. from Brown University with a degree in Urban Studies and his M.B.A from UCLA Anderson. He rowed division 1 throughout college and serves as a Steward of the Brown Rowing Association. Locally he serves on the board of the Boys and Girls Clubs of the Peninsula. He lives in Menlo Park, CA with his wife and two daughters, and stays active cycling, skiing, or playing tennis and golf.
      Securities Agent: CA, WY, WI, WA, VA, UT, TX, OR, NY, NV, NJ, NC, MT, MI, ME, MA, IL, ID, HI, GA, FL, DE, CO, AZ, AK; Managed Futures; General Securities Representative; Investment Advisor Representative
      NMLS#: 1278696

      About Me

      Drawing on 25 plus years of diverse financial industry experience, Gerard leverages his commercial lending background, concentrated stock knowledge, risk management and real estate skills to help the team’s clients address complex financial challenges.  Gerard began advising successful families and executives in 2001 and joined Smith Barney (now Morgan Stanley) in 2005 from Merrill Lynch.

      In 1998 he was recruited by Merrill Lynch to help build the Pacific Northwest business for their newly created private bank. Over the course of three years he generated a roughly $1.5 billion loan portfolio by constructing and implementing hedging and lending strategies for high net worth individuals with concentrated stock positions.  Gerard started his career with Barnett Bank (acquired by Bank of America) in Miami, Florida as a commercial lender helping small and mid-sized companies grow their businesses.

      Gerard earned his B.S. in business administration from the Florida State University in Tallahassee and his MBA from the Florida International University in Miami.  He was designated a Certified Financial Planner™ in 2004.  He has been married to his college sweetheart for over 20 years and lives in Menlo Park with their two children.  He volunteers as a youth basketball coach and is an active runner, cyclist, surfer and skier.
      Securities Agent: CA, WY, WI, WA, VA, UT, TX, OR, NY, NV, NJ, NC, MI, ME, MA, IL, ID, HI, GA, FL, DE, CO, AZ, AK; Managed Futures; General Securities Representative; Investment Advisor Representative
      NMLS#: 1253292

      About Me

      Ed Krall is the Teams Senior Analyst and responsible for executing trade instructions, checking trades, clearing restricted stock sales, 10b5-1 operations, insurance applications, and keeping CPAs updated with K-1 and other information.  Ed has been a Branch Operations Manager; a Manager of a Client Service Team at one of several Regional Service Centers; a Margin Compliance Auditor; an Employee Stock Option & Restricted Stock Lending Supervisor;  and a Margin Clerk -- all for a major NYSE competitor from 1986-2000, working in New York City, Denver, and Silicon Valley.  He holds both the CIMA® (Certified Investment Management  Analyst ) and CFP® (CERTIFIED FINANCIAL PLANNER) designations, and is a graduate of the State University of New York, Stony Brook, with an Economics Major and Business Minor.  He is married, has two daughters in college and one in high school, and lives in Morgan Hill.  In his spare time he enjoys travel, hiking, golf, and renovating rental properties.

      About Me

      Sharon St. James, the Teams Senior Registered Associate, Portfolio Associate, in charge of client service, joined Morgan Stanley in 2005 in Ultra-High Net Worth and High Net Worth client services.   She holds Series 7, 63, and 66 securities registrations, Financial Planning Associate designation and is also a Notary Public.  She is often the first line of contact with clients when they call.  She takes particular pride in providing excellent service to clients.  Prior to joining Morgan Stanley, Sharon had a long career in the retail industry as a Buyer for Nordstrom for seven years and a Merchandise Manager in charge of as many as 23 Buyers for another seven years.  At one point in her retail career she had corporate responsibility nationwide.  At Nordstrom she learned the white glove approach which serves The 173 Group clients so well.  Sharon holds a BA degree in Business Administration from the University of Puget Sound, lives in Atherton, and has one grown daughter.  In her spare time she is a devotee of the Arts, particularly San Francisco Ballet.  She enjoys travel, hiking and entertaining.
      CRC#2184839

      About Me

      Elizabeth Kent Levy, the Teams part time assistant, joined Morgan Stanley in 1995 in Houston, Texas.  She has held various positions from being a Financial Advisor to her current role as an assistant.  She holds Series 7, 31, 63, and 65 securities registrations.  She works closely with Sharon and Ed on various client projects.  Elizabeth holds a Bachelor of Science from Texas A & M University.  She lives in Mountain View with her husband and two daughters.  In her spare time she volunteers at her girls school, served several years on the PTA board and in charge of the yearly book fair.  She enjoys spending time with her family and traveling.

      About Me

      Miha was born and raised in Belgrade, Serbia. He played water polo for the Serbian Junior Olympic Team and won the Junior World Championship in 2011 as well as the second place at the European Championship in 2012. In 2014, he was recruited to play for the USC Men’s Water Polo Team in Los Angeles. While at USC, he was the Team Captain, an All-American and two-time Elite 90 Award Recipient. Miha graduated with honors in December 2017 with a degree in Business Administration with a Concentration in Finance from USC Marshall School of Business. Prior joining Morgan Stanley, he worked for Goldman Sachs Credit Risk Management division in Salt Lake City. In his free time, he enjoys boating, playing sports and traveling.
      Economic and Market Perspectives

      On the Markets

      Managing Significant Wealth

      • Investment Management
      • Wealth Transfer & Philanthropy
      • Cash Management & Lending
      • Family Governance & Wealth Education
      • Lifestyle Advisory
      • Business Services
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      Market Information Delayed 20 Minutes
      Certified Financial Planner™ Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame logo)® in the U.S., which it awards to individuals who successfully complete CFP® Board's initial and ongoing certification requirements.

      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.

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      See the Financial Advisors Biographies for Registration and Licensing information.

      Certified Financial Planner™ Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame logo)® in the U.S., which it awards to individuals who successfully complete CFP® Board's initial and ongoing certification requirements.

      Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .

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